FORT WORTH, Texas, Nov. 11, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of October 2015. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 44,400 producing a rig utilization rate of
44%, compared to 46% and 73% in September
2015 and October 2014,
respectively.
During the month, Basic's fluid service truck count declined by
nine to 1,006. Fluid service truck hours for the month were
197,200, compared to 183,400 and 233,300 in September 2015 and October
2014, respectively.
Drilling rig days for the month were 50 producing a rig
utilization of 13%, compared to 27% and 88% in September 2015 and October
2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
commented, "October saw an increase in our fluid service hours,
despite a decrease in our total number of trucks, as utilization
remained strong in our Permian Basin operations. However, our
well servicing utilization was lower in October, primarily due to
significant wet weather conditions in Texas and Oklahoma during the last part of the
month. Activity in our completion and remedial segment picked
up slightly, especially in our coil tubing operations, but
stimulation services continue to be impacted by the lower drilling
rig count. Pricing in all of our markets and lines of business
remains competitive, and we are working to maintain current
activity levels. We have stacked or relocated equipment where cash
margins do not support maintenance capital expenditures. By way of
example, we stacked an additional 17,000 hydraulic horsepower
("HHP") during the month, for a total of 60,000 stacked HHP at
October 30, 2015. Our outlook on the
remainder of the fourth quarter remains unchanged."
OPERATING
DATA
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Month
ended
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|
|
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October
31,
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September
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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22
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23
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22
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Number of well
servicing rigs: 1
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|
|
|
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Weighted
average for period
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|
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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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|
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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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|
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44.4
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77.8
|
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46.8
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Rig
utilization rate 2
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44%
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73%
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46%
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|
|
|
|
|
|
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Number of fluid
service trucks: 1
|
|
|
|
|
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Weighted
average for period
|
|
|
1,010
|
1,043
|
|
1,015
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End of
period
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|
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1,006
|
1,040
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|
1,015
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Truck Hours
(000s)
|
|
|
197.2
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233.3
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183.4
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|
|
|
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Number of drilling
rigs: 1
|
|
|
|
|
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Weighted
average for period
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|
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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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50
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326
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97
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Drilling rig
utilization
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13%
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88%
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27%
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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 4,100 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 Zhadkevich
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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-october-2015-300177088.html
SOURCE Basic Energy Services, Inc.