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 7th. 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.

_________________________________

(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,
 2019


December 31,
 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

 

Cision View original content:http://www.prnewswire.com/news-releases/pioneer-energy-services-reports-third-quarter-2019-results-300948812.html

SOURCE Pioneer Energy Services

« Back to View All News