Exhibit 31.1

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

I, Carey T. Ford, President and Chief Executive Officer of Precision Drilling Corporation, certify the following:

Date: July 28, 2026

Exhibit 31.2

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

I, Dustin D. Honing, Chief Financial Officer of Precision Drilling Corporation, certify the following:

Date: July 28, 2026

Exhibit 99.1

PRECISION DRILLING CORPORATION

Second Quarter Report for the three and six months ended June 30, 2026 and 2025

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 certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, (gain) loss on investments and other assets, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Net Capital Spending, Working Capital and Total Long-Term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this report.

Precision Drilling Corporation ("Precision" or the "Company") (TSX:PD; NYSE:PDS) announces its 2026 second quarter results, highlighted by robust heavy oil drilling and well service activity in Canada and improving rig utilization in the U.S.

Financial Highlights

Operational Highlights

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

Operating Highlights

Drilling Activity

Financial Position

Summary for the three months ended June 30, 2026:

Summary for the six months ended June 30, 2026:

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. We work toward this vision by defining and measuring our results against strategic priorities that we establish at the beginning of every year.

Precision’s 2026 strategic priorities and the progress made during the second quarter are summarized below.

OUTLOOK

Ongoing geopolitical uncertainty and relatively tight global crude oil inventories have reinforced the importance of secure and reliable energy supply, supporting constructive oil prices and customer investment confidence. While customers remain focused on capital discipline and returns, we continue to see sustained demand for high-performance drilling rigs and well service equipment. Assuming commodity prices remain supportive and market conditions do not materially change, we expect North American drilling and completion activity to improve modestly through the remainder of the year.

In Canada, demand for our Super Series rigs remains robust, supporting one of the most active drilling environments we have experienced in recent years. Improving heavy oil and condensate prices continue to enhance producer economics and support steady upstream investment in both oil and natural gas formations. Assuming a constructive commodity price environment, we expect our Super Triple and Super Single rigs to be nearly fully utilized through the fall drilling season.

In the U.S., increasing oil prices, disruptions in global crude supply, and concerns over low inventory levels have contributed to a more constructive outlook for oil-directed drilling activity. As a result, U.S. land drilling activity has strengthened in recent months and we increased our oil-weighted activity while maintaining a strong position in key natural gas basins, including the Haynesville and Marcellus. We currently have 43 active rigs and expect our active rig count to remain in the low 40s with continued rig churn during the third quarter. We remain focused on deepening customer relationships and strengthening margins, which we expect to increase throughout the remainder of the year.

Internationally, our crews continue to safely deliver services to our customers despite minor activity disruptions and incremental costs related to the Middle East conflict. We have seven active rigs, including four in Kuwait and three in the Kingdom of Saudi Arabia, all under five-year term contracts that extend into 2027 and 2028. Activity is expected to remain at seven rigs until mid-2027, when one of our idle Kuwait rigs is scheduled to return to work under a five-year contract following planned recertifications and upgrades. Crew-related operating costs are expected to remain elevated while regional tensions persist. We continue to seek opportunities for our one idle international rig.

As Canada's premier well service provider, we remain optimistic about the long-term outlook for our Completion and Production Services business. Expanded market access, robust heavy oil drilling and production activity, favorable oil prices and our High Performance, High Value service offering continue to support customer investment and demand for our services. We believe these factors position us well to benefit from strong activity levels and pricing, assuming no significant change in market conditions.

Overall, our outlook for the remainder of the year is optimistic, with potential upside supported by sustained strength in oil prices and continued customer investment. In Canada, we expect third quarter operating margins to average between $12,000 and $13,000 per utilization day, with a higher proportion of Super Singles working this fall compared with the prior year. In the U.S., revenue per utilization day is expected to remain stable, while operating margins are anticipated to range between US$7,000 and US$8,000 per utilization day with cost pressures persisting due to additional rig reactivation expenses. While U.S. margin performance in the second and third quarters remains below our long-term expectations, fourth quarter margins expected to approach US$10,000 per utilization day.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as of July 28, 2026. For the quarter ending after June 30, 2026, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

In Canada, because of the seasonal nature of well site access, term contracted rigs normally generate 250-300 utilization days per rig year. Accordingly, our anticipated Canadian rigs under term contract may fluctuate as customers complete their commitments earlier than projected. In most regions in the U.S. and internationally, term contracts normally generate 365 utilization days per year. In accordance with the seasonality of our business and varying levels of rig count, we generally experience builds of working capital in the first and third quarters and releases of working capital in the second and fourth quarters.

Capital Spending and Free Cash Flow Allocation

Capital spending in 2026 is expected to remain at $265 million, consistent with our previously announced plan. Capital spending by spend category⁽¹⁾ is expected to include $172 million for maintenance, infrastructure, and intangibles and $93 million for expansion and upgrades, reflecting a $4 million reallocation between spend categories compared to our previously announced plan. We expect to spend $238 million in the Contract Drilling Services segment, $21 million in the Completion and Production Services segment and $6 million in the Corporate and Other segment. At June 30, 2026, Precision had capital commitments of $177 million, with payments expected through 2028.

We remain committed to our 2026 debt reduction plan, reducing debt by $100 million and positioning us near our long-term target and sustained Net Debt to Adjusted EBITDA ratio⁽¹⁾ of below 1.0 times. In 2026, we intend to allocate up to 50% of free cash flow before debt repayments to share repurchases.

Commodity Prices

Second quarter average West Texas Intermediate and Western Canadian select oil prices increased by 46% and 45%, respectively, compared with the same period last year, as ongoing geopolitical tensions in the Middle East continued to weigh on oil prices. The average Henry Hub and AECO natural gas prices decreased by 16% and 8%, respectively, from the same period last year.

Source: Sproule Escalated Price Forecast as of June 30, 2026.

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rigs, procurement and distribution of oilfield supplies, and the manufacture, sale and repair of drilling equipment; and Completion and Production Services, which includes our service rigs, oilfield equipment rental, and camp services.

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

Revenue from Contract Drilling Services was $390 million compared to $355 million in the second quarter of 2025, due to increased drilling rig activity in Canada and the U.S., offset in part by lower international drilling activity and lower upfront capital payments in Canada of $3 million compared with $7 million in 2025. Precision's Canada and U.S. drilling rig utilization days increased by 20% and 6%, respectively. Our international revenue decreased by 11%, primarily due to our rig mix change.

Operating expenses increased 21% in 2026 compared with the second quarter of 2025, primarily related to our US and international operations. In the U.S., rig reactivation costs averaged US$2,387 per utilization day as we reactivated seven rigs and positioned the business to support higher activity levels, compared with US$648 per utilization day in 2025 when four rigs were reactivated. Internationally, operating expenses increased due to a change in rig mix and geopolitical tensions in the Middle East.

General and administrative expenses increased 34% in 2026 compared with the second quarter of 2025, primarily due to $3 million of restructuring costs related to our international operations to better align our organizational structure within countries where we operate.

Adjusted EBITDA was $95 million for the quarter and represented 24% of revenue compared to 31% in 2025.

In Canada, 32% of our utilization days were generated from rigs under term contract in the second quarter of 2026 compared to 36% in 2025. In the U.S., 32% of utilization days were generated from rigs under term contract in the second quarter of 2026 compared to 46% in 2025.

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

Completion and Production Services revenue was $66 million in the second quarter of 2026, compared to $54 million in the same period of 2025. The increase was primarily due to higher well servicing activity, resulting from stronger customer demand driven by higher oil prices.

Adjusted EBITDA was $14 million, representing 21% of revenue, compared to 18% in the second quarter of 2025.

SEGMENT REVIEW OF CORPORATE AND OTHER

Our Corporate and Other segment provides support functions to our operating segments. The Corporate and Other segment had negative Adjusted EBITDA of $11 million for the second quarter versus a negative Adjusted EBITDA of $13 million in the same period last year primarily due to a share-based compensation recovery recognized in the period of $2 million compared with a share based compensation expense of $4 million in the prior year.

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2025 Annual Report.

A summary of expense (recovery) amounts under these plans during the reporting periods are as follows:

Our cash-settled share-based compensation was a recovery of $4 million for the quarter, compared with an expense of $3 million in 2025. The recovery in the second quarter of 2026 was primarily due to our share price declining 20% during the quarter.

During the first quarters of 2025 and 2026, we issued Executive Restricted Share Units (Executive RSUs) to certain senior executives that were aligned with our annual compensation framework. These issuances resulted in an equity-settled share-based compensation expense of $2 million in the second quarter of both 2026 and 2025. As of June 30, 2026, the majority of our share-based compensation plans were classified as cash-settled and will be impacted by changes in our share price. Although accounted for as cash-settled, Precision retains the ability to settle certain vested units in common shares at its discretion.

Contingencies

In the 2018 to 2023 tax years, Precision deducted certain intercompany dividends received in connection with a preferred share financing. In late July 2026, Precision received a NOR from the CRA relating to its 2018 tax year, denying the deduction of such intercompany dividends. In addition to the 2018 NOR, Precision received a proposal from the CRA for the 2019 to 2022 tax years on the same basis, but no reassessments have been received at this time.

Precision will file a Notice of Objection to the 2018 NOR and intends to vigorously contest the 2018 NOR as well as any additional reassessments that may be issued by the CRA in respect of the intercompany dividends received. The Company and its tax advisors believe that the Company’s tax filing position is appropriate. As such, Precision has not recognized a liability in its unaudited interim consolidated financial statements with respect to the reassessment.

Due to existing tax pools, the CRA’s reassessment of the 2018 tax year and anticipated reassessments of the 2019 to 2023 tax years are not expected to impact taxes payable until the 2024 to 2027 tax years. Additional notices of reassessment for the subsequent tax years are expected to be issued over the next 24 months. If it is ultimately determined that the Company is not entitled to deduct the intercompany dividends, we estimate a maximum tax liability of approximately $155 million, excluding interest.

Once reassessments are issued, Precision will be required to pay 50% of the assessed tax liability and interest, until the issue has been resolved.  If Precision is ultimately successful in defending its position, then any taxes and interest paid to the CRA will be refunded plus interest, and if the CRA is successful then any remaining taxes and interest payable will have to be remitted by Precision.

Depreciation

In 2025, we completed a detailed review of our drilling rig equipment and revised the estimated useful life of drill pipe as more complex drilling programs have reduced the useful life of this asset class. This revision resulted in additional depreciation expense of $11 million in the second quarter of 2026.

LIQUIDITY AND CAPITAL RESOURCES

The oilfield services business is inherently cyclical in nature. To manage this, we focus on maintaining a strong balance sheet in order to have the financial flexibility to manage our growth and cash flow regardless of where we are in the business cycle. We maintain a variable operating cost structure so we can be responsive to changes in demand.

Our maintenance capital expenditures are tightly governed and highly responsive to activity levels with additional cost savings leverage provided through our internal manufacturing and supply divisions. Term contracts on upgrade or expansion capital projects provide more certainty of future revenues and return on our capital investments.

Liquidity

In the second quarter of 2026, we reduced long-term debt by $50 million, through repayments of borrowings under our Senior Credit Facility. As of June 30, 2026, we had a total of $633 million outstanding under our Senior Credit Facility and unsecured senior notes as compared with $687 million at December 31, 2025. The current blended cash interest cost of our debt is approximately 6.7%.

Senior Credit Facility

Our Senior Credit Facility requires that we comply with certain covenants including a leverage ratio of consolidated senior debt to consolidated Covenant EBITDA of less than 2.5:1. For purposes of calculating the leverage ratio, consolidated senior debt only includes secured indebtedness. The Senior Credit Facility limits the redemption and repurchase of junior debt subject to a pro forma senior net leverage covenant test of less than or equal to 1.75:1.

Unsecured Senior Notes

The unsecured senior notes require that we comply with certain restrictive and financial covenants, including an incurrence based consolidated interest coverage ratio test of consolidated cash flow, as defined in the senior note agreements, to consolidated interest expense of greater than 2.0:1 for the most recent four consecutive fiscal quarters. In the event our consolidated interest coverage ratio is less than 2.0:1 for the most recent four consecutive fiscal quarters, the unsecured senior notes restrict our ability to incur additional indebtedness.

Covenants

As at June 30, 2026, we were in compliance with the covenants of our Senior Credit Facility.

Impact of foreign exchange rates

The following table summarizes the average and closing Canada-U.S. foreign exchanges rates.

Hedge of investments in foreign operations

We utilize foreign currency long-term debt to hedge our exposure to changes in the carrying value of our net investment in certain foreign operations as a result of changes in foreign exchange rates.

We have designated our U.S. dollar-denominated long-term debt as a net investment hedge in our U.S. operations and other foreign operations that have a U.S. dollar functional currency. To be accounted for as a hedge, the foreign currency denominated long-term debt must be designated and documented as such and must be effective at inception and on an ongoing basis. We recognize the effective amount of this hedge (net of tax) in other comprehensive income. We recognize ineffective amounts (if any) in net earnings.

Outstanding share data

As of July 28, 2026, we had 12,746,458 common shares, 113,087 deferred share units (DSUs), and 149,589 equity-based awards outstanding.

The outstanding DSUs were granted under the old DSU Plan, the 2012 DSU Plan and the 2024 DSU Plan and assume settlement of each DSU for one common share.

The outstanding equity-based awards consist of Restricted Share Units (RSUs) and Performance Share Units (PSUs) which may be settled through the issuance of common shares from treasury. As of July 28, 2026, all 149,589 equity-based awards outstanding were Executive RSUs and assume settlement of each Executive RSU for one common share.

Our DSU, PSU and RSU Plans are governed by our Omnibus Equity Incentive Plan (the Omnibus Plan). More information about the Omnibus Plan can be found in our Management Information Circular, available on our website and on SEDAR+ (www.sedarplus.ca).

QUARTERLY FINANCIAL SUMMARY

(1)                   See "FINANCIAL MEASURES AND RATIOS."

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2025 Annual Report.

CHANGE IN ACCOUNTING POLICY

Effective January 1, 2026, Precision has prospectively adopted Amendments to the Classification and Measurement of Financial Instruments, as issued May 2024. The amendments relate to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments. The amendments clarify the timing of recognition and derecognition of financial assets and liabilities. The amendments require opening balances of financial assets, financial liabilities, and retained earnings be adjusted to recognize the effect of the initial application if retrospective application is not selected. The initial application did not result in a material impact to the financial statements.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at December 31, 2025, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), were effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as of June 30, 2026, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND 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 statements relating to matters that are not historical facts constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities 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:

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect 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, 2025, which may be accessed on Precision’s SEDAR+ profile at or under Precision’s EDGAR profile. The forward-looking information and statements contained in this report are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

16

Exhibit 99.2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

See accompanying notes to condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

See accompanying notes to condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

See accompanying notes to condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

See accompanying notes to condensed interim consolidated financial statements.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)