Basic Energy Services Reports Selected Operating Data For May 2014 - FOX 8 WVUE New Orleans News, Weather, Sports

Basic Energy Services Reports Selected Operating Data For May 2014

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SOURCE Basic Energy Services, Inc.

FORT WORTH, Texas, June 12, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of May 2014.  Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 71,300 producing a rig utilization rate of 70%, compared to 70% and 68% in April 2014 and May 2013, respectively.

During the month, Basic's fluid service truck count increased by three to 1,017. Fluid service truck hours for the month were 213,400 compared to 212,200 and 194,300 in April 2014 and May 2013, respectively.

Drilling rig days for the month were 332 producing a rig utilization of 89%, compared to 81% and 78% in April 2014 and May 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "May activity for well servicing and fluid services was very similar to April as both months had 22 week days and a holiday.  Our contract drilling fleet experienced higher utilization for the month as we saw an increase in activity for our 1,000 horsepower rigs in the vertical Wolfberry play in the Permian Basin. Activity levels improved in our completion and remedial services segment, particularly for stimulation services, and our calendar for hydraulic fracturing services is relatively full through the remainder of this year.

"We have been able to pass through rate increases for higher product costs in our stimulation services line of business.  In selected operating areas where activity is at higher levels, we have been able to implement rate increases in the 3% to 5% range that meet or exceed the recoupment of higher product costs."



OPERATING DATA




Month ended


May 31,


April 30,


2014

2013


2014






Number of weekdays in period

22

23


22






Number of well servicing rigs: 1





  Weighted average for period 2

421

421


421

  End of period 2

421

421


421

  Rig hours (000s) 2

71.3

72.3


71.3

  Rig utilization rate  2,3

70%

68%


70%







Number of fluid service trucks: 1





  Weighted average for period

1,016

974


1,013

  End of period

1,017

974


1,014

  Truck Hours (000s)

213.4

194.3


212.2







Number of drilling rigs: 1





  Weighted average for period

12

12


12

  End of period

12

12


12

  Drilling rig days

332

292


293

  Drilling rig utilization

89%

78%


81%



(1)

Includes all rigs and trucks owned during periods presented and excludes rigs and trucks held for sale.

(2)

Basic sold its four inland barge workover rigs on March 31, 2014.  The weighted average number of rigs, number of rigs at the end of the period, rig hours and rig utilization rate for May 2013 have been recalculated as if these four rigs had been sold for that period.

(3)

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 and Appalachian regions.

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, 2013 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

 

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