Precision Drilling Corporation (TSX: PD; NYSE: PDS) announced on September 16, 2026 that the Toronto Stock Exchange has approved the renewal of its Normal Course Issuer Bid, authorising the Calgary-based driller to repurchase up to 1,229,799 Common Shares for cancellation. The renewed programme represents approximately 10% of the company's public float as of September 8, 2026, and is set to run from September 21, 2026 through September 20, 2027. Investors may be watching the bid as a signal that Precision's board views its shares as an attractive use of available capital.

Key Points

  • Precision Drilling Corporation (TSX: PD; NYSE: PDS) announced TSX approval of a renewed Normal Course Issuer Bid.
  • The company is authorised to repurchase up to 1,229,799 Common Shares, roughly 10% of the public float, for cancellation between September 21, 2026 and September 20, 2027.
  • Under its prior NCIB, Precision purchased 668,674 shares at a weighted average price of CAD$102.54 per share through September 8, 2026.
  • Investors should watch for share purchase activity under the accompanying automatic securities purchase plan, effective September 21, 2026.

Scope and Mechanics of the Renewed Precision Drilling Share Buyback

Under the renewed NCIB, Precision Drilling had 12,587,470 Common Shares issued and outstanding as of September 8, 2026, with a public float of 12,297,993 shares. Purchases may be made through the TSX, the NYSE, other designated exchanges, and alternative trading systems in Canada or the United States. The daily repurchase maximum is set at 22,165 shares, equal to 25% of the average daily trading volume of 88,661 shares on the TSX for the six full calendar months ending August 31, 2026. The company retains the ability to make one block purchase per calendar week exceeding that daily limit. All repurchased shares will be cancelled.

Prior NCIB Results and Funding Approach

Precision's previous NCIB covered the period from September 19, 2025 to September 18, 2026, during which the company was authorised to purchase up to 1,251,850 Common Shares. Through September 8, 2026, Precision purchased 668,674 shares across the TSX, NYSE, and alternative trading systems at a weighted average price of CAD$102.54 per Common Share. The company states it intends to fund purchases under the renewed programme from its available resources. The release does not provide a specific dollar budget for the renewed bid.

Automatic Securities Purchase Plan Accompanying the NCIB

Precision also disclosed its intention to enter into an automatic securities purchase plan effective September 21, 2026, under which its broker may purchase Common Shares within prearranged criteria. The plan is designed to allow repurchases during periods that would otherwise be restricted by self-imposed blackout periods or insider trading rules. The release states the plan complies with applicable Canadian securities laws and Rule 10b5-1 under the U.S. Securities Exchange Act of 1934. Precision positions the NCIB as a tool to enhance underlying share value alongside its existing capital allocation framework, including its digital technology suite Alpha™ and EverGreen™ environmental solutions.