FORT WORTH, Texas, April 11, 2016 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of March 2016. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 37,000 producing a rig utilization rate of
35%, compared to 35% and 55% in February
2016 and March 2015,
respectively.
During the month, Basic's fluid service truck count decreased by
six to 981. Fluid service truck hours for the month were 172,800,
compared to 168,100 and 202,900 in February
2016 and March 2015,
respectively.
Drilling rig days for the month were 31 producing a rig
utilization of 8%, compared to 8% and 50% in February 2016 and March
2015, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
commented, "Activity in the month of March, excluding the impact of
the Easter holiday, remained steady for our production-related well
servicing and fluid services segments. However, our
completion-related services, such as our stimulation business,
continue to be impacted as the volatility and uncertainty in oil
prices has caused our customers to further curtail their
exploration and drilling projects.
"Throughout the first quarter, we stacked additional equipment
in markets where existing demand did not allow us to sustain cash
breakeven or better margins. As of March 31, we had stacked 134,000 hydraulic
horsepower due to lower completion demand. We also stacked
eight additional well servicing rigs in March to bring our total
stacked rig inventory to 127 at quarter-end. We made further
progress in the first quarter to adjust our operational
infrastructure to react to the prolonged weak market conditions and
will make additional changes throughout this year to generate
additional cost savings.
"Based on our activity in March, we now expect our first quarter
revenues to be 18 to 20% lower than the fourth quarter of 2015
rather than our previous guidance of 16 to 17% lower. Weather
and holiday interruptions represented approximately 4.5% of the
total sequential revenue drop. We will discuss our second quarter
revenue expectations during our first quarter earnings call later
this month."
OPERATING
DATA
|
|
|
|
|
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Month
ended
|
|
|
|
|
March
31,
|
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February
29,
|
|
|
|
|
2016
|
2015
|
|
2016
|
|
|
|
|
|
|
|
|
Number of weekdays in
period
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|
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23
|
22
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21
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|
|
|
|
|
|
|
Number of well
servicing rigs: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
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421
|
421
|
|
421
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End of
period
|
|
|
421
|
421
|
|
421
|
Rig hours
(000s)
|
|
|
37.0
|
56.0
|
|
34.2
|
Rig
utilization rate 2
|
|
|
35%
|
55%
|
|
35%
|
|
|
|
|
|
|
|
|
Number of fluid
service trucks: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
984
|
1,036
|
|
986
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End of
period
|
|
|
981
|
1,023
|
|
987
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Truck Hours
(000s)
|
|
|
172.8
|
202.9
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|
168.1
|
|
|
|
|
|
|
|
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Number of drilling
rigs: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
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12
|
12
|
|
12
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End of
period
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|
|
12
|
12
|
|
12
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Drilling rig
days
|
|
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31
|
186
|
|
29
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Drilling rig
utilization
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|
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8%
|
50%
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8%
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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 3,400 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, 2015 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:
|
Alan Krenek, Chief
Financial Officer
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|
Basic Energy
Services, Inc.
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817-334-4100
|
|
|
|
Jack
Lascar
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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-march-2016-300249515.html
SOURCE Basic Energy Services, Inc.