MIDLAND, Texas, May 15 /PRNewswire-FirstCall/ -- Basic Energy Services,
Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the
month of April 2009. The well servicing rig count was unchanged at 414 at
April 30, 2009. Well servicing rig hours for the month of April 2009 were
36,600 producing a rig utilization rate of 37%, a decrease from 41% and 78% in
March 2009 and April 2008, respectively.
Drilling rig days for the month of April 2009 were 89 producing a rig
utilization of 33%, an increase from 25% in March 2009 and a decrease from 85%
in April 2008.
Basic's fluid services truck fleet decreased by a net of six trucks
bringing its total to 807 trucks as of April 30, 2009.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "The
operating environment in April remained challenging as our customers continued
to restrain spending even for routine maintenance of existing wells. Capital
spending for drilling and workover projects was also limited. April activity
levels were reduced by the Easter holiday in all business lines and by rainy
conditions during the last week of the month in our Mid-Continent operating
region. As we discussed in our recent first quarter 2009 earnings call, we
expect the market for our services to steadily improve over the course of the
year due to seasonal factors and somewhat higher activity in our oil-related
markets as customers gain confidence in the minimum level of oil prices."
April 30, March 31,
2009 2008 2009
Number of weekdays in period 22 22 22
Number of well servicing rigs: (1)
Weighted average for period 414 397 414
End of period 414 398 414
Rig hours (000s) 36.6 74.7 41.4
Rig utilization rate(2) 37% 78% 41%
Number of drilling rigs: (1)
Weighted average for period 9 9 9
End of period 9 9 9
Drilling rig days 89 229 70
Drilling utilization 33% 85% 25%
Number of fluid service trucks:
Weighted average for period 810 649 811
End of period 807 650 813
(1) Includes all rigs owned during periods presented and excludes rigs
held for sale.
(2) Rig utilization rate based on the weighted average number of rigs
owned during the periods being reported, a 55-hour work week per
rig and the number of weekdays in the periods being presented.
Basic Energy Services provides well site services essential to maintaining
production from the oil and gas wells within its operating area. The company
employs more than 4,100 employees in more than 100 service points throughout
the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New
Mexico, Arkansas, Kansas and the Rocky Mountain States.
Additional information on Basic Energy Services is available on the
Company's website at http://basicenergyservices.com.
Safe Harbor Statement:
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Basic has made every reasonable effort to ensure that the
information and assumptions on which these statements and projections are
based are current, reasonable, and complete. However, a variety of factors
could cause actual results to differ materially from the projections,
anticipated results or other expectations expressed in this release, including
(i) changes in demand for Basic's services and any related material impact on
our pricing and utilizations rates, (ii) Basic's ability to execute, manage
and integrate acquisitions successfully and (iii) changes in our expenses,
including labor or fuel costs and financing costs. Additional important risk
factors that could cause actual results to differ materially from expectations
are disclosed in Item 1A of Basic's Form 10-K for the year ended December 31,
2008, and subsequent Form 10-Q's filed with the SEC. While we make these
statements and projections in good faith, neither Basic Energy Services nor
its management can guarantee that the transactions will be consummated or that
anticipated future results will be achieved. Basic assumes no obligation to
publicly update or revise any forward-looking statements made herein or any
other forward-looking statements made by Basic, whether as a result of new
information, future events, or otherwise.
Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.
Web Site: http://basicenergyservices.com