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43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Mar 23, 2015 · 22 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    43rd Annual Scotia Howard Weil Energy Conference March 23rd, 2015
  2. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 1.1 BILLION MARKET CAPITALIZATION2: 317 MILLION ENTERPRISE VALUE2: 738 MILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
  3. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 118 Rigs Wireline 128 Units Coiled Tubing 17 Units Drilling - US 39% Production Services 51% DRILLING SERVICES2 Drilling Services - US 29 Rigs…
  4. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Fleet Composition Adding nine well servicing rigs and eight wireline units in 2015 Delivering five, term-contracted new-build drilling rigs in 2015 COILED TUBING WELL SERVICING 17 17 125 116 13 13 108 109 89 10 74 74 6…
  5. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Recent Updates Overall Due to impacts from greater than anticipated pricing concessions, a more rapid reduction in activity levels from lower operator spending, and adverse weather in certain operating locations, we now expect:…
  6. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Investment Considerations Summary Exposure to the full well life cycle including drilling, completions, workovers and on-going well maintenance Approximately 60% of US revenue1 attributable to three key U.S. markets: Bakken shale,…
  7. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Exposure to the Full Well Life Cycle Drilling Toe Prep Plug and Perforate 8 Drill Out Plugs Complete and Maintenance until Install Artificial Lift Plug and Abandon
  8. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Leverage to Three Key U.S. Markets (Approximately 60% of TTM US Revenue) BAKKEN1 Drilling Production Services Services 49% 51% Production PERMIAN1 Services 14% Drilling Services 86% EAGLE FORD1 Drilling Services…
  9. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Leverage and Debt Maturities Restructured balance sheet in 2014 through multiple capital markets transactions Completed 300 million 6.125% Senior Notes offering Redeemed 425 million of 9.875% Senior Notes Extended and upsized…
  10. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Industry-Leading Safety For many years, Pioneer has been a leader in U.S. land drilling safety. Our commitment to industry-leading safety helps us retain high-quality employees, broaden our client base, and reduce operating costs.…
  11. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 11
    PRODUCTION SERVICES 12
  12. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    Well Servicing SERVICE OVERVIEW OPERATING LOCATIONS Of the top-tier well servicing providers, Pioneer has the: Highest utilization rate Highest average hourly rate Highest average horsepower fleet with all rigs either 550HP or…
  13. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Wireline SERVICE OVERVIEW OPERATING LOCATIONS Leading market share position in a number of key geographic markets Majority of revenue derived from cased-hole operations that include perforating, logging, and pipe recovery…
  14. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Coiled Tubing SERVICE OVERVIEW OPERATING LOCATIONS Significant player in the offshore coiled tubing market Fleet currently provides an array of services with coil capabilities ranging from 1.25 to 2.375 coiled tubing…
  15. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    DRILLING SERVICES 16
  16. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Drilling Services SERVICE OVERVIEW OPERATING LOCATIONS Over 70% of US drilling revenue1 is generated in the Bakken, Eagle Ford, and Permian 95%2 of rigs are capable of drilling horizontally in the unconventional plays Pioneer…
  17. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    Pioneer Drilling Rig Class Comparison Mechanical Electric Number of Rigs1 4 33 % of Fleet 11% 89% AC/SCR --- 11/22 Drawworks 900-1,300HP 1,000-2,000HP Top Drive Up to 500 Ton AC 250-500 Ton AC Mud Pumps 1,000-1,600HP…
  18. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
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  19. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Historical Financial Results REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 400 1,055 364 1,000 960 350 919 875 300 750 716 250 625 210 200 487 175 500 165 150 131 375 326 115 277 249 235 100…
  20. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Liquidity and Capital Structure December 31st, 2014 ( millions) Actual Cash 34.9 Senior Secured Revolving Credit Facility due 2019 155.0 6.125% Senior Unsecured Notes due 2022 300.0 Other 0.1 Total Debt 455.1 Shareholders'…
  21. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Reconciliation of Adjusted EBITDA to Net Income We define Adjusted EBITDA as earnings (loss) before interest income (expense), taxes, depreciation, amortization, loss on extinguishment of debt, impairments, and the Colombian Net Equity…
  22. 43RD ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22
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