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Mon, May 16, 7:15 PM
- Drilling companies will be the last to recover among the oil and gas industry when the recovery eventually arrives, Moody's says.
- North American land-based drillers will be stressed through the end of next year as contracts, signed when demand for their services was higher, expire and as prices for their services remain depressed, according to the report.
- The ratings agency predicts that Parker Drilling (NYSE:PKD) and Pioneer Energy Services (NYSE:PES) could breach one of their existing financial covenants by the middle of next year.
- Moody's thinks the best-positioned companies through the ongoing rout are Helmerich and Payne (NYSE:HP) and Precision Drilling (NYSE:PDS), which have "the most high-quality rigs, which will be the first to re-enter the market when industry conditions improve sometime after 2017."
Fri, Apr. 29, 6:03 AM
Thu, Apr. 28, 5:30 PM| Thu, Apr. 28, 5:30 PM | 3 Comments
Tue, Apr. 5, 5:37 PM
Fri, Mar. 4, 3:28 PM
- Moody's downgrades five more oil and gas names, all with negative outlooks, but shares are unaffected amid a strong showing today in the energy sector:
- Helmerich & Payne (HP +5%) to Baa1, citing significantly decreasing cash flow resulting from the collapse in U.S. onshore drilling activity.
- Nabors Industries (NBR +0.6%) to Ba2, expecting high business and financial risks in a persistently weak global rig market, causing material degradation in credit metrics through 2017.
- Parker Drilling (PKD +0.1%) to B3, reflecting the challenging outlook for land drilling and rentals tools businesses in North America.
- Pioneer Energy Services (PES +16.5%) to Caa3, driven by the material deterioration in credit metrics through 2015 and expectations of continued deterioration through 2016.
- Precision Drilling (PDS +11.9%) to B2, reflecting lower cash flow and weak leverage resulting from the collapse in drilling activity.
Wed, Feb. 17, 6:01 AM
- Pioneer Energy Services (NYSE:PES): Q4 EPS of -$0.25 beats by $0.01.
- Revenue of $104.47M (-63.1% Y/Y) beats by $0.55M.
Tue, Feb. 16, 5:30 PM
Nov. 27, 2015, 12:37 PM
Oct. 29, 2015, 6:05 AM
- Pioneer Energy Services (NYSE:PES): Q3 EPS of -$0.25 misses by $0.01.
- Revenue of $107.5M (-60.7% Y/Y) misses by $1.39M.
Pioneer Energy Services Corp. provides contract land drilling and production services to independent and major oil and gas exploration and production companies. The company operates its business through two segments: Drilling Services and Production Services. The Drilling Services segment... More
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
Country: United States