PIONEER ENERGY SERVICES (PDC) saw its loss narrow to $36.08 million, or $0.53 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $48.30 million, or $0.75 a share. On the other hand, adjusted net loss for the quarter widened to $23.09 million, or $0.34 a share from a loss of $17.80 million or $0.28 a share, a year ago.
Revenue during the quarter plunged 31.58 percent to $71.48 million from $104.47 million in the previous year period. Gross margin for the quarter contracted 1257 basis points over the previous year period to 21.02 percent. Operating margin for the quarter stood at negative 48.30 percent as compared to a negative 62.49 percent for the previous year period.
Operating loss for the quarter was $34.52 million, compared with an operating loss of $65.29 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $0.92 million compared with $20 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1786 basis points in the quarter to 1.28 percent from 19.14 percent in the last year period.
"We've worked diligently throughout the downturn to maintain a healthy balance sheet and remain in a strong position to fully participate in a recovery," said Wm. Stacy Locke, president and chief executive officer of Pioneer Energy Services. "Our focus on managing costs and liquidity, monetizing non-strategic assets, accessing the capital markets when appropriate, and continuing to be a provider of choice enabled us to continue delevering while enhancing our fleets. As we enter 2017 with oil prices above $50 per barrel, our highly capable fleet of equipment and excellent service track record should lead to a better year ahead.
Operating cash flow drops significantlyPIONEER ENERGY SERVICES has generated cash of $5.13 million from operating activities during the year, down 96.40 percent or $137.59 million, when compared with the last year. The company has spent $24.77 million cash to meet investing activities during the year as against cash outgo of $101.66 million in the last year. It has incurred net capital expenditure of $24.80 million on net basis during the year, down 75.67 percent or $77.14 million from year ago.
Cash flow from financing activities was $15.67 million for the year as against cash outgo of $61.83 million in the last year period.
Cash and cash equivalents stood at $10.19 million as on Dec. 31, 2016, down 28.01 percent or $3.97 million from $14.16 million on Dec. 31, 2015.
Working capital increases
PIONEER ENERGY SERVICES has recorded an increase in the working capital over the last year. It stood at $47.99 million as at Dec. 31, 2016, up 6.12 percent or $2.77 million from $45.23 million on Dec. 31, 2015. Current ratio was at 1.73 as on Dec. 31, 2016, up from 1.65 on Dec. 31, 2015.
Debt comes downPIONEER ENERGY SERVICES has recorded a decline in total debt over the last one year. It stood at $339.47 million as on Dec. 31, 2016, down 12.33 percent or $47.74 million from $387.22 million on Dec. 31, 2015. PIONEER ENERGY SERVICES has recorded a decline in long-term debt over the last one year. It stood at $339.47 million as on Dec. 31, 2016, down 12.33 percent or $47.74 million from $387.22 million on Dec. 31, 2015. Total debt was 48.49 percent of total assets as on Dec. 31, 2016, compared with 46.67 percent on Dec. 31, 2015. Debt to equity ratio was at 1.21 as on Dec. 31, 2016, up from 1.13 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
