Seeking Alpha

MissionIR's  Instablog

MissionIR
Send Message
We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to... More
My company:
MissionIR
My blog:
MissionIR Blog
  • Pioneer Drilling Company, Inc. (PDC) Reports Financial And Operational Update 0 comments
    Feb 21, 2012 5:42 PM | about stocks: PES

    Pioneer Drilling Company released an update on the company's recent financial activities and the operational status of its land rig fleet in the United States.

    Pioneer Drilling Company reported sales of $203.7 million in the fourth quarter of 2011. This represented 9% sequential growth over the previous quarter and 37% growth compared to the fourth quarter of 2010.

    Pioneer Drilling Company attributed the growth in sales to higher utilization of the company's land rig fleet and higher day rates on these units. The company also saw higher revenue in the Production Services segment due to higher pricing and the addition of additional equipment during the quarter.

    Pioneer Drilling Company reported that due to the recent acquisition of Go-Coil, a private oil services company, it is now offering coiled tubing services to its customers. The company owns ten units and estimates that this equipment will increase Adjusted EBITDA by $26 million to $29 million in 2012.

    Pioneer Drilling Company reported that 80% of the company's working rigs are operating under term contracts, and that 87% of this equipment is working in plays that produce crude oil and other liquid hydrocarbons.

    For more information on the company, go to www.pioneerdrlg.com

    Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html

    Stocks: PES
Back To MissionIR's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.