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Basic Energy Services Reports Selected Operating Data For January 2014

FORT WORTH, Texas, Feb. 10, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of January 2014.  Basic's well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 74,500, producing a rig utilization rate of 69%, compared to 61% and 67% in December 2013 and January 2013, respectively.

During the month, Basic's fluid service truck count remained unchanged at 1,003. Fluid service truck hours for the month were 207,400 compared to 192,400 and 185,700 in December 2013 and January 2013, respectively.

Drilling rig days for the month were 258 producing a rig utilization of 69%, compared to 72% and 79% in December 2013 and January 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Operating activity for the month of January increased from December's levels, mainly due to a rebound in activity levels after the year-end holiday period, as well as less adverse weather conditions. We experienced steady demand for our services in January, which was consistent with our customers' pre-announced capital programs for 2014. Pricing across our business lines remained relatively flat with the fourth quarter.  Rates and wages are generally stable across our footprint, with only a few markets showing improvements where activity and service capacity are more in balance. We will discuss our near-term outlook for 2014 during our fourth quarter 2013 earnings call next week."

 

OPERATING DATA










Month ended





January 31,


December 31,





2014

2013


2013









Number of weekdays in period



23

23


22









Number of well servicing rigs: 1







  Weighted average for period



425

425


425

  End of period



425

425


425

  Rig hours (000s)



74.5

72.2


62.4

  Rig utilization rate 2



69%

67%


61%









Number of fluid service trucks: 1







  Weighted average for period



1,003

960


996

  End of period



1,003

964


1,003

  Truck Hours (000s)



207.4

185.7


192.4









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



258

292


267

  Drilling rig utilization



69%

79%


72%

 

(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 5,400 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 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, 2012 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

SOURCE Basic Energy Services, Inc.

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