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JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Dec 1, 2010 · 24 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. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    (NYSE AMEX: PDC) www.pioneerdrlg.com Jefferies Global Energy Conference December 1, 2010
  2. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PDC Market Cap: 380 million (November 29, 2010) Stock price: 7.02 (November 29, 2010) Average 3-month daily 455,000 shares trading volume: Public float: Approximately 54 million shares Employees: 2,444…
  3. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Drilling Overview 4
  4. JEFFERIES GLOBAL 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 Approximately 70% of working rigs on term contracts(1) Approximately 60%…
  5. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Overview of Pioneer 71 land drilling rigs (approximately 9th largest contract driller) 74 well service rigs (approximately 6th largest well service provider) 82 wireline units (65 cased hole, 17 open hole) Diversified Energy…
  6. JEFFERIES GLOBAL 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 Continuing to pursue further…
  7. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Recent Developments Locking in drilling rig utilization with term contracts Increased term contracts from 4 to 32 since beginning of year, including All seven rigs drilling in the Marcellus, Eight rigs drilling in Bakken, Six…
  8. JEFFERIES GLOBAL 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. JEFFERIES GLOBAL 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 63% currently(1) Comparable Utilization…
  10. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Modern, Efficient Drilling Fleet 50 Series Rig Over 75% of fleet is shale capable 31 new builds (44%) since 2001 with most constructed during 2004 - 2006 69% with 1,000 HP - 2,000 HP 35 rigs working with top drives (49% of…
  11. JEFFERIES GLOBAL 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 Equipment Choke Gas Buster Manifold 12
  12. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    Well Service Fleet Overview One of the newest and most highly capable well service fleets in the industry Sixty-nine 550 HP rigs Four 600 HP rigs One 400 HP rig Established in the Bakken, Fayetteville, Haynesville and Eagle Ford…
  13. JEFFERIES GLOBAL 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 82 wireline units with an average age Casper Punxsutawney of less…
  14. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Industry and Market Conditions 15
  15. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    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…
  16. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    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.…
  17. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    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. 18…
  18. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
    Financials 19
  19. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Capitalization ( in millions) September 30, 2010 Cash 16.9 (1) Revolving Credit Facility (225) 39.8 Sr. Unsecured Notes 239.9 Other 3.3 Total Debt 283.0 Stockholders' Equity 398.6 Total Capitalization 681.6 LTM EBITDA 79.5 (2)…
  20. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Consolidated Revenue & EBITDA Revenue ( millions) EBITDA ( millions) 750 250 215 610 600 200 177 450 417 420 150 145 396 326 300 257 100 90 75 80 163 150 50 32 0 (1) 0 2004 2005 2006 2007 2008 2009 TTM (1) 2004…
  21. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Capital Expenditures 160 140 120 100 MMs 80 154 154 147 60 115 100 40 20 0 2006 2007 2008 2009 Sep 2010 YTD NOTE: CAPITAL EXPENDITURES REFLECTED HEREIN ARE DERIVED FROM COMPANY 10K AND 10Q CASHFLOW STATEMENT…
  22. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22
    Appendix 23
  23. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 23
    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…
  24. JEFFERIES GLOBAL ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 24
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