A heavy debt load is driving down the price of Pioneer Energy Services Corp.’s stock and hurting its chance at a merger, CEO Stacy Locke said.
Pioneer released its second quarterly report Wednesday, and on a call with analysts discussing the results, Locke said the company’s inability to raise its stock price was due to the $475 million it owes.
“I would like to say at the outset, we certainly recognize the diminution in value in our common equity. The risk associated with our ability to repay…
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