Press Release

View printer-friendly version

<< Back

Basic Energy Services Reports Selected Operating Data for October 2009

MIDLAND, Texas, Nov. 11 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of October 2009. During the month, Basic's well servicing rig count remained unchanged at 414 as of October 31, 2009. Well servicing rig hours for the month of October 2009 were 41,200 producing a rig utilization rate of 41%, the same rate recorded in September of 2009 and a decrease from 72% in October 2008.

Drilling rig days for the month of October 2009 were 118 producing a rig utilization of 42%, a decrease from 44% and 92% in September 2009 and October 2008, respectively.

Basic's fluid services truck fleet decreased to 792 trucks as of October 31, 2009.

Ken Huseman, Basic's President and Chief Executive Officer, stated, "October activity levels and pricing were flat with September with much better demand in oil markets compared to gas markets. Competition for the available work remains very tough across all our business lines and geographic markets.

"We continue to expect gradual improvement in demand through the end of the year with the usual seasonal interruptions for weather and holidays. Announced plans and private discussions with our customers support our projections for a substantially higher level of oil-related activity over the course of 2010 while gas-directed activity remains more of a wait and see proposition."


                                               October 31,    September 30,
                                            2009        2008       2009
                                            ----        ----       ----

    Number of weekdays in period             22          23         22

    Number of well
     servicing rigs: (1)
      Weighted average for period           414         414        414
       End of period                        414         414        414
      Rig hours (000s)                     41.2        75.9       41.3
       Rig utilization rate(2)               41%         72%        41%

    Number of drilling rigs: (1)
      Weighted average for period             9           9          9
      End of period                           9           9          9
      Drilling rig days                     118         258        119
      Drilling utilization                   42%         92%        44%

    Number of fluid service trucks:
      Weighted average for period           799         792        805
      End of period                         792         794        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

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 Basic's 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, 2008, and subsequent Form 10-Q's filed with the SEC. While we make these statements and projections in good faith, neither Basic Energy Services nor its management can guarantee that the transactions will be consummated or 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.

Alan Krenek, Chief Financial Officer of Basic Energy Services, Inc., +1-432-620-5510; or Jack Lascar or Sheila Stuewe, both of DRG&E, +1-713-529-6600, both for Basic Energy Services, Inc.

Basic Energy Services © 2020