Pioneer Energy Services Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue was $126,287,000 against $71,481,000 a year ago. Loss from operations was $8,736,000 against $34,524,000 a year ago. Loss before income tax was $17,961,000 against $41,167,000 a year ago. Net loss was $12,558,000 against $36,081,000 a year ago. Basic and diluted loss per share was $0.16 against $0.53 a year ago. Adjusted EBITDA was $16,993,000 against $916,000 a year ago. Adjusted net loss was $11,091,000 against $23,092,000 a year ago. Adjusted diluted loss per share was $0.14 against $0.34 a year ago.

For the full year, the company reported revenue was $446,455,000 against $277,076,000 a year ago. Loss from operations was $51,230,000 against $113,448,000 a year ago. Loss before income tax was $79,321,000 against $139,123,000 a year ago. Net loss was $75,118,000 against $128,391,000 a year ago. Basic and diluted loss per share was $0.97 against $1.96 a year ago. Net cash used in operating activities was $5,817,000 against net cash generated from operating activities of $5,131,000 a year ago. Purchases of property and equipment were $63,277,000 against $32,381,000 a year ago. Adjusted EBITDA was $49,873,000 against $14,237,000 a year ago.

In the first quarter of 2018, revenue from production services business segments is estimated to be up approximately 10% to 15% as compared to the fourth quarter of 2017. Margin from production services business is estimated to be 24% to 26% of revenue in the first quarter. Domestic drilling services rig utilization in the first quarter is estimated to be 100% and generate average margins per day of approximately $9,400 to $9,700. International drilling services rig utilization is estimated to average 70% to 75%, and generate average margins per day of approximately $7,000 to $8,000. Interest expenses are expected to be approximately $9.5 million.

Total cash capital expenditures for 2018 to be approximately $55 million, which includes approximately $40 million of routine capital expenditures and $15 million of discretionary spending for the purchase of one large-diameter coiled tubing unit and remaining payments on three wireline units, two of which were delivered in January, and additional drilling and production services equipment.