FORT WORTH, Texas, July 11, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of June 2014. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 71,600 producing a rig utilization rate of
74%, compared to 70% and 79% in May
2014 and June 2013,
respectively.
During the month, Basic's fluid service truck count decreased by
one to 1,016. Fluid service truck hours for the month were 205,300
compared to 213,400 and 185,400 in May
2014 and June 2013,
respectively.
Drilling rig days for the month were 317 producing a rig
utilization of 88%, compared to 89% and 79% in May 2014 and June
2013, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "Activity in June for our major business lines was
consistent with the momentum that we saw throughout the second
quarter of this year. We did experience a slight impact from rainy
conditions throughout our Texas
and Oklahoma footprint which had
some effect on all business lines in those markets, particularly
our fluid service truck hours. Demand for our pumping services and
coil tubing operations during the month continued at a strong pace
due to the high level of completion activity. In addition, our well
servicing utilization increased from April and May, mainly due to
the absence of a holiday in June as well as continued modest
improvements in busier well servicing markets like the Permian
Basin and Eagle Ford.
"We now expect our second quarter revenue to be approximately 6%
to 7% higher sequentially compared to our previous guidance of 5%
to 6%. This improvement is mainly attributable to the better
than expected activity in our completion and remedial segment,
particularly from stimulation services. We will discuss our
third quarter revenue expectations during our second quarter
earnings call later this month.
"With the improving market environment, we are evaluating
multiple organic and acquisition growth opportunities across all
business lines. We expect to close on a few small acquisitions in
the near term and we remain confident in the potential for some
larger deals to close before year-end as well."
OPERATING
DATA
|
|
|
|
|
Month
ended
|
|
|
|
June
30,
|
|
May
31,
|
|
|
|
2014
|
2013
|
|
2014
|
|
|
|
|
|
|
|
Number of weekdays in
period
|
|
|
21
|
20
|
|
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
|
|
|
71.6
|
72.7
|
|
71.3
|
Rig
utilization rate 2,3
|
|
|
74%
|
79%
|
|
70%
|
|
|
|
|
|
|
|
Number of fluid
service trucks: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
1,017
|
971
|
|
1,016
|
End of
period
|
|
|
1,016
|
968
|
|
1,017
|
Truck Hours
(000s)
|
|
|
205.3
|
185.4
|
|
213.4
|
|
|
|
|
|
|
|
Number of drilling
rigs: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
12
|
12
|
|
12
|
End of
period
|
|
|
12
|
12
|
|
12
|
Drilling rig
days
|
|
|
317
|
285
|
|
332
|
Drilling rig
utilization
|
|
|
88%
|
79%
|
|
89%
|
|
|
|
|
(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 June 2013 has 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
|
|
Dennard – Lascar
Associates
|
|
713-529-6600
|
SOURCE Basic Energy Services, Inc.