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JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Nov 12, 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. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 1
    JEFFERIES 2014 ENERGY CONFERENCE November 12th, 2014
  2. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 1.0 BILLION MARKET CAPITALIZATION2: 0.5 BILLION ENTERPRISE VALUE2: 1.0 BILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
  3. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 115 Rigs Wireline 123 Units Coiled Tubing 16 Units Drilling US 40% Production Services 51% DRILLING SERVICES Drilling Services US 54 Rigs…
  4. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 4
    Recent Updates Drilling Quartertodate utilization through October is 92% Current utilization is 92% Well Servicing Quartertodate utilization through October is 95% Coiled Tubing Quartertodate utilization through October is…
  5. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 5
    Investment Considerations Summary Exposure to the full well life cycle including drilling, completions, workovers and ongoing well maintenance Approximately 60% of US revenue1 attributable to three key U.S. markets: Bakken…
  6. JEFFERIES 2014 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. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 7
    Leverage to Three Key U.S. Markets (Approximately 60% of TTM US Revenue) BAKKEN1 Drilling Services Production 50% Services 50% Production PERMIAN1 Services 13% Drilling Services 87% EAGLE FORD1 Drilling Services…
  8. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 8
    Accretive Organic Growth Opportunities Adding 11 well servicing rigs, five wireline units and four coiled tubing units in 2014 Adding 13 well servicing rigs and eight wireline units in 2015 Executed five newbuild drilling rig contracts…
  9. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 9
    PRODUCTION SERVICES
  10. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 10
    Well Servicing SERVICE OVERVIEW OPERATING LOCATIONS Of the toptier well servicing providers, Pioneer has the: Highest utilization rate Highest average hourly rate Highest average horsepower fleet with all rigs either 550HP or…
  11. JEFFERIES 2014 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 casedhole operations that include perforating, logging, and pipe recovery…
  12. JEFFERIES 2014 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. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 13
    DRILLING SERVICES
  14. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 14
    Drilling Services SERVICE OVERVIEW OPERATING LOCATIONS Over 75% 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. JEFFERIES 2014 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 7501,200HP 1,0001,300HP 1,0002,000HP Top…
  16. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 16
    Maintained High Level of TermContracted Cash Flow 80 70 71 70 70 68 66 62 62 62 62 62 62 60 Pioneer Rig Count 50 46 40 44 44 43 44 43 43 44 41 40 38 30 20 10 Term Contracted Rigs Spot Market…
  17. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 17
    IndustryLeading Safety For many years, Pioneer has been a leader in U.S. land drilling safety. Our commitment to industryleading safety helps us retain highquality employees, broaden our client base, and reduce operating costs.…
  18. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 18
  19. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 19
    Historical Financial Results REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 400 1,029 364 1,000 960 919 350 875 300 750 716 250 625 210 200 487 500 165 150 131 375 326 115 121 281 249 235 100…
  20. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 20
    Liquidity and Capital Structure September 30th, 2014 September 30th, 2014 (As Adjusted for Senior Note ( millions) Actual Redemption) Cash 26.4 15.3 Senior Secured Revolving Credit Facility due 20191 40.0 160.0 9.875% Senior…
  21. JEFFERIES 2014 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. JEFFERIES 2014 ENERGY CONFERENCE – Pioneer Energy Services Corp. – slide 22

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