Basic Energy Services Reports Selected Operating Data For April 2014 - KATV - Breaking News, Weather and Razorback Sports

Basic Energy Services Reports Selected Operating Data For April 2014

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SOURCE Basic Energy Services, Inc.

FORT WORTH, Texas, May 8, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of April 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 75% and 70% in March 2014 and April 2013, respectively. Basic sold four inland barge workover rigs on March 31, 2014, and the number of rigs, rig hours and rig utilization rate for April 2013 and March 2014 have been recalculated as if those four rigs had been sold for those periods.

During the month, Basic's fluid service truck count increased by two to 1,014. Fluid service truck hours for the month were 212,200 compared to 211,000 and 188,800 in March 2014 and April 2013, respectively.

Drilling rig days for the month were 293 producing a rig utilization of 81%, compared to 81% and 75% in March 2014 and April 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Activity levels across our footprint continued to accelerate in April. Completion and remedial services, particularly stimulation services, and our fluid services business segments increased from March levels as demand for our services continues to benefit from increased completion activity by our customers. Well servicing utilization was relatively flat sequentially, excluding the impact of the Easter holiday period and weather related delays we experienced in April, as demand remains stable in this segment.  

"As previous announced, our growth capital expenditure plan is progressing as we continue to add pumping assets, fluid service trucks, and larger rental assets. We expect to have one additional frac spread activated by the end of May in the North Texas portion of our Mid-Continent region. We also relocated one existing frac spread to the Permian Basin in early April where we are experiencing strong demand for all of our service lines.

"We're pleased with the current pace of customer spending and continue to be optimistic about the remainder of 2014. Activity levels in our natural gas markets continue to show modest improvements as gas prices remain relatively stable at current levels. Oilier markets remain very busy as rig counts continue to grow. We continue to see stable pricing across all business segments with selected opportunities for rate increases.   We will continue to evaluate additional internal growth projects and review acquisition opportunities across our business segments as returns on capital investments keep improving."

OPERATING DATA







Month ended





April 30,


March 31,





2014

2013


2014









Number of weekdays in period



22

22


21









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

71.5


72.5

  Rig utilization rate  2,3



70%

70%


75%









Number of fluid service trucks: 1







  Weighted average for period



1,013

971


1,010

  End of period



1,014

974


1,012

  Truck Hours (000s)



212.2

188.8


211.0









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



293

269


301

  Drilling rig utilization



81%

75%


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 April 2013 and March 2014 have been recalculated as if these four rigs had been sold for those periods.

(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 5,500 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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