FORT WORTH, Texas, Dec. 14, 2015 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of November 2015. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 37,600 producing a rig utilization rate of
39%, compared to 44% and 67% in October
2015 and November 2014,
respectively.
During the month, Basic's fluid service truck count declined by
five to 1,001. Fluid service truck hours for the month were
182,800, compared to 197,200 and 210,400 in October 2015 and November
2014, respectively.
Drilling rig days for the month were 59 producing a rig
utilization of 16%, compared to 13% and 83% in October 2015 and November
2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
commented, "As expected, November activity was significantly
impacted by the Thanksgiving holiday
period. In addition, wet weather in the last week of the month
hindered operations in a large part of our geographic
footprint. The performance of our fluid services
operations was consistent with the last several months. Well
servicing operations lost approximately 500 basis points of
utilization in November due to seasonal factors. Well
servicing and fluid services utilization post the Thanksgiving holiday period bounced back to
levels equal to, or in some cases slightly higher, than prior to
the holiday period. Stimulation services activity was impacted
during the month by the typical seasonal factors as well as lower
levels of completion activity.
"We continue to implement our well-developed strategy to deal
with the current operating environment, including scaling
operations and capital expenditures to fit cash flow and preserve
our liquidity. We continue to stack underutilized assets while
simultaneously high-grading our current marketed fleet across our
footprint and in all lines of business. We have exited markets
where margins have fallen below levels that justify current
sustaining capital expenditures. While we expect a slower than
usual holiday period in late December, we do not currently
anticipate any change to our previously announced guidance of
fourth quarter revenues being 13-15% lower sequentially."
OPERATING
DATA
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Month
ended
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November
30,
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October
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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21
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20
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22
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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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|
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37.6
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62.3
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44.4
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Rig
utilization rate 2
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39%
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67%
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44%
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Number of fluid
service trucks: 1
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Weighted
average for period
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1,004
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1,041
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1,010
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End of
period
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1,001
|
1,042
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1,006
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Truck Hours
(000s)
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182.8
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210.4
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197.2
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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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59
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298
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50
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Drilling rig
utilization
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16%
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83%
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13%
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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 4,000 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-november-2015-300192168.html
SOURCE Basic Energy Services, Inc.