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Sunday, April 18, 2021

Basic Energy Services issues January 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 January 2016.

Meanwhile, well-servicing rig hours for the month totaled 37,200, producing a rig utilization rate of 38 percent, compared to 36 percent and 56 percent in December 2015 and January 2015, respectively.

During the month, the firm’s fluid service truck count increased by one to 986. Fluid service truck hours for the month totaled 180,600 compared to 177,000 and 208,100 in December 2015 and January 2015, respectively.

Drilling rig days for January totaled 31, producing a rig utilization of 8 percent, compared to 12 percent and 74 percent in December 2015 and January 2015, respectively.

“January activity was somewhat improved over December, as the holiday period ended and weather conditions improved from the last week in 2015,” said president and CEO Roe Patterson, commenting in a news release.

Patterson noted that well-servicing activity rose about 200 basis points and trucking hours increased by 2 percent. A basis point is a unit equal to one hundredth of a percentage point.

“We continue to right-size our operating infrastructure to fit the current operating environment,” said Patterson, who plans to discuss the company’s first quarter revenue and activity guidance next week during its fourth quarter 2015 earnings call.

Basic Energy Services, which provides oil and gas well-site services, employs more than 3,800 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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