FORT WORTH, Texas, June 12, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of May 2014. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 71,300 producing a rig utilization rate of
70%, compared to 70% and 68% in April
2014 and May 2013,
respectively.
During the month, Basic's fluid service truck count increased by
three to 1,017. Fluid service truck hours for the month were
213,400 compared to 212,200 and 194,300 in April 2014 and May
2013, respectively.
Drilling rig days for the month were 332 producing a rig
utilization of 89%, compared to 81% and 78% in April 2014 and May
2013, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "May activity for well servicing and fluid services was
very similar to April as both months had 22 week days and a
holiday. Our contract drilling fleet experienced higher
utilization for the month as we saw an increase in activity for our
1,000 horsepower rigs in the vertical Wolfberry play in the Permian
Basin. Activity levels improved in our completion and remedial
services segment, particularly for stimulation services, and our
calendar for hydraulic fracturing services is relatively full
through the remainder of this year.
"We have been able to pass through rate increases for higher
product costs in our stimulation services line of business.
In selected operating areas where activity is at higher levels, we
have been able to implement rate increases in the 3% to 5% range
that meet or exceed the recoupment of higher product costs."
|
|
OPERATING
DATA
|
|
|
|
Month
ended
|
|
May
31,
|
|
April
30,
|
|
2014
|
2013
|
|
2014
|
|
|
|
|
|
Number of weekdays in
period
|
22
|
23
|
|
22
|
|
|
|
|
|
Number of well
servicing rigs: 1
|
|
|
|
|
Weighted
average for period 2
|
421
|
421
|
|
421
|
End of period
2
|
421
|
421
|
|
421
|
Rig hours
(000s) 2
|
71.3
|
72.3
|
|
71.3
|
Rig
utilization rate 2,3
|
70%
|
68%
|
|
70%
|
|
|
|
|
|
|
Number of fluid
service trucks: 1
|
|
|
|
|
Weighted
average for period
|
1,016
|
974
|
|
1,013
|
End of
period
|
1,017
|
974
|
|
1,014
|
Truck Hours
(000s)
|
213.4
|
194.3
|
|
212.2
|
|
|
|
|
|
|
Number of drilling
rigs: 1
|
|
|
|
|
Weighted
average for period
|
12
|
12
|
|
12
|
End of
period
|
12
|
12
|
|
12
|
Drilling rig
days
|
332
|
292
|
|
293
|
Drilling rig
utilization
|
89%
|
78%
|
|
81%
|
|
|
(1)
|
Includes all rigs and
trucks owned during periods presented and excludes rigs and trucks
held for sale.
|
(2)
|
Basic sold its four
inland barge workover rigs on March 31, 2014. The weighted
average number of rigs, number of rigs at the end of the period,
rig hours and rig utilization rate for May 2013 have been
recalculated as if these four rigs had been sold for that
period.
|
(3)
|
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 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, 2013 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.