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UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · May 20, 2015 · 21 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. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 1
    UBS GLOBAL OIL & GAS CONFERENCE May 20th, 2015
  2. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 1.0 BILLION MARKET CAPITALIZATION2: 481 MILLION ENTERPRISE VALUE2: 877 MILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
  3. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 121 Rigs Wireline 126 Units Coiled Tubing 17 Units Drilling - US 39% Production Services 51% DRILLING SERVICES Drilling Services - US 28 Rigs…
  4. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Fleet Composition COILED TUBING WELL SERVICING 17 17 125 116 108 109 13 13 89 10 74 6 2010 2011 2012 2013 2014 2015E 2010 2011 2012 2013 2014 2015E WIRELINE DRILLING SERVICES1 126 71 69 120 119 120 64 62 105 53…
  5. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Recent Updates Drilling In May, sold four lower-horsepower rigs, two of which were not previously held-for-sale, for net proceeds of 4.8 million Expect to end 2015 with 32 rigs in the US and 8 rigs in Colombia for a total of 40 rigs…
  6. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Investment Considerations Summary Exposure to the full well life cycle including drilling, completions, workovers and on-going well maintenance Premium shale-oriented assets in all business lines with balanced exposure to…
  7. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Exposure to the Full Well Life Cycle Drilling Toe Prep Plug and Perforate 8 Drill Out Plugs Complete and Maintenance until Install Artificial Lift Plug and Abandon
  8. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Premium Shale-Oriented Assets DRILLING SERVICES PRODUCTION SERVICES Premium shale-capable equipment 100% of well servicing fleet is 550-600hp AC Rigs - US 43% with 104, 112 or 116 masts Full suite of coiled tubing offerings from…
  9. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Leverage and Debt Maturities Restructured balance sheet in 2014 through multiple capital markets transactions Completed 300 million 6.125% Senior Notes offering Redeemed 425 million of 9.875% Senior Notes Extended and upsized…
  10. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Industry-Leading Safety For many years, Pioneer has been a leader in U.S. land drilling safety. Our commitment to industry-leading safety helps us retain high-quality employees, broaden our client base, and reduce operating costs.…
  11. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 11
    PRODUCTION SERVICES 12
  12. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 12
    Well Servicing SERVICE OVERVIEW OPERATING LOCATIONS Of the top-tier well servicing providers, Pioneer has the: Highest utilization rate Highest average hourly rate Highest average horsepower fleet with all rigs either 550hp or…
  13. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Wireline SERVICE OVERVIEW OPERATING LOCATIONS Leading market share position in a number of key geographic markets Majority of revenue derived from cased-hole operations that include perforating, logging, and pipe recovery…
  14. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Coiled Tubing SERVICE OVERVIEW OPERATING LOCATIONS Significant player in the offshore coiled tubing market Fleet currently provides an array of services with coil capabilities ranging from 1.25 to 2.375 coiled tubing…
  15. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 15
    DRILLING SERVICES 16
  16. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Drilling Services 1,500HP AC NEW-BUILD TECHNOLOGY OPERATING LOCATIONS Walks 150 in X-direction and 50 in Y-direction while racking over 24,000 of 5 drill pipe 2,000hp mud pumps and 7,500psi mud system Moves in less than three…
  17. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 17
    Pioneer Drilling Rig Class Comparison AC SCR MECH Number of Rigs 12 21 3 % of Fleet 33% 58% 8% Drawworks 1,200-2,000HP 1,000-1,500HP 900-1,200HP Pad-Capable 100% 71% -- Utilization % 100% 48% 67% RIG FLEET…
  18. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 18
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  19. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Historical Financial Results REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 400 1,055 1,010 364 1,000 960 919 350 875 300 750 716 250 625 210 200 487 500 175 165 150 375 131 277 249 235 251 100…
  20. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Liquidity and Capital Structure March 31st, 2015 ( millions) Actual Cash 35.7 Senior Secured Revolving Credit Facility due 2019 130.0 6.125% Senior Unsecured Notes due 2022 300.0 Total Debt 430.0 Shareholders' Equity 483.1 Total…
  21. UBS GLOBAL OIL & GAS CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Reconciliation of Adjusted EBITDA to Net Income We define Adjusted EBITDA as earnings (loss) before interest income (expense), taxes, depreciation, amortization, loss on extinguishment of debt, impairments, and the Colombian Net Equity…

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