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JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Oct 7, 2010 · 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. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    (NYSE AMEX: PDC) www.pioneerdrlg.com Johnson Rice & Company Energy Conference October 7, 2010
  2. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 335 million (October 4, 2010) Stock price: 6.19 (October 4, 2010) Average 3-month daily 446,000 shares trading volume: Public float: Approximately pp y 54 million shares Employees: 2,470…
  3. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Overview 4
  4. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Investment Considerations Rig fleet trading at a significant discount to replacement value Focused on protecting cash flow from natural gas price uncertainty Over 50% of working rigs on term contracts(1) Approximately pp y 50% of…
  5. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Overview of Pioneer 9th largest contract driller, 6th largest well services provider and a significant wireline provider in the U.S. 71 high-quality hi h lit and d well-maintained ll i t i d land l d drilling d illi rigs i…
  6. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Corporate Strategy Focused on value-added organic growth in core businesses: land drilling, well services and wireline Maintaining emphasis on new-build equipment and state-of-the-art technology Focused on increasing mix of oil…
  7. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Recent Developments Locking in rig utilization with term contracts Increased term contracts from 4 to 31 since beginning of year One more term contract expected by October 6 of 8 rigs in Colombia are contracted for 3-year term…
  8. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Drilling Services-Segment Overview Historical Fleet Growth Current Rig Fleet Mix 1,500-2,000 550-999 80 70 71 Electric HP HP 66 61 60 52 20% 31% 40 42% 40 58% 20 49% 0 2004 2005 2006 2007 2008 2009 1,000-1,499 Mechanical HP…
  9. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    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 65% currently(1) Comparable Utilization…
  10. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Modern, Efficient Drilling Fleet 50 Series Rig Over 75% % of fleet is shale capable p 31 new builds (44%) since 2001 with most constructed during 2004 - 2006 69% with 1,000 HP - 2,000 HP 36 top drives (41%) with another 3 on…
  11. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 11
    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 E i Equipmentt Choke Gas Buster…
  12. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    Workover Fleet Overview One of the newest and most highly capable workover fleets in the industry Sixty-nine 550 HP rigs and four 600 HP rigs with an average age of under 3 years Initial entry via WEDGE acquisition in 2008 with…
  13. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Wireline and Fishing & Rental Overview Overview Locations Wireline Services Open and cased-hole wireline services Cut Bank Havre Williston Billings Dickinson 81 wireline units with an average age Casper Punxsutawney of less…
  14. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Blue Chip Customers & Strong Safety Record Long-standing Relationships Safety Key component of employee culture Strengthens customer relationships Consistently beat the IADC average for recordable incidents Total recordable…
  15. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    Industry and Market Conditions 16
  16. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Recovery in U.S. Land Rig Count Steady rig count improvement during the second half of 2009 and 2010 YTD Horizontal and oil rig counts have surpassed Fall 2008 peak levels Land Rig Count Horizontal & Oil Rig Count Horizontal Fall…
  17. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    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.…
  18. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
    Conclusion: Improving Oil Service Outlook North American oilfield services pricing and activity appear to have bottomed Most analysts expect a moderate recovery in upstream spending and drilling activity over the next few years…
  19. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Colombia: Strong, Growing Country World Bank Business Rankings Exports ( in billions) S. & Central America 2009 Production 37.6 Business Rank MBoe/d 32.9 30.0 Puerto Rico 1 2 St. Lucia 2 0 24.4 21.2 25.4 Colombia 3 687 22.6…
  20. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Financials 21
  21. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Capitalization ( in millions) June 30 30, 2010 Cash 17.3 (1) Revolving Credit Facility (225) 22.8 S Unsecured Sr. U d Notes N t 239 7 239.7 Other 3.9 Total Debt 266.4 Stockholders' Equity q y 399.9 Total Capitalization 666.3…
  22. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22
    Consolidated Revenue & EBITDA Revenue ( millions) EBITDA ( millions) 750 250 215 610 600 200 177 450 417 150 145 396 359 326 300 257 100 90 75 163 61 150 50 32 0 2004 2005 2006 2007 2008 2009 TTM (1) 0 (1)…
  23. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 23
    Segment Financials Drilling Services Avg Number of Rigs and Utilization Revenues and Op Costs per Day R Revenue and d Di Division i i Margin M i C Capex and d D&A Note: Calendar year 2004, 2005 and 2006 data represent…
  24. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 24
    Segment Financials Production Services Workover Rigs Revenue and Division Margin (1) Wireline Units Capex and D&A (1) Note: Information for the years 2004 to 2007 represents workover rig and wireline unit counts and…
  25. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 25
    Appendix 26
  26. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 26
    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…
  27. JOHNSON RICE & COMPANY ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 27
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