Pioneer Energy nets $4.8 million from rig sales; 2015 revenues expected to be down, says CEO

By Lisa Kerner

Charlotte, N.C., May 20 – Pioneer Energy Services Corp. sold four rigs in May for proceeds of $4.8 million.

The San Antonio-based drilling services company expects to end the year with a total of 40 rigs, according to president and chief executive officer William Stacy Locke.

Locke said the company’s balance sheet is in good shape. And while Pioneer “finally” broke more than $1 billion of revenues in 2014, Locke doesn’t expect the company to do the same this year.

The CEO made his comments during a presentation at the UBS Global Oil & Gas Conference in Austin, Texas, on Wednesday.

In 2014, Pioneer restructured its balance sheet, placing $300 million of 6 1/8% senior notes and redeeming $425 million of 9 7/8% senior notes, according to presentation materials.

Pioneer also extended and upsized its revolving credit facility capacity in 2014 to $350 million from $250 million.

Year-to-date in 2015, the company has paid down $45 million on its revolver, leaving a balance of $100 million on April 30.

At March 31, Pioneer had cash of about $36 million and total debt of $430 million.

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