Pioneer Energy Services Corp. reported unaudited consolidated earnings and operating results for the first quarter ended March 31, 2013. For the quarter, the company has posted revenues of $229.7 million, up slightly from revenues of $227.9 million in the fourth quarter of 2012 and down slightly from revenues of $232.0 million for the first quarter of 2012. Revenues in the first quarter were positively impacted by fleet additions in both the Drilling Services and Production Services Segments but negatively impacted by normal seasonality in the Production Services Segment and lower domestic drilling utilization and dayrate adjustments. Net loss was $1.3 million, or $0.02 per basic and diluted share, compared with net income of $3.6 million, or $0.06 per basic and diluted share in the prior quarter and $14.2 million, or $0.23 per diluted share in the year-earlier quarter. Adjusted EBITDA was $55.9 million, down from $60.3 million in the prior quarter and from $70.1 million in the year-earlier quarter. Cash capital expenditures in the first quarter were $71.3 million, including capitalized interest. Income from operations was $10.44 million against $29.74 million a year ago. LBIT was $1.83 million against EBIT of $21.12 million a year ago. Net cash provided by operating activities was $17.15 million against $29.65 million a year ago. The company continues to estimate that total capital expenditures in 2013 to be between $140 million and $160 million. The 2013 capital expenditure budget includes funding for the completion of the new-build drilling rig program, upgrades to certain drilling rigs, additional Production Services equipment and routine capital expenditures. The company expects to fund this lower capital expenditure program from operating cash flow in excess of its working capital requirements, and plan to reduce debt levels. For the quarter, average drilling revenues per day in the first quarter were $24,925, compared to $23,967 in the prior quarter and $24,547 in the year-earlier quarter. The increase was primarily due to higher dayrates generated by new-build drilling rigs and increased utilization in Colombia, as Colombian operations have higher revenues per day than domestic drilling rigs. Drilling Services margin per day was $8,258 in the first quarter as compared to $8,103 in the prior quarter. Drilling Services margin per day in the first quarter was positively impacted by the higher margins generated by new-build rigs and Colombian drilling operations. In the second quarter of 2013, the company expects drilling rig utilization to average between 80% and 83% based on a fleet of 71 rigs and Drilling Services Segment margin to be approximately $7,600 to $7,900 per day.

Pioneer Energy Services Corp., Annual General Meeting, May 15, 2013., at 13:00 Central Standard Time. Location: Petroleum Club of San Antonio, 7th Floor of the Energy Plaza Building. Agenda: To consider and elect John Michael Rauh by the board of directors, as a Class III director; to consider approve an amendment and restatement of the Pioneer Energy Services Corp. amended and restated 2007 incentive plan; to consider and conduct an advisory vote to approve the compensation of the named executive officers; to consider and ratify the appointment of KPMG LLP as independent registered public accounting firm for the fiscal year ending December 31, 2013; and to consider and transact any other business that may properly come before the annual meeting or any adjournment or postponement at the meeting.

Pioneer Energy Services Corp., Q1 2013 Earnings Call, Apr 30, 2013