MIDLAND, Texas, April 8, 2010 /PRNewswire via COMTEX/ --Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of March 2010. During the month, Basic's well servicing rig count decreased by one rig to 404 as of March 31, 2010. Well servicing rig hours for the month of March 2010 were 54,200, producing a rig utilization rate of 53%, an increase from 47% and 41% for February 2010 and March 2009, respectively.
Drilling rig days for the month of March 2010 were 163, producing a rig utilization of 58%, an increase from 49% and 25% for February 2010 and March 2009, respectively.
Basic's fluid services truck fleet decreased to 791 trucks as of March 31, 2010.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "All business lines experienced stronger activity levels in March as we benefited from increased demand, favorable weather conditions and more daylight hours. The monthly rig hours of 54,200 in March represent the highest monthly rig hours achieved since October 2008.
"Our utilization should show further improvement across all business segments through the summer as we reactivate and relocate equipment to meet demand particularly in our established oil-oriented market areas. We'll also begin to realize the benefits of the additional fluid services and well servicing assets deployed into the Williston Basin market over the last several quarters. And finally, despite weak gas prices, recent discussions with customers indicate demand in our gas prone markets should remain at least flat compared to current levels. Those factors combined are creating a much more optimistic outlook than provided in our most recent monthly updates."
OPERATING DATA March 31, February 28, 2010 2009 2010 ---- ---- ---- Number of weekdays in period 23 22 20 Number of well servicing rigs: (1) Weighted average for period 404 414 405 End of period 404 414 405 Rig hours (000s) 54.2 41.4 41.7 Rig utilization rate (2) 53% 41% 47% Number of drilling rigs: (1) Weighted average for period 9 9 9 End of period 9 9 9 Drilling rig days 163 70 123 Drilling utilization 58% 25% 49% Number of fluid service trucks: Weighted average for period 792 811 790 End of period 791 813 792 (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.