Pioneer Energy Services Reports Third Quarter 2019 Results
SAN ANTONIO, Oct. 31, 2019 /PRNewswire/ -- Pioneer Energy Services (OTCQX: PESX) today reported financial and operating results for the quarter ended September 30, 2019. Third quarter highlights include:
-- Well servicing revenues increased 3% sequentially, and gross margin was 29.4%, up from 28.7% in the prior quarter. -- International drilling fleet was 71% utilized and generated an average margin of $11,080 per day, roughly flat with the prior quarter. -- Domestic drilling fleet was 88% utilized and generated an average margin of $11,740 per day, which included the benefit of approximately $1,374 per day for the early termination of a drilling contract.
Consolidated Financial Results
Revenues for the third quarter of 2019 were $146.4 million, down 4% from revenues of $152.8 million in the second quarter of 2019 ("the prior quarter"). Net loss for the third quarter of 2019 was $26.0 million, or $0.33 per share, compared with net loss of $12.9 million, or $0.17 per share, in the prior quarter. Adjusted net loss((1)) for the third quarter was $23.6 million, and adjusted EPS((2)) was a loss of $0.30 per share. These results compare to an adjusted net loss of $11.8 million, and an adjusted EPS loss of $0.15 per share in the prior quarter. Third quarter adjusted EBITDA((3)) was $7.1 million, down from $20.7 million in the prior quarter. The decrease in adjusted EBITDA and adjusted net loss was primarily due to approximately $12.6 million of additional net general and administrative expenses related to new compensation plans, partially offset by the cancellation of certain previously existing incentive plans, as well as professional fees incurred to evaluate debt restructuring strategies.
Operating Results
Production Services Business
Revenue from our production services business was $86.6 million in the third quarter, down 1% from the prior quarter. Well servicing revenues increased 3%, primarily driven by higher revenue rates and steady activity levels for both maintenance and completion activity. Well servicing average revenue per hour was $580 in the third quarter, up from $569 in the prior quarter, while rig utilization was 59%, down slightly from 60% in the prior quarter. Wireline services, which accounted for 51% of production services revenue, experienced a decrease in perforating stage count of approximately 6%, yielding a revenue decrease of 7%, much of which came from reduced activity in September. Coiled tubing services revenue increased 14% due to higher activity levels in the Rockies as wildlife activity limitations and poor weather conditions impacted the prior quarter. Coiled tubing revenue days totaled 339 in the third quarter, up from 307 in the prior quarter, while revenue per day was $36,714, up from $35,430 in the prior quarter.
Gross margin as a percentage of revenue from our production services business was 19% in the third quarter, up from 17% in the prior quarter. The increase in gross margin in all businesses was primarily due to actions taken to reduce labor and overhead costs to include the closure of certain wireline locations and repositioning of certain coiled tubing assets.
Drilling Services Business
Revenue from our drilling services business was $59.8 million in the third quarter, reflecting a decrease of 8% from the prior quarter. Average margin per day was $11,560, up from $10,396 in the prior quarter.
Our domestic drilling fleet was 88% utilized with average revenues per day of $27,598 in the third quarter, up from $26,864 in the prior quarter. Domestic drilling average margin per day was $11,740 in the third quarter, up from $10,131 in the prior quarter, primarily due to the benefit of $1.9 million, or approximately $1,374 per day, from recognition of the early termination of a domestic drilling contract.
International drilling rig utilization was 71% for the third quarter, down from 86% in the prior quarter, driven partially by one rig mobilizing to work for a new client during the quarter. Average revenues per day were $41,491, up from $40,806 in the prior quarter, while average margin per day for the third quarter was $11,080, up slightly from $11,023 in the prior quarter. The increases in revenue per day and margin per day were primarily due to the timing of mobilization and demobilization revenues recognized in the third quarter.
Currently, 15 of our 17 domestic drilling rigs are earning revenues, 12 of which are under term contracts. Ten rigs are working in the Permian, three in Appalachia and two in the Bakken. Of the rigs on term contracts, only one rig is set to expire later in the fourth quarter of 2019. Many of the recent contract renewals are for periods between six months and one year in length.
In Colombia, six of our eight rigs are currently earning revenue under daywork contracts. We expect four to six rigs to remain active for the remainder of 2019.
Comments from our President and CEO
"While weaker oil prices and generally challenging market conditions have continued to negatively impact the U.S. rig count, which fell 10% from the prior quarter and 20% from the prior year, our domestic drilling and well servicing businesses have remained highly utilized, and we have successfully increased gross margins both sequentially and year-over-year," said Wm. Stacy Locke, President and Chief Executive Officer. "We do anticipate the typical seasonal softening in well servicing activity during the fourth quarter, but we expect business to remain stable as our customers continue to appreciate our high-quality service offering. U.S. drilling activity should remain stable, although we anticipate continued dayrate pressure. We mobilized one rig from the Appalachian Basin to the Permian Basin in the third quarter under a term contract with a new client, and we continue to focus on positioning our equipment to generate optimum margins.
"Our international operations in Colombia experienced lower utilization sequentially as we mobilized one rig to a new client during the quarter, but we have maintained solid margins and expect the business to remain stable with four to six rigs operating during the fourth quarter. As we enter 2020, we anticipate favorable activity levels in the country as operators continue to execute on long term drilling programs.
"For the rest of the year, the remaining capital expenditures will be routine maintenance in nature. While the Term Loan is not expected to mature until December 2021, we continue to proactively explore various strategic and other alternatives to address the uncertainties related to our ability to refinance our outstanding debts as their maturities approach," concluded Mr. Locke.
Fourth Quarter 2019 Guidance
In the fourth quarter of 2019, we expect rig count to continue to decline, reduced completion activity and overall less spending by our clients, as well as typical seasonal impacts. As a result, we expect revenue from our production services business segments to be down approximately 15% to 19% as compared to the third quarter of 2019 driven primarily by wireline. We expect margins to be approximately 16% to 18% of revenue.
We expect domestic drilling services rig utilization to average approximately 90% to 94% and generate average margins per day of approximately $8,700 to $9,200 given recent dayrate renewal pressure in the U.S. In Colombia, we expect international drilling services rig utilization to average approximately 60% to 65% and generate average margins per day of approximately $8,500 to $9,500.
We expect general and administrative expense to be approximately $21 million in the fourth quarter of 2019, which includes approximately $2 million to $3 million in professional fees related to debt restructuring activities.
Liquidity
Working capital at September 30, 2019 was $97.5 million, down from $106.5 million at June 30, 2019 and $110.3 million at December 31, 2018. Cash and cash equivalents, including restricted cash, were $28.0 million, down from $31.1 million at June 30, 2019 and $54.6 million at year-end 2018. During the nine months ended September 30, 2019, we used $40.5 million of cash for routine capital expenditures and the purchase of property and equipment, and our cash provided by operations was $8.6 million.
Capital Expenditures
Cash capital expenditures during the nine months ended September 30, 2019 were $40.5 million, including capitalized interest. We estimate total cash capital expenditures for 2019 to be approximately $46 million to $49 million, which includes approximately $8 million for final payments on the construction of the new-build drilling rig and previous commitments on high-pressure pump packages for coiled tubing completion operations, all of which were made earlier in the year.
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 November 7(th). To access the replay, dial (201) 612-7415 and enter the pass code 13695038.
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. For more information, please contact Donna Washburn at Dennard Lascar Investor Relations 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 primarily in Texas and the Mid-Continent and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia.
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. These forward-looking statements are based on our current beliefs, intentions, and expectations and are not guarantees or indicators of future performance. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the foregoing 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, the occurrence of cybersecurity incidents, 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, 2018, including under the headings "Risk Factors" in Item 1A and "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I. 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.
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(1) Adjusted net loss represents net loss as reported adjusted to exclude impairments and the related tax benefit and valuation allowance adjustments on deferred tax assets. 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, impairment, and any loss on extinguishment of debt. 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, Vice President, Treasury and Investor Relations Pioneer Energy Services Corp. (210) 828-7689 Lisa Elliott / pes@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 Nine months ended September 30, June 30, September 30, 2019 2018 2019 2019 2018 --- Revenues $ 146,398 $ 149,332 $ 152,843 $ 445,809 $ 448,592 Costs and expenses: Operating costs 108,059 108,961 115,970 332,614 325,924 Depreciation 22,924 23,501 22,851 68,428 70,535 General and administrative 30,485 14,043 18,028 68,271 58,066 Bad debt expense (recovery), net 196 111 (348) (90) (311) Impairment - 239 332 1,378 2,607 Loss (gain) on dispositions of property and equipment, net 17 (1,861) (1,126) (2,184) (2,922) Total costs and expenses 161,681 144,994 155,707 468,417 453,899 Income (loss) from operations (15,283) 4,338 (2,864) (22,608) (5,307) Other income (expense): Interest expense, net of interest capitalized (10,013) (9,811) (10,105) (30,003) (28,966) Other income (expense), net (588) 498 349 445 1,046 Total other expense, net (10,601) (9,313) (9,756) (29,558) (27,920) Loss before income taxes (25,884) (4,975) (12,620) (52,166) (33,227) Income tax expense (132) (258) (324) (1,909) (1,297) Net loss $ (26,016) $ (5,233) $ (12,944) $ (54,075) $ (34,524) Loss per common share: Basic $ (0.33) $ (0.07) $ (0.17) $ (0.69) $ (0.44) Diluted $ (0.33) $ (0.07) $ (0.17) $ (0.69) $ (0.44) Weighted-average number of shares outstanding: Basic 78,473 78,136 78,430 78,405 77,897 Diluted 78,473 78,136 78,430 78,405 77,897
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) September 30, December 31, 2019 2018 --- (unaudited) (audited) ASSETS --- Current assets: Cash and cash equivalents $ 26,955 $ 53,566 Restricted cash 998 998 Receivables, net of allowance for doubtful accounts 132,552 130,881 Inventory 22,086 18,898 Assets held for sale 6,233 3,582 Prepaid expenses and other current assets 6,991 7,109 Total current assets 195,815 215,034 Net property and equipment 485,255 524,858 Operating lease assets 7,692 Other noncurrent assets 931 1,658 Total assets $ 689,693 $ 741,550 LIABILITIES AND SHAREHOLDERS' EQUITY --- Current liabilities: Accounts payable $ 32,127 $ 34,134 Deferred revenues 1,616 1,722 Accrued expenses 64,559 68,912 Total current liabilities 98,302 104,768 Long-term debt, less unamortized discount and debt issuance costs 466,887 464,552 Noncurrent operating lease liabilities 6,189 Deferred income taxes 4,708 3,688 Other noncurrent liabilities 459 3,484 Total liabilities 576,545 576,492 Total shareholders' equity 113,148 165,058 Total liabilities and shareholders' equity $ 689,693 $ 741,550
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine months ended September 30, 2019 2018 --- Cash flows from operating activities: Net loss $ (54,075) $ (34,524) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 68,428 70,535 Allowance for doubtful accounts, net of recoveries (90) (311) Write-off of obsolete inventory 502 Gain on dispositions of property and equipment, net (2,184) (2,922) Stock-based compensation expense 2,013 3,395 Phantom stock compensation expense (99) 2,808 Amortization of debt issuance costs and discount 2,335 2,153 Impairment 1,378 2,607 Deferred income taxes 1,020 189 Change in other noncurrent assets 3,125 541 Change in other noncurrent liabilities (4,163) (735) Changes in current assets and liabilities: (9,552) (22,246) Net cash provided by operating activities 8,638 21,490 Cash flows from investing activities: Purchases of property and equipment (40,543) (48,778) Proceeds from sale of property and equipment 4,778 4,665 Proceeds from insurance recoveries 641 980 Net cash used in investing activities (35,124) (43,133) Cash flows from financing activities: Proceeds from exercise of options - 12 Purchase of treasury stock (125) (549) Net cash used in financing activities (125) (537) Net decrease in cash, cash equivalents and restricted cash (26,611) (22,180) Beginning cash, cash equivalents and restricted cash 54,564 75,648 Ending cash, cash equivalents and restricted cash $ 27,953 $ 53,468
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES Operating Results by Segment (in thousands) (unaudited) Three months ended Nine months ended September 30, June 30, September 30, 2019 2018 2019 2019 2018 --- Revenues: Domestic drilling $ 38,168 $ 36,586 $ 39,652 $ 115,829 $ 108,146 International drilling 21,617 23,131 25,422 68,682 62,515 Drilling services 59,785 59,717 65,074 184,511 170,661 Well servicing 30,293 24,369 29,506 86,053 68,645 Wireline services 43,874 52,654 47,386 137,134 171,392 Coiled tubing services 12,446 12,592 10,877 38,111 37,894 Production services 86,613 89,615 87,769 261,298 277,931 Consolidated revenues $ 146,398 $ 149,332 $ 152,843 $ 445,809 $ 448,592 Operating costs: Domestic drilling $ 21,931 $ 21,650 $ 24,698 $ 69,098 $ 64,297 International drilling 15,844 19,013 18,555 50,884 49,038 Drilling services 37,775 40,663 43,253 119,982 113,335 Well servicing 21,414 17,193 21,038 61,348 49,443 Wireline services 38,349 40,840 41,804 119,500 130,042 Coiled tubing services 10,521 10,265 9,875 31,784 33,104 Production services 70,284 68,298 72,717 212,632 212,589 Consolidated operating costs $ 108,059 $ 108,961 $ 115,970 $ 332,614 $ 325,924 Gross margin: Domestic drilling $ 16,237 $ 14,936 $ 14,954 $ 46,731 $ 43,849 International drilling 5,773 4,118 6,867 17,798 13,477 Drilling services 22,010 19,054 21,821 64,529 57,326 Well servicing 8,879 7,176 8,468 24,705 19,202 Wireline services 5,525 11,814 5,582 17,634 41,350 Coiled tubing services 1,925 2,327 1,002 6,327 4,790 Production services 16,329 21,317 15,052 48,666 65,342 Consolidated gross margin $ 38,339 $ 40,371 $ 36,873 $ 113,195 $ 122,668 Consolidated: Net loss $ (26,016) $ (5,233) $ (12,944) $ (54,075) $ (34,524) Adjusted EBITDA (1) $ 7,053 $ 28,576 $ 20,668 $ 47,643 $ 68,881
(1) Adjusted EBITDA represents income (loss) before interest expense, income tax (expense) benefit, depreciation and amortization, impairment, and any loss on extinguishment of debt. 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 Nine months ended September 30, June 30, September 30, 2019 2018 2019 2019 2018 --- Domestic drilling: Average number of drilling rigs 17 16 17 17 16 Utilization rate 88 % 99 95 % 94 % 100 % % Revenue days 1,383 1,459 1,476 4,279 4,353 Average revenues per day $ 27,598 $ 25,076 $ 26,864 $ 27,069 $ 24,844 Average operating costs per day 15,858 14,839 16,733 16,148 14,771 Average margin per day $ 11,740 $ 10,237 $ 10,131 $ 10,921 $ 10,073 International drilling: Average number of drilling rigs 8 8 8 8 8 Utilization rate 71 % 76 % 86 % 79 % 79 % Revenue days 521 562 623 1,724 1,733 Average revenues per day $ 41,491 $ 41,158 $ 40,806 $ 39,839 $ 36,073 Average operating costs per day 30,411 33,831 29,783 29,515 28,297 Average margin per day $ 11,080 $ 7,327 $ 11,023 $ 10,324 $ 7,776 Drilling services business: Average number of drilling rigs 25 24 25 25 24 Utilization rate 83 % 92 % 92 % 89 % 93 % Revenue days 1,904 2,021 2,099 6,003 6,086 Average revenues per day $ 31,400 $ 29,548 $ 31,002 $ 30,736 $ 28,042 Average operating costs per day 19,840 20,120 20,606 19,987 18,622 Average margin per day $ 11,560 $ 9,428 $ 10,396 $ 10,749 $ 9,420 Well servicing: Average number of rigs 125 125 125 125 125 Utilization rate 59 % 51 % 60 % 58 % 49 % Rig hours 52,210 44,155 51,895 151,169 127,800 Average revenue per hour $ 580 $ 552 $ 569 $ 569 $ 537 Wireline services: Average number of units 94 104 95 98 107 Number of jobs 2,077 2,684 2,278 6,697 8,536 Average revenue per job $ 21,124 $ 19,618 $ 20,802 $ 20,477 $ 20,079 Coiled tubing services: Average number of units 9 11 9 9 13 Revenue days 339 362 307 997 1,126 Average revenue per day $ 36,714 $ 34,785 $ 35,430 $ 38,226 $ 33,654
PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES Reconciliation of Net Loss to Adjusted EBITDA and Consolidated Gross Margin (in thousands) (unaudited) Three months ended Nine months ended September 30, June 30, September 30, 2019 2018 2019 2019 2018 --- Net loss as reported $ (26,016) $ (5,233) $ (12,944) $ (54,075) $ (34,524) Depreciation and amortization 22,924 23,501 22,851 68,428 70,535 Impairment - 239 332 1,378 2,607 Interest expense 10,013 9,811 10,105 30,003 28,966 Income tax expense 132 258 324 1,909 1,297 Adjusted EBITDA(1) 7,053 28,576 20,668 47,643 68,881 General and administrative 30,485 14,043 18,028 68,271 58,066 Bad debt expense (recovery), net 196 111 (348) (90) (311) Loss (gain) on dispositions of property and equipment, net 17 (1,861) (1,126) (2,184) (2,922) Other expense (income) 588 (498) (349) (445) (1,046) Consolidated gross margin $ 38,339 $ 40,371 $ 36,873 $ 113,195 $ 122,668
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 September 30, June 30, 2019 2019 --- Net loss as reported $ (26,016) $ (12,944) Impairment - 332 Tax benefit related to adjustments - (77) Valuation allowance adjustments on deferred tax assets 2,465 884 Adjusted net loss(2) $ (23,551) $ (11,805) Basic weighted average number of shares outstanding, as reported 78,473 78,430 Effect of dilutive securities - Diluted weighted average number of shares outstanding, as adjusted 78,473 78,430 Adjusted (diluted) EPS(3) $ (0.30) $ (0.15) Diluted EPS as reported $ (0.33) $ (0.17)
(2) Adjusted net loss represents net loss as reported adjusted to exclude impairments and the related tax benefit and valuation allowance adjustments on deferred tax assets. 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 October 31, 2019 Multi-well, Pad-capable Drilling Services Business Segments: AC rigs SCR rigs Total --- Domestic drilling 17 17 International drilling - 8 8 25 Production Services Business Segments: 550 HP 600 HP Total --- Well servicing rigs, by horsepower (HP) rating 112 12 124 Total Wireline services units 93 Coiled tubing services units 9
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