Quantcast
Last updated on April 17, 2014 at 10:40 EDT

Basic Energy Services Reports Selected Operating Data For May 2013

June 14, 2013

FORT WORTH, Texas, June 14, 2013 /PRNewswire/ — Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today reported selected operating data for the month of May 2013. Basic’s well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 75,000 producing a rig utilization rate of 70%, compared to 72% in both April 2013 and May 2012.

During the month, Basic’s fluid service truck count remained unchanged at 974. Fluid service truck hours for the month were 194,300 compared to 188,800 and 189,100 in April 2013 and May 2012, respectively.

Drilling rig days for the month were 292 producing a rig utilization of 78%, compared to 75% and 96% in April 2013 and May 2012, respectively.

Ken Huseman, Basic’s President and Chief Executive Officer, stated, “Demand for our services remained level through May with storm-related interruptions in activity in the Mid-Continent markets and the prolonged Memorial Day holiday reducing utilization compared to April. Despite aggressive competition in each of our segments, we have been able to maintain utilization with stable pricing.

“The much awaited pick-up in activity seems to have begun following the Memorial Day holiday. We have seen a noteworthy increase in well servicing utilization since the beginning of June along with stronger demand for our other services as well. Despite the lower than expected utilization in May, we currently believe that we will achieve our previous guidance of 5%-7% sequential revenue increase in the second quarter.”

                                       OPERATING DATA

                                                      Month ended
                                                      -----------

                                                        May 31,               April 30,

                                                                 2013   2012             2013
                                                                 ----   ----             ----

    Number of weekdays in period                                   23     23               22

    Number of well servicing rigs: (1)

      Weighted average for period                                 425    431              425

      End of period                                               425    431              425

      Rig hours (000s)                                           75.0   78.6             73.7

      Rig utilization rate 2                                       70%    72%              72%

    Number of fluid service trucks:

      Weighted average for period                                 974    917              971

      End of period                                               974    920              974

      Truck Hours (000s)                                        194.3  189.1            188.8

    Number of drilling rigs:

      Weighted average for period                                  12     12               12

      End of period                                                12     12               12

      Drilling rig days                                           292    357              269

      Drilling rig utilization                                     78%    96%              75%
    (1)            Includes all rigs and trucks
                   owned during periods
                   presented and excludes rigs
                   and trucks held for sale.

                   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
     (2)           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, 2012 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
713-529-6600

SOURCE Basic Energy Services, Inc.


Source: PR Newswire