Basic Energy Services Reports Selected Operating Data For February 2014

PR Newswire

FORT WORTH, Texas, March 10, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (BAS) ("Basic") today reported selected operating data for the month of February 2014.  Basic's well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 68,100 producing a rig utilization rate of 73%, compared to 69% and 71% in January 2014 and February 2013, respectively.

During the month, Basic's fluid service truck count increased by five to 1,008. Fluid service truck hours for the month were 189,000 compared to 207,400 and 177,600 in January 2014 and February 2013, respectively.

Drilling rig days for the month were 262 producing a rig utilization of 78%, compared to 69% and 79% in January 2014 and February 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Overall, February activity outpaced our January performance despite adverse weather conditions in the early part of February. Our Permian Basin, Mid-Continent and Rocky Mountain operating areas were somewhat affected by the weather, particularly in our Fluid Services business. Pricing across our service lines remains stable and we continue to see selected opportunities to increase rates in the busier oil markets where demand for services and available service capacity are closer to  equilibrium.

"Through the first two months of 2014, our customers continue to ramp up their spending levels in accordance with their previously announced plans.  As we approach springtime, we expect to benefit from longer daylight hours and better weather conditions, which should allow us to improve our utilization rates. Our 2014 capital budget expansion program is proceeding according to our plan, with its first impact of additional capacity expected to occur in mid to late second quarter."  

OPERATING DATA





Month ended





February 28,


January 31,





2014

2013


2014









Number of weekdays in period



20

20


23









Number of well servicing rigs: 1







  Weighted average for period



425

425


425

  End of period



425

425


425

  Rig hours (000s)



68.1

66.4


74.5

  Rig utilization rate 2



73%

71%


69%









Number of fluid service trucks: 1







  Weighted average for period



1,006

963


1,003

  End of period



1,008

962


1,003

  Truck Hours (000s)



189.0

177.6


207.4









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



262

265


258

  Drilling rig utilization



78%

79%


69%








(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, 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/Sheila Stuewe


Dennard – Lascar Associates


713-529-6600

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