SAN ANTONIO, Aug. 5 /PRNewswire-FirstCall/ -- Pioneer Drilling
Company, Inc. (NYSE Amex: PDC) today reported financial and
operating results for the three and six months ended June 30, 2010. Some of the highlights
include:
- Drilling rig utilization increased to 58% in the second quarter
from 49% in the first quarter and is currently 65%
- Workover rig utilization increased to 74% in the second quarter
from 60% in the first quarter and is currently approximately
75%
- 27 drilling rigs, or 59% of our rigs currently working, are
operating under term drilling contracts
- 65% of our working drilling rigs and 66% of our workover rigs
are operating on wells that are targeting or producing oil
Second Quarter 2010 Results
Revenues for the second quarter were $117.0 million, compared with $86.0 million for the first quarter of 2010 ("the
prior quarter") and $69.1 million for
the second quarter of 2009 ("the year-earlier quarter"). The
increase in second quarter revenues as compared to the prior and
year-earlier quarters was primarily due to higher utilization rates
for our drilling rig, workover rig and wireline unit fleets.
Also, an increase in average revenue rates for both our
Drilling Services and Production Services divisions has contributed
to the increase in revenues in the second quarter as compared to
the prior quarter.
Net loss for the second quarter was $10.1
million, or $0.19 per share,
compared with a net loss for the prior quarter of $14.5 million, or $0.27 per share, and a net loss for the
year-earlier quarter of $6.3 million,
or $0.13 per share. The
sequential improvement was due to better operating performance,
partially offset by a $3.0 million
increase in interest expense in the second quarter due to the
issuance of $250 million of Senior
Notes on March 11, 2010.
Interest expense increased by $5.4
million in the second quarter as compared to the
year-earlier quarter. EBITDA(1) increased to $22.0 million in the second quarter, compared to
$9.2 million for the prior quarter
and $17.9 million for the
year-earlier quarter.
First Six Months of 2010 Results
Net loss for the six months ended June
30, 2010 was $24.7 million, or
$0.46 per share, compared with a net
loss of $5.6 million, or $0.11 per share, for the six months ended
June 30, 2009. Revenues for the first
six months of 2010 were $203.0
million, compared with $170.0
million for the prior year's first six months.
EBITDA(1) for the first six months of 2010 was $31.3 million, compared to $45.7 million for the comparable period in
2009.
Operating Results
Revenues for the Drilling Services Division were $76.1 million in the second quarter, a 36%
increase over revenues of $55.8
million in the prior quarter and a 66% increase from the
year-earlier quarter. During the second quarter, the
utilization rate for our drilling rig fleet averaged 58%, up from
49% in the prior quarter and 35% utilization in the year-earlier
quarter. As demand for drilling services continued to improve
in the second quarter, average drilling revenues per day increased
14% from the prior quarter and Drilling Services margin(2)
increased 48% to $4,648 per day,
versus $3,145 per day in the prior
quarter. In contrast, average revenues per day in the second
quarter were 1% lower when compared to the year-earlier quarter,
since many drilling rigs during 2009 were earning standby revenue
or operating under long-term contracts with historically high
revenue rates. As a result, Drilling Services margin(2)
decreased 40% in the second quarter when compared to the
year-earlier period.
Revenues for the Production Services Division were $40.9 million in the second quarter, a 36%
increase over revenues of $30.2
million in the prior quarter and a 75% increase from the
year-earlier quarter. Production Services margin(2) as a percentage
of revenue increased to 40% in the second quarter from 34% in the
prior quarter and 36% in the year-earlier quarter. Currently,
72 of Pioneer's 74 workover rigs have crews assigned and are
operating or being actively marketed, while the remaining two
workover rigs are idle with no crews assigned.
"During the second quarter we grew our revenue 36% by continuing
to improve utilization of our equipment at higher rates," said Wm.
Stacy Locke, President and CEO of
Pioneer Drilling. "Our strategy to upgrade and position our
equipment to be attractive to our customers working in the active
shale plays or on crude oil related projects has contributed to our
improving results. Operating margins were higher across the
board, with our Production Services Division contributing almost
half of the gross margin for the quarter. In addition to the
growing demand for our workover rigs, our wireline segment
continues to grow. We now have 79 wireline units, after
adding nine units in the second quarter and another four units so
far this quarter.
"We also continued to upgrade our drilling fleet by adding seven
topdrives in the second quarter, with another four added in the
third quarter, resulting in 49% of our fleet being equipped with
topdrives. These upgrades have positioned our fleet to be
highly competitive in the most active markets, particularly the
shale plays. We now have six drilling rigs operating in the
Marcellus Shale play with a seventh drilling rig scheduled for
September, 12 in the Eagle Ford Shale and eight in the Bakken
Shale. Currently, we have 28 electric drilling rigs and 18
mechanical drilling rigs working. By September, we expect to
have 35 drilling rigs with topdrives operating at 100% utilization
with 80% supported by term contracts. Included in these 35 drilling
rigs are eight mechanical rigs, of which five are supported by term
contracts," continued Locke.
"In Colombia, revenues and margins are increasing steadily.
In the second quarter, we installed a walking system on the
seventh of the eight drilling rigs working in Colombia and plan to complete the installation
of a walking system on the remaining drilling rig in October of
this year. With these upgrades almost complete, operating
margins in Colombia should
continue to rise during the second half of the year.
"In the third quarter of 2010, we expect drilling rig
utilization will average between 60% to 65% and Drilling Service
margin(2) to be between $5,500 and
$5,800 per day. In the Production Services division,
we expect revenues to increase 2% to 5%, and margin as a percentage
of revenue to be comparable to the second quarter," Locke said.
Liquidity
Working capital was $38.1 million
at June 30, 2010, down from
$90.3 million at December 31, 2009. Our cash and cash
equivalents were $17.3 million at the
end of the second quarter, down from $40.4
million at December 31, 2009,
primarily due to $63.8 million used
for purchases of property and equipment, partially offset by cash
provided by operations of $42.6
million during the first half of 2010. We currently
have $22.8 million outstanding under
our revolving credit facility and $9.2
million in committed letters of credit, which is unchanged
from the end of the first quarter.
Conference Call
Pioneer's management team will hold a conference call today at
10:00 a.m. Eastern Time (9:00 a.m. Central Time), to discuss these
results. To participate in the call, dial 480-629-9819 at
least 10 minutes early and ask for the Pioneer Drilling conference
call. A replay will be available after the call ends and will
be accessible until August 12, 2010.
To access the replay, dial (303) 590-3030 and enter the pass
code 4329062#.
A broadcast of the conference call will also be available on the
Internet at Pioneer's Web site at www.pioneerdrlg.com. To
listen to the live call, visit Pioneer\'s Web site at least 10
minutes early to register and download any necessary audio
software. An archive will be available shortly after the
call. For more information, please contact Donna Washburn at DRG&E at (713) 529-6600 or
e-mail dmw@drg-e.com.
About Pioneer
Pioneer Drilling Company provides contract land drilling
services to independent and major oil and gas operators in
Texas, Louisiana, Oklahoma, Kansas, the Rocky Mountain and Appalachian
regions and internationally in Colombia through its Pioneer Drilling Services
Division. The Company also provides workover rig, wireline and
fishing and rental services to producers in the U.S. Gulf Coast,
Mid-Continent, Rocky Mountain and Appalachian regions through its
Pioneer Production Services Division. Its fleet consists of
71 land drilling rigs that drill at depths ranging from 6,000 to
25,000 feet, 74 workover rigs (69 550-horsepower rigs, four
600-horsepower rigs and one 400-horsepower rig), 79 wireline units,
and fishing and rental tools.
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 that are subject to risks,
uncertainties and assumptions. Our actual results, performance or
achievements, or industry results, could differ materially from
those we express in this news release 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;
decisions about onshore exploration and development projects to be
made by oil and gas producing companies; risks associated with
economic cycles and their impact on capital markets and liquidity;
the continued demand for the drilling services or production
services in the geographic areas where we operate; the highly
competitive nature of our business; our future financial
performance, including availability, terms and deployment of
capital; the supply of marketable drilling rigs, workover rigs and
wireline units within the industry; the continued availability of
drilling rig, workover rig and wireline unit components; the
continued availability of qualified personnel; the success or
failure of our acquisition strategy, including our ability to
finance acquisitions and manage growth; 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, 2009 and
our quarterly report on Form 10-Q for the quarterly period ended
March 31, 2010. These factors
are not necessarily all the important factors that could affect
us. Unpredictable or unknown factors we have not discussed in
this news release, or in our annual report on Form 10-K or our
quarterly reports on Form 10-Q 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)
be aware 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 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.
Contacts:
|
Lorne E.
Phillips, CFO
|
|
|
Pioneer Drilling
Company
|
|
|
210-828-7689
|
|
|
|
|
|
Lisa Elliott /
lelliott@drg-e.com
|
|
|
Anne Pearson /
apearson@drg-e.com
|
|
|
DRG&E /
713-529-6600
|
|
|
|
-------------------
(1) We
define EBITDA as earnings (loss) before interest income (expense),
taxes, depreciation, amortization and impairments. Although not
prescribed under GAAP, we believe the presentation of EBITDA is
relevant and useful because it helps our investors understand our
operating performance and makes it easier to compare our results
with those of other companies that have different financing,
capital or tax structures. EBITDA should not be considered in
isolation from or as a substitute for net income, as an indication
of operating performance or cash flows from operating activities or
as a measure of liquidity. A reconciliation of net earnings (loss)
to EBITDA is included in the tables to this press release. EBITDA,
as we calculate it, may not be comparable to EBITDA measures
reported by other companies. In addition, EBITDA does not represent
funds available for discretionary use.
|
|
(2) Drilling
Services margin represents contract drilling revenues less contract
drilling operating costs. Production Services margin
represents production services revenues less production services
operating costs. We believe that Drilling Services margin and
Production Services margin are useful measures for evaluating
financial performance, although they are not measures of financial
performance under GAAP. However, Drilling Services margin and
Production Services margin are common measures of operating
performance used by investors, financial analysts, rating agencies
and Pioneer management. A reconciliation of Drilling Services
margin and Production Services margin to net earnings (loss) is
included in the tables to this press release. Drilling
Services margin and Production Services margin as presented may not
be comparable to other similarly titled measures reported by other
companies.
|
|
|
- Financial Statements and
Operating Information Follow –
|
|
|
|
|
|
|
|
PIONEER DRILLING COMPANY AND
SUBSIDIARIES
|
|
Condensed Consolidated
Statements of Operations
|
|
(in thousands, except per share
data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months ended
|
|
|
June 30,
|
March 31,
|
|
June 30,
|
|
|
2010
|
2009
|
2010
|
|
2010
|
2009
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
Drilling services
|
$
76,096
|
$
45,720
|
$
55,817
|
|
$
131,913
|
$
117,086
|
|
Production services
|
40,931
|
23,400
|
30,204
|
|
71,135
|
52,874
|
|
Total revenue
|
117,027
|
69,120
|
86,021
|
|
203,048
|
169,960
|
|
|
|
|
|
|
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
Drilling services
|
58,549
|
28,437
|
45,903
|
|
104,452
|
72,565
|
|
Production services
|
24,527
|
14,906
|
19,965
|
|
44,492
|
33,622
|
|
Depreciation and
amortization
|
29,557
|
26,069
|
28,871
|
|
58,428
|
51,515
|
|
Selling, general and
administrative
|
12,257
|
8,951
|
11,473
|
|
23,730
|
18,978
|
|
Bad debt (recovery)
expense
|
(7)
|
30
|
(75)
|
|
(82)
|
(304)
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses
|
124,883
|
78,393
|
106,137
|
|
231,020
|
176,376
|
|
Loss from operations
|
(7,856)
|
(9,273)
|
(20,116)
|
|
(27,972)
|
(6,416)
|
|
|
|
|
|
|
|
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest expense
|
(7,121)
|
(1,728)
|
(4,094)
|
|
(11,215)
|
(3,716)
|
|
Interest income
|
22
|
55
|
20
|
|
42
|
139
|
|
Other
|
315
|
1,140
|
484
|
|
799
|
625
|
|
Total other (expense)
income
|
(6,784)
|
(533)
|
(3,590)
|
|
(10,374)
|
(2,952)
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(14,640)
|
(9,806)
|
(23,706)
|
|
(38,346)
|
(9,368)
|
|
Income tax benefit
|
4,498
|
3,547
|
9,159
|
|
13,657
|
3,727
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(10,142)
|
$
(6,259)
|
$
(14,547)
|
|
$
(24,689)
|
$
(5,641)
|
|
|
|
|
|
|
|
|
|
Loss per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
(0.19)
|
$
(0.13)
|
$
(0.27)
|
|
$
(0.46)
|
$
(0.11)
|
|
Diluted
|
$
(0.19)
|
$
(0.13)
|
$
(0.27)
|
|
$
(0.46)
|
$
(0.11)
|
|
|
|
|
|
|
|
|
|
Weighted average
number
|
|
|
|
|
|
|
|
of shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
53,781
|
49,826
|
53,717
|
|
53,750
|
49,825
|
|
Diluted
|
53,781
|
49,826
|
53,717
|
|
53,750
|
49,825
|
|
|
|
|
|
|
|
|
PIONEER DRILLING COMPANY AND
SUBSIDIARIES
|
|
Condensed Consolidated Balance
Sheets
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2010
|
December 31, 2009
|
|
ASSETS
|
(unaudited)
|
(audited)
|
|
Current assets:
|
|
|
|
Cash and cash
equivalents
|
$
17,348
|
$
40,379
|
|
Receivables, net of allowance
for doubtful accounts
|
87,522
|
81,467
|
|
Deferred income taxes
|
9,400
|
5,560
|
|
Inventory
|
7,832
|
5,535
|
|
Prepaid expenses and other
current assets
|
7,994
|
6,199
|
|
Total current assets
|
130,096
|
139,140
|
|
|
|
|
|
Net property and
equipment
|
664,218
|
637,022
|
|
Intangible assets, net of
amortization
|
24,269
|
25,393
|
|
Noncurrent deferred income
taxes
|
1,572
|
2,339
|
|
Other long-term
assets
|
27,345
|
21,061
|
|
Total assets
|
$
847,500
|
$
824,955
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
Current liabilities:
|
|
|
|
Accounts payable
|
$
45,303
|
$
15,324
|
|
Current portion of long-term
debt
|
1,897
|
4,041
|
|
Prepaid drilling
contracts
|
3,679
|
408
|
|
Accrued expenses
|
41,106
|
29,031
|
|
Total current
liabilities
|
91,985
|
48,804
|
|
Long-term debt, less current
portion
|
264,497
|
258,073
|
|
Other long term
liabilities
|
9,836
|
6,457
|
|
Deferred taxes
|
81,306
|
90,173
|
|
Total liabilities
|
447,624
|
403,507
|
|
Total shareholders'
equity
|
399,876
|
421,448
|
|
Total liabilities and
shareholders' equity
|
$
847,500
|
$
824,955
|
|
|
|
|
PIONEER DRILLING COMPANY AND
SUBSIDIARIES
|
|
Condensed Consolidated
Statements of Cash Flows
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Six months ended
|
|
|
|
June 30,
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
Net loss
|
|
$
(24,689)
|
|
$
(5,641)
|
|
Adjustments to reconcile net
loss to net cash
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
58,428
|
|
51,515
|
|
Allowance for doubtful
accounts
|
|
(54)
|
|
96
|
|
(Gain) loss on dispositions of
property and equipment
|
|
(716)
|
|
91
|
|
Stock-based compensation
expense
|
|
3,432
|
|
3,889
|
|
Amortization of debt issuance
costs
|
|
1,142
|
|
332
|
|
Deferred income taxes
|
|
(11,958)
|
|
3,414
|
|
Change in other
assets
|
|
(2,609)
|
|
575
|
|
Change in non-current
liabilities
|
|
3,375
|
|
(991)
|
|
Changes in current assets and
liabilities
|
|
16,217
|
|
27,397
|
|
Net cash provided by operating
activities
|
|
42,568
|
|
80,677
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
Acquisition of Tiger Wireline,
Inc.
|
|
(1,340)
|
|
-
|
|
Purchases of property and
equipment
|
|
(63,817)
|
|
(47,677)
|
|
Proceeds from sale of property
and equipment
|
|
1,003
|
|
261
|
|
Proceeds from insurance
recoveries
|
|
-
|
|
36
|
|
Net cash used in investing
activities
|
|
(64,154)
|
|
(47,380)
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
Debt repayments
|
|
(245,951)
|
|
(16,418)
|
|
Proceeds from issuance of
debt
|
|
249,375
|
|
-
|
|
Debt issuance costs
|
|
(4,795)
|
|
-
|
|
Proceeds from sale of common
stock
|
|
12
|
|
-
|
|
Purchase of treasury
stock
|
|
(86)
|
|
-
|
|
Net cash used in by financing
activities
|
|
(1,445)
|
|
(16,418)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
and cash equivalents
|
|
(23,031)
|
|
16,879
|
|
Beginning cash and cash
equivalents
|
|
40,379
|
|
26,821
|
|
Ending cash and cash
equivalents
|
|
$
17,348
|
|
$
43,700
|
|
|
|
|
|
|
PIONEER DRILLING COMPANY AND
SUBSIDIARIES
|
|
Operating
Statistics
|
|
(in thousands, except average
number of drilling rigs, utilization rate and revenue day
information)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months ended
|
|
|
|
|
June 30,
|
March 31,
|
|
June 30,
|
|
|
|
|
2010
|
2009
|
2010
|
|
2010
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
Drilling Services
Division:
|
|
|
|
|
|
|
|
Revenues
|
$
76,096
|
$
45,720
|
$
55,817
|
|
$
131,913
|
$
117,086
|
|
Operating costs
|
58,549
|
28,437
|
45,903
|
|
104,452
|
72,565
|
|
Drilling services margin
(1)
|
$
17,547
|
$
17,283
|
$
9,914
|
|
$
27,461
|
$
44,521
|
|
|
|
|
|
|
|
|
|
|
|
Average number of drilling
rigs
|
71.0
|
70.7
|
71.0
|
|
71.0
|
70.3
|
|
Utilization rate
|
58%
|
35%
|
49%
|
|
54%
|
44%
|
|
Revenue days
|
3,775
|
2,238
|
3,152
|
|
6,927
|
5,534
|
|
|
|
|
|
|
|
|
|
|
|
Average revenues per
day
|
$
20,158
|
$
20,429
|
$
17,708
|
|
$
19,043
|
$
21,158
|
|
Average operating costs per
day
|
15,510
|
12,706
|
14,563
|
|
15,079
|
13,113
|
|
|
|
|
|
|
|
|
|
|
|
Drilling services margin per day
(2)
|
$
4,648
|
$
7,723
|
$
3,145
|
|
$
3,964
|
$
8,045
|
|
|
|
|
|
|
|
|
|
|
|
Production Services
Division:
|
|
|
|
|
|
|
|
Revenues
|
$
40,931
|
$
23,400
|
$
30,204
|
|
$
71,135
|
$
52,874
|
|
Operating costs
|
24,527
|
14,906
|
19,965
|
|
44,492
|
33,622
|
|
Production services margin
(1)
|
$
16,404
|
$
8,494
|
$
10,239
|
|
$
26,643
|
$
19,252
|
|
|
|
|
|
|
|
|
|
|
|
Combined:
|
|
|
|
|
|
|
|
Revenues
|
$
117,027
|
$
69,120
|
$
86,021
|
|
$
203,048
|
$
169,960
|
|
Operating Costs
|
83,076
|
43,343
|
65,868
|
|
148,944
|
106,187
|
|
Combined margin
|
$
33,951
|
$
25,777
|
$
20,153
|
|
$
54,104
|
$
63,773
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA (3)
|
$
22,016
|
$
17,936
|
$
9,239
|
|
$
31,255
|
$
45,724
|
|
|
|
|
|
|
|
|
|
|
|
(1) Drilling services margin
represents contract drilling revenues less contract drilling
operating costs. Production services margin represents
production
services revenue less production
services operating costs. Pioneer believes that Drilling services
margin and Production services margin are useful
measures for evaluating
financial performance, although they are not measures of financial
performance under generally accepted accounting
principles.
However, Drilling services
margin and Production services margin are common measures of
operating performance used by investors, financial
analysts,
rating agencies and Pioneer’s
management. A reconciliation of Drilling services margin and
Production services margin to net earnings (loss) is
included
in the table below. Drilling
services margin and production services margin as presented may not
be comparable to other similarly titled measures
reported
by other companies.
(2) Drilling services margin per
revenue day represents the Drilling Services Division’s average
revenue per revenue day less average operating costs per
revenue day.
(3) We define EBITDA as earnings
(loss) before interest income (expense), taxes, depreciation,
amortization and impairments. Although not prescribed
under
GAAP, we believe the
presentation of EBITDA is relevant and useful because it helps our
investors understand our operating performance and makes it
easier
to compare our results with
those of other companies that have different financing, capital or
tax structures. EBITDA should not be considered in isolation
from
or as a substitute for net
earnings (loss) as an indication of operating performance or cash
flows from operating activities or as a measure of liquidity. A
reconciliation
of net earnings (loss) to EBITDA
is included in the table below. EBITDA, as we calculate it, may not
be comparable to EBITDA measures reported by other
companies.
In addition, EBITDA does not
represent funds available for discretionary use.
|
|
|
|
|
|
|
|
|
|
|
PIONEER DRILLING COMPANY AND
SUBSIDIARIES
|
|
Reconciliation of Combined
Drilling Services Margin and Production
|
|
Services Margin and EBITDA to
Net Loss
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Six months ended
|
|
|
|
|
June 30,
|
March 31,
|
|
June 30,
|
|
|
|
|
2010
|
2009
|
2010
|
|
2010
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined margin
|
$
33,951
|
$
25,777
|
$
20,153
|
|
$
54,104
|
$
63,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
(12,257)
|
(8,951)
|
(11,473)
|
|
(23,730)
|
(18,978)
|
|
|
|
Bad debt expense
(recoveries)
|
7
|
(30)
|
75
|
|
82
|
304
|
|
|
|
Other income
(expense)
|
315
|
1,140
|
484
|
|
799
|
625
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
22,016
|
17,936
|
9,239
|
|
31,255
|
45,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
(29,557)
|
(26,069)
|
(28,871)
|
|
(58,428)
|
(51,515)
|
|
|
|
Interest income (expense),
net
|
(7,099)
|
(1,673)
|
(4,074)
|
|
(11,173)
|
(3,577)
|
|
|
|
Income tax benefit
|
4,498
|
3,547
|
9,159
|
|
13,657
|
3,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
(10,142)
|
$
(6,259)
|
$
(14,547)
|
|
$
(24,689)
|
$
(5,641)
|
|
|
|
|
|
|
|
|
|
|
PIONEER DRILLING COMPANY AND
SUBSIDIARIES
|
|
Capital
Expenditures
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Budget
|
|
|
|
|
Three months
ended
|
|
Six months ended
|
|
Year Ending
|
|
|
|
|
June 30,
|
March 31,
|
|
June 30,
|
|
December 31,
|
|
|
|
|
2010
|
2009
|
2010
|
|
2010
|
2009
|
|
2010
|
|
Capital
expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drilling Services
Division:
|
|
|
|
|
|
|
|
|
|
|
|
Routine rigs
|
|
$
4,544
|
$
1,788
|
$
1,981
|
|
$
6,525
|
$
5,684
|
|
$
20,000
|
|
|
Discretionary
|
|
33,955
|
5,455
|
14,352
|
|
48,307
|
11,518
|
|
80,900
|
|
|
Tubulars
|
|
47
|
1,102
|
27
|
|
74
|
1,970
|
|
4,700
|
|
|
New-builds and
acquisitions
|
|
-
|
-
|
-
|
|
-
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Drilling Services
Division capital expenditures
|
|
38,546
|
8,345
|
16,360
|
|
54,906
|
19,172
|
|
105,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production Services
Division:
|
|
|
|
|
|
|
|
|
|
|
|
Routine
|
|
1,364
|
1,023
|
934
|
|
2,298
|
2,736
|
|
5,000
|
|
|
Discretionary
|
|
200
|
90
|
95
|
|
295
|
171
|
|
5,000
|
|
|
New-builds and
acquisitions
|
|
4,358
|
246
|
2,525
|
|
6,883
|
4,725
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Production Services
Division capital expenditures
|
|
5,922
|
1,359
|
3,554
|
|
9,476
|
7,632
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual and budgeted
capital expenditures
|
|
44,468
|
9,704
|
19,914
|
|
64,382
|
26,804
|
|
125,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Budgeted capital
expenditures approved in 2009 that
|
|
|
|
|
|
|
|
|
|
|
will be incurred in
2010
|
|
3,096
|
-
|
16,155
|
|
19,249
|
-
|
|
20,000
|
|
Budgeted capital
expenditures approved in 2008 that
|
|
|
|
|
|
|
|
|
|
|
will be incurred in
2009
|
|
-
|
8,778
|
-
|
|
-
|
18,416
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
47,564
|
$
18,482
|
$
36,069
|
|
$
83,631
|
$
45,220
|
|
$
145,600
|
|
|
|
|
|
|
|
|
|
|
|
|
PIONEER DRILLING COMPANY AND
SUBSIDIARIES
|
|
Drilling Rig, Workover Rig and
Wireline Unit Information
|
|
|
|
|
|
|
|
Rig Type
|
|
|
|
Mechanical
|
Electric
|
Total Rigs
|
|
Drilling Services
Division:
|
|
|
|
|
|
|
|
|
|
Drilling rig horsepower
ratings:
|
|
|
|
|
550 to 700
HP
|
6
|
-
|
6
|
|
750 to 950
HP
|
14
|
2
|
16
|
|
1000 HP
|
18
|
13
|
31
|
|
1200 to 2000
HP
|
3
|
15
|
18
|
|
Total
|
41
|
30
|
71
|
|
|
|
|
|
|
Drilling rig depth
ratings:
|
|
|
|
|
Less than 10,000
feet
|
7
|
2
|
9
|
|
10,000 to 13,900
feet
|
31
|
7
|
38
|
|
14,000 to 25,000
feet
|
3
|
21
|
24
|
|
Total
|
41
|
30
|
71
|
|
|
|
|
|
|
Production Services
Division:
|
|
|
|
|
|
|
|
|
|
Workover rig horsepower
ratings:
|
|
|
|
|
400 HP
|
|
|
1
|
|
550 HP
|
|
|
69
|
|
600 HP
|
|
|
4
|
|
Total
|
|
|
74
|
|
|
|
|
|
|
Wireline units
|
|
|
79
|
|
|
|
|
|
SOURCE Pioneer Drilling Company
Copyright g. 5 PR Newswire