MIDLAND, Texas, March 9, 2010 /PRNewswire via COMTEX/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of February 2010. During the month, Basic's well servicing rig count remained unchanged at 405 as of February 28, 2010. Well servicing rig hours for the month of February 2010 were 41,700 producing a rig utilization rate of 47%, an increase from 43% and 46% in January 2010 and February 2009, respectively.
Drilling rig days for the month of February 2010 were 123 producing a rig utilization of 49%, an increase from 48% and 22% in January 2010 and February 2009, respectively.
Basic's fluid services truck fleet increased to 792 trucks as of February 28, 2010.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "The increased utilization in our well servicing segment in February is indicative of the improving demand we are seeing across all our segments and in most geographic markets. Recent weekly rig hour totals have been the highest that we have seen in over a year.
"We anticipate strong oil prices to continue driving increases in demand in our oil-oriented markets while gas drilling activity should hold demand steady for our completion-related services in the near term. In addition to stronger fundamentals, as we exit the winter months we will begin to experience the inherent efficiencies provided by more daylight hours and favorable weather, which typically prompt our customers to initiate more projects. We expect to see continued increases in utilization in all segments through the spring as we stay in the field and generate more billable hours each day."
OPERATING DATA February 28, January 31, 2010 2009 2010 ------ ------ ------ Number of weekdays in period 20 20 21 Number of well servicing rigs: (1) Weighted average for period 405 413 405 End of period 405 414 405 Rig hours (000s) 41.7 41.6 39.8 Rig utilization rate (2) 47% 46% 43% Number of drilling rigs: (1) Weighted average for period 9 9 9 End of period 9 9 9 Drilling rig days 123 55 134 Drilling utilization 49% 22% 48% Number of fluid service trucks: Weighted average for period 790 812 790 End of period 792 809 788 (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 3,800 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 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, 2009 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.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.