From the Wires
Basic Energy Services Reports Selected Operating Data For January 2013
By: PR Newswire
Feb. 14, 2013 04:15 PM
FORT WORTH, Texas, Feb. 14, 2013 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of January 2013. Basic's well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 72,200 producing a rig utilization rate of 67%, compared to 61% and 76% in December 2012 and January 2012, respectively.
During the month, Basic's fluid service truck count increased by nine trucks to 964. Fluid service truck hours for the month were 185,700 compared to 178,100 and 198,300 in December 2012 and January 2012, respectively.
Drilling rig days for the month were 292 producing a rig utilization of 79%, compared to 82% and 84% in December 2012 and January 2012, respectively.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "Operating activity for the month of January increased from December's levels, mainly due to seasonal factors as we came out of the year-end holiday period. In January, pricing across our business lines remained consistent with the fourth quarter. We will discuss our near-term outlook for 2013 during our 4th quarter 2012 earnings call next week."
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 5,600 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://www.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, 2011 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.
SOURCE Basic Energy Services, Inc.
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