FORT WORTH, Texas, May 11, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of April 2015. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 50,700 producing a rig utilization rate of
50%, compared to 55% and 70% in March
2015 and April 2014,
respectively.
During the month, Basic's fluid service truck count decreased by
15 to 1,008. Fluid service truck hours for the month were 190,600
compared to 202,900 and 212,200 in March
2015 and April 2014,
respectively.
Drilling rig days for the month were 124 producing a rig
utilization of 34%, compared to 50% and 81% in March 2015 and April
2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "Excluding the impact of the weather and the Easter
Holiday, we experienced a modest reduction in customer activity
from our March levels as the U.S. drilling rig count continued to
decline, albeit at a decelerating pace. We estimate heavy rains
throughout the majority of our operating areas reduced our well
servicing utilization by approximately 200 basis points. The Easter
holiday period impact in April in our well servicing and fluid
services segments was approximately 100 basis points and one
percent, respectively. Our stimulation services operations were
moderately impacted by heavy rains in our West Texas and Oklahoma markets and by several delays in frac
jobs that were due to customer well issues beyond our control.
Contract drilling utilization was lower as our two 1200
horsepower rigs came off contract at the end of March and we were
not able to secure commitments for them during April.
"As our customers focus on maintaining their own liquidity,
coupled with an oversupply of stimulation equipment considering
current drilling programs, we continue to see a reduction in demand
for our completion services. Pricing reductions for
stimulation services seems to be moderating, but utilization
continues to decline along with the drilling rig count; furthering
margin degradation. Our well servicing and fluid services segments
have seen a decreasing amount of pricing pressure and utilization
decline due to the higher proportion of work that is production
related.
"Our strategy for managing through this downturn remains
unchanged as we offer competitive bids to our customers in order to
maximize utilization for all our lines of business and work with
our vendors to further reduce costs. We continue to evaluate and
right-size our operations in order to meet our customers' needs
while maximizing cash flow. We are also on pace to meet our reduced
capital spending projection of approximately $75 million based on current activity
levels."
OPERATING
DATA
|
|
|
|
|
|
Month
ended
|
|
|
|
|
April
30,
|
|
March
31,
|
|
|
|
|
2015
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
Number of weekdays in
period
|
|
|
22
|
22
|
|
22
|
|
|
|
|
|
|
|
|
Number of well
servicing rigs: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
421
|
421
|
|
421
|
End of
period
|
|
|
421
|
421
|
|
421
|
Rig hours
(000s)
|
|
|
50.7
|
71.3
|
|
56.0
|
Rig
utilization rate 2
|
|
|
50%
|
70%
|
|
55%
|
|
|
|
|
|
|
|
|
Number of fluid
service trucks: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
1,017
|
1,013
|
|
1,036
|
End of
period
|
|
|
1,008
|
1,014
|
|
1,023
|
Truck Hours
(000s)
|
|
|
190.6
|
212.2
|
|
202.9
|
|
|
|
|
|
|
|
|
Number of drilling
rigs: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
12
|
12
|
|
12
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End of
period
|
|
|
12
|
12
|
|
12
|
Drilling rig
days
|
|
|
124
|
293
|
|
186
|
Drilling rig
utilization
|
|
|
34%
|
81%
|
|
50%
|
|
|
(1)
|
Includes all rigs and
trucks owned during periods presented and excludes rigs and trucks
held for sale.
|
(2)
|
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 4,600 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, 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:
|
Alan Krenek, Chief
Financial Officer
|
|
Basic Energy
Services, Inc.
|
|
817-334-4100
|
|
|
|
Jack Lascar /
Stephanie Smith
|
|
Dennard – Lascar
Associates
|
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713-529-6600
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/basic-energy-services-reports-selected-operating-data-for-april-2015-300081433.html
SOURCE Basic Energy Services, Inc.