Drilling rig days for the month were 126 producing a rig utilization of 45%, an increase from 41% in June 2009 and a decrease from 86% in July 2008.
Basic's fluid services truck fleet remained unchanged at 805 trucks as of July 31, 2009.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "Our well servicing utilization rate in July was slightly below the June rate due primarily to the effect of the fourth of July holiday. Rainy weather in the latter part of July in our Permian Basin and Mid-Continent operating areas caused some work to be delayed and further negatively impacted those operations.
"Demand for our services showed modest, yet steady, improvement in our oil producing markets and offset the continuing weak demand in the gas-prone areas. Pricing remained very competitive but was generally stable compared to June. Drilling activity in the Permian Basin continued to respond positively to stable oil prices, and as a result, we now have five of our nine drilling rigs in the field."
OPERATING DATA Month ended ------------------------------ July 31, June 30, 2009 2008 2009 ---- ---- ---- Number of weekdays in period 23 23 22 Number of well servicing rigs: (1) Weighted average for period 414 410 414 End of period 414 411 414 Rig hours (000s) 40.2 80.2 38.9 Rig utilization rate( 2) 38% 77% 39% Number of drilling rigs: (1) Weighted average for period 9 9 9 End of period 9 9 9 Drilling rig days 126 240 112 Drilling utilization 45% 86% 41% Number of fluid service trucks: Weighted average for period 805 679 805 End of period 805 679 805 (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.
Contacts: Alan Krenek, Chief Financial Officer
Basic Energy Services, Inc.
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.