MIDLAND, Texas, Jan. 17 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) today reported selected operating data for the fourth quarter of 2005. The Company added 11 new build rigs during the quarter, which brings its well servicing rig count to 323 as of December 31, 2005. Rig hours for the fourth quarter of 2005 were 195,000, reflecting a rig utilization rate of 86.3%, up from 76.8% for the same period in 2004. The sequential decrease in the rig utilization rate from the third quarter of 2005 reflects the seasonal slowdown associated with fewer daylight hours and the impact of the holiday season during the fourth quarter of 2005.
OPERATING DATA Quarter ended December 31, September 30, 2005 2004 2005 Number of well servicing rigs: (1) Weighted average for period 316 284 311 End of period 323 288 312 Rig hours (000s) 195.0 155.9 198.0 Rig utilization rate (2) 86.3% 76.8% 89.0% Number of fluid service trucks: Weighted average for period 472 411 465 End of period 477 413 462 (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 and a 55-hour work week per rig.
The Company currently intends to provide monthly updates of its operating data shortly after the end of each month.
Basic Energy Services, with a fleet of more than 300 well servicing rigs, provides a range of well site services to oil and gas drilling and producing companies throughout the major oil and gas regions in Texas, Louisiana, Oklahoma, New Mexico and the Rocky Mountain States.
Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.