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DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Sep 22, 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. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    Deutsche Bank 2011 Energy Conference, September 21-22, 2011
  2. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 634.7 million (Sep 16, 2011) Stock price: 11.71 (Sep 16, 2011) Average 3-month daily 1,025,750 shares trading volume: Public float: Approximately 61 million shares Employees: 2,877…
  3. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Overview 4
  4. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Pioneer Drilling Company 71 Drilling Rigs in 8 Locations Approximately 9th largest contract driller 84 Well Service Rigs operating in 12 Locations Approximately 7th largest well service provider 99 Wireline Units in 21…
  5. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Leading Service Provider Across Well Life Cycle Diversified Business and Geography Mix TTM June 30, 2011 Total Revenue: 609 million Colombia Total Margin: 214 million 6
  6. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Investment Considerations Continued organic growth opportunities in core businesses: land drilling, well services and wireline Signed six new-build drilling term contracts for delivery in the first and second quarters of 2012 Adding…
  7. DEUTSCHE BANK 2011 ENERGY 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 20% 31% 42% 58% 49% 1,000-1,499 Mechanical HP Note: Rig counts for 2004, 2005 and…
  8. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    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 72% currently(1) Comparable Utilization…
  9. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Modern, Efficient Drilling Fleet 50 Series Rig 33 rigs working with top drives (46% of fleet) 16 walking/skidding systems on rigs 36 pairs of 1,300/1,600 HP mud pumps 66% of rigs have iron roughnecks 42% of rigs are…
  10. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    New-Builds Driving Visible Organic Growth Six state-of-the-art AC rigs under construction Rigs secured with long term contracts up to four years Attractive rates of return (20%+ IRR) Ideal for drilling complex shales…
  11. DEUTSCHE BANK 2011 ENERGY 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. DEUTSCHE BANK 2011 ENERGY 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. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 14
  14. DEUTSCHE BANK 2011 ENERGY 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-five 550 HP rigs Eight 600 HP rigs One 400 HP rig Established in the…
  15. DEUTSCHE BANK 2011 ENERGY 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 99 wireline units has an Casper average age of less…
  16. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Industry and Market Conditions 17
  17. DEUTSCHE BANK 2011 ENERGY 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. DEUTSCHE BANK 2011 ENERGY 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. DEUTSCHE BANK 2011 ENERGY 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 91 92 95 200 Well Service / Workover Jobs…
  20. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Financials 21
  21. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Strong Revenue and Adjusted EBITDA Growth Revenue ( millions) Adjusted EBITDA ( millions) 610 609 600 215 487 200 500 177 417 156 396 400 150 145 326 300 103 100 75 200 50 100 0 0 2006 2007 2008 2009 2010 Q2 2011 2006…
  22. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22
    Strong Liquidity and Capital Structure Pro Forma Capitalization (As of June 30, 2011) Pro Forma 94MM Net Equity ( in millions) June 30, 2011 Offering Cash 11.5 63.8 Revolving Credit Facility (250)(1) 42.0 - Sr. Unsecured Notes…
  23. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 23
    Appendix 24
  24. DEUTSCHE BANK 2011 ENERGY 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. DEUTSCHE BANK 2011 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 25
    26

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