Press Release

View printer-friendly version

<< Back

Basic Energy Services Reports Selected Operating Data for April 2009

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."



                                   OPERATING DATA

                                                       Month ended
                                                   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.
432-620-5510

Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600

SOURCE Basic Energy Services, Inc.

Web Site: http://basicenergyservices.com
(BAS)

Basic Energy Services © 2019