EX-99.1 2 dex991.htm SLIDES FOR COMPANY PRESENTATIONS TO BE USED FROM TIME TO TIME Slides for Company presentations to be used from time to time
Bank of America
Merrill Lynch 2009 Energy Conference
NOVEMBER 18, 2009
(NYSE AMEX: PDC)
www.pioneerdrlg.com
Exhibit 99.1

2
Forward-looking Statements
This presentation contains various forward-looking statements and information that are based on management’s
current expectations and assumptions about future events. Forward-looking statements are generally accompanied
by words such as “estimate,”
“project,”
“predict,”
“expect,”
“anticipate,”
“plan,”
“intend,”
“seek,”
“will,”
“should,”
“goal,”
and other words that convey the uncertainty of future events and outcomes. Forward-looking information
includes , among other matters, statements regarding the Company’s anticipated growth, quality of assets, rig
utilization rate, capital spending by oil and gas companies, production rates, the Company's growth strategy, and the
Company's international operations.  Although the Company believes that the expectations and assumptions
reflected
in
such
forward-looking
statements
are
reasonable,
it
can
give
no
assurance
that
such
expectations
and
assumptions
will
prove
to
have
been
correct.
Such
statements
are
subject
to
certain
risks,
uncertainties
and
assumptions, including, among others: general and regional economic conditions and industry trends; the
continued
strength
of
the
contract
land
drilling
industry
in
the
geographic
areas
where
the
Company
operates;
decisions about onshore exploration and development projects to be made by oil and gas companies; the highly
competitive nature of the contract land drilling business; the Company’s future financial performance, including
availability, terms and deployment of capital; the continued availability of qualified personnel; changes in
governmental regulations, including those relating to the environment; the political, economic and other
uncertainties encountered in the Company's international operations and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of which are beyond our control. Should one or more of
these risks, contingencies or uncertainties materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those expected.  Many of these factors have been discussed in more detail in the
Company's annual report on Form 10-K for the fiscal year ended December 31, 2008 and quarterly reports on Form
10Q
for
the
quarters
ended
September
30,
2009.
Unpredictable
or
unknown
factors
that
the
Company
has
not
discussed in this presentation or in its filings with the Securities and Exchange Commission could also have
material adverse effects on actual results of matters that are the subject of the forward-looking statements.  All
forward-looking
statements
speak
only
as
the
date
on
which
they
are
made
and
the
Company
undertakes
no
duty
to update or revise any forward-looking statements. We advise our shareholders to use caution and common sense
when considering our forward looking statements.

3
Pioneer Overview
Ticker Symbol
NYSE AMEX US: PDC
Market Cap (11/12/09)
$341 million
Stock Price (11/12/09)
$6.77
Average daily trading volume approximately 429,000 shares
Public float approximately 50 million shares
Employees
1,600
Headquarters
San Antonio, Texas

Diversified Energy Services Provider
4

5
Contribution by Segment
2008
(2)
$457
75%
$154
25%
September 2009
YTD
$165
68%
$79
32%
$187
72%
$74
28%
$57
66%
$29
34%
Revenue
($millions)
Gross Margin
(1)
($millions)
(1)   See page 27 for gross margin reconciliation.
(2)   Production Services’ results for 2008 relate to only 10 months of activity beginning March 1, 2008.

Geographic Overview
•
Drilling Services
•
71 high-quality drilling rigs
capable of drilling 6,000-
25,000 feet
•
Production Services
•
74 workover rigs, 61 wireline
units, $15 million of fishing &
rental tools
6
Colombia
Service Points
Drilling Services
Well Services
Wireline Services
Fishing & Rental
Services
PDC HQ

(1)
Source: Baker Hughes.
(2)
Source: Land Rig Newsletter.
Unconventional
Rig
Count
(2)
0
500
1,000
1,500
2,000
2,500
Onshore Drilling: Signs of Recovery
•
Rig
Count
has
increased
23%
since
it
bottomed
in
June
2009
(1)
•
While the unconventional rig count has increased 4.7% in the
last four weeks, the rig count in the Williston Basin, the
Haynesville and the Marcellus have increased 17%, 6% and
26%,
respectively
(2)
Historical BHI U.S. Rig Count
(1)
1
Historical
BHI
U.S.
Rig
Count
(1)
10/23/2009
4 Weeks
Ago
% Increase
2008 Peak
Barnett Shale
64
55
16%
181
Piceance Basin
22
23
-4%
88
Williston (Bakken)
49
42
17%
79
Greater Green River
32
31
3%
77
Woodford Shale
14
19
-26%
40
Fayetteville Shale
32
37
-14%
51
Uinta Basin
13
12
8%
45
DJ Basin
15
10
50%
22
San Juan Basin
5
17
-71%
23
Haynesville
90
85
6%
35
Marcellus
63
50
26%
20
Total
399
381
4.7%
661
7

8
Steady Financial Growth
$0
$100
$200
$300
$400
$500
$600
$700
2004
2005
2006
2007
2008
YTD
Q3
2009
Revenue
(1) 
2004 - 2009
(1)
Fiscal year end was changed from March 31 to December 31 effective on December 31, 2007; all data points reflect calendar year information
derived from 10K and 10Q filings.
(2)
See page 26 for EBITDA reconciliation.
$0
$50
$100
$150
$200
$250
2004
2005
2006
2007
2008
YTD
Q3
2009
EBITDA
(1)(2)
  2004 - 2009

9
Recent Developments
•
3 rigs activated in the Bakken Shale
•
3
rig
contracted for the Marcellus Shale
•
6
and 7
rigs (1500HP) being prepared for Latin America
•
Installed 5 top drives to drilling rigs in Q3
•
4 new Wireline offices
•
2 in Marcellus Shale (open hole and cased-hole)
•
1 in Haynesville Shale (cased-hole)
•
1 in South Louisiana (cased-hole onshore & offshore)
•
Well Services
•
4 idled rigs re-activated
•
Opened Fayetteville Shale division office
rd
th
th

10
Capitalization
(1):  Adjusted to reflect net proceeds of approximately $24MM related to common stock
offering on November 11, 2009 (3.8MM shares).  Proceeds are before a 15% over-allotment
option.
Capitalization
Actual
Adj.
Pro Forma
(1)
($Millions)
Cash and Cash Equivalents
53.3
$         
23.9
$         
77.3
$            
Debt:
Senior secured $325 million credit facility
257.5
$       
-
$             
257.5
$          
Subordinated notes payable and other
4.9
-
4.9
Total debt
262.4
$       
-
$             
262.4
$          
Total shareholders' equity
403.8
$       
23.9
$         
427.8
$          
Total capitalization
666.2
$       
690.1
$          
Debt to total capitalization ratio
39%
38%
At September 30, 2009
Capital Expenditures
Actuals
FY 2008
Actuals
3Q YTD 2009
Budget                
FY 2009
Routine
22.6
$             
12.8
$             
23.9
$         
Discretionary
125.5
32.4
80.2
Subtotals
148.1
45.2
104.1
FY 2008 Budget carryover
to be incurred in FY 2009
-
19.3
19.3
Totals
148.1
$           
64.5
$             
123.4
$      
($Millions)

11
Drilling Services Division

12
Efficient, Safe, High-Quality Assets
EFFICIENCY
•
Modern, well-maintained drilling fleet
•
31 newbuilds
(44%) since 2001 with majority
constructed from 2004 through 2006
•
42% of fleet is electric
•
18 top drives installed, 4 are integrated into the
mast (25% of fleet)
•
Over 65% have tier 1, 2, or 3 engines
•
Over 75% have rounded bottom mud tanks
•
Over 90% with matched horsepower mud
pumps
•
Over 50% with mobile or fast-pace subs
•
69% of fleet is 1000HP –
2000HP
SAFETY
•
Consistently beat the IADC average for
recordable incidents
•
Over 65% improvement in recordable
incidents since 2005
•
Iron roughnecks installed on 55% of
active U.S. drilling rigs to improve safety
and efficiency
•
Earned a score of 100% from Ecopetrol
for HSEQ audit in July 2009
•
We believe this was the first time such a score
has been earned by a service provider from
Ecopetrol

Well-Positioned in Active Plays
•
Our service points are within close proximity to active drilling
areas
13
Note:  6 cold-stacked rigs and 2 rigs being prepared for Latin America as of November 2009 not included on map.

Shale Plays Require Diverse Fleet
14
1000HP
Marcellus
1500HP
Eagle Ford (Down-dip)
1000HP
Eagle Ford (Up-dip)
1000HP
Barnett
1000HP
Woodford
1500HP
Haynesville
750HP
Fayetteville
1500HP
Bakken
Ideal HP Requirement
Shale Play

Market for Modern Conventional Rigs
•
84%
(1)
of land wells drilled in 2008 were
vertical holes
•
Top drives not required
•
Average well drilled in U.S. <10,000 ft
•
Majority of holes in next several years will be
vertical
•
Top drives not practical on 100% of fleet
15
(1)
Source:  Spears & Associates, Inc.

16
Strong Utilization Through the Cycles
•
Averaged 88% utilization through cycles since beginning of 2001
Source:  Helmerich
& Payne, Grey Wolf, Patterson-UTI, & Precision Drilling data consists of U.S. domestic utilization rates derived from Form 10-K, Form 10-Q reports, &  press releases.  Nabors
utilization rates for worldwide land fleet obtained from public documents and industry analysts.  Precision Drilling acquired Grey Wolf in December 2008.  Pioneer Drilling utilization rates include
Colombian operations beginning Q3 2007.
0%
20%
40%
60%
80%
100%
Pioneer
Helmerich & Payne
Grey Wolf
Patterson-UTI
Nabors
Precision

17
International Expansion
•
Colombia
•
Stable government
•
Pro-U.S., Pro-Energy
•
Strong E&P spending
•
Oil
•
Pursuing expansion into other
parts of Latin America
Pioneer Rig 301, National 110UE, diesel-electric,
1,500-HP rig operating outside the city of Neiva,
Colombia.

18
Production Services Division

Pure
Play
Land
Driller
Diversified
Services
Provider
•
Best in class businesses
•
Newest, premium workover
rig fleet (550HP class)
•
Custom-designed wireline
units/proprietary tools
•
Leadership position
•
Leading edge gross
margins
•
Highest workover utilization
•
Highest hourly workover
rate
19
Pioneer workover rig, a new National 5C, 550 HP
working outside the city of Bryan, Texas.

20
Consistent Growth
0
6
12
20
24
27
45
55
59
74
61
74
0
10
20
30
40
50
60
70
80
2004
2005
2006
2007
2008
3Q 2009
Wireline Units
Workover Rigs
Fishing & Rental Services Gross
Equipment and Tools Value
Wireline Units And
Workover Rigs
Information for the years 2004 to 2007 represents workover rig and wireline unit counts and fishing and rental tool inventory values when the Production
Services business was owned by WEDGE group.
$0.0
$2.8
$11.7
$15.5
$14.0
$14.6
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
2004
2005
2006
2007
2008
3Q 2009
Approx. Value of Equipment in Millions

21
Supplement

22
Experienced Management Team
•
Wm.
Stacy
Locke
-
President
and
Chief
Executive
Officer
Joined Pioneer as President in 1995
Seven years experience in investment banking, six years experience as exploration geologist
B.A.
in
Geology
from
the
University
of
California
Santa
Barbara,
MBA
in
Finance
from
Southern
Methodist
University
•
Lorne
E. Phillips –
Executive Vice President and Chief Financial Officer
Joined
Pioneer
in
February
2009,
after
ten
years
experience
with
Cameron
International
Corporation,
most
recently
as Vice President and Treasurer
International and multi-business unit experience, investment banking experience
B.A. from Rice University, MBA from Harvard Graduate School of Business
•
F.C. “Red”
West -
Executive Vice President and President of Drilling Service Division
45 years experience in the drilling services industry
Supervised the drilling of over 7,000 wells
•
Joe Eustace –
Executive Vice President and President of Production Services Division
Joined WEDGE in 2004 as President of WEDGE Oil and Gas Services
Served
as
Group
Vice
President
for
Key
Energy
Services
from
1998
–
2004
Served as VP of Operations for Dawson Production Services from 1982 until acquired by Key Energy Services in
1998
•
Carlos R. Peña –
Vice President, General Counsel, Secretary and Compliance Officer
Joined Pioneer in October 2008 and practicing law since 1992
Experience providing both outside corporate and securities counsel and in-house M&A counsel
B.A. from Princeton, law degree from the University of Texas at Austin

23
Experienced Management Team (Cont.)
Left to Right: Donald Lacombe, Senior Vice
President
of
Drilling
Services
Division
–
Marketing
and Red West, President of the Drilling Services
Division.
Left to Right: Joe Freeman, Vice President of Well
Services, Mark Gjovig, Vice President of Wireline
Services, Joe Eustace, President of the Production
Services Division, Randy Watson, Vice President of
Fishing and Rental Services.
Drilling Services Division
Production Services Division

Equity Offering Highlights
•
Issued 3.8MM shares of common stock to raise net
proceeds of approximately $24MM
•
Equity proceeds earmarked to modify drilling fleet to
meet customer demands
24

Bank Amendment Highlights
•
Maturity date moved from February 2013 to August 2012
•
Reduced total commitment from $400MM to $325MM
•
No term debt or scheduled amortization
•
Adequate relief from bank covenants
•
Senior
Debt
to
EBITDA
ratio
increased
from
2.50x
to
5.00x
for
1
half of 2010, decreasing 0.25x each quarter thereafter until
reaching 3.00x in Q2 2012
•
Interest coverage minimum ratio reduced from 3.0x to 2.0x for
2010 and 2011, returning to 3.0x in 2012
•
Increased flexibility to position assets outside of the U.S.
25
st

26
Reconciliation of EBITDA to Net Income
9 Months
Quarter
Ended
Ended
2004
2005
2006
2007
2008
Sep-09
Sep-09
EBITDA
31.7
90.3
176.6
144.5
214.8
60.9
15.2
Depreciation & Amortization
(20.6)
(30.8)
(47.6)
(63.6)
(88.1)
(78.5)
(27.0)
Net Interest
(1.9)
0.8
3.6
3.3
(11.8)
(5.4)
(1.8)
Impairment charges
-
-
-
-
(171.5)
-
-
Income Tax (Expense) Benefit
(3.4)
(22.1)
(47.7)
(27.3)
(6.1)
8.1
4.4
Net Income (Loss)
5.7
38.1
84.8
56.9
(62.7)
(14.8)
(9.2)
($Millions)
Calendar Year

27
Reconciliation of Gross Margin to Net Income
Drilling
Services
Production
Services
Total
Drilling
Services
Production
Services
Total
Drilling
Services
Production
Services
Total
Revenues
$456.9
$154.0
$610.9
$165.2
$79.2
$244.3
$48.1
$26.3
$74.4
Operating Expenses
269.8
80.1
349.9
107.9
50.3
158.1
35.3
16.6
52.0
Gross Margin
$187.0
$73.9
$260.9
$57.3
$28.9
$86.2
$12.8
$9.6
$22.4
Margin %
41%
48%
43%
35%
37%
35%
27%
37%
30%
Depreciation & amortization
$88.1
$78.5
$27.0
SG&A
44.8
27.9
8.9
Bad debt expense
0.4
(1.7)
(1.4)
Impairment of goodwill
118.6
-
-
Impairment of intangible assets
52.8
-
-
Total operating costs and expenses
654.8
262.8
86.4
(Loss) income from operations
($44.0)
($18.4)
($12.0)
Other (expense) income:
Interest expense
($13.1)
($5.6)
($1.8)
Interest income
1.3
0.2
0.0
Other
(0.9)
0.8
0.2
Total other expense
(12.7)
(4.5)
(1.6)
Income (loss) before income taxes
($56.7)
($23.0)
($13.6)
Income tax benefit (expense)
(6.1)
8.1
4.4
Net earnings (loss)
($62.7)
($14.8)
($9.2)
Fiscal Year Ended 12/31/2008
9 Months Ended, September 30, 2009
Quarter Ended, September 30, 2009
($millions)

28