Pioneer Energy Services (PES) Misses Q2 EPS by 9c, Revenues In-Line

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Go back to Pioneer Energy Services (PES) Misses Q2 EPS by 9c, Revenues In-Line

Pioneer Energy Services Reports Second Quarter 2018 Results

July 31, 2018 6:00 AM EDT

SAN ANTONIO, July 31, 2018 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the quarter ended June 30, 2018. Second quarter and recent notable items include:

Executed a three-year, new-build drilling contract for a 1,500-horsepower, AC pad-optimal rig at a premium to current spot market dayrates for operations in West Texas beginning in the first quarter of 2019. Revenues for our production services businesses increased 7% from the prior quarter and generated a gross margin of 23%. Domestic drilling services utilization was 100% during the quarter, with average margin... More