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Pioneer Energy Services High Grades Remaining Rig Fleet
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Pioneer Energy Services has reported financial and operating results for the quarter ended September 30, 2015.
Notable items for the third quarter and recent developments include:
Deployed four 1,500-horsepower AC new-build drilling rigs year-to-date with the final rig to be completed by year end. Well servicing rig utilization was 62% in the third quarter, with average pricing of $577 per hour. Drilling utilization in the third quarter was 49% based on an average fleet of 36 rigs. Amended revolving credit facility, which reduced overall facility capacity from $350 million to $300 million while allowing for more flexible covenants through 2017. Fourth Quarter Guidance In the fourth quarter of 2015, drilling rig utilization is estimated to average 50% to 53%. Drilling Services Segment…- ✓ Full news archive — U.S., Canada & international coverage
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