Pioneer Energy Services (PES) Tops Q1 EPS by 3c

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Go back to Pioneer Energy Services (PES) Tops Q1 EPS by 3c

Pioneer Energy Services Reports First Quarter 2016 Results

April 29, 2016 6:00 AM EDT

SAN ANTONIO, April 29, 2016 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the quarter ended March 31, 2016.

Consolidated Financial Results

Revenues for the first quarter of 2016 were $75.0 million, down 28% from revenues of $104.5 million in the fourth quarter of 2015 ("the prior quarter") and down 61% from revenues of $193.8 million in the first quarter of 2015 ("the year-earlier quarter"). The decline from the year-earlier quarter was due to reduced activity and pricing as a result of lower demand for our services due to lower oil and... More