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Basic Energy Services, Inc. (BAS) (“Basic”) today reported selected operating data for the month of July 2015.  Basic’s well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 55,400 producing a rig utilization rate of 52%, compared to 55% and 69% in June 2015 and July 2014, respectively.

During the month, Basic’s fluid service truck count decreased by five to 1,007. Fluid service truck hours for the month were 193,200 compared to 193,200 and 214,900 in June 2015 and July 2014, respectively.

Drilling rig days for the month were 69 producing a rig utilization of 19%, compared to 17% and 89% in June 2015 and July 2014, respectively.

Roe Patterson, Basic’s President and Chief Executive Officer, commented, “Our well servicing utilization decreased by 300 basis points, primarily as a result of the Fourth of July holiday period. In the latter part of the month, we achieved utilization rates that were at or slightly above the prior month’s utilization rate of 55%.  Our truck hours remained flat despite our truck count dropping during the month and the impact of the Fourth of July holiday period. Completion and contract drilling activity continues to be challenged by the significant amount of excess equipment in the market and the recent volatility in oil prices. Pricing appears to have stabilized despite declines in expected activity by our customers.

“Based on the current environment, we expect our third quarter revenue to be flat or slightly higher sequentially due to better weather and longer daylight hours. We continue to take defensive measures to maximize utilization and control costs under the current environment focusing on generating positive cash flow throughout all lines of business.”

OPERATING DATA

Month ended

July 31,

June 30,

2015

2014

2015

Number of weekdays in period

23

23

21

Number of well servicing rigs: 1

  Weighted average for period 

421

421

421

  End of period

421

421

421

  Rig hours (000s) 

55.4

73.3

55.8

  Rig utilization rate 2

52%

69%

55%

Number of fluid service trucks: 1

  Weighted average for period

1,010

1,018

1,009

  End of period

1,007

1,019

1,012

  Truck Hours (000s)

193.2

214.9

193.2

Number of drilling rigs: 1

  Weighted average for period

12

12

12

  End of period

12

12

12

  Drilling rig days

69

331

60

  Drilling rig utilization

19%

89%

17%

(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 athttp://www.basicenergyservices.com.