Pioneer Energy Services Corp. Presents at 43rd Annual Scotia Howard Weil Energy Conference, Mar-23-2015 03:45 PM
Mar 19 15
Pioneer Energy Services Corp. Presents at 43rd Annual Scotia Howard Weil Energy Conference, Mar-23-2015 03:45 PM. Venue: Roosevelt New Orleans Hotel, 130 Roosevelt Way, New Orleans, Louisiana, United States. Speakers: William Stacy Locke, Chief Executive Officer, President and Executive Director.
Pioneer Energy Services Corp. Announces Executive Changes
Mar 5 15
On March 2, 2015, Joe Eustace ceased to serve as the Pioneer Energy Services Corp.'s Executive Vice President and President of Production Services. Mr. Eustace will remain employed by the company until April 30, 2015 to ensure an orderly transition of his responsibilities, as requested by the company. Eustace's responsibilities as President of Production Services were transitioned to Joe Freeman, Senior Vice President of Well Servicing, and Bill Bouziden, Senior Vice President of Wireline Services and Coiled Tubing Services. Freeman joined the company in 2008 as Vice President of Well Servicing and he was promoted to Senior Vice President in 2014. Previously, Mr. Freeman served as Vice President of the well servicing division of WEDGE Oil and Gas Services from 2005 to 2008, Gulf Coast Division Manager of Key Energy Services from 1998 to 2004, and independent entrepreneur and owner of JPF Well Service from 1987 to 1998, which was sold to Key Energy Services in 1998. Bouziden joined the company in 2009 as Division Manager for the Gulf Coast region wireline services. In 2013, Mr. Bouziden was promoted to Vice President of Wireline Services and Coiled Tubing Services. In 2014, he was promoted to Senior Vice President of Wireline Services and Coiled Tubing Services.
Pioneer Energy Services Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Capital Expenditure Guidance for the Year 2015; Reports Impairment for the Fourth Quarter of 2014
Feb 17 15
Pioneer Energy Services Corp. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. Revenues for the fourth quarter of 2014 were $283.1 million, up 4% from revenues of $273.3 million in the third quarter of 2014 and up 19% from revenues of $238.2 million in the fourth quarter of 2013. The increase in revenues over the prior quarter was primarily due to higher utilization for operations in Colombia, which had all eight rigs working during the fourth quarter. Net loss for the fourth quarter was $47.6 million, or $0.75 per share, compared with net income of $12.5 million, or $0.19 per diluted share, in the prior quarter and a net loss of $2.5 million, or $0.04 per share, in the year-earlier quarter. Adjusted diluted EPS was $0.04 per diluted share for the fourth quarter, which excludes a $44.9 million after-tax impact of impairment charges, substantially all of which was recorded to reduce the carrying value of mechanical and lower horsepower electric drilling rigs to their estimated fair value, and a $5.6 million after-tax impact of loss on debt extinguishment. Fourth quarter results were also negatively impacted by foreign exchange losses that reduced net income by an additional $0.09 per diluted share. Adjusted diluted EPS for the third quarter of 2014 was $0.09 per diluted share, which excludes an after-tax gain of $6.6 million from the sale of fishing and rental services operations and $0.7 million of impairment charges. Fourth quarter Adjusted EBITDA was $66.0 million, down 16% from $78.1 million in the prior quarter, which included the $10.7 million pre-tax gain on the sale of F&R operations, and up 18% from $55.8 million in the year-earlier quarter. Cash capital expenditures in the fourth quarter were $54.6 million, including capitalized interest. Loss before income taxes was $67,771,000 against $3,248,000 a year ago.
For the year, total revenues were $1,055,223,000 against $960,186,000 a year ago. Income from operations was $23,984,000 against loss from operations of $6,229,000. Loss before income taxes was $49,322,000 against $55,778,000 a year ago. Net loss was $38,018,000 or $0.60 per basic and diluted share against $35,932,000 or $0.58 per basic and diluted share a year ago. Net cash provided by operating activities was $233,041,000 against $174,580,000 a year ago. Purchases of property and equipment were $175,378,000 against $165,356,000 a year ago. Adjusted EBITDA was $277,081,000 against $234,742,000 a year ago.
Total cash capital expenditure estimate for 2015 will be $165 million to $180 million.
The company reported total impairment charges of $72,347,000 in the fourth quarter of 2014.