Basic Energy Services (BAS) Well Servicing Rig Count Flat in May; Other Updates Offered
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Basic Energy Services (NYSE: BAS) reported selected operating data for the month of May 2014. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 71,300 producing a rig utilization rate of 70%, compared to 70% and 68% in April 2014 and May 2013, respectively.
During the month, Basic's fluid service truck count increased by three to 1,017. Fluid service truck hours for the month were 213,400 compared to 212,200 and 194,300 in April 2014 and May 2013, respectively.
Drilling rig days for the month were 332 producing a rig utilization of 89%, compared to 81% and 78% in April 2014 and May 2013, respectively.
Roe Patterson, Basic's President and Chief Executive Officer, stated, "May activity for well servicing and fluid services was very similar to April as both months had 22 week days and a holiday. Our contract drilling fleet experienced higher utilization for the month as we saw an increase in activity for our 1,000 horsepower rigs in the vertical Wolfberry play in the Permian Basin. Activity levels improved in our completion and remedial services segment, particularly for stimulation services, and our calendar for hydraulic fracturing services is relatively full through the remainder of this year.
"We have been able to pass through rate increases for higher product costs in our stimulation services line of business. In selected operating areas where activity is at higher levels, we have been able to implement rate increases in the 3% to 5% range that meet or exceed the recoupment of higher product costs."
OPERATING DATA | |||||
Month ended | |||||
May 31, | April 30, | ||||
2014 | 2013 | 2014 | |||
Number of weekdays in period | 22 | 23 | 22 | ||
Number of well servicing rigs: 1 | |||||
Weighted average for period 2 | 421 | 421 | 421 | ||
End of period 2 | 421 | 421 | 421 | ||
Rig hours (000s) 2 | 71.3 | 72.3 | 71.3 | ||
Rig utilization rate 2,3 | 70% | 68% | 70% | ||
Number of fluid service trucks: 1 | |||||
Weighted average for period | 1,016 | 974 | 1,013 | ||
End of period | 1,017 | 974 | 1,014 | ||
Truck Hours (000s) | 213.4 | 194.3 | 212.2 | ||
Number of drilling rigs: 1 | |||||
Weighted average for period | 12 | 12 | 12 | ||
End of period | 12 | 12 | 12 | ||
Drilling rig days | 332 | 292 | 293 | ||
Drilling rig utilization | 89% | 78% | 81% | ||
(1) | Includes all rigs and trucks owned during periods presented and excludes rigs and trucks held for sale. |
(2) | Basic sold its four inland barge workover rigs on March 31, 2014. The weighted average number of rigs, number of rigs at the end of the period, rig hours and rig utilization rate for May 2013 have been recalculated as if these four rigs had been sold for that period. |
(3) | 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. |
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