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Basic Energy Services issues September 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 September 2015.

Meanwhile, well-servicing rig hours for the month totaled 46,800, producing a rig utilization rate of 46 percent, compared to 53 percent and 71 percent in August 2015 and September 2014, respectively.

During the month, the firm’s fluid service truck count remained flat at 1,015. Fluid service truck hours for the month totaled 183,400 compared to 188,100 and 215,800 in August 2015 and September 2014, respectively.

Drilling rig days for September totaled 97, producing a rig utilization of 27 percent, compared to 23 percent and 91 percent in August 2015 and September 2014, respectively.

“Rig hours and utilization fell from August to September, primarily due to the Labor Day holiday period and competitive market conditions,” said president and CEO Roe Patterson, commenting in a news release.

“Pricing in our production-related businesses remains competitive, but we have seen more stable utilization rates,” said Patterson, describing the company’s fluid services business as its most resilient among its production-related divisions due to its saltwater disposal well network.

“Based on our September performance, we expect that our third quarter 2015 revenues to be in line with our previous guidance of 4 to 5 percent lower sequentially,” said Patterson.

Basic Energy Services, which provides oil and gas well-site services, employs more than 4,200 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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