Overview Ticker Symbol: PDC Market Cap: 709.67 million (May 20, 2011) Stock price: 13.15 (May 20, 2011) Average 3-month daily 874,166 shares trading volume: Public float: Approximately 54 million shares Employees: 2,692…
Pioneer Drilling Overview 4
Investment Considerations 33 rigs backed by term contracts (approximately 67% of working rigs) Opened West Texas drilling division with six rigs currently drilling and seven additional rigs under contract to begin drilling…
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…
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…
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 69% currently(1) Comparable Utilization…
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…
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
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…
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…
Industry and Market Conditions 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…
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.…
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…
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…
Capital Expenditures 20
Appendix 21
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…
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