Caption
Close
Amount 600,000 bbl/day
Company Motiva Enterprises
Location Port Arthur, Texas
Amount 600,000 bbl/day
Company Motiva Enterprises
Location Port Arthur, Texas
San Antonio-based Pioneer Energy Services reported a loss of $36.1 million for the fourth quarter, falling short of analysts’ expectations.
Its quarterly results compared with a loss of $48.3 million during the same quarter the year before.
Pioneer Energy, which hasn’t turned a profit since late 2014, had an adjusted net loss of 34 cents per share, or $23.1 million, but was projected to report a loss of 31 cents per share for the three months ended Dec. 31, according to an average of 13 analysts polled by Thomson Financial Network.
It lost 75 cents per share during the fourth quarter of 2015.
Demand for the company’s services, which include drilling and well maintenance, fell alongside crude prices during an extended oil bust. As oil prices have improved over the last year, demand has been improving for Pioneer’s services, too.
It returned three rigs to service in Colombia late last year and sent one rig from the Bakken formation in North Dakota to West Texas’ Permian Basin. It also sold three drilling rigs for $11 million.
“We’ve worked diligently throughout the downturn to maintain a healthy balance sheet and remain in a strong position to fully participate in a recovery,” William Stacy Locke, CEO and president of Pioneer Energy Services, said in a news release. “Our customers are announcing larger capital spending programs in 2017 and demand for all of our four core services is increasing.”
Pioneer Energy provides land contract drilling and production services to oil companies.
The company’s stock hit a low last Jan. 20 of $1.06 — right about the same time the oil industry was reeling from the price of a barrel of oil falling as low as $26 per barrel, just a quarter of its June 2014 value.
Since then, the industry has been in recovery mode. Pioneer Energy’s stock has bounded back, too. On Thursday, it closed at $6.50 per share.
Pioneer Energy Services reported its financial results before the market opened. It will hold a conference call with analysts later this morning.
jhiller@express-news.net
Twitter: @Jennifer_Hiller
jhiller@express-news.net
Twitter: @Jennifer_Hiller
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