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Sunday, April 18, 2021

Basic Energy Services issues December report

Basic Energy Services Inc.’s well-servicing rig count has remained unchanged at 421, according to the Fort Worth company’s newly released selected operating data for December 2015.

Meanwhile, well-servicing rig hours for the month totaled 37,900, producing a rig utilization rate of 36 percent, compared to 39 percent and 60 percent in November 2015 and December 2014, respectively.

During the month, the firm’s fluid service truck count dropped by 16 to 985. Fluid service truck hours for the month totaled 177,000 compared to 182,800 and 218,200 in November 2015 and December 2014, respectively.

Drilling rig days for December totaled 46, producing a rig utilization of 12 percent, compared to 16 percent and 87 percent in November 2015 and December 2014, respectively.

“The December year-end holiday period was an exceptionally slow one,” said president and CEO Roe Patterson, commenting in a news release.

“Our customers dramatically slowed their activities as they preserved cash and deferred maintenance work in response to continually weak commodity prices,” Patterson said.

“It is still too early to get a view of activity for the first quarter, as most of our customers are still evaluating their spending plans for 2016. We will discuss our expectations for the first quarter during our next earnings call,” Patterson said.

Basic Energy Services, which provides oil and gas well-site services, employs more than 3,900 workers in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. More information is available at www.basicenergyservices.com.

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