Pioneer Energy Services Reports Third Quarter 2013 Results

30 Oct, 2013, 06:00 ET from Pioneer Energy Services

SAN ANTONIO, Oct. 30, 2013 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the quarter ended September 30, 2013. Highlights include: 

  • Production Services Segment revenues were up 3% over the second quarter of 2013.
  • Well servicing rigs in the Production Services Segment achieved a 90% utilization rate and an average hourly rate of $628.
  • After the sale of eight mechanical drilling rigs in October, our current drilling rig utilization is 89%.
  • Currently, 55 drilling rigs are earning revenues, 38 of which are under term contracts.

Consolidated Financial Results

Revenues for the third quarter of 2013 were $244.0 million, down 2% from revenues of $248.4 million in the second quarter of 2013 ("the prior quarter") and up 6% from revenues of $229.8 million in the third quarter of 2012 ("the year-earlier quarter"). Revenues in the third quarter, as compared to the prior quarter, were negatively impacted by lower utilization for our Drilling Services Segment, which was partially offset by a modest improvement in the operating results for our Production Services Segments. 

Third quarter Adjusted EBITDA(1) was $59.4 million, down 7% from $63.6 million in the prior quarter and up 7% from $55.6 million in the year-earlier quarter.

Net loss as reported for the third quarter was $6.2 million, or $0.10 per share, which included a $9.5 million impairment charge primarily due to the sale of eight mechanical drilling rigs that were not expected to return to work in the near term. Adjusted net loss(2), which excludes the impact of impairment charges, was $0.2 million and Adjusted EPS(3) was zero for the third quarter.

Operating Results

Drilling Services Segment

Revenue for the Drilling Services Segment was $131.0 million in the third quarter, a 5% decrease from the prior quarter and a 4% increase from the year-earlier quarter. Third quarter utilization was 80%, down from 87% in the prior quarter and 86% in the year-earlier quarter. The decrease from the prior quarter is primarily due to the expiration of five drilling contracts for rigs that were earning standby dayrates but not working and a fuel cost reimbursement in the prior quarter that did not recur in the third quarter. Eight mechanical drilling rigs that were mostly idle during the quarter were classified as held for sale at September 30, 2013 and later sold in October. Excluding these eight rigs, utilization would have been 89% in the third quarter.

Currently, 55 drilling rigs are earning revenues, 38 of which are under term contracts. All eight of our drilling rigs in Colombia were working during the quarter, although one rig completed its contract term in August and has remained idle.

Average drilling revenues per day in the third quarter were $25,325, up slightly from $24,968 in the prior quarter and up from $24,101 in the year-earlier quarter. 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 domestic drilling rigs.

Drilling Services Segment margin(5) per day was $8,056 in the third quarter, down from $8,841 in the prior quarter and up from $7,187 in the year-earlier quarter. The sequential decrease in Drilling Services margin per day was partially due to a reduction of approximately $4.4 million in revenue from rigs earning a standby dayrate and a $1.8 million fuel cost reimbursement in the prior quarter.

Production Services Segment

Revenue for the Production Services Segment was $112.9 million in the third quarter, up 3% from the prior quarter and up 8% from the year-earlier quarter. The increase in revenues from the prior quarter was generated mostly by wireline services that had higher pricing due to the mix of services provided during the third quarter. Well servicing pricing was $628 per hour in the third quarter, up from $606 both in the prior quarter and in the year-earlier quarter. Well servicing rig utilization decreased slightly to 90% in the third quarter, versus 92% in the prior quarter and 91% in the year-earlier quarter. Coiled tubing unit utilization was 53% in the third quarter, up from 46% in the prior quarter and down slightly from 56% in the year-earlier quarter.

Production Services Segment margin(4) as a percentage of revenue remained steady at 36% for the third quarter, compared to 36% in the prior quarter and 37% in the year-earlier quarter.

Comments from Our President and CEO

"We achieved good operating results for the quarter, with pricing and utilization holding steady and some modest improvements in our Production Services Segment," said Wm. Stacy Locke, President and CEO of Pioneer Energy Services. "The third quarter is typically a strong quarter for Production Services due to seasonality and we saw wireline prices stabilize and some modest pricing improvement for well servicing.

"Our newly built drilling rigs are performing well and meeting our clients' needs for more efficient equipment.  With the continuing trend towards horizontal drilling, we have opted to reduce the size of our vertical drilling fleet by selling eight under-utilized rigs. Current utilization for our eight rigs in Colombia is 88% and we are negotiating the renewal of the term contracts for six rigs that expire at year end.

"For the remainder of the year, we will remain focused on maximizing our cash flow and reducing our debt. In 2014, we will benefit from a reduced capital expenditure program that we believe will position us to continue with our debt reduction focus."

Fourth Quarter Guidance

In the fourth quarter of 2013, drilling rig utilization is expected to average between approximately 84% and 87%, based on a fleet of 62 rigs. Moderate pricing pressure is expected in the fourth quarter and as a result, Drilling Services Segment margin is expected to be approximately $7,500 to $7,900 per day.

Production Services Segment revenue in the fourth quarter is expected to be down 7% to 9% due to late year budget constraints of our clients and typical seasonality.  Production Services Segment margin as a percentage of revenues is expected to be down 1% to 2% as compared to the third quarter.

Liquidity

Working capital at September 30, 2013 was $123.9 million, as compared to $62.2 million at December 31, 2012. Our cash and cash equivalents were $17.1 million, down from $23.7 million at year-end 2012. 

The decrease in cash and cash equivalents during the nine months ended September 30, 2013 is primarily due to $137.9 million used for purchases of property and equipment, which was mostly offset by $110.1 million of cash provided by operating activities, $14.1 million in proceeds from debt borrowings, net of repayments, and $6.9 million of proceeds from the sale of assets.

After making a $10.0 million debt payment in October, we currently have $105.0 million outstanding and $12.9 million in committed letters of credit under our $250 million Revolving Credit Facility.

Capital Expenditures

Cash capital expenditures in the third quarter were $25.8 million, including capitalized interest. We estimate that our total cash capital expenditures in 2013 will be approximately $165 million. The total 2013 capital expenditure budget includes funding that was used to complete the new-build drilling rig program, 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) 629-9645 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 November 6th. To access the replay, dial (303) 590-3030 and enter the pass code 4643766#.

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, 2012. 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, 2012could 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)   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. A reconciliation of net income (loss) as reported to adjusted net income (loss) is included in the tables to this press release.

(3)   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.

(4)   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.

(5)   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 Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited)

Three months ended

Nine months ended

September 30,

June 30,

September 30,

2013

2012

2013

2013

2012

Revenues:

Drilling services

$

131,033

$

125,662

$

138,250

$

402,357

$

369,014

Production services

112,946

104,111

110,104

319,646

322,561

Total revenues

243,979

229,773

248,354

722,003

691,575

Costs and expenses:

Drilling services

89,350

88,188

89,294

267,630

247,896

Production services

71,910

65,395

70,287

202,662

191,774

Depreciation and amortization

47,414

42,067

47,348

141,047

120,429

General and administrative

23,896

21,269

23,768

70,872

64,677

Bad debt expense (recovery)

35

(368)

137

453

(515)

Impairment charges

9,504

44,788

54,292

1,032

Total costs and expenses

242,109

216,551

275,622

736,956

625,293

Income (loss) from operations

1,870

13,222

(27,268)

(14,953)

66,282

Other (expense) income:

Interest expense

(12,324)

(9,453)

(12,331)

(36,117)

(26,658)

Other

610

307

(1,249)

(1,460)

1,259

Total other expense

(11,714)

(9,146)

(13,580)

(37,577)

(25,399)

Income (loss) before income taxes

(9,844)

4,076

(40,848)

(52,530)

40,883

Income tax (expense) benefit

3,614

(1,461)

14,953

19,113

(14,411)

Net income (loss)

$

(6,230)

$

2,615

$

(25,895)

$

(33,417)

$

26,472

Income (loss) per common share:

Basic

$

(0.10)

$

0.04

$

(0.42)

$

(0.54)

$

0.43

Diluted

$

(0.10)

$

0.04

$

(0.42)

$

(0.54)

$

0.42

Weighted-average number of shares outstanding:

Basic

62,325

61,881

62,177

62,158

61,743

Diluted

62,325

62,825

62,177

62,158

62,695

 

 

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands)

September 30, 2013

December 31, 2012

(unaudited)

(audited)

ASSETS

Current assets:

Cash and cash equivalents

17,085

23,733

Receivables, net of allowance for doubtful accounts

182,089

158,844

Deferred income taxes

12,597

11,058

Inventory

12,732

12,111

Prepaid expenses and other current assets

5,709

13,040

Total current assets

230,212

218,786

Net property and equipment

959,492

1,014,340

Intangible assets, net of accumulated amortization

34,326

43,843

Goodwill

41,683

Noncurrent deferred income taxes

1,335

5,519

Assets held for sale

6,718

Other long-term assets

19,518

15,605

Total assets

$

1,251,601

$

1,339,776

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

47,642

$

83,823

Current portion of long-term debt

23

872

Deferred revenues

906

3,880

Accrued expenses

57,782

67,975

Total current liabilities

106,353

156,550

Long-term debt, less current portion

534,421

518,725

Noncurrent deferred income taxes

85,278

108,838

Other long-term liabilities

6,677

7,983

Total liabilities

732,729

792,096

Total shareholders' equity

518,872

547,680

Total liabilities and shareholders' equity

$

1,251,601

$

1,339,776

 

 

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

Nine months ended

September 30,

2013

2012

Cash flows from operating activities:

Net income (loss)

$

(33,417)

$

26,472

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

Depreciation and amortization

141,047

120,429

Allowance for doubtful accounts

534

2

Gain on dispositions of property and equipment

(865)

(1,230)

Stock-based compensation expense

4,692

5,541

Amortization of debt issuance costs, discount and premium

2,309

2,224

Impairment charges

54,292

1,032

Deferred income taxes

(21,153)

12,270

Change in other long-term assets

(5,554)

(1,964)

Change in other long-term liabilities

(1,306)

(2,168)

Changes in current assets and liabilities

(30,504)

(33,296)

Net cash provided by operating activities

110,075

129,312

Cash flows from investing activities:

Purchases of property and equipment

(137,945)

(291,051)

Proceeds from sale of property and equipment

6,898

2,433

Net cash used in investing activities

(131,047)

(288,618)

Cash flows from financing activities:

Debt repayments

(25,868)

(869)

Proceeds from issuance of debt

40,000

80,000

Debt issuance costs

(13)

(58)

Proceeds from exercise of options

833

684

Purchase of treasury stock

(628)

(357)

Net cash provided by financing activities

14,324

79,400

Net decrease in cash and cash equivalents

(6,648)

(79,906)

Beginning cash and cash equivalents

23,733

86,197

Ending cash and cash equivalents

$

17,085

$

6,291

 

 

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

Nine months ended

September 30,

June 30,

September 30,

2013

2012

2013

2013

2012

Drilling Services Segment:

Revenues

$

131,033

$

125,662

$

138,250

$

402,357

$

369,014

Operating costs

89,350

88,188

89,294

267,630

247,896

Drilling Services Segment margin (1)

$

41,683

$

37,474

$

48,956

$

134,727

$

121,118

Average number of drilling rigs

70.0

66.0

70.3

70.3

64.1

Utilization rate

80

%

86

%

87

%

84

%

87

%

Revenue days

5,174

5,214

5,537

16,050

15,310

Average revenues per day

$

25,325

$

24,101

$

24,968

$

25,069

$

24,103

Average operating costs per day

17,269

16,914

16,127

16,675

16,192

Drilling Services Segment margin per day (2)

$

8,056

$

7,187

$

8,841

$

8,394

$

7,911

Production Services Segment:

Revenues

$

112,946

$

104,111

$

110,104

$

319,646

$

322,561

Operating costs

71,910

65,395

70,287

202,662

191,774

Production Services Segment margin (1)

$

41,036

$

38,716

$

39,817

$

116,984

$

130,787

Combined:

Revenues

$

243,979

$

229,773

$

248,354

$

722,003

$

691,575

Operating Costs

161,260

153,583

159,581

470,292

439,670

Combined margin

$

82,719

$

76,190

$

88,773

$

251,711

$

251,905

Adjusted EBITDA (3)

$

59,398

$

55,596

$

63,619

$

178,926

$

189,002

(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

Nine months ended

September 30,

June 30,

September 30,

2013

2012

2013

2013

2012

Combined margin

$

82,719

$

76,190

$

88,773

$

251,711

$

251,905

General and administrative

(23,896)

(21,269)

(23,768)

(70,872)

(64,677)

Bad debt (recovery) expense

(35)

368

(137)

(453)

515

Other income (expense)

610

307

(1,249)

(1,460)

1,259

Adjusted EBITDA (3)

59,398

55,596

63,619

178,926

189,002

Depreciation and amortization

(47,414)

(42,067)

(47,348)

(141,047)

(120,429)

Impairment charges

(9,504)

(44,788)

(54,292)

(1,032)

Interest expense

(12,324)

(9,453)

(12,331)

(36,117)

(26,658)

Income tax (expense) benefit

3,614

(1,461)

14,953

19,113

(14,411)

Net income (loss)

$

(6,230)

$

2,615

$

(25,895)

$

(33,417)

$

26,472

 

 

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)

Three months ended

Nine months ended

September 30, 2013

September 30, 2013

Net loss as reported

$

(6,230)

$

(33,417)

Impairment charges

9,504

54,292

Tax benefit from impairment charges

(3,490)

(21,207)

Adjusted net income (loss) (4)

(216)

(332)

Basic weighted average number of shares outstanding, as reported

62,325

62,158

Effect of dilutive securities

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

62,325

62,158

Adjusted diluted EPS  (5)

$

$

(0.01)

Diluted EPS as reported (6)

$

(0.10)

$

(0.54)

(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

Nine months ended

September 30,

June 30,

September 30,

2013

2012

2013

2013

2012

Drilling Services Segment:

Routine and tubulars

$

7,978

$

17,887

$

12,927

$

27,767

$

33,723

Discretionary

7,181

8,569

8,345

29,244

44,175

Fleet additions

311

47,985

7,492

41,265

134,593

15,470

74,441

28,764

98,276

212,491

Production Services Segment:

Routine

5,941

4,306

6,267

17,917

11,478

Discretionary

3,503

8,091

4,996

17,065

27,051

Fleet additions

852

10,329

839

4,687

40,031

10,296

22,726

12,102

39,669

78,560

Net cash used for purchases of property and equipment

25,766

97,167

40,866

137,945

291,051

Net effect of accruals

1,669

(13,762)

(8,206)

(35,800)

13,707

Total capital expenditures

$

27,435

$

83,405

$

32,660

$

102,145

$

304,758

 

 

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

117

Coiled tubing units

13

 

 

 

SOURCE Pioneer Energy Services



RELATED LINKS

http://www.pioneeres.com