Service & Supply | Quarterly / Earnings Reports | Oilfield Services | Fourth Quarter (4Q) Update | Capital Markets | Capital Expenditure
Pioneer Details Rigs, Progress Across All Service Sectors; Unveils 2014 CapEx
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Pioneer Energy Services reported financial and operating results for the year ended December 31, 2013. The company also unveiled its 2014 capital budget.
Highlights include: Production Services Segment revenue was $112.2 million in the fourth quarter, down by 1% from the prior quarter. Well servicing rigs achieved an 85% utilization rate and an average hourly rate of $648. Drilling Services Segment margin per day was $8,518, up 6% over the prior quarter. Drilling rig utilization is currently 85%, with 42 of our 53 working rigs, or 79%, under term contracts. Contracts for all eight drilling rigs in Colombia renewed through the end of 2014. Debt reduction of $35 million during the fourth quarter. Consolidated Financial ResultsRevenues for the fourth quarter of 2013 were $238.2 million…
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