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SAN ANTONIO, July 31, 2018 /PRNewswire/ — Pioneer Energy Casework (PES) today appear banking and operating after-effects for the division concluded June 30, 2018. Added division and contempo notable items include:

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Consolidated Banking Results

Revenues for the added division of 2018 were $154.8 million, up 7% from revenues of $144.5 actor in the aboriginal division of 2018 (“the above-mentioned quarter”) and up 44% from revenues of $107.1 actor in the added division of 2017 (“the year-earlier quarter”). The admission from the above-mentioned division is primarily attributable to added appeal and appraisement in wireline and able-bodied servicing, as able-bodied as added conduct rig appliance in Colombia.

Net accident for the added division of 2018 was $18.2 million, or $0.23 per share, compared with net accident of $11.1 million, or $0.14 per share, in the above-mentioned division and net accident of $20.2 million, or $0.26 per share, in the year-earlier quarter.  Adapted net loss(1) for the added division was $14.8 million, and adapted EPS(2) was a accident of $0.19 per allotment as compared to adapted net accident of $6.9 million, or an adapted EPS accident of $0.09 per share, in the above-mentioned quarter.

Second division adapted EBITDA(3) was $16.9 million, bottomward from $23.4 actor in the above-mentioned division and up from $12.9 actor in the year-earlier quarter. The abatement from the above-mentioned division was primarily due to a $5.4 actor admission in apparition banal amount during the latest division associated with the admission in fair amount of the awards, lower appliance in coiled tubing casework and college mobilization and standby action in Colombia. The admission from the year-earlier division was due to college appeal for all of our account offerings as the bazaar steadily bigger with accretion article prices throughout 2017 and 2018, which was partially account by the added amount accompanying to apparition banal assemblage awards.

Operating Results

Production Casework Business

Revenue from our assembly casework business was $97.4 actor in the added quarter, up 7% from the above-mentioned division and up 42% from the year-earlier quarter. Gross allowance as a allotment of acquirement from our assembly casework business was 23% in the added quarter, bottomward hardly from 24% in the above-mentioned division and collapsed with 23% in the year-earlier quarter. The abatement from the above-mentioned division was primarily due to decreased appliance of our coiled tubing casework fleet, primarily baby bore braid services, added accessories rental costs and added costs accompanying to the cease of acreage offices acknowledging the under-performing adopted market.

The admission in revenues from the above-mentioned division was apprenticed by added appeal for our wireline and able-bodied application operations, anniversary of which accomplished acquirement advance of 10% sequentially. As compared to the year-earlier quarter, appeal has bigger for all of our assembly casework business segments, consistent in added revenues of 42%.

The cardinal of wireline jobs completed in the added division added by 7% sequentially and added by 4% as compared to the year-earlier quarter, and abide to be abounding to added completion-related jobs. Able-bodied application boilerplate acquirement per hour was $540 in the added quarter, up from $518 in the above-mentioned division and up from $514 in the year-earlier quarter. Able-bodied application rig appliance was 49% in the added quarter, up from 47% in both the above-mentioned and year-earlier quarters. Coiled tubing acquirement canicule totaled 350 in the added quarter, as compared to 414 in the above-mentioned division and 400 in the year-earlier quarter.

Drilling Casework Business

Revenue from our conduct casework business was $57.4 actor in the added quarter, absorption a 7% admission from the above-mentioned division and a 48% admission from the year-earlier quarter.

Domestic conduct casework rig appliance was 100% for both the added division and the above-mentioned quarter, and up from 92% in the year-earlier quarter. Calm conduct boilerplate revenues per day were $24,508 in the added quarter, bottomward from $24,949 in the above-mentioned division and up from $22,657 in the year-earlier quarter. Calm conduct boilerplate allowance per day was $9,550 in the added quarter, bottomward from $10,436 in the above-mentioned division and up from $7,505 in the year-earlier quarter. Allowance was abnormally impacted in the added division by college adjustment and aliment expenses, which are accepted to acknowledgment to added archetypal levels in the third quarter. The increases in acquirement per day and allowance per day from the year-earlier division were apprenticed by accretion dayrates.

Story Continues

International rig appliance was 85% for the added quarter, up from 76% in the above-mentioned division and up from 36% in the year-earlier quarter. International conduct boilerplate revenues per day were $35,061, up from $32,020 in the above-mentioned division and up from $31,702 in the year-earlier quarter, primarily due to college appliance in the added quarter, adjoin both allusive periods. International conduct boilerplate allowance per day for the added division was $7,583, bottomward from $8,455 in the above-mentioned division and bottomward from $8,923 in the year-earlier quarter, as a aftereffect of higher-than-anticipated mobilization and standby action in the added quarter.

Currently, all 16 of our calm conduct rigs are earning revenues, 14 of which are beneath appellation contracts, and seven of our eight rigs in Colombia are earning revenue, consistent in accepted appliance of 96%. The calm new-build conduct rig is accepted to activate operations in the aboriginal division of 2019.

Comments from our President and CEO 

“Our added division after-effects reflect solid top-line performance,” said Wm. Stacy Locke, President and Chief Executive Officer. “Despite connected able appeal for our services, we accomplished some higher-than-anticipated costs in all businesses during the quarter, which impacted our basal line.

“Our calm conduct operations delivered accession able division of after-effects with appliance of 100% and a allowance per day of $9,550. College adjustment and aliment costs, abundantly attributable to the timing of anniversary inspections and re-certifications of rig masts, substructures and mud pumps, depressed allowance per day about to the aboriginal quarter. Our 16 calm conduct rigs performed absolute able-bodied during the division acceptance us to renew several affairs at college dayrates and for best appellation arrangement durations. In addition, we accomplished a three-year appellation arrangement with an absolute applicant for a new-build conduct rig. This new-build will crave an incremental advance of about $10 actor to complete and will advance ample accessories ahead ordered in 2014. We apprehend the rig to activate operations in the Permian in the aboriginal division of 2019.

“Similarly, our seven operating rigs in Colombia performed able-bodied during the quarter; however, two of the rigs accomplished hasty contest that abnormally impacted our margins. One rig had two connected mobilizations during the division that resulted in beneath than 30 canicule of abounding dayrate revenues, and accession rig was placed on standby for a allocation of June. The angle for Colombia is ablaze and we apprehend margins to gradually advance in approaching quarters.

“In assembly services, appeal for our onshore casework added sequentially and charcoal stable. Our cardinal focus continues to be on the key shale ambit in the U.S.; therefore, in June, we exited the wireline and coiled tubing adopted markets due to bargain activity, and began redeploying and divesting of assertive assets. We captivated some added costs associated with this cardinal accommodation in the added quarter.

“Both wireline and able-bodied casework performed able-bodied in the quarter. Appeal connected to abate for baby bore braid services; however, appeal for ample bore braid is robust. We took commitment of a new 2 3/8” coiled tubing assemblage in July and this assemblage anon went to work. We accept an added ample bore coiled tubing assemblage appointed for commitment in the fourth division of 2018.

“Lateral lengths are accretion in all shale plays in the U.S. active added appeal for ample bore braid and greater pumping capacities. Some operators are preferring to accomplish assignment outs with a able-bodied application rig rather than a coiled tubing unit. These operators additionally crave beyond pump capacities and added accessory equipment. We are accession Pioneer to be a baton in this ever-changing marketplace.

“While we accept accomplished some near-term action balance in wireline and coiled tubing, it is not accompanying to benevolence in the Permian due to takeaway accommodation limitations. Several of our key audience in added markets in the U.S. are briefly delayed due to contest such as alteration out frac providers, acceptance issues, and actuality bent up on their excess of fractional wells, but we are optimistic that action will admission in the fall. The all-inclusive majority of Pioneer’s acknowledgment to the Permian is in acreage arrangement conduct with eight rigs which are absolutely apprenticed through 2018 and abundant of 2019. While we accept bound acknowledgment to the Permian on the assembly casework ancillary of our business, we are currently evaluating new, higher-margin opportunities that we see developing there,” Mr. Locke said.

Third Division 2018 Guidance

In the third division of 2018, acquirement from our assembly casework business segments is estimated to be bottomward 3% to 5% as compared to the added division of 2018. Allowance from our assembly casework business is estimated to be 23% to 25% of revenue. Calm conduct casework rig appliance is accepted to be 100% and accomplish boilerplate margins per day of about $9,700 to $10,200. International conduct casework rig appliance is estimated to boilerplate 85% to 87% and accomplish boilerplate margins per day of about $8,000 to $9,000.

Liquidity

Working basic at June 30, 2018 was $116.9 million, bottomward from $130.6 actor at December 31, 2017. Banknote and banknote equivalents, including belted cash, were $63.5 million, bottomward from $75.6 actor at anniversary 2017. In the aboriginal bisected of 2018, we acclimated $31.5 actor of banknote for the acquirement of acreage and equipment, and our banknote provided by operations was $17.1 million.

Capital Expenditures

Cash basic expenditures during the six months concluded June 30, 2018 were $31.5 million, including capitalized interest. We appraisal absolute banknote basic expenditures for 2018 to be about $65 actor to $70 million, which includes $23 actor for two large-diameter coiled tubing units, one of which was delivered in aboriginal July, three wireline units, two of which were delivered in January, high-pressure pump bales for achievement operations, and the architecture of the new-build conduct rig accepted to be completed in 2019.

Conference Call

Pioneer Energy Services’ administration aggregation will authority a appointment alarm today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to altercate these results. To participate, punch (412) 902-0003 about 10 account above-mentioned to the alarm and ask for the Pioneer Energy Casework appointment call. A blast epitomize will be attainable afterwards the alarm until August 7th. To admission the replay, punch (201) 612-7415 and admission the canyon cipher 13681398.

The appointment alarm will additionally be webcast on the Internet and attainable from Pioneer Energy Services’ web armpit at www.pioneeres.com. To accept to the alive call, appointment our web armpit at atomic 10 account aboriginal to annals and download any all-important audio software. For added information, amuse acquaintance Donna Washburn at Dennard Lascar Investor Relations at (713) 529-6600 or e-mail [email protected]

About Pioneer

Pioneer Energy Casework provides able-bodied servicing, wireline, and coiled tubing casework to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three assembly casework business segments. Pioneer additionally provides arrangement acreage conduct casework to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two conduct casework business segments.

Cautionary Statement Regarding Forward-Looking Statements,Non-GAAP Banking Measures and Reconciliations

Statements we accomplish in this account absolution that accurate a belief, apprehension or intention, as able-bodied as those that are not absolute fact, are advanced statements fabricated in acceptable acceptance that are accountable to risks, uncertainties and assumptions. Our absolute results, achievement or achievements, or industry results, could alter materially from those we accurate in the afterward altercation as a aftereffect of a array of factors, including accepted bread-and-er and business altitude and industry trends, levels and animation of oil and gas prices, the connected appeal for conduct casework or assembly casework in the geographic areas area we operate, decisions about analysis and development projects to be fabricated by oil and gas analysis and assembly companies, the awful aggressive attributes of our business, abstruse advancements and trends in our industry and improvements in our competitors’ equipment, the accident of one or added of our aloft audience or a abatement in their appeal for our services, approaching acquiescence with covenants beneath debt agreements, including our chief anchored appellation loan, our chief anchored revolving asset-based acclaim facility, and our chief notes, operating hazards inherent in our operations, the accumulation of bankable conduct rigs, able-bodied application rigs, coiled tubing units and wireline units aural the industry, the connected availability of new apparatus for conduct rigs, able-bodied application rigs, coiled tubing units and wireline units, the connected availability of able personnel, the success or abortion of our accretion strategy, including our adeptness to accounts acquisitions, administer advance and finer accommodate acquisitions, the political, economic, authoritative and added uncertainties encountered by our operations, and changes in, or our abortion or disability to accede with, authoritative regulations, including those apropos to the environment. We accept discussed abounding of these factors in added detail in our Anniversary Report on Form 10-K for the year concluded December 31, 2017, including beneath 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. Added capricious or alien factors could additionally accept absolute adverse furnishings on absolute after-effects of affairs that are the accountable of our advanced statements. All advanced statements allege alone as of the date on which they are fabricated and we undertake no obligation to about amend or alter any advanced statements whether as a aftereffect of new information, approaching contest or otherwise. We admonish our shareholders that they should (1) recognize that important factors not referred to aloft could affect the accurateness of our advanced statements and (2) use attention and accepted faculty back because our advanced statements.

This account absolution contains non-GAAP banking measures as authentic by SEC Regulation G. A adaptation of anniversary such admeasurement to its best anon commensurable U.S. Generally Accepted Accounting Principles (GAAP) banking measure, calm with an account of why administration believes that these non-GAAP banking measures accommodate advantageous advice to investors, is provided in the afterward tables.

__________________________

(1)

Adjusted net accident represents net accident as appear adapted to exclude impairments and the accompanying tax account and appraisal allowance adjustments on deferred tax assets. We accept that adapted net accident is a advantageous admeasurement to facilitate period-to-period comparisons of our amount operating achievement and to appraise our abiding banking achievement adjoin that of our peers, although it is not a admeasurement of banking achievement beneath GAAP. Adapted net accident may not be commensurable to added analogously blue-blooded measures appear by added companies. A adaptation of net accident as appear to adapted net accident is included in the tables to this account release.

(2)

Adjusted (diluted) EPS represents adapted net accident disconnected by the weighted-average cardinal of shares outstanding during the period, including the aftereffect of dilutive securities, if any. We accept that adapted (diluted) EPS is a advantageous admeasurement to facilitate period-to-period comparisons of our amount operating achievement and to appraise our abiding banking achievement adjoin that of our peers, although it is not a admeasurement of banking achievement beneath GAAP. Adapted (diluted) EPS may not be commensurable to added analogously blue-blooded measures appear by added companies. A adaptation of adulterated EPS as appear to adapted (diluted) EPS is included in the tables to this account release.

(3)

Adjusted EBITDA represents assets (loss) afore absorption expense, assets tax (expense) benefit, abrasion and amortization, impairment, and any accident on concealment of debt. Adapted EBITDA is a non-GAAP admeasurement that our administration uses to facilitate period-to-period comparisons of our amount operating achievement and to appraise our abiding banking achievement adjoin that of our peers. We accept that this admeasurement is advantageous to investors and analysts in acceptance for greater accuracy of our amount operating achievement and makes it easier to analyze our after-effects with those of added companies aural our industry. Adapted EBITDA should not be advised (a) in a of, or as a acting for, net assets (loss), (b) as an adumbration of banknote flows from operating activities or (c) as a admeasurement of liquidity. In addition, Adapted EBITDA does not represent funds attainable for arbitrary use. Adapted EBITDA may not be commensurable to added analogously blue-blooded measures appear by added companies.  A adaptation of net accident as appear to adapted EBITDA is included in the tables to this account release.

 

 – Banking Statements and Operating Advice Follow –

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except per allotment data)

(unaudited)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2018

2017

2018

2018

2017

Revenues

$

154,782

$

107,130

$

144,478

$

299,260

$

202,887

Costs and expenses:

Operating costs

114,197

79,059

102,766

216,963

151,787

Depreciation and amortization

23,287

24,740

23,747

47,034

49,732

General and administrative

24,829

16,112

19,194

44,023

33,856

Bad debt recovery, net of expense

(370)

(226)

(52)

(422)

(589)

Impairment

2,368

795

2,368

795

Gain on dispositions of acreage and equipment, net

(726)

(621)

(335)

(1,061)

(1,092)

Total costs and expenses

163,585

119,859

145,320

308,905

234,489

Loss from operations

(8,803)

(12,729)

(842)

(9,645)

(31,602)

Other assets (expense):

Interest expense, net of absorption capitalized

(9,642)

(6,418)

(9,513)

(19,155)

(12,477)

Other assets (expense), net

44

73

504

548

(71)

Total added expense, net

(9,598)

(6,345)

(9,009)

(18,607)

(12,548)

Loss afore assets taxes

(18,401)

(19,074)

(9,851)

(28,252)

(44,150)

Income tax (expense) benefit

249

(1,135)

(1,288)

(1,039)

(1,183)

Net loss

$

(18,152)

$

(20,209)

$

(11,139)

$

(29,291)

$

(45,333)

Loss per accepted share:

Basic

$

(0.23)

$

(0.26)

$

(0.14)

$

(0.38)

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$

(0.59)

Diluted

$

(0.23)

$

(0.26)

$

(0.14)

$

(0.38)

$

(0.59)

Weighted-average cardinal of shares outstanding:

Basic

77,944

77,377

77,606

77,776

77,225

Diluted

77,944

77,377

77,606

77,776

77,225

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

June 30,2018

December 31,2017

(unaudited)

(audited)

ASSETS

Current assets:

Cash and banknote equivalents

$

61,517

$

73,640

Restricted cash

2,000

2,008

Receivables, net of allowance for ambiguous accounts

126,826

113,005

Inventory

17,719

14,057

Assets captivated for sale

6,433

6,620

Prepaid costs and added accepted assets

6,710

6,229

Total accepted assets

221,205

215,559

Net acreage and equipment

533,277

549,623

Other noncurrent assets

2,562

1,687

Total assets

$

757,044

$

766,869

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

38,014

$

29,538

Deferred revenues

1,921

905

Accrued expenses

64,348

54,471

Total accepted liabilities

104,283

84,914

Long-term debt, beneath unamortized abatement and debt arising costs

463,072

461,665

Deferred assets taxes

3,429

3,151

Other noncurrent liabilities

3,569

7,043

Total liabilities

574,353

556,773

Total shareholders’ equity

182,691

210,096

Total liabilities and shareholders’ equity

$

757,044

$

766,869

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Condensed Consolidated Statements of Banknote Flows

(in thousands)

(unaudited)

Six months ended

June 30,

2018

2017

Cash flows from operating activities:

Net loss

$

(29,291)

$

(45,333)

Adjustments to accommodate net accident to net banknote provided by (used in) operating activities:

Depreciation and amortization

47,034

49,732

Allowance for ambiguous accounts, net of recoveries

(422)

(589)

Gain on dispositions of acreage and equipment, net

(1,061)

(1,092)

Stock-based advantage expense

2,356

2,335

Amortization of debt arising costs and discount

1,422

930

Impairment

2,368

795

Deferred assets taxes

273

768

Change in added noncurrent assets

(199)

299

Change in added noncurrent liabilities

(3,480)

(1,563)

Changes in accepted assets and liabilities

(1,875)

(22,579)

Net banknote provided by (used in) operating activities

17,125

(16,297)

Cash flows from advance activities:

Purchases of acreage and equipment

(31,485)

(40,032)

Proceeds from auction of acreage and equipment

2,225

7,748

Proceeds from allowance recoveries

541

3,119

Net banknote acclimated in advance activities

(28,719)

(29,165)

Cash flows from costs activities:

Debt repayments

(12,305)

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Proceeds from arising of debt

55,000

Proceeds from exercise of options

12

Purchase of treasury stock

(549)

(533)

Net banknote provided by (used in) costs activities

(537)

42,162

Net abatement in cash, banknote equivalents and belted cash

(12,131)

(3,300)

Beginning cash, banknote equivalents and belted cash

75,648

10,194

Ending cash, banknote equivalents and belted cash

$

63,517

$

6,894

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Operating After-effects by Segment

(in thousands)

(unaudited)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2018

2017

2018

2018

2017

Revenues:

Domestic drilling

$

35,634

$

30,473

$

35,926

$

71,560

$

58,818

International drilling

21,773

8,306

17,611

39,384

18,977

Drilling services

57,407

38,779

53,537

110,944

77,795

Well servicing

23,162

21,017

21,114

44,276

39,751

Wireline services

62,137

39,832

56,601

118,738

72,378

Coiled tubing services

12,076

7,502

13,226

25,302

12,963

Production services

97,375

68,351

90,941

188,316

125,092

Consolidated revenues

$

154,782

$

107,130

$

144,478

$

299,260

$

202,887

Operating costs:

Domestic drilling

$

21,749

$

20,380

$

20,898

$

42,647

$

39,889

International drilling

17,064

5,968

12,961

30,025

13,566

Drilling services

38,813

26,348

33,859

72,672

53,455

Well servicing

16,680

15,091

15,570

32,250

29,128

Wireline services

46,716

30,032

42,486

89,202

55,978

Coiled tubing services

11,988

7,588

10,851

22,839

13,226

Production services

75,384

52,711

68,907

144,291

98,332

Consolidated operating costs

$

114,197

$

79,059

$

102,766

$

216,963

$

151,787

Gross margin:

Domestic drilling

$

13,885

$

10,093

$

15,028

$

28,913

$

18,929

International drilling

4,709

2,338

4,650

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9,359

5,411

Drilling services

18,594

12,431

19,678

38,272

24,340

Well servicing

6,482

5,926

5,544

12,026

10,623

Wireline services

15,421

9,800

14,115

29,536

16,400

Coiled tubing services

88

(86)

2,375

2,463

(263)

Production services

21,991

15,640

22,034

44,025

26,760

Consolidated gross margin

$

40,585

$

28,071

$

41,712

$

82,297

$

51,100

Consolidated:

Net loss

$

(18,152)

$

(20,209)

$

(11,139)

$

(29,291)

$

(45,333)

Adjusted EBITDA (1)

$

16,896

$

12,879

$

23,409

$

40,305

$

18,854

(1)    Adapted EBITDA represents assets (loss) afore absorption expense, assets tax (expense) benefit, abrasion and amortization, impairment, and any accident on concealment of debt. Adapted EBITDA is a non-GAAP admeasurement that our administration uses to facilitate period-to-period comparisons of our amount operating achievement and to appraise our abiding banking achievement adjoin that of our peers. We accept that this admeasurement is advantageous to investors and analysts in acceptance for greater accuracy of our amount operating achievement and makes it easier to analyze our after-effects with those of added companies aural our industry. Adapted EBITDA should not be advised (a) in a of, or as a acting for, net assets (loss), (b) as an adumbration of banknote flows from operating activities or (c) as a admeasurement of liquidity. In addition, Adapted EBITDA does not represent funds attainable for arbitrary use. Adapted EBITDA may not be commensurable to added analogously blue-blooded measures appear by added companies.  A adaptation of net accident as appear to adapted EBITDA is included in the table on folio 13.

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Operating Statistics

(unaudited)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2018

2017

2018

2018

2017

Domestic drilling:

Average cardinal of conduct rigs

16

16

16

16

16

Utilization rate

100

%

92

%

100

%

100

%

89

%

Revenue days

1,454

1,345

1,440

2,894

2,580

Average revenues per day

$

24,508

$

22,657

$

24,949

$

24,727

$

22,798

Average operating costs per day

14,958

15,152

14,513

14,736

15,461

Average allowance per day

$

9,550

$

7,505

$

10,436

$

9,991

$

7,337

International drilling:

Average cardinal of conduct rigs

8

8

8

8

8

Utilization rate

85

%

36

%

76

%

81

%

40

%

Revenue days

621

262

550

1,171

582

Average revenues per day

$

35,061

$

31,702

$

32,020

$

33,633

$

32,607

Average operating costs per day

27,478

22,779

23,565

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25,640

23,309

Average allowance per day

$

7,583

$

8,923

$

8,455

$

7,993

$

9,298

Drilling casework business:

Average cardinal of conduct rigs

24

24

24

24

24

Utilization rate

95

%

74

%

92

%

94

%

73

%

Revenue days

2,075

1,607

1,990

4,065

3,162

Average revenues per day

$

27,666

$

24,131

$

26,903

$

27,292

$

24,603

Average operating costs per day

18,705

16,396

17,015

17,877

16,905

Average allowance per day

$

8,961

$

7,735

$

9,888

$

9,415

$

7,698

Well servicing:

Average cardinal of rigs

125

125

125

125

125

Utilization rate

49

%

47

%

47

%

48

%

45

%

Rig hours

42,871

40,880

40,774

83,645

78,589

Average acquirement per hour

$

540

$

514

$

518

$

529

$

506

Wireline services:

Average cardinal of units

108

114

110

108

114

Number of jobs

3,022

2,908

2,830

5,852

5,762

Average acquirement per job

$

20,562

$

13,697

$

20,000

$

20,290

$

12,561

Coiled tubing services:

Average cardinal of units

14

17

14

14

17

Revenue days

350

400

414

764

738

Average acquirement per day

$

34,503

$

18,755

$

31,947

$

33,118

$

17,565

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Reconciliation of Net Accident to Adapted EBITDA

and Consolidated Gross Margin

(in thousands)

(unaudited)

Three months ended

Six months ended

June 30,

March 31,

June 30,

2018

2017

2018

2018

2017

Net accident as reported

$

(18,152)

$

(20,209)

$

(11,139)

$

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Instructions for Form PDF – irs form 9645 download | irs form 9645 download

(29,291)

$

(45,333)

Depreciation and amortization

23,287

24,740

23,747

47,034

49,732

Impairment

2,368

795

2,368

795

Interest expense

9,642

6,418

9,513

19,155

12,477

Income tax amount (benefit)

(249)

1,135

1,288

1,039

1,183

Adjusted EBITDA(1)

16,896

12,879

23,409

40,305

18,854

General and administrative

24,829

16,112

19,194

44,023

33,856

Bad debt recovery, net of expense

(370)

(226)

(52)

(422)

(589)

Gain on dispositions of acreage and equipment, net

(726)

(621)

(335)

(1,061)

(1,092)

Other amount (income)

(44)

(73)

(504)

(548)

71

Consolidated gross margin

$

40,585

$

28,071

$

41,712

$

82,297

$

51,100

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Reconciliation of Net Assets (Loss) as Appear to Adapted Net Assets (Loss)

and Adulterated EPS as Appear to Adapted (Diluted) EPS

(in thousands, except per allotment data)

(unaudited)

Three months ended

June 30,

March 31,

2018

2017

2018

Net accident as reported

$

(18,152)

$

(20,209)

$

(11,139)

Impairment

2,368

795

Tax account accompanying to adjustments

(556)

(295)

Valuation allowance adjustments on deferred tax assets

1,501

3,492

4,190

Adjusted net loss(2)

$

(14,839)

$

(16,217)

$

(6,949)

Basic abounding boilerplate cardinal of shares outstanding, as reported

77,944

77,377

77,606

Effect of dilutive securities

Diluted abounding boilerplate cardinal of shares outstanding, as adjusted

77,944

77,377

77,606

Adjusted (diluted) EPS(3)

$

(0.19)

$

(0.21)

$

(0.09)

Diluted EPS as reported

$

(0.23)

$

(0.26)

$

(0.14)

(2)    Adapted net accident represents net accident as appear adapted to exclude impairments and the accompanying tax account and appraisal allowance adjustments on deferred tax assets. We accept that adapted net accident is a advantageous admeasurement to facilitate period-to-period comparisons of our amount operating achievement and to appraise our abiding banking achievement adjoin that of our peers, although it is not a admeasurement of banking achievement beneath GAAP. Adapted net accident may not be commensurable to added analogously blue-blooded measures appear by added companies. A adaptation of net accident as appear to adapted net accident is included in the table above.

(3)    Adapted (diluted) EPS represents adapted net accident disconnected by the weighted-average cardinal of shares outstanding during the period, including the aftereffect of dilutive securities, if any. We accept that adapted (diluted) EPS is a advantageous admeasurement to facilitate period-to-period comparisons of our amount operating achievement and to appraise our abiding banking achievement adjoin that of our peers, although it is not a admeasurement of banking achievement beneath GAAP. Adapted (diluted) EPS may not be commensurable to added analogously blue-blooded measures appear by added companies. A adaptation of adulterated EPS as appear to adapted (diluted) EPS is included in the table above.

 

PIONEER ENERGY SERVICES CORP. AND SUBSIDIARIES

Equipment Information

As of July 31, 2018

Multi-well, Pad-capable

Drilling Casework Business Segments:

AC rigs

SCR rigs

Total

Domestic drilling

16

16

International drilling

8

8

24

Production Casework Business Segments:

550 HP

600 HP

Total

Well application rigs, by application (HP) rating

113

12

125

Onshore

Offshore

Total

Wireline casework units

104

104

Coiled tubing casework units

9

2

11

 

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irs form 11 - Mira.startflyjobs
irs form 11 – Mira.startflyjobs | irs form 9645 download
irs form 11 - Mira.startflyjobs
irs form 11 – Mira.startflyjobs | irs form 9645 download

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