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Pioneer Energy Services Q4-2015 Results; Rigs Sales; Utilization Rate Down; Revenue Down
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Pioneer Energy Services today reported financial and operating results for the year and quarter ended December 31, 2015. Notable items for the fourth quarter include:
Sold four SCR drilling rigs for aggregate gross proceeds of $17.3 million and classified four additional rigs as held-for-sale at year-end. Amended revolving credit facility, which reduced borrowing capacity while providing more flexible covenants through maturity in 2019. Completed construction of the final 1,500-horsepower AC new-build drilling rig. Well servicing rig utilization was 55% with average pricing of $562 per hour. Drilling utilization was 54% based on an average fleet of 37 rigs.Consolidated Financial Results
Revenues for the fourth quarter of 2015 were $104.5 million, down 3% from revenues of$107.5…
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