Quantcast
Last updated on April 21, 2014 at 1:20 EDT

Basic Energy Services Reports Selected Operating Data For August 2013

September 10, 2013

FORT WORTH, Texas, Sept. 10, 2013 /PRNewswire/ — Basic Energy Services, Inc. (NYSE: BAS) (“Basic”) today reported selected operating data for the month of August 2013. Basic’s well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 79,200 producing a rig utilization rate of 77%, compared to 73% and 75% July 2013 and August 2012, respectively.

During the month, Basic’s fluid service truck count remained unchanged at 970. Fluid service truck hours for the month were 200,300 compared to 189,000 and 191,800 in July 2013 and August 2012, respectively.

Drilling rig days for the month were 279 producing a rig utilization of 75%, compared to 77% and 91% in July 2013 and August 2012, respectively.

Ken Huseman, Basic’s President and Chief Executive Officer, stated, “August activity rose sequentially in most service lines across our operating areas, mainly due to the absence of the holiday impact compared to July. Well servicing utilization of 77% in August of this year compares favorably to the 75% generated last year in August as we have taken advantage of opportunities to increase our rig count in the oilier portions of our footprint. Fluid service truck hour activity in August bounced back to 6.7 hours per truck per calendar day compared to 6.3 hours per truck per calendar day in July. Completion and remedial services activity in August remained fairly consistent with recent months.

“Pricing overall remains relatively stable with pockets of strength and weakness depending on the level of competition. Our revenue outlook for the remainder of the year is unchanged from July.”

                                       OPERATING DATA

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

                                                          August          July

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

    Number of weekdays in period                         22        23       23

    Number of well servicing rigs: (1)

      Weighted average for period                       425       431      425

      End of period                                     425       431      425

      Rig hours (000s)                                 79.2      81.5     78.6

      Rig utilization rate 2                             77%       75%      73%

    Number of fluid service trucks:

      Weighted average for period                       970       930      969

      End of period                                     970       933      970

      Truck Hours (000s)                              200.3     191.8    189.0

    Number of drilling rigs:

      Weighted average for period                        12        12       12

      End of period                                      12        12       12

      Drilling rig days                                 279       338      287

      Drilling rig utilization                           75%       91%      77%

    (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.


Source: PR Newswire