Pioneer Energy Services Reports Fourth Quarter 2018 Results

Feb 19, 2019

SAN ANTONIO, Feb. 19, 2019 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the quarter ended December 31, 2018. Fourth quarter and recent notable items include:

  • Domestic drilling fleet was fully utilized and generated an average margin per day of $10,252.
  • International drilling fleet generated its highest average margin per day since 2014. Also, two drilling rigs that had been idle during the quarter commenced operations in December for two separate clients resulting in seven rigs earning revenue at year-end.
  • Well servicing and coiled tubing both generated sequential revenue increases despite seasonal activity slowdowns and lower commodity prices.

Consolidated Financial Results

Revenues for the fourth quarter of 2018 were $141.5 million, down 5% from revenues of $149.3 million in the third quarter of 2018 ("the prior quarter"). Net loss for the fourth quarter of 2018 was $14.5 million, or $0.19 per share, compared with net loss of $5.2 million, or $0.07 per share, in the prior quarter. Adjusted net loss(1) for the fourth quarter was $13.6 million, and adjusted EPS(2) was a loss of $0.17 per share. These results compare to an adjusted net loss of $5.6 million, and an adjusted EPS loss of $0.07 per share in the prior quarter. Fourth quarter adjusted EBITDA(3) was $20.8 million, down from $28.6 million in the prior quarter.

The decrease in revenues and adjusted EBITDA from the prior quarter was primarily due to lower completion-related activity in our wireline services business, which was partially offset by improved margins in our international drilling operations. Additionally, our adjusted EBITDA during the fourth quarter decreased by $1.0 million as compared to the prior quarter due to the change in fair value of our phantom stock awards, for which we recognized a benefit in the third and fourth quarters of $3.7 million and $2.7 million, respectively.

Operating Results

Production Services Business

Revenue from our production services business was $82.3 million in the fourth quarter, down 8% from the prior quarter. Gross margin as a percentage of revenue from our production services business was 19% in the fourth quarter, down from 24% in the prior quarter.

The decrease in production services revenues from the prior quarter was attributable to lower wireline completion-related activity as certain customers curtailed completion activities amidst declining commodity prices. The overall decrease in production service revenue was partially offset by sequential increases in well servicing and coiled tubing revenues. We continued to expand our 24-hour drill-out, completion-related activity, primarily in West Texas, which led to a sequential increase in revenue for the well servicing business. Our coiled tubing business benefited from the full impact of large diameter equipment added during the prior quarter.

Well servicing average revenue per hour was $571 in the fourth quarter, up from $552 in the prior quarter. Well servicing rig utilization was 50% in the fourth quarter, down slightly from 51% in the prior quarter. Coiled tubing revenue days totaled 346 in the fourth quarter, as compared to 362 in the prior quarter. The number of wireline jobs completed in the fourth quarter decreased by 10% sequentially.

Drilling Services Business

Revenue from our drilling services business was $59.2 million in the fourth quarter, reflecting a 1% decrease from the prior quarter. Margin per day was $10,872, up from $9,428 in the prior quarter.

Our domestic drilling fleet was fully utilized during the current and prior quarters with average revenues per day of $25,794 in the fourth quarter, up from $25,076 in the prior quarter. Domestic drilling average margin per day was $10,252 in the fourth quarter, up slightly from $10,237 in the prior quarter due to certain rigs repricing upward by approximately $1,000 to $4,000 per day during the quarter, but offset by one rig repricing downward by approximately $5,000 per day from a legacy contract.

International drilling rig utilization was 71% for the fourth quarter, down from 76% in the prior quarter. Average revenues per day were $41,230, up from $41,158 in the prior quarter, while average margin per day for the fourth quarter was $12,590, up from $7,327 in the prior quarter. The increase in revenue per day and margin per day was primarily due to negotiated reimbursements of certain operating costs of approximately $1.3 million, as well as demobilization revenue related to one contract. Although utilization in the fourth quarter was down sequentially, two idle rigs were mobilized and began operations in December.

Currently, all 16 of our domestic drilling rigs are earning revenues, 13 of which are under term contracts, and six of our eight rigs in Colombia are earning revenue under daywork contracts. In our domestic drilling operations, we expect our contracted new-build drilling rig to be deployed to West Texas and begin operations in late first quarter of 2019.

Comments from our President and CEO 

"In 2018, we generated significantly improved results over 2017 with our drilling services business achieving 35% revenue growth and a 42% increase in gross margin, while our production services business achieved 31% revenue growth and a 35% increase in gross margin," said Wm. Stacy Locke, President and Chief Executive Officer.  "Strong demand for our U.S. drilling services positioned us to continue to generate industry-leading margins throughout the year, despite the downward repricing of four rigs from legacy new-build contracts. Our fleet of top performing U.S. drilling rigs remains fully utilized, and continues to experience strong demand. In Colombia, we diversified our client base and finished 2018 with seven rigs earning revenue for five customers. Our international drilling operations had a particularly favorable year with 104% revenue growth and a 115% improvement in gross margin.

"Looking forward, we have solid term contract protection in our drilling services business, and select dayrate increases that were negotiated in the fourth quarter will positively impact the business in 2019. We expect drilling demand for high spec rigs to remain strong, particularly in West Texas where we will be delivering a new-build rig in the first quarter on a three-year term contract. Demand has been firm in Colombia with seven rigs currently contracted, although one of the seven will not be earning revenue for part of the first quarter due to a required mast repair, but is expected to return to work in the second quarter.

"Our production services business should see steady improvement throughout the first quarter with typical seasonal weakness in January and February, and finishing stronger in March. We expect to continue to benefit from our investment in coiled tubing with the addition of two large diameter units in 2018 and the ongoing expansion of 24-hour drill-out, completion activities that we introduced in late 2018 in our well servicing business. We anticipate that market dynamics for wireline services could remain challenging in early 2019.

"While the market conditions remain uncertain and visibility limited, we are focused on maintaining capital expenditure discipline with an expectation of being cash flow neutral for 2019. In addition, we will continue to explore asset sales to unlock additional liquidity and enhance our ability to reduce debt."

First Quarter 2019 Guidance

In the first quarter of 2019, revenue from our production services business segments could range from down 3% to up 3% as compared to the fourth quarter of 2018 depending on a number of factors such as weather and the timing of certain clients resuming operations. Margin from our production services business is estimated to be 18% to 21% of revenue. Domestic drilling services rig utilization is expected to be 100% and generate average margins per day of approximately $9,700 to $10,200. International drilling services rig utilization is estimated to average 80% to 83%, and generate average margins per day of approximately $9,000 to $10,000.

We expect general and administrative expense to be approximately $20 million to $21 million in the first quarter of 2019, which as it relates to phantom stock compensation expense, is based on the closing price of our common stock of $1.23 per share at December 31, 2018.

Liquidity

Working capital at December 31, 2018 was $110.3 million, down from $130.6 million at December 31, 2017. Cash and cash equivalents, including restricted cash, were $54.6 million, down from $75.6 million at year-end 2017. During the year ended December 31, 2018, we used $67.1 million of cash for the purchase of property and equipment, and our cash provided by operations was $39.7 million.

Capital Expenditures

Cash capital expenditures during the year ended December 31, 2018 were $67.1 million, including capitalized interest. We estimate total cash capital expenditures for 2019 to be approximately $55 million to $60 million, which includes approximately $7 million for final payments on the construction of the new-build drilling rig that is expected to begin operations in the first quarter, and previous commitments on high-pressure pump packages for coiled tubing completion operations.

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, dial (412) 902-0003 approximately 10 minutes prior to the call and ask for the Pioneer Energy Services conference call. A telephone replay will be available after the call until February 26th. To access the replay, dial (201) 612-7415 and enter the pass code 13686777.

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 our web site at least 10 minutes early to register and download any necessary audio software. For more information, please contact Donna Washburn at Dennard Lascar Investor Relations at (713) 529-6600 or e-mail dwashburn@dennardlascar.com.

About Pioneer

Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.

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 made in good faith 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, the continued demand for drilling services or production services in the geographic areas where we operate, decisions about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, including our senior secured term loan, our senior secured revolving asset-based credit facility, and our senior notes, operating hazards inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing units and wireline units within the industry, the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued availability of qualified personnel, the success or failure of our acquisition strategy, the occurrence of cybersecurity incidents, the political, economic, regulatory and other uncertainties encountered by our operations, 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, 2018, including under the headings "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I and "Risk Factors" in Item 1A. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors 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) recognize 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 U.S. Generally Accepted Accounting Principles (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 net loss represents net loss as reported adjusted to exclude impairments and the related tax benefit and valuation allowance adjustments on deferred tax assets. We believe that adjusted net loss is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted net loss may not be comparable to other similarly titled measures reported by other companies. A reconciliation of net loss as reported to adjusted net loss is included in the tables to this news release.



(2)

Adjusted (diluted) EPS represents adjusted net loss divided by the weighted-average number of shares outstanding during the period, including the effect of dilutive securities, if any. We believe that adjusted (diluted) EPS is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted (diluted) EPS may not be comparable to other similarly titled measures reported by other companies. A reconciliation of diluted EPS as reported to adjusted (diluted) EPS is included in the tables to this news release.



(3)

Adjusted EBITDA represents income (loss) before interest expense, income tax (expense) benefit, depreciation and amortization, impairment, and loss on extinguishment of debt. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA 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. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies.  A reconciliation of net loss as reported to adjusted EBITDA is included in the tables to this news release.

 

Contacts:

Dan Petro, CFA, Vice President, Treasury and


Investor Relations


Pioneer Energy Services Corp.


(210) 828-7689




Lisa Elliott / pes@dennardlascar.com


Dennard Lascar Investor Relations / (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,


2018


2018


2018


2017


(unaudited)


(audited)









Revenues

$

141,505



$

149,332



$

590,097



$

446,455










Costs and expenses:








Operating costs

103,989



108,961



429,913



330,880


Depreciation

23,019



23,501



93,554



98,777


General and administrative

16,051



14,043



74,117



69,681


Bad debt expense, net of recovery

582



111



271



53


Impairment

1,815



239



4,422



1,902


Gain on dispositions of property and equipment, net

(199)



(1,861)



(3,121)



(3,608)


Total costs and expenses

145,257



144,994



599,156



497,685


Income (loss) from operations

(3,752)



4,338



(9,059)



(51,230)










Other income (expense):








Interest expense, net of interest capitalized

(9,816)



(9,811)



(38,782)



(27,039)


Other income (expense), net

(308)



498



738



424


Total other expense, net

(10,124)



(9,313)



(38,044)



(28,091)










Loss before income taxes

(13,876)



(4,975)



(47,103)



(79,321)


Income tax (expense) benefit

(611)



(258)



(1,908)



4,203


Net loss

$

(14,487)



$

(5,233)



$

(49,011)



$

(75,118)










Loss per common share:








Basic

$

(0.19)



$

(0.07)



$

(0.63)



$

(0.97)


Diluted

$

(0.19)



$

(0.07)



$

(0.63)



$

(0.97)










Weighted-average number of shares outstanding:








Basic

78,136



78,136



77,957



77,390


Diluted

78,136



78,136



77,957



77,390


 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

(audited)



December 31,
2018


December 31,
2017





ASSETS




Current assets:




Cash and cash equivalents

$

53,566



$

73,640


Restricted cash

998



2,008


Receivables, net of allowance for doubtful accounts

130,881



113,005


Inventory

18,898



14,057


Assets held for sale

3,582



6,620


Prepaid expenses and other current assets

7,109



6,229


Total current assets

215,034



215,559






Net property and equipment

524,858



549,623


Other noncurrent assets

1,658



1,687


Total assets

$

741,550



$

766,869






LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$

34,134



$

29,538


Deferred revenues

1,722



905


Accrued expenses

68,912



54,471


Total current liabilities

104,768



84,914






Long-term debt, less unamortized discount and debt issuance costs

464,552



461,665


Deferred income taxes

3,688



3,151


Other noncurrent liabilities

3,484



7,043


Total liabilities

576,492



556,773


Total shareholders' equity

165,058



210,096


Total liabilities and shareholders' equity

$

741,550



$

766,869


 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(audited)



Year ended


December 31,


2018


2017





Cash flows from operating activities:




Net loss

$

(49,011)



$

(75,118)


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




Depreciation

93,554



98,777


Allowance for doubtful accounts, net of recoveries

271



53


Gain on dispositions of property and equipment, net

(3,121)



(3,608)


Stock-based compensation expense

4,444



4,349


Phantom stock compensation expense

46



1,609


Amortization of debt issuance costs and discount

2,900



1,548


Loss on extinguishment of debt



1,476


Impairment

4,422



1,902


Deferred income taxes

538



(5,030)


Change in other noncurrent assets

565



(1)


Change in other noncurrent liabilities

(426)



385


Changes in current assets and liabilities

(14,526)



(32,159)


Net cash provided by (used in) operating activities

39,656



(5,817)






Cash flows from investing activities:




Purchases of property and equipment

(67,148)



(63,277)


Proceeds from sale of property and equipment

5,864



12,569


Proceeds from insurance recoveries

1,082



3,344


Net cash used in investing activities

(60,202)



(47,364)






Cash flows from financing activities:




Debt repayments



(120,000)


Proceeds from issuance of debt



245,500


Debt issuance costs



(6,332)


Proceeds from exercise of options

11




Purchase of treasury stock

(549)



(533)


Net cash provided by (used in) financing activities

(538)



118,635






Net decrease in cash, cash equivalents and restricted cash

(21,084)



65,454


Beginning cash, cash equivalents and restricted cash

75,648



10,194


Ending cash, cash equivalents and restricted cash

$

54,564



$

75,648


 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Operating Results by Segment

(in thousands)

(unaudited)



Three months ended


Year ended


December 31,


September 30,


December 31,


2018


2018


2018


2017

Revenues:








Domestic drilling

$

37,530



$

36,586



$

145,676



$

129,276


International drilling

21,646



23,131



84,161



41,349


Drilling services

59,176



59,717



229,837



170,625


Well servicing

25,155



24,369



93,800



77,257


Wireline services

44,466



52,654



215,858



163,716


Coiled tubing services

12,708



12,592



50,602



34,857


Production services

82,329



89,615



360,260



275,830


Consolidated revenues

$

141,505



$

149,332



$

590,097



$

446,455










Operating costs:








Domestic drilling

$

22,613



$

21,650



$

86,910



$

83,122


International drilling

15,036



19,013



64,074



31,994


Drilling services

37,649



40,663



150,984



115,116


Well servicing

18,111



17,193



67,554



56,379


Wireline services

37,295



40,840



167,337



128,137


Coiled tubing services

10,934



10,265



44,038



31,248


Production services

66,340



68,298



278,929



215,764


Consolidated operating costs

$

103,989



$

108,961



$

429,913



$

330,880










Gross margin:








Domestic drilling

$

14,917



$

14,936



$

58,766



$

46,154


International drilling

6,610



4,118



20,087



9,355


Drilling services

21,527



19,054



78,853



55,509


Well servicing

7,044



7,176



26,246



20,878


Wireline services

7,171



11,814



48,521



35,579


Coiled tubing services

1,774



2,327



6,564



3,609


Production services

15,989



21,317



81,331



60,066


Consolidated gross margin

$

37,516



$

40,371



$

160,184



$

115,575










Consolidated:








Net loss

$

(14,487)



$

(5,233)



$

(49,011)



$

(75,118)


Adjusted EBITDA (1)

$

20,774



$

28,576



$

89,655



$

49,873



(1)    Adjusted EBITDA represents income (loss) before interest expense, income tax (expense) benefit, depreciation and amortization, impairment, and loss on extinguishment of debt. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA 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. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies.  A reconciliation of net loss as reported to adjusted EBITDA is included in the table on page 14.

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Operating Statistics

(unaudited)



Three months ended


Year ended


December 31,


September 30,


December 31,


2018


2018


2018


2017









Domestic drilling:








Average number of drilling rigs

16



16



16



16


Utilization rate

99

%


99

%


99

%


95

%

Revenue days

1,455



1,459



5,808



5,524










Average revenues per day

$

25,794



$

25,076



$

25,082



$

23,403


Average operating costs per day

15,542



14,839



14,964



15,047


Average margin per day

$

10,252



$

10,237



$

10,118



$

8,356










International drilling:








Average number of drilling rigs

8



8



8



8


Utilization rate

71

%


76

%


77

%


46

%

Revenue days

525



562



2,258



1,345










Average revenues per day

$

41,230



$

41,158



$

37,272



$

30,743


Average operating costs per day

28,640



33,831



28,376



23,787


Average margin per day

$

12,590



$

7,327



$

8,896



$

6,956










Drilling services business:








Average number of drilling rigs

24



24



24



24


Utilization rate

90

%


92

%


92

%


78

%

Revenue days

1,980



2,021



8,066



6,869










Average revenues per day

$

29,887



$

29,548



$

28,495



$

24,840


Average operating costs per day

19,015



20,120



18,719



16,759


Average margin per day

$

10,872



$

9,428



$

9,776



$

8,081










Well servicing:








Average number of rigs

125



125



125



125


Utilization rate

50

%


51

%


49

%


43

%

Rig hours

44,051



44,155



171,851



150,240


Average revenue per hour

$

571



$

552



$

546



$

514










Wireline services:








Average number of units

105



104



107



115


Number of jobs

2,407



2,684



10,943



11,139


Average revenue per job

$

18,474



$

19,618



$

19,726



$

14,698










Coiled tubing services:








Average number of units

8



11



12



16


Revenue days

346



362



1,472



1,529


Average revenue per day

$

36,728



$

34,785



$

34,376



$

22,797


 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Reconciliation of Net Loss to Adjusted EBITDA

and Consolidated Gross Margin

(in thousands)

(unaudited)



Three months ended


Year ended


December 31,


September 30,


December 31,


2018


2018


2018


2017









Net loss as reported

$

(14,487)



$

(5,233)



$

(49,011)



$

(75,118)










Depreciation and amortization

23,019



23,501



93,554



98,777


Impairment

1,815



239



4,422



1,902


Interest expense

9,816



9,811



38,782



27,039


Loss on extinguishment of debt







1,476


Income tax expense (benefit)

611



258



1,908



(4,203)


Adjusted EBITDA(1)

20,774



28,576



89,655



49,873










General and administrative

16,051



14,043



74,117



69,681


Bad debt expense

582



111



271



53


Gain on dispositions of property and equipment, net

(199)



(1,861)



(3,121)



(3,608)


Other expense (income)

308



(498)



(738)



(424)


Consolidated gross margin

$

37,516



$

40,371



$

160,184



$

115,575


 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Reconciliation of Net Income (Loss) as Reported to Adjusted Net Income (Loss)

and Diluted EPS as Reported to Adjusted (Diluted) EPS

(in thousands, except per share data)

(unaudited)



Three months ended


December 31,


September 30,


2018


2018





Net loss as reported

$

(14,487)



$

(5,233)


Impairment

1,815



239


Tax benefit related to adjustments

(426)



(56)


Valuation allowance adjustments on deferred tax assets

(2,236)



(581)


Adjusted net loss(2)

$

(13,642)



$

(5,631)






Basic weighted average number of shares outstanding, as reported

78,136



78,136


Effect of dilutive securities




Diluted weighted average number of shares outstanding, as adjusted

78,136



78,136






Adjusted (diluted) EPS(3)

$

(0.17)



$

(0.07)






Diluted EPS as reported

$

(0.19)



$

(0.07)



(2)    Adjusted net loss represents net loss as reported adjusted to exclude impairments and the related tax benefit and valuation allowance adjustments on deferred tax assets. We believe that adjusted net loss is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted net loss may not be comparable to other similarly titled measures reported by other companies. A reconciliation of net loss as reported to adjusted net loss is included in the table above.


(3)    Adjusted (diluted) EPS represents adjusted net loss divided by the weighted-average number of shares outstanding during the period, including the effect of dilutive securities, if any. We believe that adjusted (diluted) EPS is a useful measure to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers, although it is not a measure of financial performance under GAAP. Adjusted (diluted) EPS may not be comparable to other similarly titled measures reported by other companies. A reconciliation of diluted EPS as reported to adjusted (diluted) EPS is included in the table above.

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Equipment Information

As of February 19, 2019



Multi-well, Pad-capable

Drilling Services Business Segments:

AC rigs


SCR rigs


Total

Domestic drilling

16





16


International drilling



8



8







24







Production Services Business Segments:

550 HP


600 HP


Total

Well servicing rigs, by horsepower (HP) rating

113



12



125













Total

Wireline services units


105


Coiled tubing services units


9


 

SOURCE Pioneer Energy Services


Print Email RSS
print email rss
Email Alerts/RSS Feeds