PIONEER ENERGY SERVICES CORP. (NYSE:PES) Files An 8-K Regulation FD Disclosure
Item 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 Goldman Sachs 2019 Global Energy Conference. The slides provide an update on the Company’s operations, revised guidance, and certain recent developments, which among others, include the following:
Fourth Quarter Update and Revised Guidance
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Production services revenue is estimated to be down approximately 8% sequentially versus previous guidance of flat to down 4%. In addition, gross margin as a percentage of revenue is estimated to be at the low end or just below the previous guidance of 20% to 23%. Both revenue and gross margin percentage were impacted by softer than expected activity in wireline as completion activity slowed late in the fourth quarter. |
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Domestic drilling margin per day is expected to be at the high end of the current guidance of $9,700 to $10,200 per day. |
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In Colombia, seven rigs are currently earning revenue. |
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 Exhibit
EX-99.1 2 slides8january2019.htm EXHIBIT 99.1 slides8january2019 ibdroot\Projects\IBD-NY\thaw2016\595552_1\06. Road Show\PES Company Presentation GS EQUITY v02.pptx Goldman Sachs Global Energy Conference 2019 January 9th,…
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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.
