Basic Energy Services Reports Selected Operating Data For July 2013
FORT WORTH, Texas, Aug. 12, 2013 /PRNewswire/ — Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today reported selected operating data for the month of July 2013. Basic’s well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 78,600 producing a rig utilization rate of 73%, compared to 80% and 74% in June 2013 and July 2012, respectively.
During the month, Basic’s fluid service truck count increased by two to 970. Fluid service truck hours for the month were 189,000 compared to 185,400 and 184,800 in June 2013 and July 2012, respectively.
Drilling rig days for the month were 287 producing a rig utilization of 77%, compared to 79% and 89% in June 2013 and July 2012, respectively.
Ken Huseman, Basic’s President and Chief Executive Officer, stated, “Demand for our services in July matched our expectations with stronger utilization in oil markets and generally weak activity levels in dry gas markets. Excluding the mid-week Fourth of July holiday, well servicing utilization remained essentially flat averaging 79% compared to the 80% reported in June.
“The outlook and spending plans expressed by our largest customers during the second quarter earnings reporting period confirmed our earlier expectations for flat sequential revenues in the third quarter and a seasonal downturn in the fourth quarter.”
OPERATING DATA Month ended ----------- July 31, June 30, 2013 2012 2013 ---- ---- ---- Number of weekdays in period 23 22 20 Number of well servicing rigs: (1) Weighted average for period 425 431 425 End of period 425 431 425 Rig hours (000s) 78.6 77.4 75.2 Rig utilization rate 2 73% 74% 80% Number of fluid service trucks: Weighted average for period 969 926 971 End of period 970 927 968 Truck Hours (000s) 189.0 184.8 185.4 Number of drilling rigs: Weighted average for period 12 12 12 End of period 12 12 12 Drilling rig days 287 330 285 Drilling rig utilization 77% 89% 79%
(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, 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.