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HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Mar 27, 2012 · 27 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 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    Howard Weil 40th Annual Energy Conference March 27th, 2012
  2. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 519.1 million (March 22, 2012) Stock price: 8.44 (March 22, 2012) Average 3-month daily 762,362 shares trading volume: Public float: Approximately 61.5 million shares Employees: 3,300…
  3. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Company 94 Well Service Rigs operating in 12 Locations Approximately 7th largest well service provider 108 Wireline Units in 24 Locations 91 cased hole 17 open hole 10 Coiled Tubing Units in 5 Locations 7…
  4. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Leading Service Provider Across Well Life Cycle Diversified Business and Geography Mix TTM Dec 31, 2011 Drilling Services 39% 61% Production Services Total Revenue: 716 million Drilling Services 45% 55% Colombia…
  5. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Investment Considerations Superior safety performance enhances equipment utilization and opens doors to new client relationships Bifurcated land rig market providing improved opportunity for our high-end mechanical rigs Majority…
  6. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Well Services 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 and abandonment of wells at the end of…
  7. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Well Services Fleet Overview Well Service Locations Capable of working at depths of 20,000 Williston Approximately 73% of the fleet working on oil and liquid-rich wells Greenbrier Snyder Longview Laurel Fleet Age…
  8. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Wireline Fleet Overview Wireline Locations Majority of revenue derived from cased-hole operations that include Cut Bank Havre Williston perforating, logging, and pipe Billings Dickinson recovery Roosevelt Casper Ft. Morgan…
  9. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Coiled Tubing Provides a broad range of production and completion services Completion applications include frac plug drillouts, tubing conveyed perforating (TCP) and well cleanouts All ten units were placed into service between…
  10. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Coiled Tubing Fleet Profile Coiled Tubing Locations Standardized, new equipment (7 onshore units, 3 offshore units) Servicing wells up to a total depth of 19,000 with 2 coil Danville Weatherford Six units utilize…
  11. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 11
    Drilling Services 12
  12. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    High Quality Drilling Fleet, Focused on Unconventional Plays Historical Fleet Growth Current Rig Fleet Mix 70 71 71 66 64…
  13. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Drilling Facts Pioneer Drilling Services was the safest among the 15 largest land contract drillers in the United States for 2011 as reported through the IADC Pioneer received an award from Ecopetrol as having the top two…
  14. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Strong Utilization Through the Cycles Averaged approximately 81% utilization through cycles since 2001, comparing favorably to peers Current utilization of 88%(1) Comparable Utilization Rates 100% 80% 60% 40% 20% 0%…
  15. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    Modern, Efficient Drilling Fleet 50 Series Rig 36 rigs with top drives (56% of fleet) 16 walking/skidding systems on rigs 36 pairs of 1,300/1,600 HP mud pumps 77% of rigs have iron roughnecks 45% of rigs are electric…
  16. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    New-Build Features State-of-the-art 550K and 750K sub & mast AC new- builds Integrated 500 ton top drives 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…
  17. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    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 Climatized…
  18. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
    New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 19
  19. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Financials 20
  20. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Strong Revenue and Adjusted EBITDA Growth Revenue ( millions) Adjusted EBITDA ( millions) 800 716 700 250 611 215 600 200 191 487 176 500 417 145 396 150 400 326 103 300 100 75 200 50 100 0 0 2006 2007 2008 2009 2010…
  21. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Contribution by Segment Revenue Gross Margin 100% 100% 90% 90% 80% 80% 55% 55% 52% 70% 61% 58% 70% 68% 64% 66% % of Total Revenue 72% % of Total Margin 75% 60% 60% 50% 50% 40% 40% 30% 30% 45% 45% 48% 20% 39%…
  22. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22
    Strong Liquidity and Capital Structure Capitalization (As of December 31, 2011) December 31, 2011 ( in millions) Actual Cash 86.2 Revolving Credit Facility 0.0 Sr. Unsecured Notes(1) 417.7 Other 1.9 Total Debt 419.6 Stockholders'…
  23. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 23
    Appendix 24
  24. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 24
    Resurgence 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 2,200 5.0% 1,400…
  25. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 25
    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) Shale gas is expected to make up 47% of…
  26. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 26
    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…
  27. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 27
    28

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