FORT WORTH, Texas, Oct. 10, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of September 2014. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 71,800 producing a rig utilization rate of
71%, compared to 74% and 69% in August
2014 and September 2013,
respectively.
During the month, Basic's fluid service truck count increased by
21 to 1,045. Fluid service truck hours for the month were 215,800
compared to 215,100 and 189,600 in August
2014 and September 2013,
respectively.
Drilling rig days for the month were 327 producing a rig
utilization of 91%, compared to 83% and 74% in August 2014 and September
2013, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "Activity levels in September were steady across our
footprint. We experienced the normal impact of the Labor Day holiday as well as severe rainy
conditions in the Permian Basin and Mid-Continent operating areas
which impacted utilization in all segments. Despite wet
conditions in mid-September, our stimulation segment maintained
high levels of activity as we were able to work at full pace during
the weekends in the latter part of September to overcome most of
the weather effect in that segment. During the month, we
received the final components of our previously announced 2014
horsepower additions. Our contract drilling operations were able to
perform at higher levels than we achieved in August. Fluid
service truck hours were generally flat and well servicing
utilization was lower in September compared to August as these
segments were impacted most by the Labor
Day holiday and the rainy conditions.
"We now expect our third quarter revenue to be approximately 9%
to 10% higher sequentially compared to our previous guidance of 4%
to 6%. Revenue from our completion and remedial segment,
particularly from stimulation services, was greater than expected
as our horsepower additions were deployed in the field earlier than
anticipated. Despite the greater than anticipated revenue growth,
pricing remains very competitive, especially in our fluid services
and well servicing segments as we continue to experience higher
labor and other costs.
"We will discuss our fourth quarter revenue expectations,
pricing trends and our preliminary 2015 capital expenditure plans
during our third quarter earnings call later this month."
OPERATING
DATA
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Month
ended
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September
30,
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August
31,
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2014
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2013
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2014
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Number of weekdays in
period
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22
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21
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21
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Number of well
servicing rigs: 1
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Weighted
average for period 2
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421
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421
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421
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End of period
2
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421
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421
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421
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Rig hours
(000s) 2
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71.8
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67.2
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72.4
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Rig
utilization rate 2,3
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71%
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69%
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74%
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Number of fluid
service trucks: 1
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Weighted
average for period
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1,035
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970
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1,022
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End of
period
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1,045
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969
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1,024
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Truck Hours
(000s)
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215.8
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189.6
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215.1
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Number of drilling
rigs: 1
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Weighted
average for period
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12
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12
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12
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End of
period
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12
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12
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12
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Drilling rig
days
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327
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267
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310
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Drilling rig
utilization
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91%
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74%
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83%
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(1)
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Includes all rigs and
trucks owned during periods presented and excludes rigs and trucks
held for sale.
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(2)
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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 September 2013 has been
recalculated as if these four rigs had been sold for that
period.
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(3)
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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.
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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 5,700 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:
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Alan Krenek, Chief
Financial Officer
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817-334-4100
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Jack Lascar /
Stephanie Smith
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Dennard – Lascar
Associates
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713-529-6600
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SOURCE Basic Energy Services, Inc.