San Antonio-based Pioneer Drilling is a contract driller, but does its business on land in Oklahoma and throughout Texas and the Rocky Mountains.

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There are some risks here for investors to consider: The contract drilling business is competitive, and oil and gas prices are, of course, very volatile.

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We believe that if the company continues the trend of strengthening its deepwater and ultra-deepwater assets, its average daily revenues per rig and the gross margins of its contract drilling business will be positively impacted going forward.

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