Pioneer Energy Services (NYSE:PES) has told investors that demand for oil field services is on the rise and customers are spending more.
Today it reported US$71.5mln of revenue for the fourth quarter of 2016, up from 5% in the preceding quarter but some 32% lower than the same period of the year before.
It reported a US$36.1mln net loss for the quarter, compared to a US$34.6mln loss in the third quarter and US$48.3mln last year.
“We’ve worked diligently throughout the downturn to maintain a healthy balance sheet and remain in a strong position to fully participate in a recovery,” said Wm Stacy Locke, chief executive.
“Our focus on managing costs and liquidity, monetizing non-strategic assets, accessing the capital markets when appropriate, and continuing to be a provider of choice enabled us to continue delevering while enhancing our fleets.
“As we enter 2017 with oil prices above $50 per barrel, our highly capable fleet of equipment and excellent service track record should lead to a better year ahead.”
Story by ProactiveInvestors