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PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Jan 4, 2012 · 26 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. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 1
    Pritchard Capital Energize 2012 Conference January 4, 2012
  2. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 579.8 million (Dec 30, 2011) Stock price: 9.68 (Dec 30, 2011) Average 3-month daily 880,419 shares trading volume: Public float: Approximately 61 million shares Employees: 3,067…
  3. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Company 89 Well Service Rigs operating in 9 Locations Approximately 7th largest well service provider 105 Wireline Units in 25 Locations 87 cased hole 18 open hole 10 Coiled Tubing Units in 5 Locations 7…
  4. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Leading Service Provider Across Well Life Cycle Diversified Business and Geography Mix TTM Sep 30, 2011 Drilling Services 38% 62% Production Services Total Revenue: 661 million Drilling Services Colombia 44% 56%…
  5. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Investment Considerations Closed acquisition of Go-Coil, LLC on 12/31/11 which adds a complementary coiled tubing service to Pioneers Production Services Division Continued organic growth opportunities in core businesses: land…
  6. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Pioneer Well Services Overview Provides a wide range of well services to exploration and production companies Existing well maintenance Workover of existing wells Completion of newly-drilled wells Plugging and abandonment of wells…
  7. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Well Servicing Fleet Fleet Overview Well Service Locations Capable of working at depths of 20,000 Williston Approximately 70% of the fleet working on oil wells Snyder Longview Laurel Palestine 2002-2004 Bryan Lafayette…
  8. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Wireline Fleet Fleet Overview Wireline Locations Majority of revenue derived from cased-hole operations that include Cut Bank Havre Williston perforating, bond logging, and pipe Billings Dickinson Casper recovery Roosevelt Ft.…
  9. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Pioneer Coiled Tubing Services Overview Provides a broad range of production and completion services Completion applications include frac plug drillouts, tubing conveyed perforating (TCP) and well cleanouts All ten units were…
  10. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Coiled Tubing Fleet Fleet Profile Coiled Tubing Locations Standardized, new equipment (7 onshore units, 3 offshore units) Servicing wells up to a total depth of 19,000 with 2 coil Danville Weatherford Arcadia Six units…
  11. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 11
    Pioneer Drilling Services Overview 12
  12. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 12
    High Quality Drilling Fleet, Focused on Unconventional Plays Historical Fleet Growth Current Rig Fleet Mix 70 71 71 (1) 66 64 61 1,500-2,000 550-999 52 Electric HP HP 40 22% 20% 45% 55% 58% 2004 2005 2006 2007 2008 2009 2010…
  13. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Strong Utilization Through the Cycles Averaged 80% utilization through cycles since 2001, comparing favorably to peers Current utilization of 88%(1) Comparable Utilization Rates 100% 80% 60% 40% 20% 0% Pioneer…
  14. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Modern, Efficient Drilling Fleet 50 Series Rig 36 rigs with top drives (56% of fleet) 16 walking/skidding systems on rigs 35 pairs of 1,300/1,600 HP mud pumps 80% of rigs have iron roughnecks 45% of rigs are electric…
  15. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 15
    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…
  16. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 16
    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 Amphion AC Control Systems Latest features in rig control software Climatized…
  17. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 17
    New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 18
  18. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 18
    Financials 19
  19. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Strong Revenue and Adjusted EBITDA Growth Revenue ( millions) Adjusted EBITDA ( millions) 800 751 700 661 215 610 206 600 200 177 173 500 487 150 145 417 396 400 326 103 300 100 75 200 50 100 0 0 2006 2007 2008 2009 2010…
  20. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Strong Liquidity and Capital Structure Pro Forma Capitalization (As of September 30, 2011) September 30, 2011 As Adjusted for 175MM Senior Notes ( in millions) Actual Offering Cash 21.9 194.5 Revolving Credit Facility 0.0 0.0 Sr.…
  21. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Appendix 22
  22. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 22
    Industry and Market Conditions 23
  23. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 23
    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 2,200 5.0% 1,400…
  24. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 24
    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…
  25. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 25
    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…
  26. PRITCHARD CAPITAL ENERGIZE 2012 CONFERENCE – Pioneer Energy Services Corp. – slide 26
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