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2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Dec 9, 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 1
    2014 WELLS FARGO ENERGY SYMPOSIUM December 9th, 2014
  2. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 1.0 BILLION MARKET CAPITALIZATION2: 369 MILLION ENTERPRISE VALUE2: 807 MILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
  3. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 116 Rigs Wireline 124 Units Coiled Tubing 16 Units Drilling - US Production Services 51% DRILLING SERVICES Drilling Services - US 54 Rigs Drilling…
  4. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 4
    Recent Updates Overall Given market outlook, expect capital expenditures for 2015 to be reduced to a range of 195-215 million Drilling Current utilization is 85% Expect an additional five rigs to go idle in the next two to three…
  5. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 7
    Leverage to Three Key U.S. Markets (Approximately 60% of TTM US Revenue) BAKKEN1 Drilling Services Production 50% Services 50% Production PERMIAN1 Services 13% Drilling Services 87% EAGLE FORD1 Drilling Services 41%…
  8. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 8
    Accretive Organic Growth Opportunities Adding 11 well servicing rigs, five wireline units and four coiled tubing units in 2014 Adding up to 13 well servicing rigs and eight wireline units in 2015 depending on market conditions…
  9. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 9
    PRODUCTION SERVICES
  10. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 13
    DRILLING SERVICES
  14. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 14
    Drilling Services SERVICE OVERVIEW OPERATING LOCATIONS Over 75% 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 16
    Maintained High Level of Term-Contracted Cash Flow 80 70 71 70 70 68 66 62 62 62 62 62 62 60 Pioneer Rig Count 50 46 40 44 44 43 44 43 43 44 41 40 38 30 20 10 - Term Contracted Rigs Spot Market Rigs…
  17. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 18
  19. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 19
    Historical Financial Results REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 400 1,029 364 1,000 960 919 350 875 300 750 716 250 625 210 200 487 500 165 150 131 375 326 115 121 281 249 235 100 250…
  20. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 20
    Liquidity and Capital Structure September 30th, 2014 September 30th, 2014 (As Adjusted for Senior Note ( millions) Actual Redemption) Cash 26.4 15.3 Senior Secured Revolving Credit Facility due 20191 40.0 160.0 9.875% Senior…
  21. 2014 WELLS FARGO ENERGY SYMPOSIUM – 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. 2014 WELLS FARGO ENERGY SYMPOSIUM – Pioneer Energy Services Corp. – slide 22

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