Basic Energy Services, Inc. (BAS) (“Basic”) today reported selected operating data for the month of December 2015. Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 37,900 producing a rig utilization rate of 36%, compared to 39% and 60% in November 2015 and December 2014, respectively.
During the month, Basic’s fluid service truck count declined by 16 to 985. Fluid service truck hours for the month were 177,000, compared to 182,800 and 218,200 in November 2015 and December 2014, respectively.
Drilling rig days for the month were 46 producing a rig utilization of 12%, compared to 16% and 87% in November 2015 and December 2014, respectively.
Roe Patterson, Basic’s President and Chief Executive Officer, commented, “The December year-end holiday period was an exceptionally slow one. Our customers dramatically slowed their activities as they preserved cash and deferred maintenance work in response to continually weak commodity prices. Operations were further impacted by extreme weather conditions in the last week of the month. Heavy snowfall in the Permian Basin and Oklahoma caused significant downtime in all lines of business as we experienced blizzard conditions in many markets. Current activity levels in most markets have generally resumed their pre-storm pace.
“Due to the impact of difficult weather conditions in late December, we expect our fourth quarter revenues to be at the higher end of the range that we had previously announced of 13 to 15% lower sequentially. It is still too early to get a view of activity for the first quarter as most of our customers are still evaluating their spending plans for 2016. We will discuss our expectations for the first quarter during our next earnings call.”
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OPERATING DATA |
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Month ended |
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December 31, |
November 30, |
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2015 |
2014 |
2015 |
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Number of weekdays in period |
23 |
23 |
21 |
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Number of well servicing rigs: 1 |
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Weighted average for period |
421 |
421 |
421 |
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End of period |
421 |
421 |
421 |
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Rig hours (000s) |
37.9 |
64.3 |
37.6 |
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Rig utilization rate 2 |
36% |
60% |
39% |
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Number of fluid service trucks: 1 |
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Weighted average for period |
993 |
1,045 |
1,004 |
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End of period |
985 |
1,047 |
1,001 |
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Truck Hours (000s) |
177.0 |
218.2 |
182.8 |
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Number of drilling rigs: 1 |
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Weighted average for period |
12 |
12 |
12 |
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End of period |
12 |
12 |
12 |
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Drilling rig days |
46 |
324 |
59 |
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Drilling rig utilization |
12% |
87% |
16% |
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(1) |
Includes all rigs and trucks owned during periods presented and excludes rigs and trucks held for sale. |
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(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 3,900 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 athttp://www.basicenergyservices.com.
