2015 GOLDMAN SACHS GLOBAL ENERGY CONFERENCE January 8th, 2015
Pioneer Energy Services TICKER SYMBOL: PES (NYSE) TTM REVENUE1: 1.0 BILLION MARKET CAPITALIZATION2: 327 MILLION ENTERPRISE VALUE2: 764 MILLION SERVICE LINES: LAND DRILLING, WELL SERVICING, WIRELINE, COILED TUBING EMPLOYEES:…
Diversified Services % of TTM REVENUE1 PRODUCTION SERVICES Well Servicing 116 Rigs Wireline 124 Units Coiled Tubing 17 Units Drilling US 40% Production Services 51% DRILLING SERVICES Drilling Services US 54 Rigs…
Fleet Composition Adding nine well servicing rigs, eight wireline units, and one coiled tubing unit in 2015 Executed five newbuild drilling rig contracts for delivery in 2015 COILED TUBING WELL SERVICING 18 17 125 116 108 109…
Recent Updates Drilling Fourth quarter utilization is estimated to be 89% Current utilization is 84% Have received early termination notices effective in the first quarter related to four rigs with termination payments expected to…
2015 Comments Capital Expenditures Given market outlook, expect capital expenditures for 2015 to be reduced to a range of 195215 million, down from the original guidance of 250270 million Production Services Expect production service…
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…
Exposure to the Full Well Life Cycle Drilling Toe Prep Plug and Perforate 9 Drill Out Plugs Complete and Maintenance until Install Artificial Lift Plug and Abandon
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…
Leverage and Debt Maturities Restructured balance sheet in 2014 through multiple capital markets transactions Completed 300 million 6.125% Senior Notes offering Redeemed 425 million of 9.875% Senior Notes Extended and upsized…
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.…
PRODUCTION SERVICES 13
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…
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…
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…
DRILLING SERVICES 17
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…
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…
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…
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…
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