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Pioneer Energy Services Corp.  (PES)
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Pioneer Energy Services's

Competitiveness


 

PES Sales vs. its Competitors Q3 2019



Comparing the results to its competitors, Pioneer Energy Services reported Total Revenue decrease in the 3 quarter 2019 year on year by -1.96 %, despite revenue increase by most of its competitors of 0.25 %, recorded in the same quarter.

List of PES Competitors





Revenue Growth Comparisons




Net Income Comparison


Pioneer Energy Services Corp. recorded net loss , as well as most of its competitors.

<<  More on PES Income Comparisons


Pioneer Energy Services's Comment on Competitors and Industry Peers


We encounter substantial competition from other drilling contractors and other oilfield service companies. Our primary market areas are highly fragmented and competitive. The fact that drilling and production services equipment are mobile and can be moved from one market to another in response to market conditions heightens the competition in the industry and may result in an oversupply of equipment in an area. Contract drilling companies and other oilfield service companies compete primarily on a regional basis, and the intensity of competition may vary significantly from region to region at any particular time. If demand for drilling or production services improves in a region where we operate, our competitors might respond by moving in suitable rigs and production services equipment from other regions. An influx of equipment from other regions could rapidly intensify competition, reduce profitability and make any improvement in demand for our services short-lived.
Most drilling services contracts and production services contracts are awarded on the basis of competitive bids, which also results in price competition. In addition to pricing and equipment availability, we believe the following factors are also important to our clients in determining which drilling services or production services provider to select:

the type, capability and condition of each of the competing drilling rigs, well servicing rigs, wireline units and coiled tubing units;

the mobility and efficiency of the equipment;

the quality of service and experience of the crews;

the reputation and safety record of the company providing the services;

the offering of ancillary services; and

the ability to provide drilling and production services equipment adaptable to, and personnel familiar with, new technologies and drilling and production techniques.
While we must be competitive in our pricing, our competitive strategy generally emphasizes the quality of our equipment, our safety record, our ability to offer ancillary services, the experience of our crews and the quality of service we provide to differentiate us from our competitors. This strategy is less effective when lower demand for drilling and production services intensifies price competition and makes it more difficult for us to compete on the basis of factors other than price. In all of the markets in which we compete, an oversupply of drilling rigs or production services equipment generally causes greater price competition and reduced profitability.
We believe that an important competitive factor in establishing and maintaining long-term client relationships is having an experienced, skilled and well-trained work force. In recent years, many of our larger clients have placed increased emphasis on the safety performance and quality of the crews, equipment and services provided by their contractors. We have devoted, and will continue to devote, substantial resources toward employee safety and training programs. Although we believe clients consider all of these factors, price is generally the primary factor in determining which service provider is awarded the work. However, we believe that many clients are willing to pay a slight premium for the quality and safe, efficient service we provide.


The drilling contracts we compete for are usually awarded on the basis of competitive bids. Our principal drilling competitors are Helmerich & Payne, Inc., Precision Drilling Corporation, Patterson-UTI Energy, Inc. and Nabors Industries, Ltd.


The largest well servicing providers that we compete with are Key Energy Services, Basic Energy Services, C&J Energy Services, Superior Energy Services, Inc. and CC Forbes. As compared to the other large competitors in this industry, we believe our fleet is one of the youngest, most uniform fleets, which in addition to our safety performance and service quality, has historically allowed us to operate at utilization and hourly rates that are among the highest of our peers.


The wireline market in the United States is dominated by a small number of companies, including ourselves. These competitors include Allied-Horizontal Wireline Services, Renegade Services, C&J Energy Services, KLX Energy Services and Archer Ltd. Additional competitors include Schlumberger Ltd., Halliburton Company and other independents. The market for wireline services is very competitive, but historically we have competed effectively with our competitors because of the diversified services we provide, our performance and strong client service.


The market for coiled tubing has expanded within the oilfield services market over recent years due to technological advances which increased the number of applications for the coiled tubing unit, and the increase in deep well and horizontal drilling. Our primary competitors in the coiled tubing services market currently include C&J Energy Services, Superior Energy Services, Key Energy Services and RPC Inc.





  

Total Segment Market Share Q3 2019

despite revenue deterioration, Pioneer Energy Services inceased its market share in this segment.

company inceased its market share in this segment to approximate 5.84 %.



<<  More on PES Market Share.
 

*Market share is not actual measurement, only performance comparison of companies which report and operate within the same segment.


PES's vs. Competition, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)



COMPANY NAME TICKER MARKET CAP REVENUES INCOME EMPLOYEES
Pioneer Energy Services Corp. PES 12 587 -69 1,800
Patterson-uti Energy, Inc. PTEN 1,217 2,471 -426 3,600
Matson, Inc. MATX 1,576 2,245 93 1,056
Dover Corporation DOV 16,160 7,136 678 27,000
Rowan Companies Plc RDC 1,379 1,120 -50 4,051
Noble Corporation Plc NE 160 1,161 -953 6,000
Transocean ltd RIG 2,182 3,088 -1,257 0
Nabors Industries Ltd. NBR 630 3,111 -562 29,000
Cameron International Corp CAM 0 9,838 724 28,000
Baker Hughes, A Ge Company, Llc BHI 0 23,838 277 62,000
Halliburton Company HAL 16,672 22,408 -1,129 80,000
Loews Corp L 14,914 14,931 871 17,510
Diamond Offshore Drilling, Inc. DO 386 981 -357 5,200
Helmerich & Payne, inc. HP 4,314 2,673 -22 10,352
Schlumberger Limited SLB 40,665 32,917 -10,107 120,000
National Oilwell Varco Inc NOV 7,768 8,479 -6,093 63,642
Layne Christensen Co LAYN 326 479 -2 3,380
Klx Inc. KLXI 3,206 1,628 481 2,900
Newpark Resources, Inc. NR 279 820 -13 1,800
Oil States International, Inc OIS 512 1,017 -232 2,821
Superior Drilling Products, Inc. SDPI 16 18 -2 43
American Energy Group Ltd AEGG 1 0 -1 2
Barnwell Industries Inc BRN 7 14 -8 29
Independence Contract Drilling, Inc. ICD 35 221 -34 299
Roan Resources, Inc. LINE 0 414 71 1,500
Atwood Oceanics Inc ATW 606 1,866 161 938
Basic Energy Services, Inc. BAS 11 880 -156 4,100
Energy & Technology Corp. ENGT 0 3 0 93
Forbes Energy Services Ltd. FES 0 351 -62 843
Parker Drilling Co PKD 221 468 -200 2,199
Rignet, Inc. RNET 81 239 -68 503
Vantage Drilling International VDI 0 757 474 930
SUBTOTAL 113,337 146,160 -17,972 481,591


             
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