Dec. 8, 2009 (PR Newswire) --
MIDLAND, Texas, Dec. 8 /PRNewswire-FirstCall/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of November 2009. Basic's well servicing rig count was 413 as of November 30, 2009, one less than at the end of last month, due to the retirement of a rig. Well servicing rig hours for the month of November 2009 were 39,200 producing a rig utilization rate of 41%, the same rate recorded in October of 2009 and a decrease from 59% in November 2008.
Drilling rig days for the month of November 2009 were 130 producing a rig utilization of 48%, an increase from 42% in October 2009 and a decrease from 83% in November 2008.
Basic's fluid services truck fleet count was unchanged at 792 as of November 30, 2009.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "Despite the effect of the Thanksgiving holidays and shorter daylight hours in November, activity levels across all our business lines were consistent with our October performance. Pricing remains stable across all of our business lines.
"We believe that the utilization levels we produced in November will continue in December, adjusted for any adverse weather and the holiday effect in the last week of the month. We reiterate our expectation that demand for our services will continue to improve throughout 2010, particularly for oil-related activity in our market areas."
OPERATING DATA
Month ended
-----------
November 30, October 31,
2009 2008 2009
---- ---- ----
Number of weekdays in
period 21 20 22
Number of well servicing
rigs: (1)
Weighted average for
period 414 412 414
End of period 413 414 414
Rig hours (000s) 39.2 53.6 41.2
Rig utilization rate(2) 41% 59% 41%
Number of drilling
rigs:(1)
Weighted average for
period 9 9 9
End of period 9 9 9
Drilling rig days 130 225 118
Drilling utilization 48% 83% 42%
Number of fluid service
trucks:
Weighted average for
period 792 803 799
End of period 792 811 792
(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 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.
432-620-5510
Jack Lascar/Sheila Stuewe
DRG&E / 713-529-6600
SOURCE Basic Energy Services, Inc.
