FORT WORTH, Texas, April 13, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of March 2015. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 56,000 producing a rig utilization rate of
55%, compared to 55% and 75% in February
2015 and March 2014,
respectively.
During the month, Basic's fluid service truck count decreased by
26 to 1,023. Fluid service truck hours for the month were 202,900
compared to 184,100 and 211,000 in February
2015 and March 2014,
respectively.
Drilling rig days for the month were 186 producing a rig
utilization of 50%, compared to 63% and 81% in February 2015 and March
2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "March operating activity remained relatively flat for our
rig and truck operations from February levels. In early March our
Permian Basin and South Texas
operations experienced some weather disruptions that reduced our
rig hours by approximately 200 bps. While our completion and
remedial services segment saw less of a sequential reduction in
activity levels compared to the previous month-over-month period,
stimulation activity continues to be impacted by the drop in
drilling rig count. We continue to face fierce rate
competition in the completion lines of business across all of our
operating areas.
"We have maintained our strategy of protecting market share and
maximizing utilization; reducing rates as necessary in all
segments. We continue our efforts to lower input costs and
right-size our workforce. Our overall headcount is now 19% lower
than its peak of mid fourth quarter 2014. As we allocate assets
into markets where activity is strongest, we continue to high-grade
our marketed fleet and stack excess equipment. We have
increased our stacked well servicing rig count by 40 since
year-end, and the sequential drop in truck count represents the
scaling of our operations to match customer activity.
"We now expect our first quarter revenue to be approximately
34%-35% lower sequentially compared to our previous guidance of
32%-34%. In light of the continued decrease in the overall U.S.
land rig drilling fleet and lower overall capital expenditures by
most customers, it is still too early to predict whether or not
these flattening utilization levels represent a potential floor for
activity. We will discuss our second quarter revenue expectations
during our first quarter earnings call later this month."
OPERATING
DATA
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Month
ended
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March
31,
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February
28,
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2015
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2014
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2015
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Number of weekdays in
period
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22
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21
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20
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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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56.0
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72.5
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50.5
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Rig
utilization rate 2,3
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55%
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75%
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55%
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Number of fluid
service trucks: 1
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Weighted
average for period
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1,036
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1,010
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1,052
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End of
period
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1,023
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1,012
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1,049
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Truck Hours
(000s)
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202.9
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211.0
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184.1
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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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186
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301
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213
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Drilling rig
utilization
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50%
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81%
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63%
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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 March 2014 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 4,700 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, 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:
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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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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/basic-energy-services-reports-selected-operating-data-for-march-2015-300064557.html
SOURCE Basic Energy Services, Inc.