Pioneer Energy Services Corp. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total revenues of $71,481,000 against $104,473,000 a year ago. Loss from operations was $34,524,000 against $65,286,000 a year ago. Loss before income taxes was $41,167,000 against $72,161,000 a year ago. Net loss was $36,081,000 or $0.53 per basic and diluted share against $48,300,000 or $0.75 per basic and diluted share a year ago. Adjusted EBITDA was $916,000 against $19,997,000 a year ago. Adjusted net loss was $23,092,000 or $0.34 per diluted share against $17,796,000 or $0.28 per diluted share a year ago. Cash capital expenditures in the fourth quarter were $6.8 million, primarily for routine expenditures.

For the year, total revenues were $277,076,000 against $540,778,000 a year ago. Loss from operations was $113,448,000 against $166,700,000 a year ago. Loss before income taxes was $139,123,000 against $192,719,000 a year ago. Net loss was $128,391,000 or $1.96 per basic and diluted share against $155,140,000 or $2.41 per basic and diluted share a year ago. Net cash provided by operating activities was $5,131,000 against $142,719,000 a year ago. Purchases of property and equipment were $32,381,000 against $159,615,000 a year ago. Adjusted EBITDA was $14,237,000 against $110,780,000 a year ago. Total capital expenditures were $142,907,000 against $188,121,000 a year ago.

For the quarter, the company reported total impairment charges of $8,553,000 against $49,504,000 a year ago.

Total cash capital expenditure estimate for 2017 to be approximately $45 million, which includes approximately $20 million for fleet upgrades and additions, including the upgrade of one domestic drilling rig, the exchange of 20 well servicing rigs and the addition of four new wireline units, and other routine capital expenditures.

For the first quarter of 2017, the company's interest expense expected to be approximately $6 million.