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Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp.

Pioneer Energy Services Corp. · Mar 26, 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. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 1
    HOWARD WEIL 42nd ANNUAL ENERGY CONFERENCE March 26th, 2014
  2. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 2
    Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE(1): 960 MILLION MARKET CAPITALIZATION(2): 800 MILLION ENTERPRISE VALUE(2): 1.3 BILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING…
  3. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 3
    Diversified Services % of TTM REVENUE(1) DRILLING SERVICES Drilling Services - US 54 Rigs Drilling Services Colombia 8 Rigs Total Drilling 62 Rigs Drilling - US Production 43% Services 45% PRODUCTION SERVICES Well Servicing…
  4. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 4
    Recent Updates Consolidated On March 18th, executed a 300MM Senior Notes offering (6.125% coupon) to fund the tender or call of 300MM of existing Senior Notes (9.875% coupon) Drilling Services Quarter-to-date utilization through…
  5. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 5
    Investment Considerations Summary Mix of service lines provides exposure to the full well life cycle including drilling, completions, workovers, and on-going well maintenance Approximately 60% of US revenue(1) attributable to the…
  6. Howard Weil 42nd Annual 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. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 7
    Leverage to Premier Unconventional Plays % of TTM Revenue(1) Pioneer Fleet Exposure 18% BAKKEN SHALE 15% 11 13% Drilling Production RIGS 18 14 UNITS Services Services RIGS 52% 48% 0% Drilling Well Wireline Coiled…
  8. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 8
    Top-tier Safety Among the 15 largest land contract drillers in the United States, Pioneer Energy Services was the safest in 2011, and 2nd safest in 2012 as reported through the IADC For the Association of Energy Service Contractors…
  9. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 9
    Cash Flow Generation and Debt Reduction 120 From June 2013 through December 2013, borrowings on the revolver 99 97 were reduced by 60MM 100 95 80 73 71 Additional debt reduction is expected 70 64 throughout 2014 63 (…
  10. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 10
    Future Growth Opportunities (post de-levering) Focus is on providing four core services in the significant unconventional plays in the U.S. CURRENT SERVICES BY PLAY Drilling Wireline Well Servicing Coiled Tubing Bakken Eagle…
  11. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 11
    PRODUCTION SERVICES 12
  12. Howard Weil 42nd Annual 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. Howard Weil 42nd Annual 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. Howard Weil 42nd Annual 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 2.375 coiled tubing…
  15. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 15
    DRILLING SERVICES 16
  16. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 16
    Drilling Services SERVICE OVERVIEW OPERATING LOCATIONS Over 70% of US drilling revenue(1) is generated in the Bakken, Eagle Ford, and West Texas 74%(2) of rigs are capable of drilling horizontally in the unconventional plays…
  17. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 17
    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…
  18. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 18
    19
  19. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 19
    Revenue and Cash Flow Development REVENUE / ADJUSTED EBITDA ( millions) CAPEX SPEND ( millions) 1,125 400 364 1,000 960 350 919 875 300 750 716 250 625 210 200 487 500 165 150 131 375 326 115 249 235 100 250 191…
  20. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 20
    Liquidity and Capital Structure December 31st, 2013 ( millions) Actual Cash 27.4 Senior Secured Revolving Credit Facility due 2016 80.0 Senior Unsecured Notes due 2018(1) 419.6 Other 2.9 Total Debt 502.5 Shareholders' Equity 518.4…
  21. Howard Weil 42nd Annual 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. Howard Weil 42nd Annual Energy Conference – Pioneer Energy Services Corp. – slide 22

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