BASIC ENERGY SERVICES, INC FORT WORTH, Texas, Aug. 12, 2015 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of July 2015. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 55,400 producing a rig utilization rate of 52%, compared to 55% and 69% in June 2015 and July 2014, respectively.
During the month, Basic's fluid service truck count decreased by five to 1,007. Fluid service truck hours for the month were 193,200 compared to 193,200 and 214,900 in June 2015 and July 2014, respectively.
Drilling rig days for the month were 69 producing a rig utilization of 19%, compared to 17% and 89% in June 2015 and July 2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer, commented, "Our well servicing utilization decreased by 300 basis points, primarily as a result of the Fourth of July holiday period. In the latter part of the month, we achieved utilization rates that were at or slightly above the prior month's utilization rate of 55%. Our truck hours remained flat despite our truck count dropping during the month and the impact of the Fourth of July holiday period. Completion and contract drilling activity continues to be challenged by the significant amount of excess equipment in the market and the recent volatility in oil prices. Pricing appears to have stabilized despite declines in expected activity by our customers.
"Based on the current environment, we expect our third quarter revenue to be flat or slightly higher sequentially due to better weather and longer daylight hours. We continue to take defensive measures to maximize utilization and control costs under the current environment focusing on generating positive cash flow throughout all lines of business."
OPERATING DATA
Month ended
-----------
July 31, June 30,
2015 2014 2015
---- ---- ----
Number of weekdays in period 23 23 21
Number of well servicing rigs: (1)
Weighted average for period 421 421 421
End of period 421 421 421
Rig hours (000s) 55.4 73.3 55.8
Rig utilization rate 2 52% 69% 55%
Number of fluid service trucks: (1)
Weighted average for period 1,010 1,018 1,009
End of period 1,007 1,019 1,012
Truck Hours (000s) 193.2 214.9 193.2
Number of drilling rigs: 1
Weighted average for period 12 12 12
End of period 12 12 12
Drilling rig days 69 331 60
Drilling rig utilization 19% 89% 17%
(1) Includes all rigs and trucks
owned during periods
presented and excludes rigs
and trucks held for sale.
(2) 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 4,400 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, 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: Alan Krenek, Chief Financial
Officer
Basic Energy Services, Inc.
817-334-4100
Jack Lascar
Dennard - Lascar Associates
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-july-2015-300127192.html
SOURCE Basic Energy Services, Inc.
