1|

PRECISION DRILLING CORPORATIONApril 2020

*Rig 576, Loving County TX, Permian Basin TSX: PD NYSE: PDSTSX: PD NYSE: PDS

2| 2|

Forward-looking Statements

Certain statements contained in this report, including statements that contain words such as "could", "should", "can", "anticipate","estimate", "intend", "plan", "expect", "believe", "will", "may", "continue", "project", "potential" and similar expressions and statementsrelating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadiansecurities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States PrivateSecurities Litigation Reform Act of 1995 (collectively, "forward-looking information and statements").

In particular, forward looking information and statements include, but are not limited to, the following: our strategic priorities for 2019;our capital expenditure plans for 2020; anticipated activity levels in 2020 and our scheduled infrastructure projects; anticipated demandfor Tier 1 rigs; the average number of term contracts in place for 2020 and 2021; our future debt reduction plans beyond 2019.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of ourexperience and our perception of historical trends, current conditions, expected future developments and other factors we believe areappropriate under the circumstances. These include, among other things: the fluctuation in oil prices may pressure customers intoreducing or limiting their drilling budgets; the status of current negotiations with our customers and vendors; customer focus on safetyperformance; existing term contracts are neither renewed nor terminated prematurely; our ability to deliver rigs to customers on a timelybasis; and the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance orachievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertaintieswhich could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:volatility in the price and demand for oil and natural gas; fluctuations in the demand for contract drilling, well servicing and ancillaryoilfield services; our customers’ inability to obtain adequate credit or financing to support their drilling and production activity; changes indrilling and well servicing technology which could reduce demand for certain rigs or put us at a competitive disadvantage; shortages,delays and interruptions in the delivery of equipment supplies and other key inputs; the effects of seasonal and weather conditions onoperations and facilities; the availability of qualified personnel and management; a decline in our safety performance which could resultin lower demand for our services; changes in environmental laws and regulations such as increased regulation of hydraulic fracturing orrestrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil andgas; terrorism, social, civil and political unrest in the foreign jurisdictions where we operate; fluctuations in foreign exchange, interestrates and tax rates; and other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability torespond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that couldaffect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities,including but not limited to Precision’s Annual Information Form for the year ended December 31, 2019, which may be accessed onPrecision’s SEDAR profile at www.sedar.com or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information andstatements contained in this news release are made as of the date hereof and Precision undertakes no obligation to update publicly orrevise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except asrequired by law.

3| 3|

Precision’s Response Plan for COVID-19 – Workforce Safety

▪Top priority of protecting health and safety of our employees & communities we operate in

o Providing all employees access to clear and consistent communications, a Crisis Management

Response plan and a Crisis Management website

o Implementing prescriptive personal hygiene, distancing and self-quarantine standards along

with work area disinfecting requirements standards based on CDC and WHO standards

o Implementing employee health support and revised leave plans to assist employees who may

be at risk

o Banning non-essential travel globally

o Strongly encouraging staff to work remotely whenever possible

o Screening fit-for-duty of all employees on a regular basis to check for wellness, health, prior

travel and prior social contacts

o Implementing standards for interactions with 3rd party contractors and visitors to minimize risk

of exposure

o Operational Recovery and Disinfecting Plans for rigs or facilities which may have an infectious

virus contamination event

4| 4|

Precision Exercises Strict Fiscal Discipline for Downturn

▪Emphasis on preserving strong liquidity position

o Closed 2019 with over $700 million in liquidity: $75 million in cash + undrawn US$500 million

revolver

o Recently extended revolver to November 2023

▪Continued debt reduction in 2020 – still targeting $100 million to $150 million

o Precedence on 2021 senior notes

o Materially reduced share repurchase activity under NCIB

▪2020 capital spending plan reduced to $48 million – down 50% from 95 million

▪Targeting 30% reduction in annualized fixed costs, including up to $30 million reduction of G&A

o CEO compensation reduction of 20%

o Board of Director compensation reductions of 20%

o Executive officer compensation reductions of 10%

o Staff headcount and salary reductions

o Elimination of non-essential travel, entertainment and discretionary spending

5| 5|

Creating Shareholder Value

GENERATING STRONG FREE CASH FLOW FROM LONG-LIFE ASSETS WITH

AGGESSIVE COST MANAGEMENT

DIGITAL TECHNOLOGY LEADERSHIP AS GROWTH ENGINE

HIGHER EQUITY VALUATION THROUGH TARGETED CASH FLOW DELEVERAGING

FOCUS ON MAINTAINING STRONG LIQUIDITY POSITION

OPERATIONAL EXCELLENCE IN LAND DRILLING

6|

Precision At A Glance

227 Drilling Rigs:Canada (109)U.S. (105) International (13)

198 Service Rigs:Canada (189)1

U.S. (9)

Complementary Services:Camps & Catering Rentals

STRONG GLOBAL SCALE

HIGH PERFORMANCE LAND DRILLER

PRECISION DRILLING

▪ +30% FCF Yield in 2019

▪ Aggressive Debt Reduction & Share Repurchases

▪ Modern & Standardized Fleet

▪ Diversified Customer Base

▪ Digital Technology Leadership

DRILLING INDUSTRY

▪ Scale is Critical

▪ Variable Cost Structure

▪ High Barriers to Entry

▪ Differentiated Services – Pricing Power

▪ High Performance Segment is Consolidated

U.S. & INTERNATIONAL OPERATIONS ~76% of 2019 DRILLING REVENUE

1. Well Servicing has registered 114 rigs in Cda – 75 rigs were not registered and are not included in our active count. On April 15, 2019 we completed sale of our 12 snubbing units.

7| 7|

Precision’s Proven Track Record Delivering on Strategic Priorities

8| 8|

Precision’s 2020 Strategic Priorities – Creating Shareholder Value

Demonstrate operational excellence in all aspects of our business including operational, financial and ESG (environmental, social and governance) metrics.

Generate strong free cash flow and utilize $100 million to $150 million to reduce debt in 2020. Raised long-term debt reduction target to $700 million between 2018 and 2022.

Leverage our Alpha technology platform as a competitive differentiator and source of financial returns for Precision.

OPERATIONAL EXCELLENCE

REDUCE DEBT WITH FREE CASH FLOW

TECHNOLOGY AS A DIFFERENTIATOR

1.

2.

3.

9|

2020 STRATEGIC PRIORITY #1

GENERATE STRONG FREE CASH FLOW TO REDUCE DEBT

Generate strong free cash flow and utilize $100 million to $150 million to reduce debt in 2020

UPDATE

▪ 2020 debt reduction of $41 million as of March 24 – plan to prioritize 2021 senior notes this year.

▪ 2019 year-end cash balance of $75 million + US$500 million undrawn revolver.

▪ Decreased 2020 capital expenditures budget to $48 million, down 50% from prior budget of $95 million.

▪ Targeting 30% reduction in annualized fixed costs during 2020, including up to $30 million in G&A costs. Cost savings intended to enhance free cash flow.

▪ 2020 estimated interest expense approximately $100 million – approximate decrease of $40 million from 2016.

10| 10|

Sequentially Strong Financial Performance & Cash Generation

ADJUSTED EBITDAREVENUE

$1,003

$1,321

$1,541 $1,541

2016 2017 2018 2019

REV

ENU

E (M

ILLI

ON

S)

$228

$305

$375 $392

2016 2017 2018 2019

EBIT

DA

(M

ILLI

ON

S)

ACTIVITY

26,851

42,282

48,25147,455

2016 2017 2018 2019

DR

ILLI

NG

DA

YS

Int'l Drilling U.S. Drilling Canada Drilling

GEOGRAPHIC DIVERSIFICATION BENEFITS

LEADING-EDGE SUPER SERIES DAYRATES

STRICT COST DISCIPLINE & BENEFITS OF SCALE

11| 11|

Free Cash Flow Generation

1. Calculation: Cash from Operations less CapEx. 2011 to 2015 saw extensive investment in U.S. and Middle East fleet. Slight Y/Y decrease in 2019 FCF due to deployment of new build rig in Kuwait mid-year. 2019 and 2020 estimate from Nasdaq consensus as of April 2, 2020.

$661

$65

5.25%7.125%

FREE CASH FLOW TRANSITION1

▪ Super Series investment enabled free cash flow harvesting

▪ Strong free cash flow outlook for next several years

▪ Have decommissioned over 220 rigs from 2010 to 2019

SUPER SERIES RIGS ADDED

(300)

$0

$300

2014 2015 2016 2017 2018 2019 2020E

FCF

(MIL

LIO

NS)

2011–2016: CRITICAL INVESTMENT PERIOD

2017-FORWARD: CASH HARVEST PERIOD

Canada

U.S.

Int’l

112

169182

201217 221 222 224 227

2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9

114 SUPER SERIES RIGS ADDED

12|

2020 Capital Plan

2020 PLAN:

$48 MILLION

EXPANSION & UPGRADES

▪ AlphaAutomation systems

▪ Contract-secured upgrades to global Super Series fleet

MAINTENANCE & INFRASTRUCTURE

▪ Maintenance spend highly

correlated to activity levels

2019 CAPITAL EXPENDITURES TOTALLED $162 MILLION

2020 PLAN PREVIOUSLY SET AT $95 MILLION

13| 13|

Precision’s Balance Sheet Management Creating Stronger Capital Structure

1. Estimated debt reduction assumes $150 million for 2020 at FX 1.35. 2. Long-term debt reduction target of $700 million between 2018 and 2022.3. Total liquidity: year-end cash balance + undrawn US$500M revolving credit facility at FX 1.35 (~C$675 million CAD).

DEBT REDUCTION PROGRESS1

$661

$65

0.4

0.6

0.8

1.0

1.2

1.4

1.6

2015 2016 2017 2018 2019 2020E

Lon

g-te

rm D

ebt

US$

Bn

s

5.25%

7.125%

6.5%

~C$421 MILLION DEBT REDUCTION SINCE 20182

0.2x

0.3x

0.4x

0.5x

0.6x

2016 2017 2018 2019

Tota

l Liq

uid

ity

to

Lon

g-te

rm D

ebt

DECREASING ANNUAL INTEREST EXPENSE1

$50

$60

$70

$80

$90

$100

$110

2015 2016 2017 2018 2019 2020EAn

nu

al In

tere

st E

xpen

se

US$

Mln

s

CURRENT AVG COST OF DEBT 6.75%

HISTORY MAINTAINING HIGH LIQUIDITY & FINANCIAL FLEXIBILITY3

4.0x

4.5x

5.0x

5.5x

6.0x

6.5x

7.0x

2016 2017 2018 2019

Tota

l Liq

uid

ity

to In

tere

st

14|

2020 STRATEGIC PRIORITY #2

OPERATIONAL EXCELLENCE

Deliver operational excellence in all aspects of our business, operations, financial and environment, social and governance (ESG)

UPDATE

▪ Ended 2019 with record level U.S. and Canadian market share driven by Super Series fleet.

▪ Expanded scale in Middle East with delivered Kuwait new-build.

▪ Strong free cash flow in Canada.

▪ Margin improvement continues in U.S. – 2019 operating margins up 19% from prior year.

▪ Comprehensive response plan to COVID-19 pandemic.

15| 15|

Precision’s Competitive Positioning

PRECISION SYSTEMS + SCALE

HIGHLY SKILLED RIG CREWS

SUPER SERIES RIGS

16| 16|

Recruiting, Training & Retention – Competitive Advantage for Precision

1,200 – 1,400 Screened candidates in the

system

RETENTION FOR GLOBAL DRILLING OPERATIONS WAS 90% IN 2019

Leadership Development

Programs

Career Path Management Structured Promotion Programs

Long-term Compensation Programs

Field Training Investments

Permanent Training Facilities with Fully

Functioning Rigs

Tier 1 Assets

Structured Competency

StandardsWorld-Class Safety

Culture and Processes

238,399Applications processed

2013-2019(24,677 Applications in 2019)

FIELD RECRUITING A CORE FOCUS

TECH CENTERS TRAINED OVER 5,400 PEOPLE IN 2019

17|

United States

▪ Diversified across Lower 48, active in all unconventional plays

▪ 69 available ST 1500 & ST 1200 Super Series rigs

▪ Precision Alpha Technologies driving further growth

1. Annual market shares represent yearly average Precision rig count divided by industry rig count – industry data provided by Baker Hughes.* Dots on map representative of areas where Precision has had operations since 2017.

FREE CASH FLOW, SCALE, MARKET SHARE GROWTH

5%

6%

7%

8%

9%

2014 2015 2016 2017 2018 2019

U.S. Market Share1

18|

Canada

$156

$269

$321

STRONG FREE CASH FLOW, SCALE & MARKET SHARE

1) Market share calculated based off CAODC industry operating days.2) Cash flow calculated using reported daily margins multiplied by drilling utilization days plus C&P EBITDA, less Canadian maintenance capital expenditure.3) Market share from RBC Canadian Oilfield Services Report – March 25, 2020. Map based on well count provided by industry sources and internal analysis (2018/19/20 average).* Dots on map representative of areas where Precision has had operations since 2017.

MARKET SHARE IN KEY BASINS

30% OverallHistorically operate ~25% of rigs in market

56% Heavy OilLEADING MARKET SHARE3

30% MontneyLEADING MARKET SHARE3

29% Duvernay/Deep Basin

▪ Generated $1.9 billion in free cash flow since 20102

▪ Virtually no upgrade capital spending planned in 2020

▪ Precision’s Alpha Technologies driving financial growth

▪ Scale drives operational and cost efficiencies

STRONG MARKET SHARE3

20%

22%

24%

26%

28%

30%

2014 2015 2016 2017 2018 2019

Canadian Market Share1

19|

International

ESTABLISHED SCALE, STABLE CASH FLOW

▪ Sixth Kuwait newbuild deployed July 1, 2019

▪ Targeting IOC’s and NOC’s that value Safety and

Performance

7 NEWBUILD RIGSDEPLOYED SINCE 2014

13 TOTAL RIGSIN MIDDLE EAST (INCLUDES KUWAIT NEW BUILD)

Kuwait Rig 905

20|

Completion & Production

Largest service rig provider in the WCSB and

established presence in the U.S.

Well positioned for free cash flow – 63% Y/Y

increase in total C&P EBITDA in 2019

Precision Well Servicing

$(10.0)

$-

$10.0

$20.0

$30.0

2015 2016 2017 2018 2019

C&P EBITDA (millions)

IMPROVING CASH FLOW

Precision Camps & Catering Precision Rentals

21| 21|

Environmental, Social, Governance (ESG) Activities

$661

$65

5.25%

Significantly enhance ESG disclosure included in most recent Information Circular, Annual Report and Annual Information Form

• Extensive COVID-19 Response Plan

• 1.4% Improvement Triple Target Zero Days*

• Adopted Diversity & Inclusion Policy*

• 5,400 + Employees Trained at Tech Centers*

• Safety Protocol & Procedures

• Board of Directors

- 100% Attendance*- Independent- Diversity

• Governance Committees + External Audits

• PD Code of Conduct

• 100% Hotline Issues Resolved*

• ESG Metrics in Executive Comp.

• 1,800 PD Supported Volunteer Hours*

• Partnerships With STARS, Heritage Park Society, Camp Kindle

• Financial Support for Local Causes

• Youth Scholarship Programs

• 25% of Fleet Natural Gas Burning Lower Carbon Fuel*

• 49 Bi-Fuel Systems in North America*

• Pad-Walking Systems & Technological Efficiencies

• Industry Best Practices on Spill Prevention & Noise Mitigation

PEOPLE ENVIRONMENTCOMMUNITYGOVERNANCE

* Reported 2019 year-end stat from Management Circular. Precision continues to deliver on strong ESG initiatives. Triple Target Zero Days (Injury Free, Safe Driving, Zero Spills)

22|

2020 STRATEGIC PRIORITY #3

TECHNOLOGY AS A DIFFERENTIATOR

Leverage Alpha technology platform as competitive differentiator and source of financial returns for Precision

UPDATE

▪ Previously announced commercialization of 34 AlphaAutomation systems deployed in the field.

▪ Reduced deployment of new AlphaAutomationsystems in 2020 from prior guidance.

▪ Drilled over 1,100 wells with AlphaAutomation to date – trained over 100 key field personnel.

▪ 15 Apps either commercialized or in field hardening phase.

23|

AlphaAutomation – Case Study: Adding Pipe While Drilling Ahead

Rig 560 - Job 124

CONSISTENT PREDICTABLE REPEATABLE

Rig 560 - Job 114~49% TIME SAVINGS PER CONNECTION

ESTIMATED TOTAL WELL SAVINGS OF APPROXIMATELY 5 TO 8% (0.75 TO 1.2 DAYS ON A 15 DAY WELL)

Driller – No AlphaAutomation

AlphaAutomation

Hole Depth

Hole Depth

Tim

e S

equence

For

Each

Join

tTim

e S

equence

For

Each

Join

t

24|

AlphaApps - Precision Offering Full Suite Of Drilling Performance Apps

INDEPENDENT PRECISIONOEM's OPERATORS

7

4

1

2

1

ROP OPTIMIZATION

DIRECTIONAL

DRILLING MECHANICS

EQUIPMENT OPTIMIZATION

RISK MITIGATION

15 APPLICATIONS

OPEN-SOURCE PLATFORM CAN HOST 3RD PARTY DEVELOPED APPS

ON-BOTTOM APPS

COST CONTROL APPS

25| 25|

Alpha Technology Commercialization – Revenue Potential

REVENUE IMPACT

Each technology is a service sold to customers as bolt on to

our existing rigs

FLEET PULL THROUGH

Pull through on existing rigs and directional drilling service

TECHNOLOGY OFFERING

DAILY EBITDA IMPACT ESTIMATE

AVAILABLE FLEET

EST. % OF ACTIVE RIGS (2021)

AlphaAutomationTM $1,500 100+ rigs 80%-100%

AlphaAppsTM $250-$1,000 100+ rigs 80%-100%

FIXED DAILY CHARGE INCREASED UTILIZATION & DAYRATE

REINFORCED COMPETITIVE ADVANTAGE

New technologies will strengthen competitive

advantage and provide a platform for future technology

revenue streams

MARKET SHARE

DEPLOYED IN FIELD2019

DEPLOYED IN FIELD2020E

34 58

AlphaAnalyticsTM TBD 100+ rigs 80%-100%

26| 26|

Creating Shareholder Value

GENERATING STRONG FREE CASH FLOW FROM LONG-LIFE ASSETS WITH

AGGESSIVE COST MANAGEMENT

DIGITAL TECHNOLOGY LEADERSHIP AS GROWTH ENGINE

HIGHER EQUITY VALUATION THROUGH TARGETED CASH FLOW DELEVERAGING

FOCUS ON MAINTAINING STRONG LIQUIDITY POSITION

OPERATIONAL EXCELLENCE IN LAND DRILLING

27| 27|

Appendix

28|

Advanced Rig Technology

1500 HP TDS-11 TOP DRIVE

25,000’ + FT RACKING CAPACITY

ALPHA AUTOMATION + ALPHA APPS*

DRILLING EQUIPMENT CONTROL SYSTEM*

HIGH SPEED DOWNHOLE DATA*

“OMNI-PAD” WALKING SYSTEM

TRANSFER TANK

TWO SPEED DRAWWORKS

DIRECTIONAL GUIDANCE SYSTEM*

(3) 1,600HP 7,500 PSI PUMPS

(4) CAT 3512 GENSETS

INTEGRATED POWER MANAGEMENT SYSTEM

1

1

2 3

4

5

6

7 8

9 11

10

2

3

4

5

6 825,000 LBS HOOKLOAD

7

8

9

10

11 UMBILICALLY CONNECTEDBACKYARD COMPLEX

12

1213

14

13

14

REMOTE OPERATIONS CONTROL CENTER (OPTIMIZATION*)

* Precision Technology Building Blocks

PRECISION SUPER TRIPLE

PRECISION IS A RIG TECHNOLOGY LEADER

29| 29|

Precision’s Balance Sheet Management

.

NO MATURITIES UNTIL DECEMBER 2021

SENIOR DEBT MATURITY PROFILE1

$661

$65

(in $ millions)

US$66

US$345US$308

US$370

2019 2020 2021 2022 2023 202620252024

5.25%7.75%

6.5%

7.125%

▪ 6.5% Senior Notes due December 15, 2021

▪ 7.75% Senior Notes due December 15, 2023

▪ 5.25% Senior Notes due November 15, 2024

▪ 7.125% Senior Notes due January 15, 2026

AVERAGE COST OF DEBT OF 6.75%

*As at February 13, 2020.

30| 30|

Revenue and Cash Flow Visibility and Stability

TOP 50 CUSTOMERS1

PUBLIC

58%

CONTRACT BOOK2

CUSTOMER BASE

1. Includes Canada, U.S. and International operations based on % of revenue (2019) – Top 50 rankings.2. Contract book as of 02/14/2020.

PRIVATE

30%

NATIONALOIL COMPANIES

17%

PREDICTABLE CASH FLOWS - ADDED 12 CONTRACTS SINCE Q3 REPORT

HIGH-EFFICIENCY DEVELPMENT DRILLING FOR PUBLIC, LARGE PRIVATE AND NATIONAL OIL COMPANIES

7 7

19

30

3

4

2020 Avg.As of 10/23/2019

2020 Avg.As of 12/31/2019

Canada U.S. International

29

41

31| 31|

U.S. Market Share Transition

1. Top 5 Drillers Includes H&P, Patterson, Nabors, Precision, & Ensign. Acquired companies only included in count post transaction. Individual peer activity provided by RigData. Industry total averages provided by Baker Hughes as of January 3, 2019.

42% 42%46%

52%

57%

62%

58% 58%

54%

48%

43%

38%

20%

40%

60%

80%

2014 2015 2016 2017 2018 2019

U.S

. MA

RK

ET S

HA

RE

Top 5 Drillers Other Drillers

CUSTOMER DEMAND FOR HIGH-EFFICIENCY RIGS

32|

Systems & Scale

Supply Chain Management

▪ Cost Savings▪ Vendor Management▪ Centralized Support

Manufacturing + Capital Projects

▪ Engineering▪ Project Management▪ Equipment Manufacturing

Technical Support Centres

▪ Asset Integrity▪ Maintenance Standard▪ In House Repair & Rebuild

IT Infrastructure and ERP

▪ Supports Increased Data Flows▪ Operating Efficiencies▪ Fixed Cost Leverage

DRIVING OPERATIONAL EXCELLENCE AND LOWER COSTS

33| 33|

Precision’s Super Series Investments Driving U.S. Market Share Gains1

>67 NEW BUILDS/ MAJOR UPGRADES IN U.S. MARKET SINCE 2012

AVERAGED 73 ACTIVE RIGS IN 2019

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

0

10

20

30

40

50

60

70

2012 2013 2014 2015 2016 2017 2018 2019

U.S

. Mar

ket

Shar

e

Cu

mu

lati

ve N

ew

Bu

ilds/

Maj

or

Up

grad

es

Cumulative New Builds/Major Upgrades Since 2012 U.S. Market Share

1. Annual market shares represent yearly average Precision rig count divided by industry rig count – industry data provided by Baker Hughes.

34| 3434|

0

100

200

300

400

500

600

700

800

Jan

uar

y

Feb

ruar

y

Mar

ch

Ap

ril

May

Jun

e

July

Au

gust

Sep

tem

be

r

Oct

ob

er

No

vem

be

r

De

cem

ber

2012-2017 Range

2014

2016

2017

2018

2019

2020

Historical North American Drilling Activity

U.S. LAND RIG COUNT10 YEAR HISTORY

CANADIAN LAND RIG COUNT5 YEAR HISTORY

Source: Baker Hughes land rig count as of April 3, 2020

1,8042014 Average

Active Rigs

4862016 Average

Active Rigs

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

9202019 Average

Active Rigs

3782014 Average

Active Rigs

1352019 Average

Active Rigs

As of 1/10/2020 rig

count is up 21% over 2019

levels

35| 35|

Current State – Wide Dispersion of Well Results

▪ Currently wide ranging days to drill

▪ Automation tightens the range and reduces overall drill times

▪ For PD – strong utilization, incremental revenue and competitive advantage