SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 21, 2016
PIONEER ENERGY SERVICES CORP.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
(Commission File Number)
1250 NE Loop 410, Suite 1000
San Antonio, Texas
(Address of principal executive offices)
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 Wells Fargo West Coast Energy Conference on June 21, 2016. The slides provide an update on the Company's operations and certain recent developments, which among others, include the following:
Based on client feedback, activity is expected to increase in the third quarter of 2016
Quarter-to-date utilization through May is 41%; current utilization is 42% based on a total fleet of 31 rigs
All rigs in Colombia are currently idle; however, discussions about potential activity late in the year and into 2017 have increased
Quarter-to-date utilization through May is 39% as compared to 44% in the prior quarter
June month-to-date utilization is approximately 40% and 24-hour and weekend work are beginning to return to the market
Quarter-to-date utilization through May is 23% as compared to 24% in the prior quarter
Larger pipe work (2 3/8" and 2 5/8") is beginning to be discussed
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, 2015 which has been filed with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
99.1 Slides for Company presentations to be used from time to time.
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 CORP.
/s/ Lorne E. Phillips
Lorne E. Phillips
Executive Vice President and Chief Financial Officer
Dated: June 21, 2016