Pioneer Energy Services Reports Fourth Quarter 2013 Results

SAN ANTONIO, Feb. 13, 2014 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the year ended December 31, 2013. Highlights include: 

  • Production Services Segment revenue was $112.2 million in the fourth quarter, down by 1% from the prior quarter.
  • Well servicing rigs achieved an 85% utilization rate and an average hourly rate of $648.
  • Drilling Services Segment margin per day was $8,518, up 6% over the prior quarter.
  • Drilling rig utilization is currently 85%, with 42 of our 53 working rigs, or 79%, under term contracts.
  • Contracts for all eight drilling rigs in Colombia renewed through the end of 2014.
  • Debt reduction of $35 million during the fourth quarter.

Consolidated Financial Results

Revenues for the fourth quarter of 2013 were $238.2 million, down 2% from revenues of $244.0 million in the third quarter of 2013 ("the prior quarter") and up 5% from revenues of $227.9 million in the fourth quarter of 2012 ("the year-earlier quarter"). Revenues in the fourth quarter decreased as compared to the prior quarter due to three rigs in Colombia that were earning a lower standby dayrate for part of the quarter, as well as slightly lower utilization for our Production Services Segment due to typical seasonality.

Net loss for the fourth quarter was $2.5 million, or $0.04 per share, compared with net loss of $6.2 million, or $0.10 per share in the prior quarter and net income of $3.6 million, or $0.06 per diluted share in the year-earlier quarter. Fourth quarter Adjusted EBITDA(1) was $55.8 million, down 6% from $59.4 million in the prior quarter and down 7% from $60.3 million in the year-earlier quarter.

Operating Results

Drilling Services Segment

Revenue for the Drilling Services Segment was $126.0 million in the fourth quarter, a 4% decrease from the prior quarter and a 3% decrease from the year-earlier quarter. The decrease in revenues was primarily due to more standby revenue in Colombia and a decrease in utilization to 86% in the fourth quarter, from prior quarter utilization of 89%, which is adjusted to exclude the eight idle drilling rigs that were held for sale at the end of the third quarter.

Currently, 53 drilling rigs are earning revenues, 42 of which, or 79%, are under term contracts. All eight of our drilling rigs in Colombia are currently under term contracts that extend through the end of 2014, seven of which are currently working. The remaining rig will begin working under its term contract after undergoing an upgrade to increase its horsepower from 1,000 to 1,500 horsepower, which we expect will be completed by the end of the first quarter of 2014.

Average drilling revenues per day in the fourth quarter were $25,567, up slightly from $25,325 in the prior quarter and up from $23,967 in the year-earlier quarter.  The quarter-over-quarter increase in average revenues per day is primarily due to increases in reimbursements of operator bonuses paid to rig employees, revenues for boiler equipment used during winter months and turnkey revenues.  The increase over the year-earlier quarter was primarily due to higher dayrates generated by our new-build drilling rigs and increased utilization in Colombia, as our Colombian operations have higher revenues per day than our U.S. drilling rigs.

Drilling Services Segment margin(2) per day was $8,518 in the fourth quarter, up 6% from $8,056 in the prior quarter and up 5% from $8,103 in the year-earlier quarter. Dayrate pricing in the U.S. during the fourth quarter remained steady. The increase in Drilling Services margin per day in the fourth quarter was due to an increase in boiler equipment revenues and gains on fixed asset disposals, primarily reimbursement of damaged drill pipe.

Production Services Segment

Revenue for the Production Services Segment was $112.2 million in the fourth quarter, down 1% from the prior quarter and up 14% from the year-earlier quarter. The increase in revenues from the year-earlier quarter was generated mostly by our wireline and well servicing operations which had higher utilization and pricing during the latest quarter. Well servicing pricing was $648 per hour in the fourth quarter, up from $628 in the prior quarter and $601 in the year-earlier quarter. The increase in well service pricing was offset primarily by increased labor costs when comparing fourth quarter to the prior quarter. Well servicing rig utilization decreased to 85% in the fourth quarter, versus 90% in the prior quarter and was up slightly from 83% in the year-earlier quarter. Coiled tubing unit utilization was 49% in the fourth quarter, down from 53% in the prior quarter and down slightly from 52% in the year-earlier quarter.

Production Services Segment margin(2) as a percentage of revenue was 34% in the fourth quarter, down from 36% in the prior quarter and 38% in the year-earlier quarter.

Comments from Our President and CEO

"We were pleased that our fourth quarter results were less affected by seasonality than expected, as activity levels remained steady and pricing held firm in our Production Services Segment," said Wm. Stacy Locke, President and CEO of Pioneer Energy Services. "In our U.S. Drilling Services Segment, utilization held steady and margins had a modest improvement in the fourth quarter. 

"2014 is off to a good start with strong activity levels in both our Drilling and Production Services Segments. In Colombia, we renewed our contracts with Ecopetrol for all eight drilling rigs at slightly higher day rates and we agreed to upgrade one of the rigs to 1,500 horsepower.  After this upgrade, all eight rigs in Colombia will be 1,500 horsepower electric rigs with top-drives and walking or skidding systems.

"We plan to make modest fleet additions in our Production Services Segment in 2014 including three wireline units, three well service rigs and one offshore coiled tubing unit. Most of these fleet additions are expected to occur in the second quarter.

"Since May 2013, we paid down $60 million of the outstanding balance under our revolver and we expect to continue reducing debt this year," concluded Locke.

First Quarter Guidance

In the first quarter of 2014, drilling rig utilization is expected to average between approximately 83% and 86%, based on a fleet of 62 rigs. Drilling Services Segment margin is expected to be approximately $8,000 to $8,300 per day.

Production Services Segment revenue in the first quarter is expected to be flat compared to the fourth quarter. Production Services Segment margin as a percentage of revenues is expected to be up 1% to 2% as compared to the fourth quarter.

Liquidity

Working capital at December 31, 2013 was $118.5 million, up from $62.2 million at December 31, 2012. Our cash and cash equivalents were $27.4 million, up from $23.7 million at year-end 2012. 

The increase in cash and cash equivalents during the year ended December 31, 2013 was primarily due to $174.6 million of cash provided by operating activities and $13.8 million of proceeds from the sale of assets, which was mostly offset by $165.4 million used for purchases of property and equipment and $20.9 million used to repay debt, net of additional borrowings during the year.

We currently have $80.0 million outstanding and $14.0 million in committed letters of credit under our $250 million Revolving Credit Facility.

Capital Expenditures

Cash capital expenditures in the fourth quarter were $27.4 million, including capitalized interest. We estimate that our total cash capital expenditures in 2014 will be approximately $115 million to $125 million. The total 2014 capital expenditure budget includes upgrades to certain drilling rigs, additional production services equipment and routine capital expenditures.

Conference Call

Pioneer Energy Services' management team will hold a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time), to discuss these results. To participate in the call, dial (480) 629-9771 ten minutes early and ask for the Pioneer Energy Services' conference call. A replay will be available after the call and will be accessible until February 20. To access the replay, dial (303) 590-3030 and enter the pass code 4663724#.

The conference call will also be webcast on the Internet and accessible from Pioneer Energy Services' Web site at www.pioneeres.com. To listen to the live call, visit Pioneer Energy Services' Web site at least 10 minutes early to register and download any necessary audio software.  An archive will be available shortly after the call. For more information, please contact Donna Washburn at Dennard ▪ Lascar Associates, LLC at (713) 529-6600 or e-mail dwashburn@dennardlascar.com.

About Pioneer

Pioneer Energy Services provides contract land drilling services to independent and major oil and gas operators in Texas, Louisiana, the Mid-Continent, Rocky Mountain and Appalachian regions and internationally in Colombia through its Drilling Services Segment. Pioneer also provides well, wireline, coiled tubing and fishing and rental services to producers in the U.S. Gulf Coast, offshore Gulf of Mexico, Mid-Continent and Rocky Mountain regions through its Production Services Segment.

Cautionary Statement Regarding Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations

Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the following discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, decisions about exploration and development projects to be made by oil and gas exploration and production companies, economic cycles and their impact on capital markets and liquidity, the continued demand for drilling services or production services in the geographic areas where we operate, the highly competitive nature of our business, our future financial performance, including availability, terms and deployment of capital, future compliance with covenants under our senior secured revolving credit facility and our senior notes, the supply of marketable drilling rigs, well servicing rigs, coiled tubing and wireline units within the industry, changes in technology and improvements in our competitors' equipment, the continued availability of drilling rig, well servicing rig, coiled tubing and wireline unit components, the continued availability of qualified personnel, the success or failure of our acquisition strategy, including our ability to finance acquisitions, manage growth and effectively integrate acquisitions, and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment. We have discussed many of these factors in more detail in our Annual Report on Form 10-K for the year ended December 31, 2013. These factors are not necessarily all the important factors that could affect us. Unpredictable or unknown factors we have not discussed in this news release or in our Annual Report on Form 10-K for the year ended December 31, 2013 could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) be aware that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.

This news release contains non-GAAP financial measures as defined by SEC Regulation G.  A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.

 



(1)

Adjusted EBITDA is a financial measure that is not in accordance with GAAP, and should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities or (c) as a measure of liquidity. In addition, Adjusted EBITDA does not represent funds available for discretionary use. We define Adjusted EBITDA as income (loss) before interest income (expense), taxes, depreciation, amortization and any impairments. We use this measure, together with our GAAP financial metrics, to assess our financial performance and evaluate our overall progress towards meeting our long-term financial objectives. We believe that this non-GAAP financial measure is useful to investors and analysts in allowing for greater transparency of our operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA, as we calculate it, may not be comparable to Adjusted EBITDA measures reported by other companies. A reconciliation of Adjusted EBITDA to net income (loss) as reported is included in the tables to this press release.



(2)

Drilling Services Segment margin represents contract drilling revenues less contract drilling operating costs. Production Services Segment margin represents production services revenue less production services operating costs. We believe that Drilling Services Segment margin and Production Services Segment margin are useful measures for evaluating financial performance, although they are not measures of financial performance under U.S. Generally Accepted Accounting Principles (GAAP). However, Drilling Services Segment margin and Production Services Segment margin are common measures of operating performance used by investors, financial analysts, rating agencies and Pioneer's management. Drilling Services Segment margin and Production Services Segment margin as presented may not be comparable to other similarly titled measures reported by other companies. A reconciliation of Drilling Services Segment margin and Production Services Segment margin to net income (loss) as reported is included in the tables to this press release.



(3)

Drilling Services Segment margin per revenue day represents the Drilling Services Segment's average revenue per revenue day less average operating costs per revenue day.







Contacts:

Lorne E. Phillips, CFO

Pioneer Energy Services Corp.

(210) 828-7689






Lisa Elliott / lelliott@dennardlascar.com

Anne Pearson / apearson@dennardlascar.com

Dennard ▪ Lascar Associates, LLC / (713) 529-6600




- Financial Statements and Operating Information Follow -

 


PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except per share data)



Three months ended


Year ended


December 31,


September 30,


December 31,


2013


2012


2013


2013


2012


(unaudited)


(audited)

Revenues:










Drilling services

$

125,970



$

129,853



$

131,033



$

528,327



$

498,867


Production services

112,213



98,015



112,946



431,859



420,576


Total revenues

238,183



227,868



243,979



960,186



919,443












Costs and expenses:










Drilling services

84,000



85,950



89,350



351,630



333,846


Production services

74,146



61,001



71,910



276,808



252,775


Depreciation and amortization

46,871



44,288



47,414



187,918



164,717


General and administrative

24,128



20,926



23,896



95,000



85,603


Bad debt expense (recovery)

314



75



35



767



(440)


Impairment charges



99



9,504



54,292



1,131












Total costs and expenses

229,459



212,339



242,109



966,415



837,632


Income (loss) from operations

8,724



15,529



1,870



(6,229)



81,811












Other (expense) income:










Interest expense

(12,193)



(10,391)



(12,324)



(48,310)



(37,049)


Other

221



365



610



(1,239)



1,624


Total other expense

(11,972)



(10,026)



(11,714)



(49,549)



(35,425)












Income (loss) before income taxes

(3,248)



5,503



(9,844)



(55,778)



46,386


Income tax (expense) benefit

733



(1,943)



3,614



19,846



(16,354)












Net income (loss)

$

(2,515)



$

3,560



$

(6,230)



$

(35,932)



$

30,032












Income (loss) per common share:










Basic

$

(0.04)



$

0.06



$

(0.10)



$

(0.58)



$

0.49


Diluted

$

(0.04)



$

0.06



$

(0.10)



$

(0.58)



$

0.48












Weighted-average number of shares outstanding:










Basic

62,376



61,888



62,325



62,213



61,780


Diluted

62,376



62,900



62,325



62,213



62,762


 


PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)



December 31,

2013


December 31,

2012





ASSETS




Current assets:




Cash and cash equivalents

27,385



23,733


Receivables, net of allowance for doubtful accounts

176,360



158,844


Deferred income taxes

13,092



11,058


Inventory

13,232



12,111


Prepaid expenses and other current assets

9,311



13,040


Total current assets

239,380



218,786






Net property and equipment

937,657



1,014,340


Intangible assets, net of accumulated amortization

32,269



43,843


Goodwill



41,683


Noncurrent deferred income taxes

1,156



5,519


Other long-term assets

19,161



15,605


Total assets

$

1,229,623



$

1,339,776






LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

43,718



$

83,823


Current portion of long-term debt

2,847



872


Deferred revenues

699



3,880


Accrued expenses

73,569



67,975


Total current liabilities

120,833



156,550






Long-term debt, less current portion

499,666



518,725


Noncurrent deferred income taxes

84,636



108,838


Other long-term liabilities

6,055



7,983


Total liabilities

711,190



792,096


Total shareholders' equity

518,433



547,680


Total liabilities and shareholders' equity

$

1,229,623



$

1,339,776


 


PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)



Year ended


December 31,


2013


2012





Cash flows from operating activities:




Net income (loss)

$

(35,932)



$

30,032


Adjustments to reconcile net income (loss) to net cash provided by operating activities:




Depreciation and amortization

187,918



164,717


Allowance for doubtful accounts

801



76


(Gain) loss on dispositions of property and equipment

(1,421)



(1,199)


Stock-based compensation expense

6,371



7,319


Amortization of debt issuance costs, discount and premium

3,095



2,985


Impairment charges

54,292



1,131


Deferred income taxes

(22,125)



13,303


Change in other long-term assets

(5,741)



(3,865)


Change in other long-term liabilities

(1,928)



(1,173)


Changes in current assets and liabilities

(10,750)



(13,960)


Net cash provided by operating activities

174,580



199,366






Cash flows from investing activities:




Purchases of property and equipment

(165,356)



(364,324)


Proceeds from sale of property and equipment

13,836



3,093


Proceeds from insurance recoveries

844




Net cash used in investing activities

(150,676)



(361,231)






Cash flows from financing activities:




Debt repayments

(60,874)



(874)


Proceeds from issuance of debt

40,000



100,000


Debt issuance costs

(13)



(58)


Proceeds from exercise of options

1,266



693


Purchase of treasury stock

(631)



(360)


Net cash (used in) provided by financing activities

(20,252)



99,401






Net increase (decrease) in cash and cash equivalents

3,652



(62,464)


Beginning cash and cash equivalents

23,733



86,197


Ending cash and cash equivalents

$

27,385



$

23,733


 


PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Operating Statistics

(in thousands, except average number of drilling rigs, utilization rate, revenue days and per day information)

(unaudited)



Three months ended


Year ended


December 31,


September 30,


December 31,


2013


2012


2013


2013


2012











Drilling Services Segment:










Revenues

$

125,970



$

129,853



$

131,033



$

528,327



$

498,867


Operating costs

84,000



85,950



89,350



351,630



333,846


Drilling Services Segment margin (1)

$

41,970



$

43,903



$

41,683



$

176,697



$

165,021












Average number of drilling rigs

62.0



67.7



70.0



68.2



65.0


Utilization rate

86

%


87

%


80

%


84

%


87

%

Revenue days

4,927



5,418



5,174



20,977



20,728












Average revenues per day

$

25,567



$

23,967



$

25,325



$

25,186



$

24,067


Average operating costs per day

17,049



15,864



17,269



16,763



16,106


Drilling Services Segment margin per day (2)

$

8,518



$

8,103



$

8,056



$

8,423



$

7,961












Production Services Segment:










Revenues

$

112,213



$

98,015



$

112,946



$

431,859



$

420,576


Operating costs

74,146



61,001



71,910



276,808



252,775


Production Services Segment margin (1)

$

38,067



$

37,014



$

41,036



$

155,051



$

167,801












Combined:










Revenues

$

238,183



$

227,868



$

243,979



$

960,186



$

919,443


Operating Costs

158,146



146,951



161,260



628,438



586,621


Combined margin

$

80,037



$

80,917



$

82,719



$

331,748



$

332,822












Adjusted EBITDA (3)

$

55,816



$

60,281



$

59,398



$

234,742



$

249,283













(1)   Drilling Services Segment margin represents contract drilling revenues less contract drilling operating costs. Production Services Segment margin represents production services revenue less production services operating costs. We believe that Drilling Services Segment margin and Production Services Segment margin are useful measures for evaluating financial performance, although they are not measures of financial performance under U.S. Generally Accepted Accounting Principles (GAAP). However, Drilling Services Segment margin and Production Services Segment margin are common measures of operating performance used by investors, financial analysts, rating agencies and Pioneer's management. Drilling Services Segment margin and Production Services Segment margin as presented may not be comparable to other similarly titled measures reported by other companies. A reconciliation of combined Drilling Services Segment margin and Production Services Segment margin to net income (loss) as reported is included in the table on the following page.


(2)   Drilling Services Segment margin per revenue day represents the Drilling Services Segment's average revenue per revenue day less average operating costs per revenue day.


(3)   Adjusted EBITDA is a financial measure that is not in accordance with GAAP, and should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities or (c) as a measure of liquidity. In addition, Adjusted EBITDA does not represent funds available for discretionary use. We define Adjusted EBITDA as income (loss) before interest income (expense), taxes, depreciation, amortization and any impairments. We use this measure, together with our GAAP financial metrics, to assess our financial performance and evaluate our overall progress towards meeting our long-term financial objectives. We believe that this non-GAAP financial measure is useful to investors and analysts in allowing for greater transparency of our operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA, as we calculate it, may not be comparable to Adjusted EBITDA measures reported by other companies. A reconciliation of Adjusted EBITDA to net income (loss) as reported is included in the table on the following page.

 


PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Reconciliation of Combined Drilling Services and Production Services

Margin and Adjusted EBITDA to Net Income (Loss)

(in thousands)

(unaudited)



Three months ended


Year ended


December 31,


September 30,


December 31,


2013


2012


2013


2013


2012















Combined margin

$

80,037



$

80,917



$

82,719



$

331,748



$

332,822












General and administrative

(24,128)



(20,926)



(23,896)



(95,000)



(85,603)


Bad debt (recovery) expense

(314)



(75)



(35)



(767)



440


Other income (expense)

221



365



610



(1,239)



1,624


Adjusted EBITDA (3)

55,816



60,281



59,398



234,742



249,283












Depreciation and amortization

(46,871)



(44,288)



(47,414)



(187,918)



(164,717)


Impairment charges



(99)



(9,504)



(54,292)



(1,131)


Interest expense

(12,193)



(10,391)



(12,324)



(48,310)



(37,049)


Income tax (expense) benefit

733



(1,943)



3,614



19,846



(16,354)


Net income (loss)

$

(2,515)



$

3,560



$

(6,230)



$

(35,932)



$

30,032


 


PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Reconciliation of Net Loss as Reported to Adjusted Net Loss Excluding the Impact of Impairment Charges

and Diluted EPS as Reported to Adjusted Diluted EPS Excluding the Impact of Impairment Charges

(in thousands, except per share data)

(unaudited)




Year ended



December 31, 2013




Net loss as reported


$

(35,932)


Impairment charges


54,292


Tax benefit from impairment charges


(21,207)


Adjusted net income (loss) (4)


(2,847)





Basic weighted average number of shares outstanding, as reported


62,213


Effect of dilutive securities



Diluted weighted average number of shares outstanding, adjusted for impairment charge impact


62,213





Adjusted diluted EPS  (5)


$

(0.05)





Diluted EPS as reported (6)


$

(0.58)



(4)   Adjusted net income (loss) represents net income (loss) as reported less impairment charges and the tax benefit from impairment charges. We believe that adjusted net income (loss) is a useful measure for evaluating our core operating performance, although it is not a measure of financial performance under GAAP. Adjusted net income (loss) may not be comparable to other similarly titled measures reported by other companies.


(5)   Adjusted (diluted) EPS represents adjusted net income (loss) divided by the weighted-average number of shares outstanding during the period, including the effect of dilutive securities as applicable. We believe that adjusted (diluted) EPS is a useful measure for evaluating our core operating performance, although it is not a measure of financial performance under GAAP. A reconciliation of (diluted) EPS as reported to adjusted (diluted) EPS is included in the tables to this press release. Adjusted (diluted) EPS may not be comparable to other similarly titled measures reported by other companies. A reconciliation of net income (loss) as reported to adjusted net income (loss) is included in the table above.


(6)   The effect of dilutive securities is not reflected in diluted earnings per share (EPS) as reported because the effect of their inclusion would be antidilutive, or would decrease the reported loss per share. Therefore, basic EPS as reported is the same as diluted EPS as reported.

 


PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Capital Expenditures

(in thousands)

(unaudited)



Three months ended


Year ended


December 31,


September 30,


December 31,


2013


2012


2013


2013


2012









Drilling Services Segment:










Routine and tubulars

$

11,509



$

5,328



$

7,978



$

39,276



$

39,051


Discretionary

6,325



12,255



7,181



35,569



56,430


Fleet additions

414



28,084



311



41,679



162,677



18,248



45,667



15,470



116,524



258,158


Production Services Segment:










Routine

5,136



3,833



5,941



23,053



15,311


Discretionary

3,027



10,511



3,503



20,092



37,562


Fleet additions

1,000



13,262



852



5,687



53,293



9,163



27,606



10,296



48,832



106,166


Net cash used for purchases of property and equipment

27,411



73,273



25,766



165,356



364,324


Net effect of accruals

(4,136)



1,241



1,669



(39,936)



14,948


Total capital expenditures

$

23,275



$

74,514



$

27,435



$

125,420



$

379,272


 



PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Drilling Rig, Well Servicing Rig, Wireline and Coiled Tubing Unit

Current Information



Drilling Services Segment:

Rig Type




Mechanical


Electric


Total Rigs







Drilling rig horsepower ratings:






550 to 700 HP

1



1

750 to 950 HP

4


2


6

1000 HP

12


10


22

1200 to 2000 HP

6


27


33

Total

23


39


62







Drilling rig depth ratings:






Less than 10,000 feet

3


2


5

10,000 to 13,900 feet

10


6


16

14,000 to 25,000 feet

10


31


41

Total

23


39


62







Production Services Segment:












Well servicing rig horsepower ratings:






550 HP





99

600 HP





10

Total





109







Wireline units





120







Coiled tubing units





13







 

SOURCE Pioneer Energy Services



RELATED LINKS
http://www.pioneeres.com

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