Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - PIONEER ENERGY SERVICES CORP | slides23march2015.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 23, 2015
PIONEER ENERGY SERVICES CORP. |
(Exact name of registrant as specified in its charter) |
Texas | 1-8182 | 74-2088619 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1250 NE Loop 410, Suite 1000 San Antonio, Texas | 78209 |
(Address of principal executive offices) | (ZIP Code) |
Registrant's telephone number, including area code: (855) 884-0575 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
From time to time, senior management of Pioneer Energy Services (the “Company”) meets with groups of investors and business analysts. The slides attached to this report have been prepared in connection with management's participation in such meetings and participation in the Scotia Howard Weil 2015 Energy Conference on March 23, 2015. The slides provide an update on the Company's operations and certain recent developments, which among others, include the following:
• | Overall |
◦ | Due to impacts from greater than anticipated pricing concessions, a more rapid reduction in activity levels from lower operator spending, and adverse weather in certain operating locations, we now expect: |
• | Production service revenue to be down 28-33% relative to guidance of down 15-20% from the fourth quarter of 2014; and |
• | Production service gross margin percent to be 27%-29% relative to guidance of 29%-31%, down from 36.1% in the fourth quarter of 2014. |
• | Drilling |
◦ | February quarter-to-date utilization was 86% based on an average fleet of 49 rigs. |
◦ | Current utilization on March 23, 2015 is 76% based on a fleet of 38 rigs. |
• | Expect to end the first quarter of 2015 with 29 rigs in the US and 8 rigs in Colombia for a total of 37 rigs. |
• | Well Servicing |
◦ | February quarter-to-date utilization was 80%. |
• | Coiled Tubing |
◦ | February quarter-to-date utilization was 36%. |
The slides are included in Exhibit 99.1 to this report and are incorporated herein by reference. The slides are available on the Company's website at www.pioneeres.com.
Safe Harbor Statement
Statements contained in this report and Exhibit 99.1 to this report that state the Company's or its management's expectations and assumptions about future events are forward-looking statements intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. It is important to note that the Company's actual results could differ materially from those projected or assumed in such forward-looking statements. Factors that could affect those results include, among others, those mentioned in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2014 which has been filed with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Slides for Company presentations to be used from time to time.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PIONEER ENERGY SERVICES
By: /s/ Lorne E. Phillips
Lorne E. Phillips
Executive Vice President and Chief Financial Officer
Dated: March 23, 2015