Basic Energy Services, Inc. (BAS) (“Basic”) today reported selected operating data for the month of August 2015. Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 51,900 producing a rig utilization rate of 53%, compared to 52% and 74% in July 2015 and August 2014, respectively.
During the month, Basic’s fluid service truck count increased by eight to 1,015. Fluid service truck hours for the month were 188,100 compared to 193,200 and 215,100 in July 2015 and August 2014, respectively.
Drilling rig days for the month were 86 producing a rig utilization of 23%, compared to 19% and 83% in July 2015 and August 2014, respectively.
Roe Patterson, Basic’s President and Chief Executive Officer, commented, “Given the volatility in oil prices during the month of August and the corresponding impact on our customers’ spending, we were pleased to maintain utilization at relatively flat levels compared to July for our production related services. However, to maintain these utilization levels, we did give additional rate concessions in all business segments. Activity levels for our completion related services were lower in August than July due to lower customer spending resulting from the drop in oil prices.
“We continue to take defensive measures to maximize utilization and control costs under the existing business environment. Due to the recent volatility we experienced in August and our outlook for September, we now expect that our third quarter 2015 revenues will be 3 to 5% lower sequentially.”
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OPERATING DATA |
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Month ended |
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August 31, |
July 31, |
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2015 |
2014 |
2015 |
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Number of weekdays in period |
21 |
21 |
23 |
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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) |
51.9 |
72.4 |
55.4 |
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Rig utilization rate 2 |
53% |
74% |
52% |
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Number of fluid service trucks: 1 |
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Weighted average for period |
1,011 |
1,022 |
1,010 |
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End of period |
1,015 |
1,024 |
1,007 |
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Truck Hours (000s) |
188.1 |
215.1 |
193.2 |
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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 |
86 |
310 |
69 |
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Drilling rig utilization |
23% |
83% |
19% |
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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 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 athttp://www.basicenergyservices.com.
