Pioneer Energy Services Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Impairment for the Second Quarter Ended June 30, 2018; Provides Capital Expenditures Guidance for 2018; Provides Depreciation and Amortization Guidance for the Third Quarter of 2018
For the six months, the company reported revenues were $299,260,000 compared to $202,887,000 a year ago. Loss before income taxes was $28,252,000 compared to $44,150,000 a year ago. Loss from operations was $9,645,000 compared to $31,602,000 a year ago. Net loss was $29,291,000 or $0.38 per basic and diluted share compared to $45,333,000 or $0.59 per basic and diluted share a year ago. Net cash provided by operating activities was $17,125,000 compared to net cash used in operating activities $16,297,000 a year ago. Purchases of property and equipment were $31,485,000 compared to $40,032,000 a year ago. Adjusted EBITDA was $40,305,000 compared to $18,854,000 a year ago.
For the quarter, the company reported impairment of $2,368,000 against $795,000 a year ago.
The company estimates total cash capital expenditures for 2018 to be approximately $65 million to $70 million, which includes $23 million for two large-diameter coiled tubing units, one of which was delivered in early July, three wireline units, two of which were delivered in January, high-pressure pump packages for completion operations, and the construction of the new-build drilling rig expected to be completed in 2019.
The company expects depreciation and amortization to be flat in the third quarter. Interest expense is also expected to be flat in the third quarter.