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Basic Energy Services Reports Selected Operating Data For June 2015

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FORT WORTH, Texas, July 10, 2015 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of June 2015.  Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 55,800, producing a rig utilization rate of 55%, compared to 50% and 74% in May 2015 and June 2014, respectively.

During the month, Basic's fluid service truck count increased by six to 1,012. Fluid service truck hours for the month were 193,200, compared to 189,900 and 205,300 in May 2015 and June 2014, respectively.

Drilling rig days for the month were 60, producing a rig utilization of 17% compared to 26% and 88% in May 2015 and June 2014, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, commented, "The results from our operating segments in June were consistent with the previous two months of the second quarter. Our well servicing utilization improved by 500 basis points and our trucking hours improved by two percent sequentially, recovering slightly after the significant rainy weather conditions we experienced in May. This slight June recovery was partially offset by the mid-June tropical storm that impacted our Gulf Coast, Ark-La-Tex and Mid-Continent operating areas, particularly well servicing and stimulation services. Our completion and drilling oriented lines of business remain the most competitive due to the lower drilling rig count and the amount of excess equipment in most markets. Pricing continues to be competitive in all lines of business, but has stabilized somewhat as of the end of the second quarter. 

"Based on our June operating performance, we continue to anticipate that our revenue will decline 22% to 24% from the first quarter.  We will discuss our third quarter expectations during our second quarter earnings call later this month."


OPERATING DATA





Month ended





June 30,


May 31,





2015

2014


2015









Number of weekdays in period



22

21


21









Number of well servicing rigs: 1







  Weighted average for period 



421

421


421

  End of period



421

421


421

  Rig hours (000s) 



55.8

71.6


48.2

  Rig utilization rate 2



55%

74%


50%









Number of fluid service trucks: 1







  Weighted average for period



1,009

1,017


1,007

  End of period



1,012

1,016


1,006

  Truck Hours (000s)



193.2

205.3


189.9









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



60

317


96

  Drilling rig utilization



17%

88%


26%


(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 4,400 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, 2014 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 / Stephanie Smith


Dennard – Lascar Associates


713-529-6600

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/basic-energy-services-reports-selected-operating-data-for-june-2015-300111522.html

SOURCE Basic Energy Services, Inc.

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