Pioneer Energy Services Reports Fourth Quarter 2013 Results

Feb 13, 2014, 06:00 ET from Pioneer Energy Services

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