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Free Post Earnings Research Report: Pioneer's Revenues Soared 51%; Net Loss Narrowed

Stock Monitor: SandRidge Energy Post Earnings Reporting

LONDON, UK / ACCESSWIRE / June 5, 2018 / If you want access to our free earnings report on Pioneer Energy Services Corp. (NYSE: PES) ("Pioneer"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PES. The Company reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The oil and gas drilling and production Company outperformed top- and bottom-line expectations, and also provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for SandRidge Energy, Inc. (NYSE: SD), which also belongs to the Basic Materials sector as the Company Pioneer Energy Services. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pioneer Energy Services most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=PES

Earnings Highlights and Summary

For the first quarter of the fiscal year 2018, Pioneer's revenues were $144.5 million, up 51% from $95.8 million in Q1 2017. The Company's revenue numbers surpassed analysts' estimates of $136.0 million.

During Q1 2018, Pioneer reported a net loss of $11.1 million, or $0.14 loss per share, compared to a net loss of $25.1 million, or $0.33 loss per share, in Q1 2017. The Company's adjusted net loss was $6.9 million, or $0.09 loss per share, in the reported quarter compared to an adjusted net loss of $15.4 million, or $0.20 loss per share, in the prior year's same quarter, and were better than Wall Street's estimates for a loss of $0.13 per share.

Operating Results

During Q1 2018, Pioneer's revenues from production services business soared 60% to $90.9 million compared to $45.6 million in Q1 2017. The increase in revenues was driven by an increased demand and revenue rates for all of its businesses. The Company's gross margin as a percentage of revenue from its production services business was 24% in the reported quarter, up from 20% in the year earlier same quarter.

Pioneer's well servicing average revenue per hour was $518 in the reported quarter, up from $497 in the year earlier comparable quarter. Well servicing rig utilization was 47% in Q1 2018, up from 43% in Q1 2017. Pioneer's coiled tubing revenue days totaled 414 in the reported quarter compared to 338 in Q1 2017.

For Q1 2018, Pioneer's revenues from its drilling services business surged 37% to $53.5 million compared to $39.0 million in Q1 2017. The Company's domestic drilling services rig utilization was 100% in the reported quarter, up from 86% in the year earlier corresponding quarter.

Pioneer's domestic drilling average revenue per day was $24,949 in Q1 2018, up from $22,951 in Q1 2017. The Company's domestic drilling average margin per day was $10,436 in the reported quarter, up from $7,154 in the prior year's corresponding quarter, driven by increasing day rates and minimal operational downtime. Pioneer's international rig utilization was 76% in Q1 2018, up from 44% in Q1 2017. The Company's international drilling average revenue per day was $32,020 in Q1 2018, down from $33,347 in Q1 2017. Pioneer's international drilling average margin per day was $8,455 in Q1 2018, down from $9,603 in Q1 2017.

As of the day of the press release, all 16 of its domestic drilling rigs were earning revenues; 14 of which were under term contracts, and 7 of the Company's 8 rigs in Colombia were earning revenues, resulting in utilization of 96%.

Liquidity

Pioneer's working capital was $132.2 million at March 31, 2018, up from $130.6 million at December 31, 2017. The Company's cash and cash equivalents, including restricted cash, were $70.7 million, down from $75.6 million at the end of the fiscal year 2017. For Q1 2018, Pioneer used $11.7 million of cash for the purchase of property and equipment, while its cash provided by operations was $5.1 million.

During Q1 2018, Pioneer's cash capital expenditure was $11.7 million. The Company is estimating total cash capital expenditure to be approximately $60 million for 2018.

Outlook

For the second quarter of the fiscal year 2018, Pioneer is forecasting revenues from its production services business segments to be up approximately 7% to 10% compared to Q1 2018. The Company's margin from its production services business is estimated to be 25% to 27% of revenues for Q2 2018.

Pioneer is expecting domestic drilling services rig utilization to be 100% and generate average margins per day of approximately $10,000 to $10,500 in Q2 2018. The Company's international drilling services rig utilization is estimated to average 83% to 86%, and generate average margins per day of approximately $8,000 to $9,000 for the upcoming quarter.

Stock Performance Snapshot

June 04, 2018 - At Monday's closing bell, Pioneer Energy Services' stock declined 6.48%, ending the trading session at $5.05.

Volume traded for the day: 1.03 million shares, which was above the 3-month average volume of 701.38 thousand shares.

Stock performance in the last month – up 21.69%; previous three-month period – up 68.33%; past twelve-month period – up 106.12%; and year-to-date – up 65.57%

After yesterday's close, Pioneer Energy Services' market cap was at $400.16 million.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.

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