Pioneer Energy misses by $0.01, beats on revs (2.00)
- Reports Q3 (Sep) loss of $(0.15) per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus of ($0.14); revenues rose 71.6% year/year to $117.3 mln vs the $114.8 mln Capital IQ Consensus.
- In Q4, Production Services Segment revenue is estimated to be up approximately 5% as compared to Q3. Production Services Segment margin is estimated to be 22% to 24% of revenues in Q4. Drilling rig utilization in Q4 is estimated to average 86% to 87%. Drilling Services Segment margin is expected to be approximately $8,700 to $9,000 per day in Q4.
- "With oil prices remaining steady at or above $50 per barrel, we are continuing to see a solid level of activity and improved results from both our Drilling and Production Services Segments...Our U.S. drilling fleet was fully utilized throughout the entire quarter, and we are focused on securing additional term contract coverage, which is now over 80% of our U.S. fleet."