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BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Nov 8, 2011 · 25 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. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 1
    Brean Murray, Carrett & Co. Appalachian E&P Conference November 8, 2011
  2. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 545.3 million (Nov 4, 2011) Stock price: 10.06 (Nov 4, 2011) Average 3-month daily 1,035,310 shares trading volume: Public float: Approximately 61 million shares Employees: 3,067…
  3. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Overview 4
  4. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Pioneer Drilling Company 64 Drilling Rigs in 7 Locations Approximately 9th largest contract driller 86 Well Service Rigs operating in 9 Locations Approximately 7th largest well service provider 103 Wireline Units in 25…
  5. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Leading Service Provider Across Well Life Cycle Diversified Business and Geography Mix TTM Sep 30, 2011 Total Revenue: 661 million Colombia Total Margin: 238 million 6
  6. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Investment Considerations Continued organic growth opportunities in core businesses: land drilling, well services and wireline Signed nine new-build drilling term contracts for delivery in 2012 Adding 14 well service rigs in 2011…
  7. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 7
    High Quality Drilling Fleet, Focused on Unconventional Plays Historical Fleet Growth Current Rig Fleet Mix 1,500-2,000 550-999 Electric HP HP 22% 20% 45% 55% 58% 1,000-1,499 Mechanical HP Note: Rig counts for 2004, 2005 and…
  8. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Strong Utilization Through the Cycles Averaged 80% utilization through cycles since 2001, comparing favorably to peers Utilization has rebounded from a monthly low of 33% in June 2009 to 88% currently(1) Comparable Utilization…
  9. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Modern, Efficient Drilling Fleet 50 Series Rig 35 rigs working with top drives (49% of fleet) 16 walking/skidding systems on rigs 35 pairs of 1,300/1,600 HP mud pumps 80% of rigs have iron roughnecks 45% of rigs are…
  10. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 10
    New-Builds Driving Visible Organic Growth Nine state-of-the-art AC rigs contracted for construction Rigs secured with long term contracts up to four years Attractive rates of return (20%+ IRR) Ideal for drilling complex…
  11. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 11
    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…
  12. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 12
    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 Accumulator & HPU walks with sub BOP handling system walks with sub Pin On…
  13. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 13
    New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 14
  14. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Premium Well Servicing Fleet, Established Positions in Emerging Shale Plays One of the newest and most highly capable well service fleets in the industry Seventy-seven 550 HP rigs Eight 600 HP rigs One 400 HP rig Established in the…
  15. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 15
    Wireline and Fishing & Rental Overview Overview Wireline Locations Wireline Services Open and cased-hole wireline services Cut Bank Havre Williston Billings Dickinson Fleet of 103 wireline units has an Casper average age of…
  16. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Industry and Market Conditions 17
  17. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 17
    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 Horizontal Fall 08 Peak:…
  18. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 18
    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…
  19. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Conclusion: Improving Oil Service Outlook North American capital spending and activity outlook is much improved Upstream Spending Outlook Well Service / Workover Jobs Outlook 100 95 200 84 83 85 Well Service / Workover…
  20. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Financials 21
  21. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Strong Revenue and Adjusted EBITDA Growth Revenue ( millions) Adjusted EBITDA ( millions) 800 751 700 661 215 610 206 600 200 177 173 500 487 150 145 417 396 400 326 103 300 100 75 200 50 100 0 0 2006 2007 2008 2009 2010…
  22. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 22
    Strong Liquidity and Capital Structure Capitalization (As of September 30, 2011) ( in millions) September 30, 2011 Cash 21.9 Revolving Credit Facility (250MM)(1) 0.0 Sr. Unsecured Notes 240.8 Other 1.7 Total Debt 242.5…
  23. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 23
    Appendix 24
  24. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 24
    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…
  25. BREAN MURRAY CARRETT & CO APPALACHIAN E&P CONFERENCE – Pioneer Energy Services Corp. – slide 25
    26

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