Basic Energy Services Reports Selected Operating Data For June 2013
FORT WORTH, Texas, July 10, 2013 /PRNewswire/ — Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today reported selected operating data for the month of June 2013. Basic’s well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 75,200 producing a rig utilization rate of 80%, compared to 70% and 76% in May 2013 and June 2012 respectively.
During the month, Basic’s fluid service truck count decreased by six to 968. Fluid service truck hours for the month were 185,400 compared to 194,300 and 178,400 in May 2013 and June 2012, respectively.
Drilling rig days for the month were 285 producing a rig utilization of 79%, compared to 78% and 91% in May 2013 and June 2012, respectively.
Ken Huseman, Basic’s President and Chief Executive Officer, stated, “The uptick in activity mentioned in our May operating update continued throughout June as reflected in our well servicing and fluid services utilization and daily hours worked. Activity in our completion and remedial segment, including stimulation services, has remained stable over the past four months.
“Demand improved in our oilier markets while we experienced continued weakness in gas markets. Despite the overall increase in activity, pricing remained very competitive with too much capacity chasing demand.
“We anticipate further modest improvements in demand through the third quarter, in both oil and gas markets, with the normal interruption during the Fourth of July and Labor Day holiday weeks. We will provide an expanded third quarter outlook during our second quarter earnings call later this month.”
OPERATING DATA Month ended ----------- June 30, May 31, 2013 2012 2013 ---- ---- ---- Number of weekdays in period 20 21 23 Number of well servicing rigs: (1) Weighted average for period 425 431 425 End of period 425 431 425 Rig hours (000s) 75.2 76.1 75.0 Rig utilization rate 2 80% 76% 70% Number of fluid service trucks: Weighted average for period 971 923 974 End of period 968 926 974 Truck Hours (000s) 185.4 178.4 194.3 Number of drilling rigs: Weighted average for period 12 12 12 End of period 12 12 12 Drilling rig days 285 329 292 Drilling rig utilization 79% 91% 78%
(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 5,700 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.
Jack Lascar/Sheila Stuewe
Dennard – Lascar Associates
SOURCE Basic Energy Services, Inc.