Exhibit 99.1
FOR IMMEDIATE RELEASE | Contacts: | Lorne E. Phillips, CFO Pioneer Drilling Company 210-828-7689
Lisa Elliott /lelliott@drg-e.com Anne Pearson /apearson@drg-e.com DRG&E / 713-529-6600 | ||||
Pioneer Drilling Reports Second Quarter 2009 Results
SAN ANTONIO, Texas, August 6, 2009 – Pioneer Drilling Company, Inc. (NYSE Amex : PDC) today reported financial and operating results for the three months ended June 30, 2009.
Second Quarter 2009 Results
Net loss for the second quarter was $6.3 million, or $0.13 per share, compared with net income of $618,000, or $0.01 per diluted share for the three months ended March 31, 2009 (“the prior quarter”). Net income for the three months ended June 30, 2008 (“the year-earlier quarter”) was $19.1 million, or $0.38 per diluted share.
Revenues for the second quarter were $69.1 million, compared with $100.8 million for the prior quarter and $152.5 million for the year-earlier quarter. EBITDA(1) for the second quarter was $17.9 million, compared to $27.8 million for the prior quarter and $53.4 million for the year-earlier quarter.
First Six Months of 2009 Results
Net loss for the six months ended June 30, 2009 was $5.6 million, or $0.11 per share, compared with net income of $31.0 million, or $0.61 per diluted share for the six months ended June 30, 2008. Revenues for the first six months of 2009 were $170.0 million, compared with $265.9 million for the prior year’s first six months. EBITDA for the first six months of 2009 was $45.7 million, compared to $89.6 million for the comparable period in 2008.
Operating Results
Revenues for the Drilling Services Division were $45.7 million for the second quarter, a 36% decline from the prior quarter. During the second quarter, the utilization rate for our drilling rigs averaged 35%, down from 52% in the prior quarter and 90% in the year-earlier quarter. With the lower utilization rate, the number of revenue days dropped to 2,238, a 32% decline from the prior quarter. The Drilling Services margin(2) per day decreased $541, or 7%, to $7,723 in the second quarter as compared to the prior quarter.
Revenues for the Production Services Division declined 21% to $23.4 million for the second quarter, compared to $29.5 million in the prior quarter. Production Services margin(2) decreased 21% to $8.5 million, compared to $10.8 million in the prior quarter. Margin as a percentage of revenue remained steady from the prior quarter at 36%. Currently, 60 of Pioneer’s 74 workover rigs have crews assigned and are operating or being actively marketed, while the remaining 14 workover rigs are idle with no crews assigned.
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“As we anticipated, U.S. land rig counts and production services activity may have bottomed at the end of the second quarter, and while the market seems to be stabilizing, there are limited signs of improvement,” said Wm. Stacy Locke, President and CEO of Pioneer Drilling. “Certain regions of the country are showing signs of increasing activity, in part due to improving oil prices, but we believe improvement this year will be gradual and modest.
“During the second quarter, we established an Appalachian drilling division to focus on operations in the Marcellus Shale. We currently have one drilling rig operating in our Appalachian division, with a second rig expected to begin operating by late August 2009. In addition, we launched wireline operations in the Marcellus Shale play.
“Currently, we have 26 of our 71 drilling rigs, or 37%, earning revenue under drilling contracts,” continued Mr. Locke. “Four of these drilling rigs are earning revenue through early contract termination fees while the rigs are stacked. In Colombia, all five of our drilling rigs are under contract.
“We continue to focus on reducing costs where possible. Our selling, general and administrative expenses were reduced 11% to $9 million in the second quarter, and operating costs were reduced in conjunction with declining revenues in both our Drilling Services and Production Services divisions. These reductions enabled us to hold margin percentages steady when compared to the prior quarter. Also, we are closely monitoring liquidity and will continue to focus our capital expenditures primarily on routine expenditures that are required to maintain safe and efficient operations and discretionary expenditures that may be required to obtain new contracts,” Locke said.
Pioneer’s working capital was $70.0 million at June 30, 2009, up from $67.3 million at March 31, and our cash and cash equivalents were $43.7 million at the end of the second quarter, up $13.7 million from the prior quarter. For the year, cash and cash equivalents increased $16.9 million, primarily due to cash provided by operations of $80.7 million, offset by $47.7 million of property and equipment expenditures and $16.4 million of debt payments. We have $131.0 million of borrowing availability on our senior secured revolving credit facility, with $257.5 million due at maturity in February 2013.
Conference Call
Pioneer’s management team will hold a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time), to discuss these results. To participate in the call, dial 480-629-9645 at least 10 minutes early and ask for the Pioneer Drilling conference call. A replay will be available approximately two hours after the call ends and will be accessible until August 13. To access the replay, dial (303) 590-3030 and enter the pass code 4106201#.
The conference call will also be available on the Internet at Pioneer’s Web site atwww.pioneerdrlg.com. To listen to the live call, visit Pioneer’s Web site at least 10 minutes early to register and download any necessary audio software. An archive will be available shortly after the call. For more information, please contact Donna Washburn at DRG&E at (713) 529-6600 or e-maildmw@drg-e.com.
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About Pioneer
Pioneer Drilling Company provides contract land drilling services to independent and major oil and gas operators in Texas, Louisiana, Oklahoma, Kansas, the Rocky Mountain and Appalachian regions and internationally in Colombia through its Pioneer Drilling Services Division. The Company also provides workover rig, wireline and fishing and rental services to producers in the U.S. Gulf Coast, Mid-Continent, Rocky Mountain and Appalachian regions through its Pioneer Production Services Division. Its fleet consists of 71 land drilling rigs that drill at depths ranging from 6,000 to 25,000 feet, 74 workover rigs (sixty-nine 550 horsepower rigs, four 600 horsepower rigs and one 400 horsepower rig), 61 wireline units, and fishing and rental tools.
Cautionary Statement Regarding Forward-Looking Statements,
Non-GAAP Financial Measures and Reconciliations
Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements that are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements, or industry results, could differ materially from those we express in this news release as a result of a variety of factors, including general economic and business conditions and industry trends, risks associated with the current global economic crisis and its impact on capital markets and liquidity, the continued strength or weakness of the oil and gas production industry in the geographic areas in which we operate including the price of oil and natural gas in general, and the recent precipitous decline in prices in particular, and the impact of commodity prices and other factors upon future decisions about onshore exploration and development projects to be made by oil and gas companies and their ability to obtain necessary financing, the highly competitive nature of our business, difficulty in integrating the services of acquired companies, including the production services businesses of WEDGE, Competition, Paltec and Pettus in an efficient and effective manner, the availability, terms and deployment of capital, the availability of qualified personnel, changes in, or our failure or inability to comply with, government regulations, including those relating to the environment, the economic and business conditions of our international operations, challenges in achieving strategic objectives, and the risk that our markets do not evolve as anticipated. We have discussed many of these factors in more detail in our annual report on Form 10-K for the year ended December 31, 2008. These factors are not necessarily all the important factors that could affect us. Unpredictable or unknown factors we have not discussed in this news release, or in our annual report on Form 10-K could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as the date on which they are made and we undertake no duty to update or revise any forward-looking statements. We advise our shareholders that they should (1) be aware that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.
This news release contains non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.
(1) | We define EBITDA as earnings (loss) before interest income (expense), taxes, depreciation, amortization and impairments. Although not prescribed under GAAP, we believe the presentation of EBITDA is relevant and useful because it helps our investors understand our operating performance and makes it easier to compare our results with those of other companies that have different financing, capital or tax structures. EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from |
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operating activities or as a measure of liquidity. A reconciliation of net earnings (loss) to EBITDA is included in the tables to this press release. EBITDA, as we calculate it, may not be comparable to EBITDA measures reported by other companies. In addition, EBITDA does not represent funds available for discretionary use. |
(2) | Drilling Services margin represents contract drilling revenues less contract drilling operating costs. Production Services margin represents production services revenues less production services operating costs. We believe that Drilling Services margin and Production Services margin are useful measures for evaluating financial performance, although they are not measures of financial performance under GAAP. However, Drilling Services margin and Production Services margin are common measures of operating performance used by investors, financial analysts, rating agencies and Pioneer management. A reconciliation of Drilling Services margin and Production Services margin to net earnings (loss) is included in the tables to this press release. Drilling Services margin and Production Services margin as presented may not be comparable to other similarly titled measures reported by other companies. |
– Financial Statements and Information Follow –
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PIONEER DRILLING COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three months ended | Six months ended | |||||||||||||||||||
June 30, | March 31, | June 30, | ||||||||||||||||||
2009 | 2008 | 2009 | 2009 | 2008 | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Drilling services | $ | 45,720 | $ | 109,250 | $ | 71,366 | $ | 117,086 | 209,291 | |||||||||||
Production services | 23,400 | 43,297 | 29,474 | 52,874 | 56,653 | |||||||||||||||
Total revenue | 69,120 | 152,547 | 100,840 | 169,960 | 265,944 | |||||||||||||||
Costs and Expenses: | ||||||||||||||||||||
Drilling services | 28,437 | 64,277 | 44,128 | 72,565 | 127,774 | |||||||||||||||
Production services | 14,906 | 21,916 | 18,716 | 33,622 | 28,845 | |||||||||||||||
Depreciation and amortization | 26,069 | 20,580 | 25,446 | 51,515 | 37,699 | |||||||||||||||
Selling, general and administrative | 8,951 | 12,150 | 10,027 | 18,978 | 19,872 | |||||||||||||||
Bad debt (recovery) expense | 30 | (92 | ) | (334 | ) | (304 | ) | 43 | ||||||||||||
Total costs and expenses | 78,393 | 118,831 | 97,983 | 176,376 | 214,233 | |||||||||||||||
Income (loss) from operations | (9,273 | ) | 33,716 | 2,857 | (6,416 | ) | 51,711 | |||||||||||||
Other (expense) income: | ||||||||||||||||||||
Interest expense | (1,728 | ) | (4,265 | ) | (1,988 | ) | (3,716 | ) | (5,839 | ) | ||||||||||
Interest income | 55 | 205 | 84 | 139 | 790 | |||||||||||||||
Other | 1,140 | (930 | ) | (515 | ) | 625 | 162 | |||||||||||||
Total other (expense) income | (533 | ) | (4,990 | ) | (2,419 | ) | (2,952 | ) | (4,887 | ) | ||||||||||
Income (loss) before income taxes | (9,806 | ) | 28,726 | 438 | (9,368 | ) | 46,824 | |||||||||||||
Income tax benefit (expense) | 3,547 | (9,609 | ) | 180 | 3,727 | (15,859 | ) | |||||||||||||
Net earnings (loss) | $ | (6,259 | ) | $ | 19,117 | $ | 618 | $ | (5,641 | ) | $ | 30,965 | ||||||||
Earnings (loss) per common share: | ||||||||||||||||||||
Basic | $ | (0.13 | ) | $ | 0.38 | $ | 0.01 | $ | (0.11 | ) | $ | 0.62 | ||||||||
Diluted | $ | (0.13 | ) | $ | 0.38 | $ | 0.01 | $ | (0.11 | ) | $ | 0.61 | ||||||||
Weighted average number of shares outstanding: | ||||||||||||||||||||
Basic | 49,826 | 49,789 | 49,824 | 49,825 | 49,774 | |||||||||||||||
Diluted | 49,826 | 50,483 | 49,929 | 49,825 | 50,369 |
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PIONEER DRILLING COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands)
June 30, 2009 | December 31, 2008 | |||||
(unaudited) | (audited) | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 43,700 | $ | 26,821 | ||
Receivables, net of allowance for doubtful accounts | 73,071 | 99,423 | ||||
Deferred income taxes | 4,919 | 6,270 | ||||
Inventory | 4,649 | 3,874 | ||||
Prepaid expenses and other current assets | 4,194 | 8,902 | ||||
Total current assets | 130,533 | 145,290 | ||||
Net property and equipment | 623,975 | 627,562 | ||||
Intangible assets, net of amortization | 27,696 | 29,969 | ||||
Other long-term assets | 19,401 | 21,658 | ||||
Total assets | $ | 801,605 | $ | 824,479 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 12,215 | $ | 21,830 | ||
Current portion of long-term debt | 2,081 | 17,298 | ||||
Prepaid drilling contracts | — | 1,171 | ||||
Accrued expenses | 46,191 | 40,619 | ||||
Total current liabilities | 60,487 | 80,918 | ||||
Long-term debt, less current portion | 260,914 | 262,115 | ||||
Other long term liabilities | 6,135 | 6,413 | ||||
Deferred taxes | 62,507 | 60,915 | ||||
Total liabilities | 390,043 | 410,361 | ||||
Total shareholders’ equity | 411,562 | 414,118 | ||||
Total liabilities and shareholders’ equity | $ | 801,605 | $ | 824,479 | ||
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PIONEER DRILLING COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six months ended June 30, | ||||||||
2009 | 2008 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings (loss) | $ | (5,641 | ) | $ | 30,965 | |||
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 51,515 | 37,699 | ||||||
Allowance for doubtful accounts | 96 | 320 | ||||||
(Gain) loss on dispositions of property and equipment | 91 | (377 | ) | |||||
Stock-based compensation expense | 3,889 | 1,848 | ||||||
Deferred income taxes | 3,450 | 2,919 | ||||||
Change in other assets | 907 | 256 | ||||||
Change in non-current liabilities | (991 | ) | (168 | ) | ||||
Changes in current assets and liabilities | 27,397 | 1,964 | ||||||
Net cash provided by operating activities | 80,713 | 75,426 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of WEDGE | — | (313,610 | ) | |||||
Acquisition of Competition Wireline | — | (26,101 | ) | |||||
Purchases of property and equipment | (47,677 | ) | (58,936 | ) | ||||
Purchase of auction rate securities | — | (16,475 | ) | |||||
Proceeds from sale of property and equipment | 261 | 1,851 | ||||||
Proceeds from insurance recoveries | 36 | 2,301 | ||||||
Net cash used in investing activities | (47,380 | ) | (410,970 | ) | ||||
Cash flows from financing activities: | ||||||||
Debt repayments | (16,418 | ) | (32,170 | ) | ||||
Proceeds from issuance of debt | — | 311,500 | ||||||
Debt issuance costs | — | (3,323 | ) | |||||
Proceeds from sale of common stock | — | 653 | ||||||
Excess tax benefit (reductions) for stock option exercises | (36 | ) | 250 | |||||
Net cash used in by financing activities | (16,454 | ) | 276,910 | |||||
Net increase (decrease) in cash and cash equivalents | 16,879 | (58,634 | ) | |||||
Beginning cash and cash equivalents | 26,821 | 76,703 | ||||||
Ending cash and cash equivalents | $ | 43,700 | $ | 18,069 | ||||
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PIONEER DRILLING COMPANY AND SUBSIDIARIES
Operating Statistics
(in thousands)
(unaudited)
Three months ended | Six months ended | |||||||||||||||||||
June 30, | March 31, | June 30, | ||||||||||||||||||
2009 | 2008 | 2009 | 2009 | 2008 | ||||||||||||||||
Drilling Services Division: | ||||||||||||||||||||
Revenues | $ | 45,720 | $ | 109,250 | $ | 71,366 | $ | 117,086 | $ | 209,291 | ||||||||||
Operating costs | 28,437 | 64,277 | 44,128 | 72,565 | 127,774 | |||||||||||||||
Drilling services margin (1) | $ | 17,283 | $ | 44,973 | $ | 27,238 | $ | 44,521 | $ | 81,517 | ||||||||||
Average number of drilling rigs | 70.7 | 66.7 | 70.0 | 70.3 | 66.6 | |||||||||||||||
Utilization rate | 35 | % | 90 | % | 52 | % | 44 | % | 87 | % | ||||||||||
Revenue days | 2,238 | 5,475 | 3,296 | 5,534 | 10,511 | |||||||||||||||
Average revenues per day | $ | 20,429 | $ | 19,954 | $ | 21,652 | $ | 21,158 | $ | 19,912 | ||||||||||
Average operating costs per day | 12,706 | 11,740 | 13,388 | 13,113 | 12,156 | |||||||||||||||
Drilling services margin per day (2) | $ | 7,723 | $ | 8,214 | $ | 8,264 | $ | 8,045 | $ | 7,756 | ||||||||||
Production Services Division: | ||||||||||||||||||||
Revenues | $ | 23,400 | $ | 43,297 | $ | 29,474 | $ | 52,874 | $ | 56,653 | ||||||||||
Operating costs | 14,906 | 21,916 | 18,716 | 33,622 | 28,845 | |||||||||||||||
Production services margin (1) | $ | 8,494 | $ | 21,381 | $ | 10,758 | $ | 19,252 | $ | 27,808 | ||||||||||
Combined: | ||||||||||||||||||||
Revenues | $ | 69,120 | $ | 152,547 | $ | 100,840 | $ | 169,960 | $ | 265,944 | ||||||||||
Operating Costs | 43,343 | 86,193 | 62,844 | 106,187 | 156,619 | |||||||||||||||
Combined margin | $ | 25,777 | $ | 66,354 | $ | 37,996 | $ | 63,773 | $ | 109,325 | ||||||||||
EBITDA (3) | $ | 17,936 | $ | 53,366 | $ | 27,788 | $ | 45,724 | $ | 89,572 | ||||||||||
(1) | Drilling services margin represents contract drilling revenues less contract drilling operating costs. Production services margin represents production services revenue less production services operating costs. Pioneer believes that Drilling services margin and Production services margin are useful measures for evaluating financial performance, although they are not measures of financial performance under generally accepted accounting principles. However, Drilling services margin and Production services margin are common measures of operating performance used by investors, financial analysts, rating agencies and Pioneer’s management. A reconciliation of Drilling services margin and Production services margin to net earnings (loss) is included in the table below. Drilling services margin and production services margin as presented may not be comparable to other similarly titled measures reported by other companies. |
(2) | Drilling services margin per revenue day represents the Drilling Services Division’s average revenue per revenue day less average operating costs per revenue day. |
(3) | We define EBITDA as earnings (loss) before interest income (expense), taxes, depreciation, amortization and impairments. Although not prescribed under GAAP, we believe the presentation of EBITDA is relevant and useful because it helps our investors understand our operating performance and makes it easier to compare our results with those of other companies that have different financing, capital or tax structures. EBITDA should not be considered in isolation from or as a substitute for net earnings (loss) as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. A reconciliation of net earnings (loss) to EBITDA is included in the table below. EBITDA, as we calculate it, may not be comparable to EBITDA measures reported by other companies. In addition, EBITDA does not represent funds available for discretionary use. |
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PIONEER DRILLING COMPANY AND SUBSIDIARIES
Reconciliation of Combined Drilling Services Margin and Production
Services Margin and EBITDA to Net Earnings (Loss)
(in thousands)
(unaudited)
Three months ended | Six months ended | |||||||||||||||||||
June 30, | March 31, | June 30, | ||||||||||||||||||
2009 | 2008 | 2009 | 2009 | 2008 | ||||||||||||||||
Combined margin | $ | 25,777 | $ | 66,354 | $ | 37,996 | $ | 63,773 | $ | 109,325 | ||||||||||
General and administrative | (8,951 | ) | (12,150 | ) | (10,027 | ) | (18,978 | ) | (19,872 | ) | ||||||||||
Bad debt expense (recoveries) | (30 | ) | 92 | 334 | 304 | (43 | ) | |||||||||||||
Other income (expense) | 1,140 | (930 | ) | (515 | ) | 625 | 162 | |||||||||||||
EBITDA | 17,936 | 53,366 | 27,788 | 45,724 | 89,572 | |||||||||||||||
Depreciation and amortization | (26,069 | ) | (20,580 | ) | (25,446 | ) | (51,515 | ) | (37,699 | ) | ||||||||||
Interest income (expense), net | (1,673 | ) | (4,060 | ) | (1,904 | ) | (3,577 | ) | (5,049 | ) | ||||||||||
Income tax expense | 3,547 | (9,609 | ) | 180 | 3,727 | (15,859 | ) | |||||||||||||
Net earnings (loss) | $ | (6,259 | ) | $ | 19,117 | $ | 618 | $ | (5,641 | ) | $ | 30,965 | ||||||||
PIONEER DRILLING COMPANY AND SUBSIDIARIES
Capital Expenditures
(in thousands)
(unaudited)
Budget | ||||||||||||||||||
Three months ended | Six months ended | Year Ending | ||||||||||||||||
June 30, | March 31, | June 30, | December 31, | |||||||||||||||
2009 | 2008 | 2009 | 2009 | 2008 | 2009 | |||||||||||||
Capital expenditures: | ||||||||||||||||||
Drilling Services Division: | ||||||||||||||||||
Routine rigs | $ | 1,788 | $ | 3,814 | $ | 3,896 | $ | 5,684 | $ | 7,821 | $ | 13,100 | ||||||
Discretionary | 5,455 | 13,704 | 6,063 | 11,518 | 32,718 | 32,100 | ||||||||||||
Tubulars | 1,102 | 3 | 868 | 1,970 | 1,050 | 5,000 | ||||||||||||
New-builds and acquisitions | — | 1,087 | — | — | 1,833 | — | ||||||||||||
Total Drilling Services Division capital expenditures | 8,345 | 18,608 | 10,827 | 19,172 | 43,422 | 50,200 | ||||||||||||
Production Services Division: | ||||||||||||||||||
Routine | 1,023 | 835 | 1,713 | 2,736 | 943 | 5,800 | ||||||||||||
Discretionary | 90 | — | 81 | 171 | — | 2,200 | ||||||||||||
New-builds and acquisitions | 246 | 6,008 | 4,479 | 4,725 | 9,039 | 7,000 | ||||||||||||
Total Production Services Division capital expenditures | 1,359 | 6,843 | 6,273 | 7,632 | 9,982 | 15,000 | ||||||||||||
Actual and budgeted capital expenditures | 9,704 | 25,451 | 17,100 | 26,804 | 53,404 | 65,200 | ||||||||||||
Budgeted capital expenditures approved in 2008 that will be incurred in 2009 | 8,778 | — | 9,638 | 18,416 | — | 19,310 | ||||||||||||
$ | 18,482 | $ | 25,451 | $ | 26,738 | $ | 45,220 | $ | 53,404 | $ | 84,510 | |||||||
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PIONEER DRILLING COMPANY AND SUBSIDIARIES
Drilling Rig, Workover Rig and Wireline Unit Information
Rig Type | |||||||
Mechanical | Electric | Total Rigs | |||||
Drilling Services Division: | |||||||
Drilling rig horsepower ratings: | |||||||
550 to 700 HP | 6 | — | 6 | ||||
750 to 900 HP | 14 | 2 | 16 | ||||
1000 HP | 18 | 12 | 30 | ||||
1200 to 2000 HP | 3 | 16 | 19 | ||||
Total | 41 | 30 | 71 | ||||
Drilling rig depth ratings: | |||||||
Less than 10,000 feet | 8 | 2 | 10 | ||||
10,000 to 13,900 feet | 30 | 7 | 37 | ||||
14,000 to 25,000 feet | 3 | 21 | 24 | ||||
Total | 41 | 30 | 71 | ||||
Production Services Division: | |||||||
Workover rig horsepower ratings: | |||||||
400 HP | 1 | ||||||
550 HP | 69 | ||||||
600 HP | 4 | ||||||
Total | 74 | ||||||
Wireline units | 61 | ||||||
Fishing & Rental Tools Inventory | $ | 15 Million | |||||
# # #
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