Basic Energy Services Reports Selected Operating Data For January 2016

Feb 12, 2016, 06:00 ET from Basic Energy Services, Inc.

FORT WORTH, Texas, Feb. 12, 2016 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of January 2016.  Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 37,200 producing a rig utilization rate of 38%, compared to 36% and 56% in December 2015 and January 2015, respectively.

During the month, Basic's fluid service truck count increased by one to 986. Fluid service truck hours for the month were 180,600, compared to 177,000 and 208,100 in December 2015 and January 2015, respectively.

Drilling rig days for the month were 31 producing a rig utilization of 8%, compared to 12% and 74% in December 2015 and January 2015, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, commented, "January activity was somewhat improved over December, as the holiday period ended and weather conditions improved from the last week in 2015.  Well servicing activity increased approximately 200 basis points and trucking hours increased by two percent.  Completion and remedial utilization during January declined on lower drilling and completion activities as our customers' drilling plans for 2016 continue to be reduced.

"We continue to right-size our operating infrastructure to fit the current operating environment. As of January 31, we had stacked 119,000 hydraulic horsepower ("HHP") due to lower completion demand, including 58,000 HHP that was stacked during the month.  During January, we also stacked one well servicing rig to bring our total stacked rig inventory to 110 at the end of the month.

"We will discuss our first quarter revenue and activity guidance next week during our fourth quarter 2015 earnings call."

OPERATING DATA

Month ended

January 31,

December 31,

2016

2015

2015

Number of weekdays in period

21

22

23

Number of well servicing rigs: 1

  Weighted average for period 

421

421

421

  End of period

421

421

421

  Rig hours (000s) 

37.2

57.4

37.9

  Rig utilization rate 2

38%

56%

36%

Number of fluid service trucks: 1

  Weighted average for period

985

1,051

993

  End of period

986

1,054

985

  Truck Hours (000s)

180.6

208.1

177.0

Number of drilling rigs: 1

  Weighted average for period

12

12

12

  End of period

12

12

12

  Drilling rig days

31

275

46

  Drilling rig utilization

8%

74%

12%

(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 3,800 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 and Appalachian regions.

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, 2014 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 / Stephanie Zhadkevich

Dennard – Lascar Associates

713-529-6600

 

SOURCE Basic Energy Services, Inc.



RELATED LINKS

http://basicenergyservices.com