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Basic Energy Services issues August 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 August 2015.

Meanwhile, well-servicing rig hours for the month totaled 51,900, producing a rig utilization rate of 53 percent, compared to 52 percent and 74 percent in July 2015 and August 2014, respectively.

During the month, the firm’s fluid service truck count increased by eight to 1,015. Fluid service truck hours for the month totaled 188,100 compared to 193,200 and 215,100 in July 2015 and August 2014, respectively.

Drilling rig days for August totaled 86, producing a rig utilization of 23 percent, compared to 19 percent and 83 percent in July 2015 and August 2014, respectively.

“Given the volatility in oil prices during the month of August and the corresponding impact on our customers’ spending, we were pleased to maintain utilization at relatively flat levels compared to July for our production-related services,” said president and CEO Roe Patterson, commenting in a news release.

“We contintue to take defensive measures to maximize utilization and control costs under the existing business environment,” said Patterson, expecting the company’s third quarter 2015 revenues to be 3 percent to 5 percent lower sequentially.

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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