BASIC ENERGY SERVICES, INC FORT WORTH, Texas, Jan. 12, 2016 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of December 2015. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 37,900 producing a rig utilization rate of 36%, compared to 39% and 60% in November 2015 and December 2014, respectively.
During the month, Basic's fluid service truck count declined by 16 to 985. Fluid service truck hours for the month were 177,000, compared to 182,800 and 218,200 in November 2015 and December 2014, respectively.
Drilling rig days for the month were 46 producing a rig utilization of 12%, compared to 16% and 87% in November 2015 and December 2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer, commented, "The December year-end holiday period was an exceptionally slow one. Our customers dramatically slowed their activities as they preserved cash and deferred maintenance work in response to continually weak commodity prices. Operations were further impacted by extreme weather conditions in the last week of the month. Heavy snowfall in the Permian Basin and Oklahoma caused significant downtime in all lines of business as we experienced blizzard conditions in many markets. Current activity levels in most markets have generally resumed their pre-storm pace.
"Due to the impact of difficult weather conditions in late December, we expect our fourth quarter revenues to be at the higher end of the range that we had previously announced of 13 to 15% lower sequentially. It is still too early to get a view of activity for the first quarter as most of our customers are still evaluating their spending plans for 2016. We will discuss our expectations for the first quarter during our next earnings call."
OPERATING DATA
Month ended
-----------
December 31, November 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) 37.9 64.3 37.6
Rig utilization rate 2 36% 60% 39%
Number of fluid service trucks: (1)
Weighted average for period 993 1,045 1,004
End of period 985 1,047 1,001
Truck Hours (000s) 177.0 218.2 182.8
Number of drilling rigs: 1
Weighted average for period 12 12 12
End of period 12 12 12
Drilling rig days 46 324 59
Drilling rig utilization 12% 87% 16%
(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 3,900 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 /Stephanie
Zhadkevich
Dennard - Lascar Associates
713-529-6600
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SOURCE Basic Energy Services, Inc.
