SAN ANTONIO, Oct. 29, 2019 /PRNewswire/ -- Pioneer Energy Services (OTCQX: PESX) 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 (10:00 a.m. Central Time).  Investors may participate in the call either by phone or audio webcast.

For more information, please contact Donna Washburn at Dennard Lascar Investor Relations at dwashburn@dennardlascar.com or 713-529-6600.

About Pioneer
Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers primarily in Texas and the Mid-Continent and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia.

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SOURCE Pioneer Energy Services

SAN ANTONIO, Aug. 14, 2019 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today announced that it has been notified by the New York Stock Exchange (the "NYSE") 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 commence trading on OTCQX® under the trading symbol "PESX". The transition to the over-the-counter market will not affect Pioneer's business operations. The OTCQX is operated by the OTC Markets Group, Inc. Investors can find quotes for the Company's common stock on www.otcmarkets.com.

The Company expects to continue to make all required SEC filings and remain subject to SEC rules and regulations applicable to reporting companies under the Securities Exchange Act of 1934, as amended.

About Pioneer

Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the Texas Gulf Coast, West Texas and Rocky Mountain regions. Pioneer also provides contract land drilling services to oil and gas operators in Texas, Appalachia and Rocky Mountain regions and internationally in Colombia.

Cautionary Statement Regarding Forward-Looking Statements

Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. These forward-looking statements are based on our current beliefs, intentions, and expectations. These statements are not guarantees or indicative of future performance, and no assurance can be given regarding the possible timing for and ability to continue any trading of our common stock on the OTC Markets. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the foregoing discussion as a result of a variety of factors. We have discussed many of these factors in more detail in our Quarterly Report on Form 10-Q for the six-month period ended June 30, 2019 and Annual Report on Form 10-K for the year ended December 31, 2018, including under the headings "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I and "Risk Factors" in Item 1A. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.

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SOURCE Pioneer Energy Services

SAN ANTONIO, July 31, 2019 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) 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 $10,131.
• Cash and cash equivalents increased $3.3 million to $31.1 million sequentially.

Consolidated Financial Results

Revenues for the second quarter of 2019 were $152.8 million, up 4% from revenues of $146.6 million in the first quarter of 2019 ("the prior quarter"). Net loss for the second quarter of 2019 was $12.9 million, or $0.17 per share, compared with net loss of $15.1 million, or $0.19 per share, in the prior quarter. Adjusted net loss⁽¹⁾ for the second quarter was $11.8 million, and adjusted EPS⁽²⁾ was a loss of $0.15 per share. These results compare to an adjusted net loss of $10.5 million, and an adjusted EPS loss of $0.13 per share in the prior quarter which had higher adjustments for impairment charges and valuation allowance adjustments on deferred tax assets. Second quarter adjusted EBITDA⁽³⁾ was $20.7 million, up from $19.9 million in the prior quarter.

The increases in revenues and Adjusted EBITDA were primarily due to improvements in our international drilling and well servicing segments. Adjusted EBITDA also increased sequentially due to the reduced fair value of our phantom stock awards, for which we recognized a benefit of $0.8 million in the second quarter, while we recognized an expense of $0.8 million in the prior quarter. The increases in revenues and Adjusted EBITDA were partially offset by the impact of lower utilization and pricing in our coiled tubing services.

Operating Results

Production Services Business

Revenue from our production services business was $87.8 million in the second quarter, up 1% from the prior quarter. Well servicing revenues increased 12%, primarily driven by higher utilization for both maintenance and completion activity. Well servicing average revenue per hour was $569 in the second quarter, up from $558 in the prior quarter, while rig utilization was 60%, up from 54% in the prior quarter. Wireline services, our largest production services business, experienced an increase in perforating stage count of approximately 12%, yielding a revenue increase of 3%. The revenue increases in well servicing and wireline were offset by a 26% revenue decline in coiled tubing services. Both the Rockies and Eagle Ford districts faced more intense competition as completion activity slowed, which negatively impacted utilization and pricing. In addition, the Rockies experienced seasonal slowdowns due to wildlife stipulations, which ended in early May. Coiled tubing revenue days totaled 307 in the second quarter, as compared to 351 in the prior quarter, while revenue per day was $35,430, down from $42,131 in the prior quarter.

Gross margin as a percentage of revenue from our production services business was 17% in the second quarter, down from 20% in the prior quarter. The decrease in gross margin was primarily due to  utilization and pricing declines in coiled tubing services.      

Drilling Services Business

Revenue from our drilling services business was $65.1 million in the second quarter, reflecting a 9% increase from the prior quarter. Average margin per day was $10,396, up from $10,349 in the prior quarter.

Our domestic drilling fleet was 95% utilized with average revenues per day of $26,864 in the second quarter, up from $26,767 in the prior quarter. Domestic drilling average margin per day was $10,131 in the second quarter, down from $10,944 in the prior quarter, primarily due to increased expenses for routine annual maintenance requirements, stacked rig costs for one rig at the end of its contract, higher mobilization costs associated with a rig that moved to a different region under a new contract, and the benefit in the previous quarter of $0.3 million, or approximately $235 per day, from recognition of the early termination of a domestic drilling contract.

International drilling rig utilization was 86% for the second quarter, up from 81% in the prior quarter. Average revenues per day were $40,806, up from $37,316 in the prior quarter, while average margin per day for the second quarter was $11,023, up from $8,894 in the prior quarter. The increases in revenue per day and margin per day were due to a greater number of days drilling in the current quarter, versus the prior quarter, as well as dayrate increases on certain rigs of approximately $1,000 per day.

Currently, 16 of our 17 domestic drilling rigs are earning revenues, 14 of which are under term contracts. Nine rigs are working in the Permian, five in Appalachia and two in the Bakken. Seven of the nine rigs in the Permian have contracts up for renewal in the third or fourth quarters of 2019. Five of those seven contracts have been extended or verbally agreed to be renewed, and two contracts are currently in negotiations to be extended. All contracts are expected to be renewed at roughly overall flat dayrates. In Appalachia, one rig is stacked and a second rig may stack in the third quarter; however, we expect the remaining four rigs to continue earning for the remainder of the year. In the Bakken, both of the contracted rigs expiring in the fourth quarter are in negotiations to be extended into the first quarter of 2020.

In Colombia, six of our eight rigs are currently earning revenue under daywork contracts. While overall demand for rigs remains strong, there are several rigs that may begin new contracts, move to a different current client or move to a new client which could cause a temporary reduction in utilization. Despite short-term uncertainty on certain contracts, we do expect five to seven of the rigs to remain active for the remainder of 2019.

Comments from our President and CEO 

"We had solid performance once again from our drilling services segments which helped us generate favorable operating results and increase our cash position in the quarter," said Wm. Stacy Locke, President and Chief Executive Officer. "In Colombia, we are pleased with the improvement in average margins per day and level of demand for the premium 1,500 horsepower rig class, which gives us confidence that demand for our rigs in that market will remain solid in 2020 despite uncertainty about certain contract extensions for the balance of 2019. We are very pleased with our Colombian team delivering first-rate operational and safety performance while at the same time generating some of the best financial results in many years.

"Our domestic drilling operations have proven to be strong and resilient, also delivering best-in-class safety and operational performance. Utilization rates for our domestic rigs continue to be strong and dayrates have remained steady, although we do anticipate some softness in the second half of the year, particularly in the Appalachian region, where we currently have one rig idle. Our outlook for our domestic operations remains positive.

"Our production services revenue improved sequentially; however, our gross margins fell below expectations. Despite challenging market conditions, we are focused on improving margins through realignment of certain businesses and reducing costs. Our well servicing business benefited from customers dedicating capital to well maintenance to boost or maintain production volumes. We also experienced higher utilization for completion-related services in this business. While our wireline revenue improved sequentially, coiled tubing activity was lower due to excess equipment capacity and seasonal factors in the Rockies. Poor visibility concerning completion activity in the second half of 2019 creates uncertainty regarding production services activity levels in the next two quarters. We do expect some customers to pause operations due to budget constraints for a period of time during the second half of 2019.

"For the remainder of the year, we remain focused on cash flow generation. We expect the second half of 2019 to be cash flow positive, with the third quarter likely to reflect a use of cash due to the semi-annual bond payment in September. Remaining capital expenditures will be routine maintenance in nature as the majority of discretionary spending was completed in the first half of 2019. While the Term Loan does not mature until December 2021, we are proactively exploring various strategic and other alternatives to address the uncertainties related to our ability to refinance our outstanding debts as their maturities approach," concluded Mr. Locke.

Third Quarter 2019 Guidance

In the third quarter of 2019, we expect continued weakness in coiled tubing services, a modest softening in well servicing, and certain clients reducing activity in wireline services. As a result, we expect revenue from our production services business segments to be down approximately 3% to 6% as compared to the second quarter of 2019, and margins to be flat at approximately 17% of revenue.

Due to the potential for an additional stacked rig in the Appalachia market, we expect domestic drilling services rig utilization to average approximately 88% to 92%, and generate average margins per day of approximately $9,700 to $10,200. Similarly, with the contract uncertainty in Colombia, we expect international drilling services rig utilization to average approximately 70% to 75%, and generate average margins per day of approximately $9,000 to $10,000.

We expect general and administrative expense to be approximately $20 million in the third quarter of 2019 partially due to higher phantom stock compensation expense relative to the prior quarter.

Liquidity

Working capital at June 30, 2019 was $106.5 million, up from $103.7 million at March 31, 2019, and down from $110.3 million at December 31, 2018. Cash and cash equivalents, including restricted cash, were $31.1 million, up from $27.9 million at March 31, 2019, and down from $54.6 million at year-end 2018. During the six months ended June 30, 2019, we used $31.4 million of cash for the purchase of property and equipment, and our cash provided by operations was $4.0 million.

Capital Expenditures

Cash capital expenditures during the six months ended June 30, 2019 were $31.4 million, including capitalized interest. We estimate total cash capital expenditures for 2019 to be approximately $50 million, which includes approximately $8 million for final payments on the construction of the new-build drilling rig that began operations in the first quarter, and previous commitments on high-pressure pump packages for coiled tubing completion operations.

Conference Call

Pioneer Energy Services' management team will hold a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss these results. To participate, dial (412) 902-0003 approximately 10 minutes prior to the call and ask for the Pioneer Energy Services conference call. A telephone replay will be available after the call until August 7^th. To access the replay, dial (201) 612-7415 and enter the pass code 13692092.

The conference call will also be webcast on the Internet and accessible from Pioneer Energy Services' web site at www.pioneeres.com. To listen to the live call, visit our web site at least 10 minutes early to register and download any necessary audio software. For more information, please contact Donna Washburn at Dennard Lascar Investor Relations at (713) 529-6600 or e-mail dwashburn@dennardlascar.com.

About Pioneer

Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.

Cautionary Statement Regarding Forward-Looking Statements,
Non-GAAP Financial Measures and Reconciliations

Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. These forward-looking statements are based on our current beliefs, intentions, and expectations and are not guarantees or indicators of future performance. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the foregoing discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, decisions about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, including our senior secured term loan, our senior secured revolving asset-based credit facility, and our senior notes, future compliance with the listing requirements of the NYSE, operating hazards inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing units and wireline units within the industry, the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued availability of qualified personnel, the success or failure of our acquisition strategy, the occurrence of cybersecurity incidents, the political, economic, regulatory and other uncertainties encountered by our operations, and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment. We have discussed many of these factors in more detail in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 and in our Annual Report on Form 10-K for the year ended December 31, 2018, including under the headings "Risk Factors" in Item 1A and "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.

This news release contains non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.

 - Financial Statements and Operating Information Follow -

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SOURCE Pioneer Energy Services

SAN ANTONIO, July 15, 2019 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) 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 (10:00 a.m. Central Time). Investors may participate in the call either by phone or audio webcast.

For more information, please contact Donna Washburn at Dennard Lascar Investor Relations at dwashburn@dennardlascar.com or 713-529-6600.

About Pioneer
Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.

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SOURCE Pioneer Energy Services

SAN ANTONIO, July 2, 2019 /PRNewswire/ -- Pioneer Energy Services Corp. (NYSE: PES) 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 Titanium since February 2018. Prior to joining Norsk Titanium, Ms. Morytko held various executive leadership roles at Baker Hughes Incorporated from 2010 to 2017.  At Baker Hughes, Ms. Morytko had full profit and loss responsibility for Baker Hughes' Asia Pacific Operations spanning China, Southeast Asia, Indonesia and Australasia from 2016 to 2017 as well as those of North America Operations - South earlier in her tenure.  Prior to those roles, Ms. Morytko held various other senior leadership roles at Baker Hughes as well as Pratt & Whitney, a United Technologies Company.

"We are delighted to have Tamara join Pioneer as an independent director," said Dean A. Burkhardt, Chairman of the Board of Pioneer. "Tamara's extensive financial, operational and strategic global experience, along with her industry knowledge, makes her a valuable addition to the Board, and we look forward to her contributions to the Board and Pioneer."

About Pioneer

Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.

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SOURCE Pioneer Energy Services Corp.

SAN ANTONIO, June 12, 2019 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today announced that it has been notified by the New York Stock Exchange (the "NYSE") that its common stock does not satisfy one of the NYSE's standards for continued listing. The NYSE requires that the average closing price per share of a listed company's stock be no less than $1.00 over a consecutive 30 trading-day period. As of June 11, 2019, the date of the NYSE notice, the 30 trading-day average closing price of Pioneer Energy Services common stock was $0.89 per share.

Under the NYSE's rules, Pioneer has six months following receipt of the notification to regain compliance with the minimum share price requirement. Pioneer can regain compliance at any time during the six-month cure period if Pioneer's common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the six-month period and also has an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month. During this period, Pioneer's common stock is permitted to continue to trade on the NYSE under the symbol "PES," but will have an added designation of ".BC" to indicate the status of the common stock as "below compliance." As required by the NYSE, Pioneer intends to notify the NYSE by June 25, 2019 of its intent to cure the price deficiency.

About Pioneer

Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.

Cautionary Statement Regarding Forward-Looking Statements

Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. These forward-looking statements are based on our current beliefs, intentions and expectations. These statements are not guarantees or indicative of future performance, and no assurance can be given that we will regain compliance with the aforementioned listing requirement or maintain compliance with the other continued listing requirements set forth in the NYSE Listed Company Manual. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the foregoing discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, decisions about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, including our senior secured term loan, our senior secured revolving asset-based credit facility, and our senior notes, operating hazards inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing units and wireline units within the industry, the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued availability of qualified personnel, the success or failure of our acquisition strategy, the occurrence of cybersecurity incidents, the political, economic, regulatory and other uncertainties encountered by our operations, and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment. We have discussed many of these factors in more detail in our Annual Report on Form 10-K for the year ended December 31, 2018, including under the headings "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I and "Risk Factors" in Item 1A. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.

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SOURCE Pioneer Energy Services

SAN ANTONIO, May 2, 2019 /PRNewswire/ -- Pioneer Energy Services (NYSE: PES) today reported financial and operating results for the quarter ended March 31, 2019. First quarter highlights include:

• Domestic drilling fleet was fully contracted and generated an average margin per day of $10,944.
• Production services revenues increased 6% sequentially, primarily driven by the coiled tubing revenue increase of 16%.
• Deployed our newest 1,500 horsepower, super-spec, new-build drilling rig, which began operations in West Texas on a three-year term contract.

Consolidated Financial Results

Revenues for the first quarter of 2019 were $146.6 million, up 4% from revenues of $141.5 million in the fourth quarter of 2018 ("the prior quarter"). Net loss for the first quarter of 2019 was $15.1 million, or $0.19 per share, compared with net loss of $14.5 million, or $0.19 per share, in the prior quarter. Adjusted net loss⁽¹⁾ for the first quarter was $10.5 million, and adjusted EPS⁽²⁾ was a loss of $0.13 per share. These results compare to an adjusted net loss of $13.6 million, and an adjusted EPS loss of $0.17 per share in the prior quarter. First quarter adjusted EBITDA⁽³⁾ was $19.9 million, down from $20.8 million in the prior quarter.

The increase in revenues from the prior quarter was primarily due to an increase across all of our production services segments as operators resumed operations after temporarily slowing activity in the prior quarter as a result of lower commodity prices. Adjusted EBITDA decreased sequentially, primarily driven by the change in fair value of our phantom stock awards, for which we recognized an expense of $0.8 million in the first quarter, while we recognized a benefit of $2.8 million in the prior quarter. The impact of the phantom stock expense was partially offset by improvement in both the coiled tubing and domestic drilling segments as well as $1.1 million of gains from the sale of certain assets, primarily spare coiled tubing equipment.

Operating Results

Production Services Business

Revenue from our production services business was $86.9 million in the first quarter, up 6% from the prior quarter. Gross margin as a percentage of revenue from our production services business was 20% in the first quarter, up from 19% in the prior quarter. Both revenue and margin were positively impacted in all businesses as operators increased completion-related operations after a brief pause in activity in the prior quarter given instability in commodity prices.

The increase in production services revenues from the prior quarter was attributable to improvements in all business segments, led by coiled tubing which benefited from the addition of a large diameter unit delivered late in the prior quarter. Wireline's completion-related activity stabilized over the prior quarter and well servicing gradually expanded its activity levels in both remedial and completion-related activity.

Well servicing average revenue per hour was $558 in the first quarter, down from $571 in the prior quarter, while rig utilization was 54%, up from 50% in the prior quarter. Coiled tubing revenue days totaled 351 in the first quarter, as compared to 346 in the prior quarter. The number of wireline jobs completed in the first quarter decreased by 3% sequentially.

Drilling Services Business

Revenue from our drilling services business was $59.7 million in the first quarter, reflecting a 1% increase from the prior quarter. Average margin per day was $10,349, down from $10,872 in the prior quarter.

Our domestic drilling fleet was fully contracted during the current quarter and the prior quarter with average revenues per day of $26,767 in the first quarter, up from $25,794 in the prior quarter. Domestic drilling average margin per day was $10,944 in the first quarter, up from $10,252 in the prior quarter due to the full impact of rate increases effective during the prior quarter as well as a benefit of $0.3 million, or approximately $235 per day, from recognition of the early termination of a domestic drilling contract due to a customer's budget realignment, which had 34 days remaining on its term. After contract termination, the drilling rig mobilized from South Texas and resumed operations for a new client in West Texas.

International drilling rig utilization was 81% for the first quarter, up from 71% in the prior quarter. Average revenues per day were $37,316, down from $41,230 in the prior quarter, while average margin per day for the first quarter was $8,894, down from $12,590 in the prior quarter. The decrease in revenue per day and margin per day was primarily due to the benefit of revenue items negotiated during the prior quarter and reversal of demobilization revenue in the first quarter as a contract that was previously expected to terminate was extended.

Currently, 16 of our 17 domestic drilling rigs are earning revenues, 13 of which are under term contracts, and seven of our eight rigs in Colombia are earning revenue under daywork contracts.

Comments from our President and CEO 

"As oil prices have steadily improved in 2019 and customers have resumed activity, we are seeing stable demand for our drilling and production services," said Wm. Stacy Locke, President and Chief Executive Officer.  "We remain focused on achieving cash flow neutrality in 2019 as our capital spending program was more heavily weighted towards the first quarter, and our reduced spending program for the remainder of 2019 is primarily for routine capital expenditures. Also, we experienced a longer collection cycle in the first quarter, but we expect to improve our working capital position as we move forward through 2019.

"In late March, we deployed our newest 1,500 horsepower, super-spec, new-build drilling rig, which began operations in West Texas on a three-year term contract. We believe our premium rigs are the best designed moving rigs in the market, helping customers continue to improve efficiency. By focusing on safety and performance with superior equipment, we have been able to generate industry-leading margins and have successfully extended the contract terms on several of our rigs. Our drilling services both domestically and in Colombia are benefiting from stable dayrates, extended contract coverage and solid customer demand. Internationally, the market outlook is currently strong, and we are having success extending contract coverage as our customers continue to have robust drilling programs through 2019.

"Our production services business is experiencing healthy activity levels, although weather conditions in the Rockies negatively impacted our wireline business in February, and wildlife restrictions will impact activity in the Rockies in April and May. Customer demand for large diameter coiled tubing equipment contributed to a 16% increase in that segment's revenue in the first quarter as we benefited from the deployment of a large diameter unit at the end of the prior quarter. With commodity prices continuing to firm up, we expect improved activity levels for all business lines as we move through 2019."

Second Quarter 2019 Guidance

In the second quarter of 2019, revenue from our production services business segments is expected to be up 1% to 4% as compared to the first quarter of 2019. Margin from our production services business is estimated to be 19% to 22% of revenue. Domestic drilling services rig utilization is expected to be 93% to 95% as one rig will be idle during the second quarter as it prepares to move to a new client in July, and generate average margins per day of approximately $9,700 to $10,200. International drilling services rig utilization is estimated to average 83% to 86%, and generate average margins per day of approximately $8,500 to $9,500.

We expect general and administrative expense to be approximately $20.0 million to $21.0 million in the second quarter of 2019, which as it relates to phantom stock compensation expense, is based on the closing price of our common stock of $1.77 per share at March 31, 2019.

Liquidity

Working capital at March 31, 2019 was $103.7 million, down from $110.3 million at December 31, 2018. Cash and cash equivalents, including restricted cash, were $27.9 million, down from $54.6 million at year-end 2018. During the three months ended March 31, 2019, we used $16.8 million of cash for the purchase of property and equipment, and our cash used in operations was $10.8 million.

Capital Expenditures

Cash capital expenditures during the three months ended March 31, 2019 were $16.8 million, including capitalized interest. We estimate total cash capital expenditures for 2019 to be approximately $55 million to $60 million, which includes approximately $7 million for final payments on the construction of the new-build drilling rig that began operations in the first quarter, and previous commitments on high-pressure pump packages for coiled tubing completion operations.

Conference Call

Pioneer Energy Services' management team will hold a conference call today at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss these results. To participate, dial (412) 902-0003 approximately 10 minutes prior to the call and ask for the Pioneer Energy Services conference call. A telephone replay will be available after the call until May 9^th. To access the replay, dial (201) 612-7415 and enter the pass code 13689876.

The conference call will also be webcast on the Internet and accessible from Pioneer Energy Services' web site at www.pioneeres.com. To listen to the live call, visit our web site at least 10 minutes early to register and download any necessary audio software. For more information, please contact Donna Washburn at Dennard Lascar Investor Relations at (713) 529-6600 or e-mail dwashburn@dennardlascar.com.

About Pioneer

Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.

Cautionary Statement Regarding Forward-Looking Statements,
Non-GAAP Financial Measures and Reconciliations

Statements we make in this news release that express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties and assumptions. Our actual results, performance or achievements, or industry results, could differ materially from those we express in the following discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, decisions about exploration and development projects to be made by oil and gas exploration and production companies, the highly competitive nature of our business, technological advancements and trends in our industry and improvements in our competitors' equipment, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, including our senior secured term loan, our senior secured revolving asset-based credit facility, and our senior notes, operating hazards inherent in our operations, the supply of marketable drilling rigs, well servicing rigs, coiled tubing units and wireline units within the industry, the continued availability of new components for drilling rigs, well servicing rigs, coiled tubing units and wireline units, the continued availability of qualified personnel, the success or failure of our acquisition strategy, the occurrence of cybersecurity incidents, the political, economic, regulatory and other uncertainties encountered by our operations, and changes in, or our failure or inability to comply with, governmental regulations, including those relating to the environment. We have discussed many of these factors in more detail in our Annual Report on Form 10-K for the year ended December 31, 2018, including under the headings "Special Note Regarding Forward-Looking Statements" in the Introductory Note to Part I and "Risk Factors" in Item 1A. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. We advise our shareholders that they should (1) recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and (2) use caution and common sense when considering our forward-looking statements.

This news release contains non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable U.S. Generally Accepted Accounting Principles (GAAP) financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided in the following tables.

 - Financial Statements and Operating Information Follow -