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Pioneer Energy Services' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: PES

Also, please note that this conference call may contain references to non-GAAP measures. You’ll find a reconciliation to the GAAP measures in this mornings news release.

So, now I’d like to turn the call over to Stacy Locke, Pioneer Energy Services President and CEO.

Stacy Locke

Thank you, Anne, and good morning, everyone. Sorry for the brief delay. We were trying to get the webcast on our website working this morning since we have a new website and so we delayed this just a bit, and I’m not sure it’s even working yet but, anyway.

Joining me on the call this morning and sitting in for Red West, President of the Drilling Services segment, is Blaine David, our Senior Vice President of Operations. Blaine’s also in charge of our Colombian operation. Joe Eustace, President of the Production Services segment of the business, and Lorne Phillips, our Chief Financial Officer.

As most of you have seen by now, effective July 30 we’ve changed the name of the company to Pioneer Energy Services and we began trading under the ticker symbol PES. This is a culmination of a multi-year strategic plan. We now have all of our core businesses flying under the same name with the same brand look and feel, which we believe will strengthen the companies ability to cross sell the various services to each of the business clients from the different business line.

With respect to the second quarter, no real surprises from the revised guidance that we issued on June 25. Really the whole story in the second quarter was a coil tubing myth. Drilling was a little bit softer and it came in at the low end of our range that we provided in the original guidance, but both well service and wireline had record quarter in terms of revenue and EBITDA. In fact, Production Services as a whole, excluding coiled tubing, was up 7% in revenues. So it was a great quarter in all respects except for coiled tubing.

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