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CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Dec 4, 2012 · 30 slides

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Slides

  1. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE December 4th, 2012
  2. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PES Market Cap: 438.7 million (November 29th, 2012) Stock price: 7.09 (November 29th, 2012) Average 3-month daily 632,871 shares trading volume: Public float: Approximately 61.9 million shares Employees:…
  3. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Energy Services 108 Well Servicing Rigs in 12 Locations Approximately 7th largest well servicing provider 120 Wireline Units in 25 Locations 104 cased-hole 16 open-hole 12 Coiled Tubing Units in 4 Locations Approximately…
  4. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Leading Service Provider Across Well Life Cycle DIVERSIFIED BUSINESS AND GEOGRAPHY MIX 5
  5. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Investment Considerations Pioneer offers a diversified suite of services that include drilling the bore hole, completing, and ultimately establishing and maintaining a well on production Bifurcated land rig market providing improved…
  6. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Stable, Balanced Earnings YTD SEPT 2012 TTM SEPT 30th, 2012 53% 47% 55% 45% Total Revenue: 692 million Total Revenue: 895 million 48% 52% 49% 51% Total Margin: 252 million Total Margin: 327 million Drilling…
  7. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Steady Organic Asset Growth Continued organic growth opportunities in core businesses Signed multi-year term contracts for 10 new-build drilling rigs Adding a total of 19 well servicing rigs, 15 wireline units, and 3 coiled tubing…
  8. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    U.S. Land Rig Activity Over 60% of wells drilled in 2011 were vertical or directional under 11,000 deep Vertical wells will not be drilled with 1,500HP A/C topdrive rigs Demand for high-end mechanical rigs will be robust for years…
  9. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Top-tier Safety Pioneer Energy Services was the safest among the 15 largest land contract drillers in the United States for 2011 as reported through the IADC Awarded 1st place in Division IV of the 2011 Association of Energy Service…
  10. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Well Servicing 100% of rigs are capable of working in the unconventional plays Newest well servicing fleet in the industry with an average age of less than four years Highest average horsepower fleet in the industry with all rigs…
  11. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 11
    Well Servicing FLEET OVERVIEW WELL SERVICING LOCATIONS Provides a wide range of well services to exploration and production companies Existing well maintenance Workover of existing wells Completion of newly-drilled wells Plugging…
  12. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    Wireline FLEET OVERVIEW WIRELINE LOCATIONS Newest large-scale wireline fleet in the industry Leading market share position in a number of key geographic markets High growth business: 33% unit growth in 2010, 25% in 2011 and 14%…
  13. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Coiled Tubing Significant player in the offshore coiled tubing market Young fleet with all 12 units placed into service since 2009 Established in the Eagle Ford, Haynesville, Granite Wash, and offshore Gulf of Mexico 14
  14. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Coiled Tubing FLEET OVERVIEW COILED TUBING LOCATIONS Provides a broad range of production and completion services Completion applications include frac plug drillouts, tubing conveyed perforating (TCP) and well cleanouts…
  15. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    Drilling Services 16
  16. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    High Quality Drilling Fleet, Focused On Unconventional Plays DRILLING LOCATIONS NORTH DAKOTA 12 rigs UTAH 5 rigs APPALACHIA 4 rigs COLOMBIA WEST TEXAS 8 rigs 22 rigs EAST TEXAS 4 rigs SOUTH TEXAS 13 rigs 17
  17. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    Pioneer Energy Services Facts Pioneer received an award from Private, Small Cap, Ecopetrol as having the top two 14% 12% Mid Cap, performing rigs out of approximately Mega Cap, 12% 14% 140 rigs in Colombia for 2011 Large Cap,…
  18. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
    Pioneer Rig Class Comparison Topdrive 2012/2013 High-End High-End Electric New-Build Mechanical Mechanical Deliveries Drawworks 750-1,200HP 1,000-1,300HP 1,000-2,000HP 1,000-1,500HP Topdrive --- 250-500 Ton AC 250-500 Ton AC 500…
  19. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Strong Utilization Through the Cycles Averaged over 80% utilization through cycles since 2001, comparing favorably to peers Current utilization of 85%(1) Comparable Utilization Rates 100% 80% 60% 40% 20% 0%…
  20. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Modern, Efficient Drilling Fleet 43 rigs with top drives (63% of fleet) 50 Series Rig 22 walking/skidding systems on rigs 43 pairs of 1,300/1,600/2,000HP mud pumps 82% of rigs have iron roughnecks 51% of rigs are…
  21. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    New-Build Features State-of-the-art 550K and 750K sub & mast AC new-builds Integrated 500 ton topdrives in mast section for faster rig up and rig down Crane free rig up / rig down design 30 loads on base rig for fast moves…
  22. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22
    New-Build Pad Drilling Capability Pin-On Walking System Can walk in either direction or spin the rig Can walk with full set back of drill pipes in mast Amphion AC Control Systems Latest features in rig control software…
  23. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 23
    New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 24
  24. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 24
    Financials 25
  25. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 25
    Strong Revenue and Adjusted EBITDA Growth Revenue ( millions) Adjusted EBITDA ( millions) 1,000 922 900 300 800 716 252 700 250 611 215 600 200 191 487 176 500 417 145 396 150 400 326 103 300 100 75 200 50…
  26. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 26
    Contribution by Segment REVENUE GROSS MARGIN 100% 100% 90% 90% 80% 80% 48% 53% 55% 55% 70% 61% 70% 68% 64% 66% 75% 72% % of Total Revenue % of Total Margin 60% 60% 50% 50% 40% 40% 30% 30% 52% 47% 45% 45% 20%…
  27. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 27
    Strong Liquidity and Capital Structure Capitalization (As of September 30th, 2012) September 30th , 2012 ( in millions) Actual Cash 6.3 Revolving Credit Facility 80.0 Sr. Unsecured Notes(1) 418.4 Other 1.0 Total Debt 499.4…
  28. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 28
    Appendix 29
  29. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 29
    Reconciliation of Adjusted EBITDA to Net Income We define Adjusted EBITDA as earnings (loss) before interest income (expense), taxes, depreciation, amortization, impairments, and the Colombian Net Equity Tax. Although not prescribed…
  30. CAPITAL ONE SOUTHCOAST 7TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 30

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