Rochester, NY 8/24/2009 9:38:06 PM
Pioneer Drilling Co. PDC, Pioneer Drilling Net income Down in Second Quarter
Pioneer Drilling Co. PDC
Pioneer Drilling reported that it’s a steep decline in U.S. drilling activity and drilling services led to a loss for San Antonio-based Pioneer Drilling Co. in the second quarter.
Pioneer posted a net loss in the quarter of $6.3 million, or 13 cents a share, compared with net income of $19.1 million, or 38 cents a share, for the year-earlier period.
“Certain regions of the country are showing signs of increasing activity, in part due to improving oil prices, but we believe improvement this year will be gradual and modest.”
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