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ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Apr 30, 2013 · 31 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. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    ISI BERMUDA ENERGY CONFERENCE May 8th, 2013
  2. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Overview Ticker Symbol: PES Market Cap: 440 million (May 3rd, 2013) Stock price: 7.10 (May 3rd, 2013) Average 3-month daily 616,624 shares trading volume: Public float: Approximately 62 million shares Employees: 3,700…
  3. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Pioneer Energy Services 109 Well Servicing Rigs in 12 Locations Approximately 7th largest well servicing provider 119 Wireline Units in 25 Locations 103 cased-hole 16 open-hole 13 Coiled Tubing Units in 4 Locations Approximately…
  4. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Company Objectives Target U.S. shale and unconventional plays with premium drilling and production services Grow core businesses (drilling, wireline, well servicing and coiled tubing services) organically if returns and terms…
  5. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Investment Merits Leverage to increasing rig and well count Expect operator spending and rig count to increase in second half of 2013 and 2014 Improving rig count leads to improved pricing in all business lines Improving natural gas…
  6. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Recent Updates Drilling utilization is 89% as of April 30th Colombia Six of the eight drilling rigs under term contracts were renewed through the end of 2013; five rigs are currently drilling and one will resume drilling in early…
  7. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Leading Service Provider Across Well Life Cycle DISTRICT AND DIVISION OFFICES 8
  8. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Stable, Balanced Earnings YTD MAR 2013 TTM MAR 30th, 2013 42% 55% 45% 58% Total Revenue: 230 million Total Revenue: 917 million 45% 51% 49% 55% Total Margin: 80 million Total Margin: 323 million Drilling…
  9. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    Steady Organic Asset Growth Continued organic growth opportunities in core businesses Delivered 10 new-build drilling rigs on long-term contracts Added a total of 19 well servicing rigs, 15 wireline units, and 3 coiled tubing units…
  10. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    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…
  11. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 11
    Top-tier Safety Pioneer Energy Services was the 4th safest among the 15 largest land contract drillers in the United States through the third quarter of 2012 as reported through the IADC Awarded 3rd place in Division IV of the 2012…
  12. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    Well Servicing 100% of rigs are capable of working in the unconventional plays Newest well servicing fleet in the industry with an average age of less than five years Highest average horsepower fleet in the industry with all rigs…
  13. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    Well Servicing Fleet Overview Well Servicing 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…
  14. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Wireline Fleet Overview Wireline Locations One of the newest large-scale wireline fleets in the industry Leading market share position in a number of key geographic markets Majority of revenue derived from cased- hole…
  15. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    Coiled Tubing Significant player in the offshore coiled tubing market Young fleet with all 13 units placed into service since 2009 Established in the Eagle Ford, Haynesville, Granite Wash, and offshore Gulf of Mexico 16
  16. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    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…
  17. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    Drilling Services 18
  18. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
    High Quality Drilling Fleet, Focused On Unconventional Plays DRILLING LOCATIONS NORTH DAKOTA 12 rigs UTAH 7 rigs APPALACHIA 4 rigs COLOMBIA WEST TEXAS 8 rigs 23 rigs EAST TEXAS 2 rigs SOUTH TEXAS 14 rigs 19
  19. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Pioneer Rig Class Comparison Top Drive 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 Top Drive --- 250-500 Ton AC 250-500 Ton AC…
  20. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Strong Utilization Through the Cycles Averaged over 80% utilization through cycles since 2001, comparing favorably to peers Current utilization of 89%(1) Comparable Utilization Rates 100% 80% 60% 40% 20% 0%…
  21. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 21
    Modern, Efficient Drilling Fleet 47 rigs with top drives (67% of fleet) 50 Series Rig 29 walking/skidding systems on rigs 49 pairs of 1,300/1,600/2,000HP mud pumps 84% of rigs have iron roughnecks 56% of rigs are…
  22. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22
    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…
  23. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 23
    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…
  24. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 24
    New-Build Advanced Electrical System Festoon System to Manage Electrical Supply to Substructure 25
  25. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 25
    Financials 26
  26. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 26
    Strong Revenue and Adjusted EBITDA Growth Revenue ( millions) Adjusted EBITDA ( millions) 1,000 919 917 900 300 800 716 249 700 250 235 611 215 600 200 191 487 176 500 417 396 145 400 150 326 300 103 100 75 200…
  27. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 27
    Contribution by Segment Revenue Gross Margin 100% 100% 90% 90% 80% 80% 50% 54% 58% 55% 55% 55% 70% 61% 70% 68% 64% 66% 75% 72% % of Total Revenue % of Total Margin 60% 60% 50% 50% 40% 40% 30% 30% 50% 46% 42% 45%…
  28. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 28
    Liquidity and Capital Structure March 31st, 2013 ( in millions) Actual Cash 10.5 Revolving Credit Facility 140.0 Sr. Unsecured Notes(1) 418.8 Other 0.3 Total Debt 559.2 Shareholders' Equity 547.9 Total Capitalization 1,107.0…
  29. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 29
    Appendix 30
  30. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 30
    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…
  31. ISI BERMUDA ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 31

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