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JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Sep 29, 2014 · 22 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. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    JOHNSON RICE ENERGY CONFERENCE September 29th, 2014
  2. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 981 MILLION MARKET CAPITALIZATION2: 0.9 BILLION ENTERPRISE VALUE2: 1.3 BILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
  3. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 112 Rigs Wireline 123 Units Coiled Tubing 16 Units Drilling - US 41% Production Services 49% DRILLING SERVICES Drilling Services - US 54 Rigs…
  4. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Recent Updates Consolidated Divested fishing & rental assets for cash consideration of approximately 16 million with proceeds applied to reduce borrowings on the revolver Amended and upsized revolving credit facility to provide…
  5. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Investment Considerations Summary Exposure to the full well life cycle including drilling, completions, workovers and on-going well maintenance Approximately 60% of US revenue1 attributable to three key U.S. markets: Bakken shale,…
  6. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 6
    Exposure to the Full Well Life Cycle Drilling Toe Prep Plug and Perforate 7 Drill Out Plugs Complete and Maintenance until Install Artificial Lift Plug and Abandon
  7. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Leverage to Three Key U.S. Markets (Approximately 60% of TTM US Revenue) BAKKEN1 Drilling Production Services Services 51% 49% Production PERMIAN1 Services 12% Drilling Services 88% EAGLE FORD1 Drilling Services…
  8. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Accretive Organic Growth Opportunities Adding nine well servicing rigs, six wireline units and four coiled tubing units in 2014 Adding 16 well servicing rigs and eight wireline units in 2015 Executed five new-build drilling rig…
  9. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    PRODUCTION SERVICES
  10. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    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…
  11. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 11
    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…
  12. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 12
    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…
  13. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    DRILLING SERVICES
  14. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Drilling Services SERVICE OVERVIEW OPERATING LOCATIONS Over 70% of US drilling revenue1 is generated in the Bakken, Eagle Ford, and Permian 74%2 of rigs are capable of drilling horizontally in the unconventional plays Pioneer…
  15. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 15
    Pioneer Drilling Rig Class Comparison Vertical Horizontal Top Drive Mechanical/Electric Electric Mechanical Number of Rigs 16 9 37 % of Fleet 26% 15% 60% AC/SCR 0/2 0/0 11/26 Drawworks 750-1,200HP 1,000-1,300HP 1,000-2,000HP…
  16. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Maintained High Level of Term-Contracted Cash Flow 80 70 71 70 70 68 66 62 62 62 62 62 60 Pioneer Rig Count 50 46 40 44 44 43 44 43 43 41 40 38 30 20 10 - Term Contracted Rigs Spot Market Rigs 17…
  17. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    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.…
  18. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
  19. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Historical Financial Results REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 400 364 998 1,000 960 919 350 875 300 750 716 250 625 210 200 487 500 165 150 131 375 326 115 249 266 235 100 250 191…
  20. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Liquidity and Capital Structure June 30th, 2014 ( millions) Actual Cash 23.7 Senior Secured Revolving Credit Facility due 2016 70.0 Senior Unsecured Notes due 20181 123.6 Senior Unsecured Notes due 2022 300.0 Other 0.5 Total…
  21. JOHNSON RICE ENERGY 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, impairments, and the Colombian Net Equity Tax. Although not prescribed…
  22. JOHNSON RICE ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22

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