Pioneer Energy Services Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported total revenues of $117,281,000, loss from operations of negative $10,892,000, loss before income taxes of $17,210,000, net loss $17,227,000 or $0.22 per basic and diluted share compared to revenues of $68,353,000, loss from operations of negative $29,885,000, loss before income taxes of $36,318,000, net loss of $34,620,000 or $0.53 per basic and diluted share a year ago. Adjusted EBITDA was $14,026,000 compared to $3,285,000 a year ago. Adjusted net loss was $11,333,000 or $0.15 per diluted share compared to $18,860,000 or $0.21 per diluted share a year ago.

For the year to date, the company reported, total revenues of $320,168,000, loss from operations of negative $42,494,000, loss before income taxes of $61,360,000, net loss of $62,560,000 or $0.81 per basic and diluted share compared to total revenues of $205,595,000, loss from operations of 78,924,000, loss before income taxes of negative $97,956,000, net loss of $92,310,000 or $1.43 per basic and diluted share a year ago. Net cash used in operating activities was $11,262,000 against net cash from operating activities of $7,644,000 a year ago. Purchases of property and equipment were $52,806,000 against $25,584,000 a year ago. Adjusted EBITDA was $32,880,000 compared to $13,321,000 a year ago.

In the fourth quarter of 2017, Production Services Segment revenue is estimated to be up approximately 5% as compared to the third quarter of 2017. Production Services Segment margin is estimated to be 22% to 24% of revenues in the fourth quarter. Drilling rig utilization in the fourth quarter is estimated to average 86% to 87%. Drilling Services Segment margin is expected to be approximately $8,700 to $9,000 per day in the fourth quarter.

For the fourth quarter of 2017, depreciation and amortization is expected to be approximately $24 million. Interest expense is expected to be approximately $7.5 million to $8 million in the fourth quarter, depending on the timing of the closing on the term loan.

The company estimates 2017 capital expenditures to be approximately $60 million, which includes approximately $22 million for drilling rig upgrades and the exchange of 20 well servicing rigs, both of which were completed in the first half of the year, as well as the purchase of 6 wireline units.