(NYSE AMEX: PDC) www.pioneerdrlg.com Global Hunter Securities April 6-7, 2011
Overview Ticker Symbol: PDC Market Cap: 747 million (April 4, 2011) Stock price: 13.78 (April 4, 2011) Average 3-month daily 825,000 shares trading volume: Public float: Approximately 54 million shares Employees: 2,588…
Pioneer Drilling Overview 4
Investment Considerations Focused on protecting cash flow from natural gas price uncertainty Approximately 70% of working rigs on term contracts(1) Over 60% of revenue derived from oil(1) Continued organic growth opportunities in…
Overview of Pioneer 71 land drilling rigs (approximately 9th largest contract driller) 75 well service rigs (approximately 7th largest well service provider) 98 wireline units (81 cased hole, 17 open hole) Diversified Energy…
Recent Developments Opened West Texas drilling division with four rigs currently contracted 32 rigs backed by term contracts One new well service rig added in January with five more on order 14 new wireline units added year-to-date…
Drilling Services-Segment Overview Historical Fleet Growth Current Rig Fleet Mix 1,500-2,000 550-999 Electric HP HP 20% 31% 42% 58% 49% 1,000-1,499 Mechanical HP Note: Rig counts for 2004, 2005 and 2006 represent fiscal years…
Strong Utilization Through the Cycles Averaged 85% utilization through cycles since 2001, comparing favorably to peers Utilization has rebounded from a monthly low of 33% in June 2009 to 66% currently(1) Comparable Utilization…
Modern, Efficient Drilling Fleet 50 Series Rig 35 rigs working with top drives (49% of fleet) 13 walking/skidding systems on rigs 33 pairs of 1300/1600 HP mud pumps 63% of rigs have iron roughnecks 42% of rigs are…
60 Series Rig Mast Traveling Power Equipment SCR House Package Drawworks Fuel-Water Tank Accumulator Suitcases Handling Mud Pumps Equipment Pipe Racks Mud Tanks Mud Cleaning Equipment Choke Gas Buster Manifold 11
Well Service Fleet Overview One of the newest and most highly capable well service fleets in the industry Seventy 550 HP rigs Four 600 HP rigs One 400 HP rig Established in the Bakken, Fayetteville, Haynesville and Eagle Ford…
Wireline and Fishing & Rental Overview Overview Locations Wireline Services Open and cased-hole wireline services Cut Bank Havre Williston Billings Dickinson 98 wireline units with an average age Casper of less than 5 years…
Industry and Market Conditions 14
Recovery in U.S. Land Rig Count Steady rig count improvement since the second half of 2009 Horizontal and oil rig counts have surpassed Fall 2008 peak levels Land Rig Count Horizontal & Oil Rig Count Horizontal Fall 08 Peak: 650…
Benefits of Growing Shale Plays Oilfield service companies stand to benefit from shale production due to its lower risk development and increased service intensity (up to 3 - 5x conventional) Reintroduction of the Majors in the U.S.…
Conclusion: Improving Oil Service Outlook North American capital spending outlook much improved Upstream Spending Outlook Well Service / Workover Jobs Outlook Source: Spears & Associates. Source: Spears & Associates. 17…
Capitalization ( in millions) December 31, 2010 Cash 22.0 Revolving Credit Facility (225)(1) 37.8 Sr. Unsecured Notes 240.1 Other 3.1 Total Debt 280.9 Stockholders' Equity 396.3 Total Capitalization 677.3 LTM EBITDA 103.2 Debt / LTM…
Capital Expenditures 21
Appendix 22
Reconciliation of EBITDA to Net Income We define EBITDA as earnings (loss) before interest income (expense), taxes, depreciation, amortization and impairments. Although not prescribed under GAAP, we believe the presentation of EBITDA is…
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