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The Definitive Guide to 1000HP Mechanical Land Drilling Rig - STC Oil
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A reconciliation of each such measure to its most directly similar GAAP financial step, together with a description of why management believes that these non-GAAP monetary procedures offer helpful information to financiers, is provided listed below. (1) We define EBITDA as incomes before interest income (expense), taxes, depreciation and amortization. Although not prescribed under GAAP, we believe the presentation of EBITDA is appropriate and beneficial due to the fact that it assists our investors comprehend our operating performance and makes it easier to compare our results with those of other companies that have various financing, capital or tax structures.
A reconciliation of earnings to EBITDA is consisted of in the operating figure table in this press release. EBITDA, as we determine it, might not be comparable to EBITDA measures reported by other companies. In addition, EBITDA does not represent funds offered for discretionary use. (2) Drilling Services margin represents contract drilling earnings less contract drilling operating expense.
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Our company believe that Drilling Providers margin and Production Solutions margin work steps for assessing monetary performance, although they are not steps of monetary efficiency under GAAP. However, Drilling This Is Cool and Production Solutions margin prevail procedures of operating efficiency used by financiers, financial experts, rating companies and Pioneer management.
3 67. 0 67. 0 65. 7 Utilization rate 96% 90% 90% 90% 90% Revenue days 6,017 5,559 5,475 16,528 16,149 Typical revenues per day $20,658 $19,161 $19,954 $20,183 $19,360 Typical operating expenses per day 11,691 11,735 11,740 11,987 11,569 Drilling services margin per day (2) $8,967 $7,426 $8,214 $8,196 $7,791 Production Solutions Department: Profits $49,948 $- $43,297 $106,602 $- Running expenses 25,025 - 21,916 53,871 - Production services margin (1) $24,923 $- $21,381 $52,731 $- EBITDA (3) $64,747 $33,411 $53,366 $154,318 $109,440 Reconciliation of combined Drilling services margin and Production services margin and EBITDA to net revenues: Drilling services margin $53,955 $41,279 $44,973 $135,472 $125,820 Production services margin 24,923 - 21,381 52,731 - Combined margin 78,878 41,279 66,354 188,203 125,820 General and administrative (12,840) (5,252) (12,150) (32,712) (13,792) Uncollectable bill (expenditure) healing 260 (2,627) 92 216 (2,627) Other earnings (expenditure) (1,551) 11 (930) (1,389) 39 EBITDA 64,747 33,411 53,366 154,318 109,440 Devaluation and amortization (24,225) (16,093) (20,580) (61,924) (46,927) Interest income (expenditure), net (3,568) 717 (4,060) (8,617) 2,459 Income tax expenditure (12,760) (6,255) (9,609) (28,619) (22,886) Net revenues $24,194 $11,780 $19,117 $55,158 $42,086 (1) Drilling services margin represents agreement drilling earnings less agreement drilling operating expense.
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Pioneer thinks that Drilling services margin and Production services margin are helpful procedures for examining monetary efficiency, although they are not measures of monetary performance under GAAP. However, Drilling services margin and Production services margin are common procedures of operating performance utilized by investors, financial experts, score agencies and Leader's management.
Drilling services margin and production services margin as provided might not be comparable to other similarity titled measures reported by other companies. (2) Drilling services margin per income day represents the Drilling Providers Division's average revenue per income day less typical operating expense per earnings day. (3) We define EBITDA as profits before interest earnings (cost), taxes, depreciation and amortization.
