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Basic Energy Services Reports Selected Operating Data For August 2014

FORT WORTH, Texas, Sept. 12, 2014 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of August 2014.  Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 72,400 producing a rig utilization rate of 74%, compared to 69% and 76% in July 2014 and August 2013, respectively.

During the month, Basic's fluid service truck count increased by five to 1,024. Fluid service truck hours for the month were 215,100 compared to 214,900 and 200,300 in July 2014 and August 2013, respectively.

Drilling rig days for the month were 310 producing a rig utilization of 83%, compared to 89% and 75% in July 2014 and August 2013, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Overall activity improved during August mainly due to the absence of holiday impact compared to July as well as improving completions demand which aided our completions and remedial services segment. Our frac and cement service lines also benefited from the deployment of additional equipment in August.  Utilization during the month improved in our well servicing and fluid services segments as they performed at or slightly above levels consistent with the past few months, adjusted for holiday impacts. During August, we acquired another salt water disposal facility located in our Permian Basin operations, which brings our total number of facilities to 84.

"With the increased demand for our stimulation services, we expect net pricing in the third quarter to be 3% to 5% higher sequentially, and we continue to get additional pricing to cover increased input costs such as sand, chemicals, etc.  Pricing for the remainder of our service lines remains relatively stable.

"Our 2014 capital expansion plan is on schedule and we expect final delivery of our previously announced horsepower additions by the end of September, pushing our total hydraulic pumping horsepower over 400,000. Additionally, we expect that the two 2" coil tubing units we ordered earlier this year will be delivered during the month of October.  We continue to evaluate attractive acquisition opportunities and remain confident that we will complete one or more before the end of this year."


OPERATING DATA






Month ended





August 31,


July 31.





2014

2013


2014









Number of weekdays in period



21

22


23









Number of well servicing rigs: 1







  Weighted average for period 2



421

421


421

  End of period 2



421

421


421

  Rig hours (000s) 2



72.4

76.9


73.3

  Rig utilization rate 2,3



74%

76%


69%









Number of fluid service trucks: 1







  Weighted average for period



1,022

970


1,018

  End of period



1,024

970


1,019

  Truck Hours (000s)



215.1

200.3


214.9









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



310

279


331

  Drilling rig utilization



83%

75%


89%


(1) Includes all rigs and trucks owned during periods presented and excludes rigs and trucks held for sale.

(2) Basic sold its four inland barge workover rigs on March 31, 2014. The weighted average number of rigs, number of rigs at the end of the period, rig hours and rig utilization rate for August 2013 has been recalculated as if these four rigs had been sold for that period.

(3) 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 5,700 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 and Appalachian regions.

Additional information on Basic Energy Services is available on the Company's website at http://www.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 our 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, 2013 and subsequent Form 10-Qs filed with the SEC.  While Basic makes these statements and projections in good faith, neither Basic nor its management can guarantee 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.


817-334-4100




Jack Lascar / Stephanie Smith


Dennard – Lascar Associates


713-529-6600

SOURCE Basic Energy Services, Inc.

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