Pioneer Energy Services Corp. reported unaudited consolidated financial results for the first quarter ended March 31, 2018. For the quarter, the company reported revenues of $144,478,000 compared to $95,757,000 a year ago. Loss from operations was $842,000 compared to $18,873,000 a year ago. Loss before income taxes was $9,851,000 compared to $25,076,000 a year ago. Net loss was $11,139,000 compared to $25,124,000 a year ago. Basic and diluted loss per share was $0.14 compared to $0.33 a year ago. Net cash provided by operating activities was $5,057,000 compared to net cash used in operating activities of $21,820,000 a year ago. Purchases of property and equipment were $11,657,000 compared to $24,683,000 a year ago. Adjusted EBITDA was $23,409,000 compared to $5,975,000 a year ago. Adjusted net loss was $6,949,000 compared to $15,370,000 a year ago. Adjusted diluted loss per share was $0.09 compared to $0.20 a year ago. Cash capital expenditures during the first quarter of 2018 were $11.7 million. EBITDA was increased 38% quarter-over-quarter led primarily by revenue growth and margin expansion in wireline services business, international drilling operations and domestic drilling operations.

In the second quarter of 2018, revenue from its production services business segments is estimated to be up approximately 7% to 10% as compared to the first quarter of 2018. Margin from production services business is estimated to be 25% to 27% of revenue. Domestic drilling services rig utilization is estimated to be 100% and generate average margins per day of approximately $10,000 to $10,500. International drilling services rig utilization is estimated to average 83% to 86%, and generate average margins per day of approximately $8,000 to $9,000. The company expects G&A expense to be $19.5 million to $20 million. Depreciation and amortization is expected to be approximately $23.5 million in the second quarter. Interest expense is expected to be about the same, $9.5 million, in the second quarter.

The company estimates total capital expenditures for 2018 to be approximately $60 million, which includes approximately $40 million for routine capital expenditures and $20 million for the purchase of two large-diameter coiled tubing units, remaining payments on three wireline units, two of which were delivered in January, and additional drilling and production services equipment. As the year progresses, the company will continue to evaluate additional discretionary spending provided that it can be funded by cash from operations or proceeds from sales of non-strategic assets.