FORT WORTH, Texas, Aug. 12, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of July 2015. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 55,400 producing a rig utilization rate of
52%, compared to 55% and 69% in June
2015 and July 2014,
respectively.
During the month, Basic's fluid service truck count decreased by
five to 1,007. Fluid service truck hours for the month were 193,200
compared to 193,200 and 214,900 in June
2015 and July 2014,
respectively.
Drilling rig days for the month were 69 producing a rig
utilization of 19%, compared to 17% and 89% in June 2015 and July
2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
commented, "Our well servicing utilization decreased by 300 basis
points, primarily as a result of the Fourth
of July holiday period. In the latter part of the month, we
achieved utilization rates that were at or slightly above the prior
month's utilization rate of 55%. Our truck hours remained
flat despite our truck count dropping during the month and the
impact of the Fourth of July holiday
period. Completion and contract drilling activity continues to be
challenged by the significant amount of excess equipment in the
market and the recent volatility in oil prices. Pricing appears to
have stabilized despite declines in expected activity by our
customers.
"Based on the current environment, we expect our third quarter
revenue to be flat or slightly higher sequentially due to better
weather and longer daylight hours. We continue to take defensive
measures to maximize utilization and control costs under the
current environment focusing on generating positive cash flow
throughout all lines of business."
OPERATING
DATA
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Month
ended
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July
31,
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June
30,
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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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23
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23
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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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55.4
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73.3
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55.8
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Rig
utilization rate 2
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52%
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69%
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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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1,010
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1,018
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1,009
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End of
period
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1,007
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1,019
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1,012
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Truck Hours
(000s)
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193.2
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214.9
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193.2
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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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69
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331
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60
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Drilling rig
utilization
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19%
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89%
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17%
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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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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.
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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
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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-july-2015-300127192.html
SOURCE Basic Energy Services, Inc.