FORT WORTH, Texas, Oct. 13, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of September 2015. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 46,800 producing a rig utilization rate of
46%, compared to 53% and 71% in August
2015 and September 2014,
respectively.
During the month, Basic's fluid service truck count remained
flat at 1,015. Fluid service truck hours for the month were
183,400, compared to 188,100 and 215,800 in August 2015 and September
2014, respectively.
Drilling rig days for the month were 97 producing a rig
utilization of 27%, compared to 23% and 91% in August 2015 and September
2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
commented, "Rig hours and utilization fell from August to
September, primarily due to the Labor
Day holiday period and competitive market conditions.
Fluid service hours in September on an average per truck per
calendar basis were consistent with August activity despite the
Labor Day holiday impact. Completion
activity in our completion and remedial segment continues to be
impacted by the lower drilling rig count and volatile oil price
environment. As a result of the continued weakness in commodity
prices, pricing in all of our markets and lines of business is
being lowered in order to maintain activity levels and protect
market share as much as possible. Recently, in a few selected
markets, stimulation pricing has fallen to levels where cash
margins at the field level do not support regular maintenance
capital expenditures on equipment. In these instances, we have
either temporarily stacked our equipment or relocated frac spreads
to other markets.
"Pricing in our production-related businesses remains
competitive but we have seen more stable utilization rates. Of
these lines of business, our fluid services business has been the
most resilient because of our salt water disposal well network,
especially in markets like the Permian Basin. Concentrating our
produced water hauls on our company-owned disposal facilities
allows us to keep costs low and efficiencies high. Seasonal impacts
and low commodity prices will weigh on our production-related
businesses in the near term, but we expect them to perform better
than drilling and completion-related businesses until the drilling
rig count rebounds.
"Based on our September performance, we expect that our third
quarter 2015 revenues to be in line with our previous guidance of 4
to 5% lower sequentially. We will discuss our third quarter
performance and fourth quarter expectations during our third
quarter earnings call later this month."
OPERATING
DATA
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|
|
|
|
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Month
ended
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|
|
|
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September
30,
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August
31,
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|
|
|
|
2015
|
2014
|
|
2015
|
|
|
|
|
|
|
|
|
Number of weekdays in
period
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|
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22
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22
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21
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|
|
|
|
|
|
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Number of well
servicing rigs: 1
|
|
|
|
|
|
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Weighted
average for period
|
|
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421
|
421
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421
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End of
period
|
|
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421
|
421
|
|
421
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Rig hours
(000s)
|
|
|
46.8
|
71.8
|
|
51.9
|
Rig
utilization rate 2
|
|
|
46%
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71%
|
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53%
|
|
|
|
|
|
|
|
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Number of fluid
service trucks: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
1,015
|
1,035
|
|
1,011
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End of
period
|
|
|
1,015
|
1,045
|
|
1,015
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Truck Hours
(000s)
|
|
|
183.4
|
215.8
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188.1
|
|
|
|
|
|
|
|
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Number of drilling
rigs: 1
|
|
|
|
|
|
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Weighted
average for period
|
|
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12
|
12
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12
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End of
period
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|
|
12
|
12
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|
12
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Drilling rig
days
|
|
|
97
|
327
|
|
86
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Drilling rig
utilization
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27%
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91%
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23%
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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.
|
(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.
|
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 4,200 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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|
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Jack Lascar /
Stephanie Zhadkevich
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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-september-2015-300159172.html
SOURCE Basic Energy Services, Inc.