Pioneer Energy cuts 2015 capex by 21% to $195M-$215M

• Pioneer Energy Services (NYSE:PES) says in an investor presentation that it expects 2015 capital spending of $195M-$215M, down 21% from its original guidance of $250M-$270M.
• PES says it has received early termination notices for Q1 related to four rigs with termination payments expected to total ~$17M.
• Expects an additional seven rigs to go idle in the next month with another two rigs going idle by the end of Q1; these are primarily mechanical rigs drilling vertical wells in west Texas.