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Basic Energy Services Reports Selected Operating Data For July 2014

FORT WORTH, Texas, Aug. 12, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of July 2014.  Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 73,300 producing a rig utilization rate of 69%, compared to 74% and 71% in June 2014 and July 2013, respectively.

During the month, Basic's fluid service truck count increased by three to 1,019. Fluid service truck hours for the month were 214,900 compared to 205,300 and 189,000 in June 2014 and July 2013, respectively.

Drilling rig days for the month were 331 producing a rig utilization of 89%, compared to 88% and 77% in June 2014 and July 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "With the exception of well servicing, July activity for all of our segments experienced sequential increases.  The completions and remedial segment, particularly pumping services, benefited from strong completions activity and the impact of a full month of recent hydraulic horsepower additions.  Our fluid services segment also benefited from increased completions activity as daily hours per truck in July experienced a slight uptick from June.  Given that our well servicing operation is typically impacted by holidays more so than our other services, the July 4th holiday caused our July rig utilization rate to be approximately 400 basis points lower sequentially.  While overall well servicing hours increased, we could not offset this holiday impact.  We expect well servicing and fluid service markets to remain steady yet competitive in the near term.

"Pricing in most of our service lines remains stable across our footprint.  We continue to see opportunities to raise rates in our pumping business in order to recoup input costs and generate net pricing gains."

 

OPERATING DATA






Month ended





July 31,


June 30,





2014

2013


2014









Number of weekdays in period



23

23


21









Number of well servicing rigs: 1







  Weighted average for period 2



421

421


421

  End of period 2



421

421


421

  Rig hours (000s) 2



73.3

75.9


71.6

  Rig utilization rate 2,3



69%

71%


74%









Number of fluid service trucks: 1







  Weighted average for period



1,018

969


1,017

  End of period



1,019

970


1,016

  Truck Hours (000s)



214.9

189.0


205.3









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



331

287


317

  Drilling rig utilization



89%

77%


88%



(1) 

Includes all rigs and trucks owned during periods presented and excludes rigs and trucks held for sale.

(2) 

Basic sold its four inland barge workover rigs on March 31, 2014.  The weighted average number of rigs, number of rigs at the end of the period, rig hours and rig utilization rate for July 2013 has been recalculated as if these four rigs had been sold for that period.

(3)

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 5,700 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, 2013 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 / Stephanie Smith


Dennard – Lascar Associates


713-529-6600

 

SOURCE Basic Energy Services, Inc.

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