BARCLAYS CEO ENERGY-POWER CONFERENCE September 6th, 2012
Overview Ticker Symbol: PES Market Cap: 466.4 million (August 30th, 2012) Stock price: 7.58 (August 30th, 2012) Average 3-month daily 716,009 shares trading volume: Public float: Approximately 61.9 million shares Employees: 3,600…
Pioneer Energy Services 102 Well Servicing Rigs operating in 12 Locations Approximately 7th largest well service provider 118 Wireline Units in 24 Locations 102 cased-hole 16 open-hole 11 Coiled Tubing Units in 4 Locations…
Leading Service Provider Across Well Life Cycle DIVERSIFIED BUSINESS AND GEOGRAPHY MIX 5
Investment Considerations Pioneer offers a diversified suite of services that include drilling the bore hole, completing, and ultimately establishing and maintaining a well on production Bifurcated land rig market providing improved…
Stable, Balanced Earnings YTD 2012 TTM June 30th, 2012 53% 47% 55% 45% Total Revenue: 462 million Total Revenue: 853 million 48% 52% 50% 50% Total Margin: 176 million Total Margin: 322 million Drilling Services…
Steady, High ROI, Organic Unit Growth Continued organic growth opportunities in core businesses Signed multi-year term contracts for 10 new-build drilling rigs Adding a total of 19 well servicing rigs, 15 wireline units, and 3 coiled…
U.S. Land Rig Activity Over 60% of wells drilled in 2011 were vertical or directional under 11,000 deep Vertical wells will not be drilled with 1,500HP A/C topdrive rigs Demand for high-end mechanical rigs will be robust for years…
Top-tier Safety Pioneer Energy Services was the safest among the 15 largest land contract drillers in the United States for 2011 as reported through the IADC Awarded 1st place in Division IV of the 2011 Association of Energy Service…
Well Servicing One of the youngest and highest average horsepower fleets in the industry Highest utilization rate of top-tier well service providers Highest hourly rate of top-tier well service providers 11
Well Servicing FLEET OVERVIEW WELL SERVICE LOCATIONS 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…
Wireline FLEET OVERVIEW WIRELINE LOCATIONS Leading market share position in a number of key geographic markets High growth business: 33% unit growth in 2010, 25% in 2011 and 14% projected in 2012 COLORADO NORTH DAKOTA…
Coiled Tubing Significant player in the offshore coiled tubing market Young fleet with all eleven units placed into service since 2009 Established in the Eagle Ford, Haynesville, Granite Wash, and offshore Gulf of Mexico 14
Coiled Tubing FLEET OVERVIEW COILED TUBING LOCATIONS Provides a broad range of production and completion services Completion applications include frac plug drillouts, tubing conveyed perforating (TCP) and well cleanouts…
Drilling Services 16
High Quality Drilling Fleet, Focused On Unconventional Plays Drilling Locations NORTH DAKOTA 12 rigs UTAH 5 rigs APPALACHIA 4 rigs COLOMBIA WEST TEXAS 8 rigs 21 rigs EAST TEXAS 4 rigs SOUTH TEXAS 13 rigs 17
Pioneer Energy Services Facts Pioneer received an award from Ecopetrol as having the top two Mega Cap Private 16% 16% Small Cap performing rigs out of approximately 7% 140 rigs in Colombia for 2011 Mid Cap 12% Large Cap Strong…
Pioneer Rig Class Comparison Topdrive 2012/2013 High-End High-End Electric New-Build Mechanical Mechanical Deliveries Drawworks 750-1,200HP 1,000-1,300HP 1,000-2,000HP 1,000-1,500HP Topdrive --- 250-500 Ton AC 250-500 Ton AC 500…
Strong Utilization Through the Cycles Averaged over 80% utilization through cycles since 2001, comparing favorably to peers Current utilization of 88%(1) Comparable Utilization Rates 100% 80% 60% 40% 20% 0%…
Modern, Efficient Drilling Fleet 42 rigs with top drives (63% of fleet) 50 Series Rig 21 walking/skidding systems on rigs 41 pairs of 1,300/1,600/2,000HP mud pumps 82% of rigs have iron roughnecks 51% of rigs are…
New-Build Features State-of-the-art 550K and 750K sub & mast AC new-builds Integrated 500 ton topdrives 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…
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…
New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 24
Contribution by Segment Revenue Gross Margin 100% 100% 90% 90% 80% 80% 52% 48% 47% 54% 55% 55% 70% 61% 70% 68% 64% 66% 75% 72% % of Total Revenue % of Total Margin 60% 60% 50% 50% 40% 40% 30% 30% 52% 53% 46%…
Strong Liquidity and Capital Structure Capitalization (As of June 30th, 2012) June 30th , 2012 ( in millions) Actual Cash 20.4 Revolving Credit Facility 35.0 Sr. Unsecured Notes(1) 418.2 Other 1.0 Total Debt 454.2 Stockholders'…
Appendix 29
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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