BASIC ENERGY SERVICES, INC FORT WORTH, Texas, Dec. 14, 2015 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of November 2015. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 37,600 producing a rig utilization rate of 39%, compared to 44% and 67% in October 2015 and November 2014, respectively.
During the month, Basic's fluid service truck count declined by five to 1,001. Fluid service truck hours for the month were 182,800, compared to 197,200 and 210,400 in October 2015 and November 2014, respectively.
Drilling rig days for the month were 59 producing a rig utilization of 16%, compared to 13% and 83% in October 2015 and November 2014, respectively.
Roe Patterson, Basic's President and Chief Executive Officer, commented, "As expected, November activity was significantly impacted by the Thanksgiving holiday period. In addition, wet weather in the last week of the month hindered operations in a large part of our geographic footprint. The performance of our fluid services operations was consistent with the last several months. Well servicing operations lost approximately 500 basis points of utilization in November due to seasonal factors. Well servicing and fluid services utilization post the Thanksgiving holiday period bounced back to levels equal to, or in some cases slightly higher, than prior to the holiday period. Stimulation services activity was impacted during the month by the typical seasonal factors as well as lower levels of completion activity.
"We continue to implement our well-developed strategy to deal with the current operating environment, including scaling operations and capital expenditures to fit cash flow and preserve our liquidity. We continue to stack underutilized assets while simultaneously high-grading our current marketed fleet across our footprint and in all lines of business. We have exited markets where margins have fallen below levels that justify current sustaining capital expenditures. While we expect a slower than usual holiday period in late December, we do not currently anticipate any change to our previously announced guidance of fourth quarter revenues being 13-15% lower sequentially."
OPERATING DATA
Month ended
-----------
November 30, October 31,
2015 2014 2015
---- ---- ----
Number of weekdays in period 21 20 22
Number of well servicing rigs: (1)
Weighted average for period 421 421 421
End of period 421 421 421
Rig hours (000s) 37.6 62.3 44.4
Rig utilization rate 2 39% 67% 44%
Number of fluid service trucks: (1)
Weighted average for period 1,004 1,041 1,010
End of period 1,001 1,042 1,006
Truck Hours (000s) 182.8 210.4 197.2
Number of drilling rigs: 1
Weighted average for period 12 12 12
End of period 12 12 12
Drilling rig days 59 298 50
Drilling rig utilization 16% 83% 13%
(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 4,000 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.
