Skip to main content JEFFERIES AND COMPANY – Pioneer Energy Services Corp. Investor Presentation | Shale Experts
Loading...
Pm

JEFFERIES AND COMPANY – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · May 19, 2011 · 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. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 1
    Pioneer Drilling Company Jefferies & Company May 17-19, 2011 Well-positioned for unconventional plays.
  2. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 712 million (May 11, 2011) Stock price: 13.12 (May 11, 2011) Average 3-month daily 879,066 shares trading volume: Public float: Approximately 54 million shares Employees: 2,692…
  3. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Overview 4
  4. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 4
    Investment Considerations 34 rigs backed by term contracts (approximately 68% of working rigs) Opened West Texas drilling division with four rigs currently drilling and nine additional rigs under contract to begin drilling…
  5. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 5
    Overview of Pioneer 71 land drilling rigs (approximately 9th largest contract driller) 78 well service rigs (approximately 7th largest well service provider) 98 wireline units (81 cased hole, 17 open hole) Diversified Energy…
  6. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 6
    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…
  7. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 7
    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 70% currently(1) Comparable Utilization…
  8. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 8
    Modern, Efficient Drilling Fleet 50 Series Rig 35 rigs working with top drives (49% of fleet) 16 walking/skidding systems on rigs 34 pairs of 1300/1600 HP mud pumps 62% of rigs have iron roughnecks 42% of rigs are…
  9. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 9
    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 10
  10. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 10
    Well Service Fleet Overview One of the newest and most highly capable well service fleets in the industry Seventy-one 550 HP rigs Six 600 HP rigs One 400 HP rig Established in the Bakken, Fayetteville, Haynesville and Eagle Ford…
  11. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 11
    Wireline and Fishing & Rental Overview Overview Locations Wireline Services Open and cased-hole wireline services Cut Bank Havre Williston Billings Dickinson Fleet of 98 wireline units has an Casper average age of less than 6…
  12. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 12
    Industry and Market Conditions 13
  13. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 13
    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…
  14. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 14
    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.…
  15. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 15
    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. 16…
  16. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 16
    Financials 17
  17. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 17
    Consolidated Revenue & Adjusted EBITDA Revenue ( millions) Adjusted EBITDA ( millions) 750 250 610 215 600 555 200 487 177 450 417 145 396 150 126 326 103 300 100 75 150 50 0 0 2006 2007 2008 2009 2010 TTM 2006 2007…
  18. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 18
    Capitalization ( in millions) March 31, 2011 Cash 15.3 Revolving Credit Facility (225)(1) 42.0 Sr. Unsecured Notes 240.3 Other 2.3 Total Debt 284.6 Stockholders' Equity 392.8 Total Capitalization 677.5 Debt / LTM EBITDA(2) 2.2x Debt…
  19. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 19
    Capital Expenditures 20
  20. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 20
    Appendix 21
  21. JEFFERIES AND COMPANY – 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 and impairments. Although not prescribed under GAAP, we believe the…
  22. JEFFERIES AND COMPANY – Pioneer Energy Services Corp. – slide 22
    23

From the store

Browse maps, data & reports in the Shale Experts store