Basic Energy Services Reports Selected Operating Data For August 2013

Sep 10, 2013, 17:30 ET from Basic Energy Services, Inc.

FORT WORTH, Texas, Sept. 10, 2013 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of August 2013.  Basic's well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 79,200 producing a rig utilization rate of 77%, compared to 73% and 75% July 2013 and August 2012, respectively.

During the month, Basic's fluid service truck count remained unchanged at 970.  Fluid service truck hours for the month were 200,300 compared to 189,000 and 191,800 in July 2013 and August 2012, respectively.

Drilling rig days for the month were 279 producing a rig utilization of 75%, compared to 77% and 91% in July 2013 and August 2012, respectively.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "August activity rose sequentially  in most service lines across our operating areas, mainly due to the absence of the holiday impact compared to July. Well servicing utilization of 77% in August of this year compares favorably to the 75% generated  last year in August as we have taken advantage of opportunities to increase our rig count in the oilier portions of our footprint.  Fluid service truck hour activity in August bounced back to 6.7 hours per truck per calendar day compared to 6.3 hours per truck per calendar day in July.  Completion and remedial services activity in August remained fairly consistent with recent months.

"Pricing overall remains relatively stable with pockets of strength and weakness depending on the level of competition.  Our revenue outlook for the remainder of the year is unchanged from July."

OPERATING DATA

Month ended

August

July

2013

2012

2013

Number of weekdays in period

22

23

23

Number of well servicing rigs: 1

  Weighted average for period

425

431

425

  End of period

425

431

425

  Rig hours (000s)

79.2

81.5

78.6

  Rig utilization rate 2

77%

75%

73%

Number of fluid service trucks:

  Weighted average for period

970

930

969

  End of period

970

933

970

  Truck Hours (000s)

200.3

191.8

189.0

Number of drilling rigs:

  Weighted average for period

12

12

12

  End of period

12

12

12

  Drilling rig days

279

338

287

  Drilling rig utilization

75%

91%

77%

(1)

Includes all rigs and trucks owned during periods presented and excludes rigs and trucks held for sale.

(2)

Rig utilization rate based on the weighted average number of rigs owned during the periods being reported, a 55-hour work week per rig and the number of weekdays in the periods being presented. 

Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating area.  The company employs more than 5,600 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain States.

Additional information on Basic Energy Services is available on the Company's website at http://www.basicenergyservices.com.

Safe Harbor Statement

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Basic has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete.  However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including (i) changes in demand for our services and any related material impact on our pricing and utilizations rates, (ii) Basic's ability to execute, manage and integrate acquisitions successfully and (iii) changes in our expenses, including labor or fuel costs and financing costs.  Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Basic's Form 10-K for the year ended December 31, 2012 and subsequent Form 10-Qs filed with the SEC.  While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee that anticipated future results will be achieved.  Basic assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Basic, whether as a result of new information, future events, or otherwise.

Contacts:                

Alan Krenek, Chief Financial Officer

Basic Energy Services, Inc.

817-334-4100

Jack Lascar/Sheila Stuewe

Dennard – Lascar Associates

713-529-6600

 

SOURCE Basic Energy Services, Inc.



RELATED LINKS

http://www.basicenergyservices.com