PIONEER ENERGY SERVICES CORP. (NYSE:PES) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure.
From time to time, senior management of Pioneer Energy Services (the “Company”) meets with groups of investors and business analysts. The slides attached to this report have been prepared in connection with management's participation in such meetings and participation in the UBS Global Oil and Gas Conference. The slides provide an update on the Company's operations and certain recent developments, which among others, include the following:
First Quarter 2018 Highlights
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Industry-leading U.S. drilling margin per day of $10,436. |
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Production services business revenue increased 20% from the prior quarter and generated a gross margin of 24%. |
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In Colombia, the seventh rig mobilized and began working in March. |
Second Quarter 2018 Guidance and Updates
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U.S. drilling utilization of 50% with average margins per day of $10,000 to $10,500. |
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International drilling utilization of 83% to 86% with average margins per day of $8,000 to $9,000. |
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Production services revenues up 7% to 10% sequentially with a gross margin of 25% to 27%. |
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We expect G&A expense to exceed guidance due to the recent increase in stock price, and the impact of our improving operating results on performance-based compensation (phantom stock awards in particular). |
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New 2 3/8" coiled tubing unit expected to begin operating in June. |
The slides are included in Exhibit 99.1 to this report and are incorporated herein by reference. The slides are available on the Company's website at www.pioneeres.com.
Safe Harbor Statement
Statements contained in this report and Exhibit 99.1 to this report that state the Company's or its management's expectations and assumptions about future events are forward-looking statements intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results could differ materially from those projected or assumed in such forward-looking statements. Factors that could affect those results include, among others, those mentioned in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2017 which has been filed with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1Slides for Company presentations to be used from time to time.
PIONEER ENERGY SERVICES CORP ExhibitEX-99.1 2 pescompanypresentationub.htm EXHIBIT 99.1 pescompanypresentationub ibdroot\Projects\IBD-NY\thaw2016\595552_1\06. Road Show\PES Company Presentation GS EQUITY v02.pptx UBS GLOBAL OIL AND GAS CONFERENCE May 22-24th,…To view the full exhibit click here
About PIONEER ENERGY SERVICES CORP. (NYSE:PES)
Pioneer Energy Services Corp. provides land-based drilling services and production services to oil and gas exploration, and production companies in the United States and internationally in Colombia. The Company operates through two segments: Drilling Services and Production Services. The Drilling Services Segment provides contract land drilling services to a group of exploration and production companies through its four drilling divisions in the United States, and internationally in Colombia. The Production Services Segment provides a range of services, including well servicing, wireline services and coiled tubing services, to a group of exploration and production companies, with its operations concentrated in the United States onshore oil and gas producing regions in the Mid-Continent and Rocky Mountain states and in the Gulf Coast, both onshore and offshore. The Company also provides coiled tubing and wireline services offshore in the Gulf of Mexico.
