FORT WORTH, Texas, Nov. 11, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of October 2014. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 77,800 producing a rig utilization rate of
73%, compared to 71% in both September
2014 and October 2013.
During the month, Basic's fluid service truck count decreased by
five to 1,040. Fluid service truck hours for the month were 233,300
compared to 215,800 and 201,900 in September
2014 and October 2013,
respectively.
Drilling rig days for the month were 326 producing a rig
utilization of 88%, compared to 91% and 69% in September 2014 and October
2013, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "October activity was strong across all of our business
segments rebounding from the Labor
Day and weather impacts during September. Our
stimulation horsepower operated at near full utilization in October
and we maintained price increases to offset higher operating
costs. We continue to experience a relatively low number of
logistical issues in this segment. The two new 2" coil tubing units
that we ordered earlier in the year were received and placed into
service by the end of October. Additionally, the rental tool
acquisition that we completed in late September was fully
integrated into our rental and fishing tool store network during
October.
"We saw a significant increase in truck utilization in October,
particularly in our Permian Basin and Rocky Mountain operating
areas, as we continue to benefit from our longstanding strategy of
centering our fluid service assets around our advanced disposal
well network. Utilization levels in our well servicing and
contract drilling segments were steady and remained in line with
our expectations.
"While we are pleased with our customers' current levels of
activity, we are closely monitoring them as well as their expected
2015 spending plans. We have positioned ourselves to quickly make
appropriate changes to our operating strategy as may be
required."
OPERATING
DATA
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Month
ended
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October
31,
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September
30,
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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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23
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23
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22
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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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77.8
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75.4
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71.8
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Rig
utilization rate 2,3
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73%
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71%
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71%
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Number of fluid
service trucks: 1
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Weighted
average for period
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1,043
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977
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1,035
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End of
period
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1,040
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983
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1,045
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Truck Hours
(000s)
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233.3
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201.9
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215.8
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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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326
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255
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327
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Drilling rig
utilization
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88%
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69%
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91%
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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 October 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 5,800 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, 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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Basic Energy
Services, Inc.
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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.