Basic Energy Services Reports Selected Operating Data For October 2015

11 Nov, 2015, 18:30 ET from Basic Energy Services, Inc.

FORT WORTH, Texas, Nov. 11, 2015 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of October 2015.  Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 44,400 producing a rig utilization rate of 44%, compared to 46% and 73% in September 2015 and October 2014, respectively.

During the month, Basic's fluid service truck count declined by nine to 1,006. Fluid service truck hours for the month were 197,200, compared to 183,400 and 233,300 in September 2015 and October 2014, respectively.

Drilling rig days for the month were 50 producing a rig utilization of 13%, compared to 27% and 88% in September 2015 and October 2014, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, commented, "October saw an increase in our fluid service hours, despite a decrease in our total number of trucks, as utilization remained strong in our Permian Basin operations.  However, our well servicing utilization was lower in October, primarily due to significant wet weather conditions in Texas and Oklahoma during the last part of the month.  Activity in our completion and remedial segment picked up slightly, especially in our coil tubing operations, but stimulation services continue to be impacted by the lower drilling rig count. Pricing in all of our markets and lines of business remains competitive, and we are working to maintain current activity levels. We have stacked or relocated equipment where cash margins do not support maintenance capital expenditures. By way of example, we stacked an additional 17,000 hydraulic horsepower ("HHP") during the month, for a total of 60,000 stacked HHP at October 30, 2015. Our outlook on the remainder of the fourth quarter remains unchanged."

OPERATING DATA

Month ended

October 31,

September 30,

2015

2014

2015

Number of weekdays in period

22

23

22

Number of well servicing rigs: 1

  Weighted average for period 

421

421

421

  End of period

421

421

421

  Rig hours (000s) 

44.4

77.8

46.8

  Rig utilization rate 2

44%

73%

46%

Number of fluid service trucks: 1

  Weighted average for period

1,010

1,043

1,015

  End of period

1,006

1,040

1,015

  Truck Hours (000s)

197.2

233.3

183.4

Number of drilling rigs: 1

  Weighted average for period

12

12

12

  End of period

12

12

12

  Drilling rig days

50

326

97

  Drilling rig utilization

13%

88%

27%

(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 4,100 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.



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http://basicenergyservices.com