Pioneer Energy Services Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Provides Earnings Guidance for the Fourth Quarter and Full Year of 2018; Announces Impairment Changes for the Third Quarter 2018
For the year to date, the company reported, total revenues of $448,592,000, loss from operations of $5,307,000, loss before income taxes of $33,227,000, net loss of $34,524,000 or $0.44 per basic and diluted share compared to total revenues of $320,168,000, loss from operations of 42,494,000, loss before income taxes of $61,360,000, net loss of $62,560,000 or $0.81 per basic and diluted share a year ago. Net cash provided by operating activities was $21,490,000 against net cash used in operating activities of $11,262,000 a year ago. Purchases of property and equipment were $48,778,000 against $52,806,000 a year ago. Adjusted EBITDA was $68,881,000 compared to $32,880,000 a year ago.
In the fourth quarter of 2018, revenue from production services business segments is estimated to be flat to down 4% as compared to the third quarter of 2018. Margin from production services business is estimated to be 20% to 23% of revenue. Domestic drilling services rig utilization is expected to be 100% and generate average margins per day of approximately $9,700 to $10,200.
The company estimates total cash capital expenditures for 2018 to be approximately $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.
For the third quarter 2018, the company announced Impairment of $239,000.