FORT WORTH, Texas, Feb. 12, 2016 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic") today reported selected
operating data for the month of January 2016. Basic's well
servicing rig count remained unchanged at 421. Well servicing rig
hours for the month were 37,200 producing a rig utilization rate of
38%, compared to 36% and 56% in December
2015 and January 2015,
respectively.
During the month, Basic's fluid service truck count increased by
one to 986. Fluid service truck hours for the month were 180,600,
compared to 177,000 and 208,100 in December
2015 and January 2015,
respectively.
Drilling rig days for the month were 31 producing a rig
utilization of 8%, compared to 12% and 74% in December 2015 and January
2015, respectively.
Roe Patterson, Basic's President and Chief Executive Officer,
commented, "January activity was somewhat improved over December,
as the holiday period ended and weather conditions improved from
the last week in 2015. Well servicing activity increased
approximately 200 basis points and trucking hours increased by two
percent. Completion and remedial utilization during January
declined on lower drilling and completion activities as our
customers' drilling plans for 2016 continue to be reduced.
"We continue to right-size our operating infrastructure to fit
the current operating environment. As of January 31, we had stacked 119,000 hydraulic
horsepower ("HHP") due to lower completion demand, including 58,000
HHP that was stacked during the month. During January, we
also stacked one well servicing rig to bring our total stacked rig
inventory to 110 at the end of the month.
"We will discuss our first quarter revenue and activity guidance
next week during our fourth quarter 2015 earnings call."
OPERATING
DATA
|
|
|
|
|
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Month
ended
|
|
|
|
|
January
31,
|
|
December
31,
|
|
|
|
|
2016
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
Number of weekdays in
period
|
|
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21
|
22
|
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23
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|
|
|
|
|
|
|
Number of well
servicing rigs: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
421
|
421
|
|
421
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End of
period
|
|
|
421
|
421
|
|
421
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Rig hours
(000s)
|
|
|
37.2
|
57.4
|
|
37.9
|
Rig
utilization rate 2
|
|
|
38%
|
56%
|
|
36%
|
|
|
|
|
|
|
|
|
Number of fluid
service trucks: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
985
|
1,051
|
|
993
|
End of
period
|
|
|
986
|
1,054
|
|
985
|
Truck Hours
(000s)
|
|
|
180.6
|
208.1
|
|
177.0
|
|
|
|
|
|
|
|
|
Number of drilling
rigs: 1
|
|
|
|
|
|
|
Weighted
average for period
|
|
|
12
|
12
|
|
12
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End of
period
|
|
|
12
|
12
|
|
12
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Drilling rig
days
|
|
|
31
|
275
|
|
46
|
Drilling rig
utilization
|
|
|
8%
|
74%
|
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12%
|
|
|
(1)
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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 3,800 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:
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Alan Krenek, Chief
Financial Officer
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|
Basic Energy
Services, Inc.
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817-334-4100
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Jack Lascar /
Stephanie Zhadkevich
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Dennard – Lascar
Associates
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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-january-2016-300219381.html
SOURCE Basic Energy Services, Inc.