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Basic Energy Services releases April report
A. Lee Graham

Reporter

Basic Energy Services Inc.’s well-servicing rig count has remained unchanged at 421, according to the Fort Worth company’s newly released selected operating data for the month of April 2014.

Meanwhile, well-servicing rig hours for the month totaled 71,300, producing a rig utilization rate of 70 percent, compared to 75 percent and 70 percent in March 2014 and April 2013, respectively.

The company sold four inland barge workover rigs in March, with numbers of rigs, rig hours and rig utilization rate for April 2013 and March 2014 recalculated as if those four rigs had been sold for those periods.

During the month, Basic's fluid service truck count increased by two to 1,014. Fluid service truck hours for the month were 212,200 compared to 211,000 and 188,800 in March 2014 and April 2013, respectively.

Drilling rig days for the month were 293 producing a rig utilization of 81 percent, compared to 81 percent and 75 percent in March 2014 and April 2013, respectively.

"Activity levels across our footprint continued to accelerate in April,” said president and CEO Roe Patterson in a news release.

“Completion and remedial services, particularly stimulation services, and our fluid services business segments increased from March levels as demand for our services continues to benefit from increased completion activity by our customers.” Patterson said.

Well servicing utilization was relatively flat sequentially, excluding the impact of the Easter holiday period and weather related delays that the company experienced in April, as demand remains stable in the segment, Patterson said.  

"As previous announced, our growth capital expenditure plan is progressing as we continue to add pumping assets, fluid service trucks, and larger rental assets,” Patterson said.

Patterson expressed optimistic about the remainder of 2014.

“Activity levels in our natural gas markets continue to show modest improvements as gas prices remain relatively stable at current levels. We will continue to evaluate additional internal growth projects and review acquisition opportunities across our business segments as returns on capital investments keep improving," Patterson said.

Basic Energy Services, which provides oil and gas well-site services, employs more than 5,500 workers in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. More information is available at www.basicenergyservices.com.

lgraham@bizpress.net

 

 

 

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