Basic Energy Services Reports Selected Operating Data For January 2013
FORT WORTH, Texas, Feb. 14, 2013 /PRNewswire/ — Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today reported selected operating data for the month of January 2013. Basic’s well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 72,200 producing a rig utilization rate of 67%, compared to 61% and 76% in December 2012 and January 2012, respectively.
During the month, Basic’s fluid service truck count increased by nine trucks to 964. Fluid service truck hours for the month were 185,700 compared to 178,100 and 198,300 in December 2012 and January 2012, respectively.
Drilling rig days for the month were 292 producing a rig utilization of 79%, compared to 82% and 84% in December 2012 and January 2012, respectively.
Ken Huseman, Basic’s President and Chief Executive Officer, stated, “Operating activity for the month of January increased from December’s levels, mainly due to seasonal factors as we came out of the year-end holiday period. In January, pricing across our business lines remained consistent with the fourth quarter. We will discuss our near-term outlook for 2013 during our 4(th) quarter 2012 earnings call next week.”
Month ended ----------- January 31, December 31, 2013 2012 2012 ---- ---- ---- Number of weekdays in period 23 22 21 Number of well servicing rigs: (1) Weighted average for period 425 420 425 End of period 425 422 425 Rig hours (000s) 72.2 76.9 60.0 Rig utilization rate 2 67% 76% 61% Number of fluid service trucks: Weighted average for period 960 890 956 End of period 964 899 955 Truck Hours (000s) 185.7 198.3 178.1 Number of drilling rigs: Weighted average for period 12 12 12 End of period 12 12 12 Drilling rig days 292 313 305 Drilling rig utilization 79% 84% 82%
(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 5,600 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 States.
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, 2011 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/Sheila Stuewe Dennard-Lascar Associates, LLC. 713-529-6600
SOURCE Basic Energy Services, Inc.