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A reconciliation of each such procedure to its most straight equivalent GAAP monetary procedure, together with an explanation of why management thinks that these non-GAAP financial procedures supply useful info to financiers, is provided below. (1) We specify EBITDA as incomes prior to interest earnings (expense), taxes, devaluation and amortization. Although not recommended under GAAP, our company believe the discussion of EBITDA matters and useful due to the fact that it helps our investors understand our operating performance and makes it simpler to compare our outcomes with those of other companies that have different funding, capital or tax structures.

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A reconciliation of earnings to EBITDA is consisted of in the operating fact table in this news release. EBITDA, as we calculate it, might not be similar to EBITDA steps reported by other companies. In addition, EBITDA does not represent funds available for discretionary usage. (2) Drilling Providers margin represents agreement drilling profits less contract drilling operating expense.

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Our company believe that Drilling Providers margin and Production Providers margin work steps for examining monetary performance, although they are not steps of financial efficiency under GAAP. However, Drilling  Try This  and Production Services margin prevail steps of operating performance utilized by financiers, monetary experts, score agencies and Pioneer management.

3 67. 0 67. 0 65. 7 Usage rate 96% 90% 90% 90% 90% Earnings days 6,017 5,559 5,475 16,528 16,149 Typical earnings per day $20,658 $19,161 $19,954 $20,183 $19,360 Average operating expense per day 11,691 11,735 11,740 11,987 11,569 Drilling services margin each day (2) $8,967 $7,426 $8,214 $8,196 $7,791 Production Services Division: Earnings $49,948 $- $43,297 $106,602 $- Operating 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 profits: 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 (cost) healing 260 (2,627) 92 216 (2,627) Other earnings (cost) (1,551) 11 (930) (1,389) 39 EBITDA 64,747 33,411 53,366 154,318 109,440 Depreciation and amortization (24,225) (16,093) (20,580) (61,924) (46,927) Interest earnings (expenditure), internet (3,568) 717 (4,060) (8,617) 2,459 Income tax cost (12,760) (6,255) (9,609) (28,619) (22,886) Net profits $24,194 $11,780 $19,117 $55,158 $42,086 (1) Drilling services margin represents contract drilling incomes less agreement drilling operating expenses.

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Leader believes that Drilling services margin and Production services margin work measures for assessing financial performance, although they are not procedures of financial efficiency under GAAP. Nevertheless, Drilling services margin and Production services margin are common measures of running performance utilized by investors, financial experts, ranking companies and Pioneer's management.

Drilling services margin and production services margin as presented might not be equivalent to other similarity entitled measures reported by other companies. (2) Drilling services margin per revenue day represents the Drilling Services Department's typical profits per earnings day less average operating expenses per revenue day. (3) We define EBITDA as earnings before interest income (expense), taxes, devaluation and amortization.