FORT WORTH, Texas, May 8, 2014 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of April 2014. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 71,300 producing a rig utilization rate of
70%, compared to 75% and 70% in March
2014 and April 2013,
respectively. Basic sold four inland barge workover rigs on
March 31, 2014, and the number of
rigs, rig hours and rig utilization rate for April 2013 and March
2014 have been recalculated as if those four rigs had been
sold for those periods.
During the month, Basic's fluid service truck count increased by
two to 1,014. Fluid service truck hours for the month were 212,200
compared to 211,000 and 188,800 in March
2014 and April 2013,
respectively.
Drilling rig days for the month were 293 producing a rig
utilization of 81%, compared to 81% and 75% in March 2014 and April
2013, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "Activity levels across our footprint continued to
accelerate in April. Completion and remedial services, particularly
stimulation services, and our fluid services business segments
increased from March levels as demand for our services continues to
benefit from increased completion activity by our customers. Well
servicing utilization was relatively flat sequentially, excluding
the impact of the Easter holiday period and weather related delays
we experienced in April, as demand remains stable in this segment.
"As previous announced, our growth capital expenditure plan is
progressing as we continue to add pumping assets, fluid service
trucks, and larger rental assets. We expect to have one additional
frac spread activated by the end of May in the North Texas portion of our Mid-Continent
region. We also relocated one existing frac spread to the Permian
Basin in early April where we are experiencing strong demand for
all of our service lines.
"We're pleased with the current pace of customer spending and
continue to be optimistic about the remainder of 2014. Activity
levels in our natural gas markets continue to show modest
improvements as gas prices remain relatively stable at current
levels. Oilier markets remain very busy as rig counts continue to
grow. We continue to see stable pricing across all business
segments with selected opportunities for rate increases.
We will continue to evaluate additional internal growth
projects and review acquisition opportunities across our business
segments as returns on capital investments keep improving."
OPERATING
DATA
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Month
ended
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April
30,
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March
31,
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2014
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2013
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2014
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Number of weekdays in
period
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22
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22
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21
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Number of well
servicing rigs: 1
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Weighted
average for period 2
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421
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421
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421
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End of period
2
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421
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421
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421
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Rig hours
(000s) 2
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71.3
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71.5
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72.5
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Rig
utilization rate 2,3
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70%
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70%
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75%
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Number of fluid
service trucks: 1
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Weighted
average for period
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1,013
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971
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1,010
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End of
period
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1,014
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974
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1,012
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Truck Hours
(000s)
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212.2
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188.8
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211.0
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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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293
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269
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301
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Drilling rig
utilization
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81%
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75%
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81%
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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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Basic sold its four
inland barge workover rigs on March 31, 2014. The weighted average
number of rigs, number of rigs at the end of the period, rig hours
and rig utilization rate for April 2013 and March 2014 have been
recalculated as if these four rigs had been sold for those
periods.
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(3)
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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 5,500 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, 2013 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/Sheila
Stuewe
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Dennard – Lascar
Associates
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713-529-6600
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SOURCE Basic Energy Services, Inc.