Pioneer Drilling Co. has changed its name to Pioneer Energy Services Corp. The company’s common stock will continue to trade on the New York Stock Exchange but will trade under the new ticker PES. Pioneer’s website is now www.pioneeres.com. “Over the last five years, we have transformed Pioneer from a pure-play domestic land contract driller to a diversified energy services provider with operations across the United States and in Colombia,” said CEO Wm. Stacy Locke. “Today, approximately 50% of our revenues and operating margin are derived from our production services segment. We operate 102 well servicing rigs, 117 wireline units, 11 coiled tubing units and an array of fishing and rental tools in addition to our 66 drilling rigs. Our core services are heavily concentrated in the Bakken, Eagle Ford, Permian and along the Gulf Coast, both onshore and offshore. This new name reflects who Pioneer is today.”
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Nabors: One-Two Punch from Pressure Pumping, Costs Hurt 2Q
Nabors Industries Ltd., North America’s largest onshore drilling contractor, expects operating results in the second quarter to fall below Wall Street expectations, primarily because of a slump in pressure pumping services and higher operations costs. To improve efficiencies, the company plans to consolidate its U.S. well servicing and pressure pumping operations.
Another Shareholder Group Wants Chesapeake Board Overhaul
State of New York Comptroller Thomas P. DiNapoli, who manages the New York State Common Retirement Fund, joined other large investor groups on Tuesday and urged Chesapeake Energy Corp. shareholders to not support the reelection of board members Richard Davidson and V. Burns Hargis, the only two up for reelection.
Old Man Coal Getting Mugged by Cheap Gas
Natural gas and coal producers have a couple of gripes in common: mild weather and high stockpiles of both commodities. But they’re not likely to be seen drowning their sorrows together as gas continues to undercut coal on price and swipe market share among power generators.
Old Man Coal Getting Mugged by Cheap Gas
Natural gas and coal producers have a couple of gripes in common: mild weather and high stockpiles of both commodities. But they’re not likely to be seen drowning their sorrows together as gas continues to undercut coal on price and swipe market share among power generators.
Pennsylvania Impact Fee Bill Sent to Governor
After more than three years, Pennsylvania lawmakers have passed an impact fee on gas drilling. The bill awaits Gov. Tom Corbett’s signature.
ConocoPhillips Buys Liquids, Shuts in Gas
ConocoPhillips revealed Wednesday that in the last three months of 2011 it acquired more than 100,000 acres in North American liquids-rich shale plays, bringing its unconventional acquisitions last year to more than 500,000 acres.
Range Sues Pennsylvania Township Over Zoning
Range Resources Corp. is taking a southwestern Pennsylvania township to court over zoning in the Marcellus Shale.
Most Points Make U-Turn Toward Softness
Wednesday’s market was something of a mirror image of the one on Tuesday, with a majority of locations shifting to reverse gear. Flat numbers were common again, but while small gains had dominated Tuesday, more points were recording small increases Wednesday. Heating load is relatively scarce at this point as most areas experience a fairly mild prelude to the official start of winter, and traders were mindful of the upcoming storage report being bearish in comparison to year-ago and five-year average withdrawals.
Sinopec Takes Stake in Canada’s Unconventional Gas Patch
China’s largest producer, Sinopec International Petroleum Exploration and Production Corp., is grabbing access to Canada’s unconventional plays in northeastern British Columbia and the Deep Basin of Alberta through a C$2.2 billion cash deal with Calgary’s Daylight Energy Ltd.
