This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pioneer Drilling Company Q2 2010 Earnings Call Transcript

By the end of August, 35 of our 71 drilling rigs of 29% will have installed top drives and be working at 100% utilization. In addition 31 rigs will be operating under term contracts. 31 of the 46 active rigs today were operating at 65% utilization today so 31 of our 65 active rigs or 66% of the fleet are now protected with term contracts.

By the end of this month all rental top drives will have been released and 8 of the 35 rigs with top drives that have been upgraded are mechanical with average day rates in excess of 17,000 per day and 5 of those mechanical rigs are backed by term contracts as well.

When you termed our region and take a look at our progress, going first to the Marcellus we now have 7 rigs contracted in the Marcellus the seventh rig is finalizing preparations it will be mobilizing at the end of august all 7 of these rigs are our 60 series trailer mounted fast moving rigs they have been very well received up there operating at 100% utilization 100% of those rigs are under term contracts and by the time the seventh rig arrives there we will have 100% of the rigs with skidding systems which as we talked in prior calls is a great advantage both us and the operator that keeps more of these operating days on drilling at the day rate as opposed to more days and less cumbersome during particularly the winter months when you have weather situations so we are very pleased about that.

In Bakken we have got 8 rigs even our 2 shallow rigs are not utilized there so all 8 rigs most of the Bakken oriented rigs are our 50 series rigs which is the triple 750 hook load. We got one as a million down hook load mass rig. They are 100% utilized and they are 100% under term contracts so we are very pleased with the progress we have made there.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $126.44 0.00%
FB $87.28 0.00%
GOOG $523.40 0.00%
TSLA $280.02 0.00%
YHOO $39.38 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs