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F Precision DRILLING PRECISION DRILLING CORPORATION Second Quarter Report for the three and six months ended June 30 , 2021 and 2020 MANAGEMENT'S DISCUSSION AND ANALYSIS Management's Discussion and Analysis for the three and six months ended June 30 , 2021 of Precision Drilling Corporation ( " Precision " or the " Corporation " ) prepared as of July 21 , 2021 focuses on the unaudited Condensed Interim Consolidated Financial Statements and related notes and pertains to known risks and uncertainties relating to the oilfield services sector . This discussion should not be considered all - inclusive as it does not include all changes regarding general economic , political , governmental and environmental events . This discussion should be read in conjunction with the Corporation's 2020 Annual Report , Annual Information Form , unaudited June 30 , 2021 Condensed Interim Consolidated Financial Statements and related notes . This report contains " forward - looking information and statements " within the meaning of applicable securities laws . For a full disclosure of the forward - looking information and statements and the risks to which they are subject , see the " Cautionary Statement Regarding Forward - Looking Information and Statements " later in this report . This report contains references to Adjusted EBITDA , Covenant EBITDA , Operating Earnings ( Loss ) , Funds Provided by ( Used in ) Operations and Working Capital . These terms do not have standardized meanings prescribed under International Financial Reporting Standards ( IFRS ) and may not be comparable to similar measures used by other companies , see " Non - GAAP Measures " later in this report . Precision Drilling announces 2021 second quarter financial results : • • • • Revenue of $ 201 million was an increase of 6 % compared with the second quarter of 2020 . Net loss of $ 76 million or $ 5.71 per share compared with a net loss of $ 49 million or $ 3.56 per share in the second quarter of 2020 . Earnings before income taxes , loss ( gain ) on repurchase of unsecured senior notes , finance charges , foreign exchange , gain on asset disposals and depreciation and amortization ( Adjusted EBITDA , see " NON - GAAP MEASURES " ) of $ 29 million was 50 % lower than the second quarter of 2020. Excluding the impact of $ 26 million of share - based compensation charges , our second quarter Adjusted EBITDA was $ 55 million . Generated cash and funds provided by operations ( see " NON - GAAP MEASURES " ) of $ 42 million and $ 13 million , respectively . • Second quarter ending cash balance was $ 63 million . • • Extended the maturity of the Senior Credit Facility to June 18 , 2025 . Issued US $ 400 million of 6.875 % unsecured senior notes due in 2029 and redeemed in full our 2023 and 2024 unsecured senior notes . • Second quarter and year to date debt reduction of $ 23 million and $ 52 million , respectively . • Second quarter capital expenditures were $ 20 million . • Recognized the Canadian government's Canada Emergency Wage Subsidy ( CEWS ) program assistance of $ 9 million . 1