Pioneer Energy Services Reports First Quarter 2018 Results
Pioneer Energy Services Reports First Quarter 2018 Results
SAN ANTONIO, May 2, 2018 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the quarter ended March 31, 2018. First quarter notable items include:
-- Domestic drilling services utilization was 100%, with an average margin
per day of $10,436, up 11% from the prior quarter, and up for the fourth
consecutive quarter.
-- International drilling services average margin per day was $8,455, up
28% from the prior quarter, with seven of the eight rigs working at
quarter end.
-- Production services business revenue increased 20% from the prior
quarter and generated a gross margin of 24%.
Consolidated Financial Results
Revenues for the first quarter of 2018 were $144.5 million, up 14% from revenues of $126.3 million in the fourth quarter of 2017 ("the prior quarter") and up 51% from revenues of $95.8 million in the first quarter of 2017 ("the year-earlier quarter"). The increase from the prior quarter is primarily attributable to increased demand in wireline and well servicing, as well as increased utilization in Colombia where three additional rigs were put to work since the beginning of the prior quarter.
Net loss for the first quarter of 2018 was $11.1 million, or $0.14 per share, compared with net loss of $12.6 million, or $0.16 per share, in the prior quarter and net loss of $25.1 million, or $0.33 per share, in the year-earlier quarter. Adjusted net loss((1)) for the first quarter was $6.9 million, and adjusted EPS((2)) was a loss of $0.09 per share as compared to adjusted net loss of $11.1 million, or an adjusted EPS loss of $0.14 per share, in the prior quarter.
First quarter adjusted EBITDA((3)) was $23.4 million, up from $17.0 million in the prior quarter, primarily driven by increased demand for our wireline services, improved dayrates for our domestic drilling services, and higher utilization in Colombia, and up from $6.0 million in the year-earlier quarter. The increase from the year-earlier quarter was due to higher demand for all of our service offerings as the market steadily improved with increasing commodity prices throughout 2017 and 2018.
Operating Results
Production Services Business
Revenue from our production services business was $90.9 million in the first quarter, up 20% from the prior quarter and up 60% from the year-earlier quarter. Gross margin as a percentage of revenue from our production services business was 24% in the first quarter, up from 22% in the prior quarter and up from 20% in the year-earlier quarter.
The increase in revenues from the prior quarter was driven by increased demand and revenue rates for all businesses, led by wireline which was up 25% sequentially. Well servicing and coiled tubing revenues were up 15% and 7%, respectively. As compared to the year-earlier quarter, demand has improved for all of our production services business segments, resulting in increased revenues of 60%.
The number of wireline jobs completed in the first quarter increased by 9% sequentially and decreased by 1% as compared to the year-earlier quarter, and continue to be weighted to more completion-related jobs. Well servicing average revenue per hour was $518 in the first quarter, flat as compared to the prior quarter and up from $497 in the year-earlier quarter. Well servicing rig utilization was 47% in the first quarter, up from 40% in the prior quarter and 43% in the year-earlier quarter. Coiled tubing revenue days totaled 414 in the first quarter, compared to 423 in the prior quarter and 338 in the year-earlier quarter.
Drilling Services Business
Revenue from our drilling services business was $53.5 million in the first quarter, a 6% increase from the prior quarter and a 37% increase from the year-earlier quarter.
Domestic drilling services rig utilization was 100% for both the first quarter and the prior quarter, and up from 86% in the year-earlier quarter. Domestic drilling average revenues per day were $24,949 in the first quarter, up from $23,993 in the prior quarter and up from $22,951 in the year-earlier quarter. Domestic drilling average margin per day was $10,436 in the first quarter, up from $9,411 in the prior quarter and up from $7,154 in the year-earlier quarter, driven by increasing dayrates and minimal operational downtime.
International rig utilization was 76% for the first quarter, up from 65% in the prior quarter and up from 44% in the year-earlier quarter. International drilling average revenues per day were $32,020, up from $31,188 in the prior quarter and down from $33,347 in the year-earlier quarter. International drilling average margin per day for the first quarter was $8,455, up from $6,582 in the prior quarter and down from $9,603 in the year-earlier quarter. We mobilized a seventh rig in Colombia that began operations in mid-March.
Currently, all 16 of our domestic drilling rigs are earning revenues, 14 of which are under term contracts, and seven of our eight rigs in Colombia are earning revenue, resulting in current utilization of 96%.
Comments from our President and CEO
"We had an exceptionally good start to 2018," said Wm. Stacy Locke, President and Chief Executive Officer. "Revenue in the first quarter was up 14% sequentially and adjusted EBITDA increased by 38%. Domestic drilling, international drilling and wireline services all outperformed our expectations, while well servicing and coiled tubing services experienced solid improvement.
"Our domestic drilling operations achieved an 11% increase in average margins per day by controlling daily costs and improving daily revenues to yield the highest margins in our peer group. Similarly, our international drilling operations recorded a notable improvement in revenue and a 28% increase in average margin per day as a seventh rig was put to work in mid-March. Colombia has become a bright spot for the Company, and now that start up costs and initial mobilizations are behind us, the outlook for our international drilling operations for the remainder of the year is positive with improving profitability.
"In production services, demand for our businesses continued to strengthen in the first quarter. Given the current commodity price levels and indications from clients on anticipated activity levels, we expect to continue to reactivate idled equipment and improve pricing in all three businesses throughout the year.
"While the market continues to improve and present opportunities for targeted organic growth, we will maintain our focus on generating positive cash flow in 2018," Mr. Locke said.
Second Quarter 2018 Guidance
In the second quarter of 2018, revenue from our production services business segments is estimated to be up approximately 7% to 10% as compared to the first quarter of 2018. Margin from our production services business is estimated to be 25% to 27% of revenue. Domestic drilling services rig utilization is estimated to be 100% and generate average margins per day of approximately $10,000 to $10,500. International drilling services rig utilization is estimated to average 83% to 86%, and generate average margins per day of approximately $8,000 to $9,000.
Liquidity
Working capital at March 31, 2018 was $132.2 million, up from $130.6 million at December 31, 2017. Cash and cash equivalents, including restricted cash, were $70.7 million, down from $75.6 million at year-end 2017. In the first quarter of 2018, we used $11.7 million of cash for the purchase of property and equipment, and our cash provided by operations was $5.1 million.
Capital Expenditures
Cash capital expenditures during the first quarter of 2018 were $11.7 million. We estimate total cash capital expenditures for 2018 to be approximately $60 million, which includes approximately $40 million of routine capital expenditures and $20 million for the purchase of two large-diameter coiled tubing units, remaining payments on three wireline units, two of which were delivered in January, and additional drilling and production services equipment. As the year progresses, we will continue to evaluate additional discretionary spending provided that it can be funded by cash from operations or proceeds from sales of non-strategic assets.
Conference Call
Pioneer Energy Services' management team will hold a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss these results. To participate, dial (412) 902-0003 approximately 10 minutes prior to the call and ask for the Pioneer Energy Services conference call. A telephone replay will be available after the call until May 9(th). To access the replay, dial (201) 612-7415 and enter the pass code 13678495.
The conference call will also be webcast on the Internet and accessible from Pioneer Energy Services' web site at www.pioneeres.com. To listen to the live call, visit our web site at least 10 minutes early to register and download any necessary audio software. A replay will be available shortly after the call. For more information, please contact Donna Washburn at Dennard Lascar Investor Relations, LLC at (713) 529-6600 or e-mail dwashburn@dennardlascar.com.
About Pioneer
Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, offshore Gulf of Mexico, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.
Cautionary Statement Regarding Forward-Looking Statements,
Non-GAAP Financial Measures and Reconciliations
Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the following discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, decisions about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, including our senior secured term loan, our senior secured revolving asset-based credit facility, and our senior notes, operating hazards inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing units and wireline units within the industry, the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued availability of qualified personnel, the success or failure of our acquisition strategy, including our ability to finance acquisitions, manage growth and effectively integrate acquisitions, the political, economic, regulatory and other uncertainties encountered by our operations, and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment. We have discussed many of these factors in more detail in our Annual Report on Form 10-K for the year ended December 31, 2017, including under the headings "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I and "Risk Factors" in Item 1A. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.
This news release contains non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.
________________________
(1) Adjusted net loss represents net loss as reported
adjusted to exclude impairments and loss on
extinguishment of debt and the related tax benefit,
valuation allowance adjustments on deferred tax assets
and effect of change in tax rates. We believe that
adjusted net loss is a useful measure to facilitate
period-to-period comparisons of our core operating
performance and to evaluate our long-term financial
performance against that of our peers, although it is
not a measure of financial performance under GAAP.
Adjusted net loss may not be comparable to other
similarly titled measures reported by other companies.
A reconciliation of net loss as reported to adjusted
net loss is included in the tables to this news
release.
(2) Adjusted (diluted) EPS represents adjusted net loss
divided by the weighted-average number of shares
outstanding during the period, including the effect of
dilutive securities, if any. We believe that adjusted
(diluted) EPS is a useful measure to facilitate
period-to-period comparisons of our core operating
performance and to evaluate our long-term financial
performance against that of our peers, although it is
not a measure of financial performance under GAAP.
Adjusted (diluted) EPS may not be comparable to other
similarly titled measures reported by other companies.
A reconciliation of diluted EPS as reported to
adjusted (diluted) EPS is included in the tables to
this news release.
(3) Adjusted EBITDA represents income (loss) before
interest expense, income tax (expense) benefit,
depreciation and amortization, and any loss on
extinguishment of debt or impairment. Adjusted EBITDA
is a non-GAAP measure that our management uses to
facilitate period-to-period comparisons of our core
operating performance and to evaluate our long-term
financial performance against that of our peers. We
believe that this measure is useful to investors and
analysts in allowing for greater transparency of our
core operating performance and makes it easier to
compare our results with those of other companies
within our industry. Adjusted EBITDA should not be
considered (a) in isolation of, or as a substitute
for, net income (loss), (b) as an indication of cash
flows from operating activities or (c) as a measure of
liquidity. In addition, Adjusted EBITDA does not
represent funds available for discretionary use.
Adjusted EBITDA may not be comparable to other
similarly titled measures reported by other companies.
A reconciliation of net loss as reported to adjusted
EBITDA is included in the tables to this news release.
Contacts: Dan Petro, CFA, Treasurer and
Director of Investor Relations
Pioneer Energy Services Corp.
(210) 828-7689
Lisa Elliott / lelliott@dennardlascar.com
-----------------------------------------
Anne Pearson / apearson@dennardlascar.com
-----------------------------------------
Dennard Lascar Investor Relations / (713) 529-6600
- Financial Statements and Operating Information Follow -
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three months ended
March 31, December 31,
2018 2017 2017
---- ---- ----
Revenues $144,478 $95,757 $126,287
-------- ------- --------
Costs and expenses:
Operating costs 102,766 72,728 92,361
Depreciation and
amortization 23,747 24,992 24,422
General and administrative 19,194 17,744 18,339
Bad debt expense (recovery) (52) (363) 151
Impairment - - 1,107
Gain on dispositions of
property and equipment,
net (335) (471) (1,357)
Total costs and expenses 145,320 114,630 135,023
------- ------- -------
Loss from operations (842) (18,873) (8,736)
---- ------- ------
Other income (expense):
Interest expense, net of
interest capitalized (9,513) (6,059) (7,949)
Loss on extinguishment of
debt - - (1,476)
Other income (expense), net 504 (144) 200
--- ---- ---
Total other expense, net (9,009) (6,203) (9,225)
------ ------ ------
Loss before income taxes (9,851) (25,076) (17,961)
Income tax (expense)
benefit (1,288) (48) 5,403
Net loss $(11,139) $(25,124) $(12,558)
======== ======== ========
Loss per common share:
Basic $(0.14) $(0.33) $(0.16)
====== ====== ======
Diluted $(0.14) $(0.33) $(0.16)
====== ====== ======
Weighted-average number of shares
outstanding:
Basic 77,606 77,072 77,552
====== ====== ======
Diluted 77,606 77,072 77,552
====== ====== ======
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2018 2017
---- ----
(unaudited) (audited)
ASSETS
------
Current assets:
Cash and cash
equivalents $68,726 $73,640
Restricted
cash 2,000 2,008
Receivables,
net of
allowance
for doubtful
accounts 116,524 113,005
Inventory 16,100 14,057
Assets held
for sale 6,139 6,620
Prepaid
expenses and
other
current
assets 4,914 6,229
Total current
assets 214,403 215,559
Net property
and
equipment 540,288 549,623
Other
noncurrent
assets 3,009 1,687
Total assets $757,700 $766,869
======== ========
LIABILITIES AND SHAREHOLDERS'
EQUITY
-----------------------------
Current liabilities:
Accounts
payable $32,788 $29,538
Deferred
revenues 1,194 905
Accrued
expenses 48,239 54,471
Total current
liabilities 82,221 84,914
Long-term
debt, less
unamortized
discount and
debt
issuance
costs 462,339 461,665
Deferred
income taxes 4,061 3,151
Other
noncurrent
liabilities 8,892 7,043
Total
liabilities 557,513 556,773
Total
shareholders'
equity 200,187 210,096
Total
liabilities
and
shareholders'
equity $757,700 $766,869
======== ========
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three months ended
March 31,
2018 2017
---- ----
Cash flows from operating
activities:
Net loss $(11,139) $(25,124)
Adjustments to reconcile net
loss to net cash provided by
(used in) operating
activities:
Depreciation
and
amortization 23,747 24,992
Allowance
for
doubtful
accounts,
net of
recoveries (52) (363)
Gain on
dispositions
of property
and
equipment,
net (335) (471)
Stock-based
compensation
expense 1,259 1,327
Amortization
of debt
issuance
costs and
discount 707 465
Deferred
income
taxes 911 (169)
Change in
other
noncurrent
assets (463) 466
Change in
other
noncurrent
liabilities 1,844 868
Changes in
current
assets and
liabilities (11,422) (23,811)
------- -------
Net cash
provided by
(used in)
operating
activities 5,057 (21,820)
----- -------
Cash flows from investing
activities:
Purchases of
property
and
equipment (11,657) (24,683)
Proceeds
from sale
of property
and
equipment 1,283 7,148
Proceeds
from
insurance
recoveries 523 3,119
--- -----
Net cash
used in
investing
activities (9,851) (14,416)
------ -------
Cash flows from financing
activities:
Debt
repayments - (6,305)
Proceeds
from
issuance of
debt - 40,000
Debt
issuance
costs (33) -
Purchase of
treasury
stock (95) (363)
Net cash
provided by
(used in)
financing
activities (128) 33,332
---- ------
Net decrease
in cash,
cash
equivalents
and
restricted
cash (4,922) (2,904)
Beginning
cash, cash
equivalents
and
restricted
cash 75,648 10,194
------ ------
Ending cash,
cash
equivalents
and
restricted
cash $70,726 $7,290
======= ======
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Operating Results by Segment
(in thousand)
(unaudited)
Three months ended
March 31, December 31,
2018 2017 2017
---- ---- ----
Revenues:
Domestic drilling $35,926 $28,345 $35,317
International drilling 17,611 10,671 14,970
------ ------ ------
Drilling services 53,537 39,016 50,287
------ ------ ------
Well servicing 21,114 18,734 18,403
Wireline services 56,601 32,546 45,253
Coiled tubing services 13,226 5,461 12,344
------ ----- ------
Production services 90,941 56,741 76,000
------ ------ ------
Consolidated revenues $144,478 $95,757 $126,287
======== ======= ========
Operating costs:
Domestic drilling $20,898 $19,509 $21,464
International drilling 12,961 7,598 11,811
------ ----- ------
Drilling services 33,859 27,107 33,275
------ ------ ------
Well servicing 15,570 14,037 13,246
Wireline services 42,486 25,946 36,430
Coiled tubing services 10,851 5,638 9,410
------ ----- -----
Production services 68,907 45,621 59,086
------ ------ ------
Consolidated operating costs $102,766 $72,728 $92,361
======== ======= =======
Gross margin:
Domestic drilling $15,028 $8,836 $13,853
International drilling 4,650 3,073 3,159
----- ----- -----
Drilling services 19,678 11,909 17,012
------ ------ ------
Well servicing 5,544 4,697 5,157
Wireline services 14,115 6,600 8,823
Coiled tubing services 2,375 (177) 2,934
----- ---- -----
Production services 22,034 11,120 16,914
------ ------ ------
Consolidated gross margin $41,712 $23,029 $33,926
======= ======= =======
Consolidated:
Net loss $(11,139) $(25,124) $(12,558)
======== ======== ========
Adjusted EBITDA (1) $23,409 $5,975 $16,993
======= ====== =======
(1) Adjusted EBITDA represents
income (loss) before interest
expense, income tax (expense)
benefit, depreciation and
amortization, and any loss on
extinguishment of debt or
impairment. Adjusted EBITDA is a
non-GAAP measure that our
management uses to facilitate
period-to-period comparisons of
our core operating performance and
to evaluate our long-term financial
performance against that of our
peers. We believe that this measure
is useful to investors and analysts
in allowing for greater transparency
of our core operating performance
and makes it easier to compare our
results with those of other
companies within our industry.
Adjusted EBITDA should not be
considered (a) in isolation of, or
as a substitute for, net income
(loss), (b) as an indication of cash
flows from operating activities or
(c) as a measure of liquidity. In
addition, Adjusted EBITDA does not
represent funds available for
discretionary use. Adjusted EBITDA
may not be comparable to other
similarly titled measures reported
by other companies. A
reconciliation of net loss as
reported to adjusted EBITDA is
included in the table on page 12.
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Operating Statistics
(unaudited)
Three months ended
March 31, December 31,
2018 2017 2017
---- ---- ----
Domestic drilling:
Average number of
drilling rigs 16 16 16
Utilization rate 100% 86% 100%
Revenue days 1,440 1,235 1,472
Average revenues per
day $24,949 $22,951 $23,993
Average operating
costs per day 14,513 15,797 14,582
------ ------ ------
Average margin per
day $10,436 $7,154 $9,411
======= ====== ======
International drilling:
Average number of
drilling rigs 8 8 8
Utilization rate 76% 44% 65%
Revenue days 550 320 480
Average revenues per
day $32,020 $33,347 $31,188
Average operating
costs per day 23,565 23,744 24,606
Average margin per
day $8,455 $9,603 $6,582
====== ====== ======
Drilling services business:
Average number of
drilling rigs 24 24 24
Utilization rate 92% 72% 88%
Revenue days 1,990 1,555 1,952
Average revenues per
day $26,903 $25,091 $25,762
Average operating
costs per day 17,015 17,432 17,047
------ ------ ------
Average margin per
day $9,888 $7,659 $8,715
====== ====== ======
Well servicing:
Average number of
rigs 125 125 125
Utilization rate 47% 43% 40%
Rig hours 40,774 37,709 35,543
Average revenue per
hour $518 $497 $518
Wireline services:
Average number of
units 110 114 117
Number of jobs 2,830 2,854 2,599
Average revenue per
job $20,000 $11,404 $17,412
Coiled tubing services:
Average number of
units 14 17 14
Revenue days 414 338 423
Average revenue per
day $31,947 $16,157 $29,182
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Reconciliation of Net Loss to Adjusted EBITDA
and Consolidated Gross Margin
(in thousands)
(unaudited)
Three months ended
March 31, December 31,
2018 2017 2017
---- ---- ----
Net loss as reported $(11,139) $(25,124) $(12,558)
Depreciation and
amortization 23,747 24,992 24,422
Impairment - - 1,107
Interest expense 9,513 6,059 7,949
Loss on extinguishment of
debt - - 1,476
Income tax expense
(benefit) 1,288 48 (5,403)
----- --- ------
Adjusted EBITDA(1) 23,409 5,975 16,993
General and administrative 19,194 17,744 18,339
Bad debt expense (recovery) (52) (363) 151
Gain on dispositions of
property and equipment,
net (335) (471) (1,357)
Other expense (income) (504) 144 (200)
Consolidated gross margin $41,712 $23,029 $33,926
======= ======= =======
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Reconciliation of Net Income (Loss) as Reported to Adjusted Net Income (Loss)
and Diluted EPS as Reported to Adjusted (Diluted) EPS
(in thousands, except per share data)
(unaudited)
Three months ended
March 31, December 31,
2018 2017 2017
---- ---- ----
Net loss as reported $(11,139) $(25,124) $(12,558)
Impairment - - 1,107
Loss on extinguishment of
debt - - 1,476
Tax benefit related to
adjustments - - (942)
Valuation allowance
adjustments on deferred
tax assets 4,190 9,754 (20,321)
Effect of change in tax
rates - - 20,147
Adjusted net loss(2) $(6,949) $(15,370) $(11,091)
======= ======== ========
Basic weighted average
number of shares
outstanding, as reported 77,606 77,072 77,552
Effect of dilutive
securities - - -
--- --- ---
Diluted weighted average
number of shares
outstanding, as adjusted 77,606 77,072 77,552
====== ====== ======
Adjusted (diluted) EPS(3) $(0.09) $(0.20) $(0.14)
====== ====== ======
Diluted EPS as reported $(0.14) $(0.33) $(0.16)
====== ====== ======
(2) Adjusted net loss represents
net loss as reported adjusted to
exclude impairments and loss on
extinguishment of debt and the
related tax benefit, valuation
allowance adjustments on deferred
tax assets and effect of change in
tax rates. We believe that adjusted
net loss is a useful measure to
facilitate period-to-period
comparisons of our core operating
performance and to evaluate our
long-term financial performance
against that of our peers, although
it is not a measure of financial
performance under GAAP. Adjusted net
loss may not be comparable to other
similarly titled measures reported
by other companies. A reconciliation
of net loss as reported to adjusted
net loss is included in the table
above.
(3) Adjusted (diluted) EPS
represents adjusted net loss divided
by the weighted-average number of
shares outstanding during the
period, including the effect of
dilutive securities, if any. We
believe that adjusted (diluted) EPS
is a useful measure to facilitate
period-to-period comparisons of
our core operating performance and
to evaluate our long-term financial
performance against that of our
peers, although it is not a measure
of financial performance under GAAP.
Adjusted (diluted) EPS may not be
comparable to other similarly titled
measures reported by other
companies. A reconciliation of
diluted EPS as reported to adjusted
(diluted) EPS is included in the
table above.
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES
Equipment Information
As of May 2, 2018
Drilling Services Business Segments:
Domestic AC Rigs 16
International SCR Rigs 8
---
Total 24
===
Production Services Business Segments:
Well servicing rigs (by horsepower rating):
550 HP 113
600 HP 12
---
Total 125
===
Wireline services units:
Onshore 104
Offshore 4
---
Total 108
===
Coiled tubing services units:
Onshore 10
Offshore 4
Total 14
===
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SOURCE Pioneer Energy Services
