BASIC ENERGY SERVICES, INC FORT WORTH, Texas, Nov. 11, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of October 2014. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 77,800 producing a rig utilization rate of 73%, compared to 71% in both September 2014 and October 2013.
During the month, Basic's fluid service truck count decreased by five to 1,040. Fluid service truck hours for the month were 233,300 compared to 215,800 and 201,900 in September 2014 and October 2013, respectively.
Drilling rig days for the month were 326 producing a rig utilization of 88%, compared to 91% and 69% in September 2014 and October 2013, respectively.
Roe Patterson, Basic's President and Chief Executive Officer, stated, "October activity was strong across all of our business segments rebounding from the Labor Day and weather impacts during September. Our stimulation horsepower operated at near full utilization in October and we maintained price increases to offset higher operating costs. We continue to experience a relatively low number of logistical issues in this segment. The two new 2" coil tubing units that we ordered earlier in the year were received and placed into service by the end of October. Additionally, the rental tool acquisition that we completed in late September was fully integrated into our rental and fishing tool store network during October.
"We saw a significant increase in truck utilization in October, particularly in our Permian Basin and Rocky Mountain operating areas, as we continue to benefit from our longstanding strategy of centering our fluid service assets around our advanced disposal well network. Utilization levels in our well servicing and contract drilling segments were steady and remained in line with our expectations.
"While we are pleased with our customers' current levels of activity, we are closely monitoring them as well as their expected 2015 spending plans. We have positioned ourselves to quickly make appropriate changes to our operating strategy as may be required."
OPERATING DATA
Month ended
-----------
October 31, September 30,
2014 2013 2014
---- ---- ----
Number of weekdays in period 23 23 22
Number of well servicing rigs: (1)
Weighted average for period 2 421 421 421
End of period (2) 421 421 421
Rig hours (000s) 2 77.8 75.4 71.8
Rig utilization rate 2,3 73% 71% 71%
Number of fluid service trucks: (1)
Weighted average for period 1,043 977 1,035
End of period 1,040 983 1,045
Truck Hours (000s) 233.3 201.9 215.8
Number of drilling rigs: 1
Weighted average for period 12 12 12
End of period 12 12 12
Drilling rig days 326 255 327
Drilling rig utilization 88% 69% 91%
(1) Includes all rigs and trucks
owned during periods presented
and excludes rigs and trucks
held for sale.
(2) 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 October
2013 has been recalculated as
if these four rigs had been
sold for that period.
(3) 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 5,800 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: Alan Krenek, Chief Financial
Officer
Basic Energy Services, Inc.
817-334-4100
Jack Lascar / Stephanie Smith
Dennard - Lascar Associates
713-529-6600
SOURCE Basic Energy Services, Inc.
