55.9 F
Fort Worth
Saturday, November 28, 2020
Energy Basic Energy Services reports drop in month-to-month rig use

Basic Energy Services reports drop in month-to-month rig use

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude oil for...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in Texas later...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the company, reducing...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision to not cut oil production and...
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

  A. Lee Graham Reporter   Basic Energy Services Inc. of Fort Worth has reported fewer well-servicing rig hours, dropping from 79,200 in August to 69,300 in September. Meanwhile, the oil and gas well-services company saw lower rig utilization, with the rate dropping from 77 percent in August to 71 percent in September. The 71 percent rate remained unchanged compared to September 2012, according to the company’s newly released report on September 2013 activity. Rig utilization rates determine what percentage of a company’s rigs is in use. “Our outlook for the fourth quarter indicates that revenue will be down about 6 percent to 7 percent sequentially due to the seasonal factors, which typically occur in the fourth quarter of each year,” said president and CEO Roe Patterson, commenting in a news release. “Due to the seasonal slowdown, lower utilization levels could increase competitive pressure in some markets that are already crowded,” said Patterson, predicting that pricing and margins could be affected as the company competes to maintain market share.   Also in the new report, the company reported its well-servicing rig count remained unchanged at 425, while its fluid service truck count dropped by one to 969. Fluid service truck hours for the month totaled 189,600 compared to 200,300 and 175,000 in August 2013 and September 2012, respectively. Drilling rig days for September 2013 totaled 267, yielding a rig utilization of 74 percent, compared to 75 percent and 80 percent in August 2013 and September 2012, respectively. Basic Energy Services, which provides oil and gas well-site services, employs more than 5,500 workers in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. More information is available at www.basicenergyservices.com.   lgraham@bizpress.net    


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

Venezuela judge convicts 6 American oil execs, orders prison

By SCOTT SMITH ASSOCIATED PRESSCARACAS, Venezuela (AP) — Six American oil executives held for three years in Venezuela were found guilty of corruption charges...

Fort Worth firm acquired by Abilene-based Petrosmith

Abilene-based Petrosmith, a leading provider of production equipment and oilfield tubular goods, has acquired the assets of Wellflex Energy Solutions LLC, an engineering, procurement...

Oil companies snag Gulf of Mexico waters for offshore drilling in last bid before Biden transition

In the last opportunity for oil companies to bid on federal Gulf of Mexico waters under a Trump administration, the federal government on Wednesday...

Texas official selected as vice chairman of Interstate Oil and Gas Compact Commission

Railroad Commissioner Wayne Christian was selected to be vice chairman of the Interstate Oil and Gas Compact Commission (IOGCC) at the organization’s virtual meeting....

Alaska loses 3,000 oil, gas jobs during pandemic, price drop

ANCHORAGE, Alaska (AP) — The Alaska Department of Labor and Workforce Development reported that the state has lost more than 3,000 jobs in the...