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ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Jan 1, 2009 · 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. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 1
    (AMEX: PDC) www.pioneerdrlg.com Pritchard Capital Partners Energize 2009 Conference January 2009
  2. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Pioneer Overview Businesses Land driller and production services company Drilling Services - 70 high-quality high quality drilling rigs capable of drilling 6,000-18,000 feet / operations in Lower 48 & Colombia Production Services -…
  3. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Balanced Business Mix, Focus on Returns Modern, high-quality drilling and well services fleet provides a competitive advantage in up and down markets Over 80% of drilling rig fleet is new or upgraded since 2001 Newest, most premium…
  4. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Strategic Growth Initiatives Disciplined program of well-timed acquisitions and new new-builds builds Acquired 42 rigs through 10 strategic acquisitions Built 27 rigs, with the newest 1,500-horsepower rig to be delivered in March…
  5. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Contribution by Division Revenue (1) EBITDA (2) Production Production Services Services 29% 32% Drilling Drilling Services Services 68% 71% (1) Revenue percentages are based on revenues of 124.3 million and 49.9…
  6. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Drilling Services Division 7
  7. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Drilling Services Operating Locations MT ND Colombia UT CO KS OK Rig Divisions East Texas Division 22 Rigs TX LA South Texas Division 17 Rigs North Texas Division 10 Rigs Utah Division 6 Rigs North Dakota Division 6 Rigs…
  8. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Efficient, High-Quality Assets One of the youngest fleets in the industry Over 80% of fleet was either built new or has been upgraded pg and refurbished within the last six years 39% are less than eight years old Requires less…
  9. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Focused on Growth and Return on Investment Maintained high utilization rate while growing fleet Emphasis on growth at the right price Disciplined program of well-timed acquisitions and new-builds Acquired 42 rigs at average of 2.9…
  10. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Strong Utilization Through the Cycles One of strongest drilling rig utilization rates in the industry in top 2 over last 9 years Averaged A d 89% utilization tili ti th through h cycles l since i 2Q 2000 Drillers with the…
  11. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 11
    International Expansion Why Colombia Provides geographic diversification Strong E&P spending expected to continue Stable government encourages foreign investment In 2008, drilling margins were 20% to 25% above US average…
  12. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 12
    Challenging Year Ahead Oversupply of natural gas in U.S. putting downward pressure on price expectations for 2009. Lower natural gas price expectations, plus depressed stock prices, tight credit markets and global recession, have…
  13. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Production Services Division 14
  14. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Advantages of Production Services Transformation of Pioneer from a pure-play U.S. land driller into a multi-national energy services provider Complementary services -- well services, wireline, fishing and rental tools Less cyclical…
  15. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 15
    Production Services New-build Program New-build orientation 99% off wellll service i equipment i t iis 550 550-600 600 horsepower rigs capable of working at depths of 20,000 feet Custom-designed wireline units and proprietary…
  16. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Production Services New-build Program (Cont.) Wireline Units And Workover Rigs Fishing & Rental Services Gross (At Calendar Year-end) Equipment And Tools Value (At Calendar Year-end) Units/Rigs Dollar Amounts In Millions 90 18.0…
  17. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 17
    Production Services Locations Geographic footprint that compliments Drilling Services Division Well Services (74 workover rigs) Wireline Services (59 wireline units) Fishing and Rental Tools Services (15 million illi…
  18. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 18
    Management 19
  19. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Experienced Management Team Wm. Stacy Locke - President and Chief Executive Officer Joined Pioneer as President in 1995 B.A. in Geology and MBA in Finance Seven years experience in investment banking S Six years yea s e…
  20. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Experienced Management Team (Cont.) Drilling Services Division Production Services Division Left to Right: Donald Lacombe, Senior Vice Left to Right: Joe Freeman, Vice President of Well President of Drilling Services Division…
  21. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Financial Overview 22
  22. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 22
    Historical Financial Performance Revenue 2003 - 2008 EBITDA(3) 2003 - 2008 -------------- 12 Months ------------- 450 200 ----------------- 12 Months----------- -- 9 Months -- ----------------- 12 Months----------- -- 9 Months --…
  23. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 23
    Significant Financial Flexibility Capitalization At Sept. 30, 2008 Cash (In Millions) 17.3 Debt: D bt Senior secured credit facility 400 million 275.5 Subordinated notes payable and other 7.2 Total debt 282.7 Current p portion…
  24. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 24
    Reconciliation of EBITDA to Net Income Nine Months Nine Months and FY Ended Ended 3/31/04 3/31/05 3/31/06 3/31/07 12/31/07 (1) 9/30/2008 ( in Millions) EBITDA 16.6 42.1 111.4 180.7 106.8 154.3 Depreciation & Amortization (16.2)…
  25. ENERGIZE 2009 CONFERENCE – Pioneer Energy Services Corp. – slide 25
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