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Basic Energy Services issues July report

🕐 1 min read

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 the month of July 2015.

Meanwhile, well-servicing rig hours for the month totaled 55,400, producing a rig utilization rate of 52 percent, compared to 55 percent and 69 percent in June 2015 and July 2014, respectively.

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

Drilling rig days for July totaled 69, producing a rig utilization of 19 percent, compared to 17 percent and 89 percent in June 2015 and July 2014, respectively.

The company’s well-servicing utilization dropped by 300 basis points, primarily as a result of the Fourth of July holiday period, according to president and CEO Roe Patterson, commenting in a news release. A basis point is a unit equal to one hundredth of a percentage point.

Patterson described the firm’s completion and contract drilling activity as “challenged” by a large amount of excess equipment in the market and the recent volatility in oil prices.

“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,” Patterson said.

“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,” Patterson said.

Basic Energy Services, which provides oil and gas well-site services, employs more than 4,400 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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