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HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Mar 29, 2011 · 23 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. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    (NYSE AMEX: PDC) www.pioneerdrlg.com Howard Weil 39th Annual Energy Conference March 29, 2011
  2. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 704 million (March 28, 2011) Stock price: 12.91 (March 28, 2011) Average 3-month daily 825,000 shares trading volume: Public float: Approximately 54 million shares Employees: 2,588…
  3. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Overview 4
  4. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 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…
  5. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    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…
  6. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Recent Developments Opened West Texas drilling division with three rigs currently contracted and a fourth rig committed 31 rigs on term as of March 1, 2011 Added one well service rig in January Added 14 wireline units through March…
  7. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    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…
  8. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    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…
  9. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    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…
  10. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    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
  11. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 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…
  12. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    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…
  13. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Industry and Market Conditions 14
  14. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 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…
  15. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    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.…
  16. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    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…
  17. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    Financials 18
  18. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
    Consolidated Revenue & EBITDA Revenue ( millions) EBITDA ( millions) 750 250 215 610 600 200 177 487 450 417 150 145 396 326 103 300 257 100 90 75 163 150 50 32 0 0 2004 2005 2006 2007 2008 2009 2010 2004 2005…
  19. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    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…
  20. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Capital Expenditures 21
  21. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Appendix 22
  22. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 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…
  23. HOWARD WEIL 39TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 23
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