FORT WORTH, Texas, July 10, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of June 2015. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 55,800, producing a rig utilization rate
of 55%, compared to 50% and 74% in May
2015 and June 2014,
respectively.
During the month, Basic's fluid service truck count increased by
six to 1,012. Fluid service truck hours for the month were 193,200,
compared to 189,900 and 205,300 in May
2015 and June 2014,
respectively.
Drilling rig days for the month were 60, producing a rig
utilization of 17% compared to 26% and 88% in May 2015 and June
2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
commented, "The results from our operating segments in June were
consistent with the previous two months of the second quarter. Our
well servicing utilization improved by 500 basis points and our
trucking hours improved by two percent sequentially, recovering
slightly after the significant rainy weather conditions we
experienced in May. This slight June recovery was partially offset
by the mid-June tropical storm that impacted our Gulf Coast,
Ark-La-Tex and Mid-Continent operating areas, particularly well
servicing and stimulation services. Our completion and drilling
oriented lines of business remain the most competitive due to the
lower drilling rig count and the amount of excess equipment in most
markets. Pricing continues to be competitive in all lines of
business, but has stabilized somewhat as of the end of the second
quarter.
"Based on our June operating performance, we continue to
anticipate that our revenue will decline 22% to 24% from the first
quarter. We will discuss our third quarter expectations
during our second quarter earnings call later this month."
OPERATING
DATA
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Month
ended
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June
30,
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May
31,
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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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21
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Number of well
servicing rigs: 1
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Weighted
average for period
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421
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421
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421
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End of
period
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421
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421
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421
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Rig hours
(000s)
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55.8
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71.6
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48.2
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Rig
utilization rate 2
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55%
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74%
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50%
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Number of fluid
service trucks: 1
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Weighted
average for period
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1,009
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1,017
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1,007
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End of
period
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1,012
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1,016
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1,006
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Truck Hours
(000s)
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193.2
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205.3
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189.9
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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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60
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317
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96
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Drilling rig
utilization
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17%
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88%
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26%
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(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.
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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 4,400 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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visit:http://www.prnewswire.com/news-releases/basic-energy-services-reports-selected-operating-data-for-june-2015-300111522.html
SOURCE Basic Energy Services, Inc.