Current PES Stock Info

Pioneer Energy Services presents at EnerCom’s The Oil & Gas Conference®

 During Pioneer Energy Services’ breakout session, management was asked the following questions:

  • What do you think the state of the industry really is? What type of rigs will get the best utilization going forward?
  • Do you see competition from walking converted SCR rigs?
  • How are you doing on crews? How are you maintaining continuity? Has safety been affected?
  • How many of your rigs are in the top tier?
  • Are you cash flow positive? What are your expectations for future cash flow?
  • On the workover side, if there is a re-fracturing revolution, how well are you positioned to take advantage of it?
  • Can you disclose to whom you sold the SCR rigs to? What will your rig count look like once you’ve been able to sell the rigs not in your future plans?
  • Are the rigs that you sold in competition with you?
  • What utilization of coiled tubing units do you need to cash flow that part of the business?
  • What is the benefit to having both a drilling and well services component?
  • How quickly do you think the industry will convert to AC rigs?
  • Will the SCOOP and STACK drilling time get improvements similar to other basins?
  • Is there a centrifuge on the back of your AC setup? What causes the need for that?
  • Do you see a pricing structure change from a day rate to a per well basis?
  • What are the day rates for top tier rigs today?
  • What is the day rate need for new rig builds?
  • What is the length of your rig contract day rate?

You can listen to Pioneer’s presentation by clicking here.

For the company’s second quarter results, click here.

Pioneer Energy Services (ticker: PES) offers land contract drilling services, wireline, well servicing, and coiled tubing services to independent and major oil and gas exploration and production companies.

Revenues for the second quarter of 2016 were $62.3 million, down 17% from revenues of $75.0 million in the first quarter of 2016 and down 54% from revenues of $135.0 million in the second quarter of 2015. The decline from the year-earlier quarter was due to reduced activity and pricing.

Second quarter adjusted EBITDA was $3.6 million, down from $6.4 million in the prior quarter and down from $35.2 million in the year-earlier quarter. Second quarter adjusted EBITDA was down from the prior quarter primarily due to lower revenues from rigs that were earning but not working.

At quarter’s end Pioneer had 11 domestic drilling rigs earning revenues, seven of which were under term contracts.  Three of the eight drilling rigs in Colombia were under term contracts, but on standby and not earning revenue.

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