Pioneer Drilling Topped Q2 Estimates, Top Line Surged 46.4% YoY

- Pioneer Drilling Topped Q2 Estimates, Top Line Surged 46.4% YoY



Aug 4, 2011

Pioneer Drilling (AMEX:PDC) reported Q2 EPS of $0.07, ahead of consensus estimates of $0.04 per share. Revenues for the quarter rose 46.4% year-over-year to $171.3 million, topping consensus estimates of $166.0 million.

William Locke, President and CEO of Pioneer Drilling said, "We continue to see strong demand for our drilling rigs in the West Texas drilling division, which has grown from zero to 12 rigs since the beginning of 2011, and we have contracted four more rigs that will begin operating in West Texas by year-end, although day rates are lower in West Texas when compared to certain other regions, putting rigs back to work results in higher utilization rates and increased Adjusted EBITDA."

Pioneer Drilling has a potential upside of 14.3% based on a current price of $15.58 and an average consensus analyst price target of $17.81.

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PDC Energy Announced It Entered Into Merger Agreements

- PDC Energy Announced It Entered Into Merger Agreements



Jun 28, 2011

PDC Energy (NASDAQ:PETD) announced it has entered into merger agreements pursuant to which it intends to acquire five limited partnerships for which the company serves as the Managing General Partner. Four of the limited partnerships were formed in 2003 and one was formed in 2002.

The company will acquire all limited partnership units if the proposed mergers are approved and other customary conditions to closing are satisfied.

PDC Energy expects the total cost to consummate all five mergers will be about $29.5 million.

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