Basic Energy Services pares workforce, reports March activity

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 March 2015.

Meanwhile, well-servicing rig hours for the month totaled 56,000, producing a rig utilization rate of 55 percent, compared to 55 percent and 75 percent in February 2015 and March 2014, respectively.

During the month, the firm’s fluid service truck count decreased by 26 to 1,023. Fluid service truck hours for the month totaled 202,900 compared to 184,100 and 211,000 in February 2015 and March 2014, respectively.

Drilling rig days for November totaled 186, producing a rig utilization of 50 percent, compared to 63 percent and 81 percent in February 2015 and March 2014, respectively.

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“March operating activity remained relatively flat for our rig and truck operations from February levels,” said president and CEO Roe Patterson in a news release.

In early February, the company’s Permian Basin and South Texas operations suffered amid weather disruptions that reduced its rig hours, said Patterson, adding that the company’s workforce also has suffered.

“We continue our efforts to lower input costs and right-size our workforce,” said Patterson, confirming that the firm’s overall headcount is 19 percent less than its peak in fourth-quarter 2014. It employed about 5,100 workers in February 2015 compared to about 4,700 in March.

Revenue for first-quarter 2015 is expected to be 34 percent to 35 percent lower sequentially compared to the company’s previous guidance of 32 percent to 34 percent.

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Basic Energy Services, which provides oil and gas well-site services, employs more than 4,700 workers in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. More information is available at www.basicenergyservices.com.