Basic Energy Services issues June 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 the month of June 2015.

Meanwhile, well-servicing rig hours for the month totaled 55,800, producing a rig utilization rate of 55 percent, compared to 50 percent and 74 percent in May 2015 and June 2014, respectively.

During the month, the firm’s fluid service truck count increased by six to 1,012. Fluid service truck hours for the month totaled 193,200 compared to 189,900 and 205,300 in May 2015 and June 2014, respectively.

Drilling rig days for June totaled 60, producing a rig utilization of 17 percent, compared to 26 percent and 88 percent in May 2015 and June 2014, respectively.

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“The results from our operating segments in June were consistent with the previous two months of the second quarter,” said president and CEO Roe Patterson in a news release.

The company’s well-servicing utilization grew by 500 basis points as its trucking hours grew by 2 percent, marking a slight recovery after heavy rainfall in May. A basis point is a unit equal to one hundredth of a percentage point.

Patterson described the firm’s completion and drilling-oriented lines as “most competitive” due to the lower drilling rig count and amount of excess equipment in most markets.

“Based on our June operating performance, we continue to anticipate that our revenue will decline 22 percent to 24 percent from the first quarter,” said Patterson, planning to discuss third-quarter expectations at the company’s second-quarter earnings call later this month.

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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