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Basic Energy Services issues May 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 May 2015.

Meanwhile, well-servicing rig hours for the month totaled 48,200, producing a rig utilization rate of 50 percent, compared to 50 percent and 70 percent in April 2015 and May 2014, respectively.

During the month, the firm’s fluid service truck count decreased by two to 1,006. Fluid service truck hours for the month totaled 189,900 compared to 190,600 and 213,400 in April 2015 and May 2014, respectively.

Drilling rig days for May totaled 96, producing a rig utilization of 26 percent, compared to 34 percent and 89 percent in April 2015 and May 2014, respectively.

“A record amount of rainfall across our primary operating footprints substantially hampered each of our primary service lines during May,” said president and CEO Roe Patterson in a news release.

Heavy rainfall lessened the company’s well-servicing utilization by about 500 basis points, Patterson said. A basis point is a unit equal to one hundredth of a percentage point. The company’s stimulation services and other completion-oriented business lines continued to face what Roe called “fierce competition” due to the declining drilling rig count.

But Patterson offered a glimmer of hope.

“Well servicing and fluid services utilization appears to have reached steady levels with potential for slight improvement as we experience longer daylight hours and anticipate better weather through the summer months,” Patterson said.

Basic Energy Services, which provides oil and gas well-site services, employs more than 4,500 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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