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GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Jul 10, 2014 · 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. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 1
    GOLDMAN SACHS NON-DEAL ROADSHOW July 9th-10th, 2014
  2. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 970 MILLION MARKET CAPITALIZATION2: 1.1 BILLION ENTERPRISE VALUE2: 1.6 BILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
  3. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 112 Rigs Wireline 121 Units Coiled Tubing 15 Units Drilling - US Production 42% Services 47% DRILLING SERVICES Drilling Services - US 54 Rigs…
  4. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 4
    Recent Updates Drilling Services Executed three new-build drilling rig contracts for delivery in the second quarter of 2015 Quarter-to-date utilization through May was 87%. Current utilization is 90%1. Colombia Seven of eight rigs…
  5. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 5
    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,…
  6. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 6
    Exposure to the Full Well Life Cycle Drilling Toe Prep Plug and Perforate 7 Drill Out Plugs Complete and Maintenance until Install Artificial Lift Plug and Abandon
  7. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 7
    Leverage to Three Key U.S. Markets (Approximately 60% of TTM US Revenue) BAKKEN1 Drilling Production Services Services 52% 48% Production PERMIAN1 Services 10% Drilling Services 90% EAGLE FORD1 Drilling Production…
  8. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 8
    Accretive Organic Growth Opportunities Adding nine well servicing rigs, six wireline units and four coiled tubing units in 2014 Executed three new-build drilling rig contracts for delivery in 2015 COILED TUBING WELL SERVICING 17…
  9. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 9
    PRODUCTION SERVICES 10
  10. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 10
    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…
  11. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 11
    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…
  12. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 12
    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…
  13. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 13
    DRILLING SERVICES 14
  14. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 14
    Drilling Services SERVICE OVERVIEW OPERATING LOCATIONS Over 70% of US drilling revenue1 is generated in the Bakken, Eagle Ford, and Permian 74%2 of rigs are capable of drilling horizontally in the unconventional plays Pioneer…
  15. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 15
    Pioneer Drilling Rig Class Comparison Vertical Horizontal Top Drive Mechanical/Electric Electric Mechanical Number of Rigs 16 9 37 % of Fleet 26% 15% 60% AC/SCR 0/2 0/0 11/26 Drawworks 750-1,200HP 1,000-1,300HP 1,000-2,000HP…
  16. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 16
    Maintained High Level of Term-Contracted Cash Flow 80 71 70 70 70 68 66 62 62 62 62 60 Pioneer Rig Count 50 46 40 44 44 43 44 43 41 40 38 30 20 10 - Term Contracted Rigs Spot Market Rigs 6 Note: Term…
  17. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 17
    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.…
  18. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 18
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  19. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 19
    Historical Financial Results REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 400 364 1,000 960 956 919 350 875 300 750 716 250 625 210 200 487 500 165 150 131 375 326 115 249 235 253 100 250 191…
  20. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 20
    Liquidity and Capital Structure March 31st, 2014 As Adjusted for Senior Note ( millions) Actual Redemption Cash 20.8 20.8 Restricted Cash 210.4 0.0 Senior Secured Revolving Credit Facility due 2016 80.0 80.0 Senior Unsecured…
  21. GOLDMAN SACHS NON DEAL ROADSHOW – 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, impairments, and the Colombian Net Equity Tax. Although not prescribed…
  22. GOLDMAN SACHS NON DEAL ROADSHOW – Pioneer Energy Services Corp. – slide 22

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