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Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Mar 21, 2016 · 20 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. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 1
    SCOTIA HOWARD WEIL 2016 ENERGY CONFERENCE March 2016
  2. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 541 MILLION MARKET CAPITALIZATION2: 159 MILLION ENTERPRISE VALUE2: 539 MILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
  3. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 125 Rigs Wireline 125 Units Drilling - US Coiled Tubing 17 Units 38% Production Services 54% DRILLING SERVICES Drilling Services - US 23 Rigs…
  4. Scotia Howard Weil 2016 Energy 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 2015 2010 2011 2012 2013 2014 2015 WIRELINE DRILLING SERVICES1 120 119 120 125 71 69 64 62 105 53…
  5. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 5
    Recent Updates Revised Guidance Production Services revenue now expected to be down 19% to 24% from the prior quarter as compared to prior guidance of down 10% to 15% primarily due to reduced utilization and pricing in Well Servicing…
  6. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 6
    Company Highlights 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 completion and…
  7. Scotia Howard Weil 2016 Energy 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. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 8
    Premium Shale-Oriented Assets US DRILLING SERVICES PRODUCTION SERVICES Premium shale-capable equipment AC Rigs - US 70% 100% of well servicing fleet is 550-600hp with 104, 112 or 116 masts Full suite of coiled tubing offerings…
  9. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 9
    Balance Sheet and Cash Flow Management Recently amended the credit facility covenants to allow for enhanced liquidity through maturity in 2019 Eliminated Total Debt to EBITDA covenant through maturity Senior Debt to EBITDA covenant…
  10. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 10
    Industry-Leading Safety For many years, Pioneer has been a leader safety. Our commitment to industry-leading safety helps us retain high-quality employees, broaden our client base, and reduce operating costs. Pioneer recognized by…
  11. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 11
    PRODUCTION SERVICES 12
  12. Scotia Howard Weil 2016 Energy 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. Scotia Howard Weil 2016 Energy 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. Scotia Howard Weil 2016 Energy 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 2.625 coiled tubing…
  15. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 15
    DRILLING SERVICES 16
  16. Scotia Howard Weil 2016 Energy 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. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 17
    Pioneer Drilling Rig Class Comparison AC SCR Number of Rigs 16 15 Drawworks 1,200-2,000HP 1,000-1,500HP Pad-Capable 100% 87% Utilization %1 88% 0% RIG FLEET CHARACTERISTICS 94% 1,000HP 6% 52% 1,200-2,000HP 94%…
  18. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 18
    Historical Financial Results REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 1,055 400 364 1,000 960 919 350 875 300 750 716 250 625 210 541 200 175 500 165 160 150 375 277 249 235 250 100…
  19. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 19
    Liquidity and Capital Structure December 31st, 2015 ( millions) Actual Cash 14.2 Senior Secured Revolving Credit Facility due 2019 95.0 6.125% Senior Unsecured Notes due 2022 300.0 Total Debt 395.0 Shareholders' Equity 342.6…
  20. Scotia Howard Weil 2016 Energy Conference – Pioneer Energy Services Corp. – slide 20
    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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