Pioneer Energy Services LLC , the successor to Pioneer Energy Services Corp. and a wholly owned subsidiary of Patterson-UTI Energy Inc. , today announced the accelerated mandatory conversion of all outstanding principal amount of its 5.00% Convertible Senior Unsecured PIK Notes Due 2025 . The previously announced consummation of the acquisition by Patterson-UTI of PES on October 1, 2021 constituted a Share Exchange Event [...]
Pioneer Energy Service Corp. today announced that Wm. Stacy Locke has decided to step down as President, Chief Executive Officer, and as a director of the Company effective July 17, 2020. Mr. Locke has been President and Chief Executive Officer of the Company since December 2003 and has been associated with the Company in various leadership capacities for over 25 years. The Company expresses its deep appreciation for Mr [...]
Pioneer Energy Services Corp. announced today that it has emerged from Chapter 11 bankruptcy protection, successfully completing its debt restructuring process and implementing the Chapter 11 reorganization plan confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on May 11, 2020. In connection with the debt restructuring, Pioneer reduced total debt by approximately $267 million, from $475 million to [...]
Pioneer Energy Services today announced that its common stock has been suspended from trading on the OTCQX due to its voluntary filing for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court on March 1, 2020. Effective March 3, 2020, the Company's common stock began trading on the OTC Pink marketplace under the trading symbol "PESXQ". The transition to the OTC Pink marketplace will [...]
Pioneer Commences Financial Restructuring through Pre-Packaged Chapter 11 Process with $75 Million in Committed Financing and Approximately $200 Million in Additional Post-Emergence Financing Pioneer Operations Are Continuing Without Interruption and With No Expected Impact to Customers, Vendors or Employees Pioneer Energy Service Corp. announced today that the Company and certain of its subsidiaries have reached an [...]
SAN ANTONIO, Oct. 31, 2019 /PRNewswire/ -- Pioneer Energy Services today reported financial and operating results for the quarter ended September 30, 2019. Third quarter highlights include: Well servicing revenues increased 3% sequentially, and gross margin was 29.4%, up from 28.7% in the prior quarter. International drilling fleet was 71% utilized and generated an average margin of $11,080 per day, roughly flat with the [...]
Pioneer Energy Services today announced that it will release its third quarter 2019 financial results before the market opens on Thursday, October 31, 2019. In conjunction with the release, Pioneer has scheduled a conference call that will be broadcast live over the Internet the same day starting at 11:00 a.m. Eastern Time . Investors may participate in the call either by phone or audio webcast. By Phone: Dial [...]
OTC Markets Group Inc. , operator of financial markets for 10,000 U.S. and global securities, today announced Pioneer Energy Services Corp. , a provider of contract land drilling, well servicing, wireline, and coiled tubing services, has qualified to trade on the OTCQX® Best Market. Pioneer Energy Services Corp. previously traded on New York Stock Exchange. Pioneer Energy Services Corp. begins trading today on OTCQX [...]
Pioneer Energy Services today announced that it has been notified by the New York Stock Exchange that its common stock has been suspended from trading due to its "abnormally low" trading price levels. Pursuant to Section 802.01D of the NYSE Listed Company Manual, the NYSE has determined to commence proceedings to delist Pioneer's common stock. The Company anticipates that effective August 15, 2019, its common stock will [...]
Pioneer Energy Services today reported financial and operating results for the quarter ended June 30, 2019. Second quarter highlights include: International drilling fleet was 86% utilized and generated an average margin per day of $11,023. Well servicing revenues increased 12% sequentially, largely driven by a 10% increase in rig hours. Domestic drilling fleet was 95% utilized and generated an average margin per day of [...]
Pioneer Energy Services today announced that it will release its second quarter 2019 financial results before the market opens on Wednesday, July 31, 2019. In conjunction with the release, Pioneer has scheduled a conference call that will be broadcast live over the Internet the same day starting at 11:00 a.m. Eastern Time . Investors may participate in the call either by phone or audio webcast. By Phone: Dial [...]
Pioneer Energy Services Corp. today announced that Tamara Morytko has been appointed as a new independent director to Pioneer's Board of Directors. Ms. Morytko is an accomplished executive leader with significant experience in the aerospace industry, materials manufacturing sector and the oilfield services industry. Ms. Morytko serves as the Chief Operating Officer and Senior Vice President of Administration of Norsk [...]
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