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Basic Energy Services Reports Selected Operating Data For November 2013

FORT WORTH, Texas, Dec. 11, 2013 /PRNewswire/ -- Basic Energy Services, Inc. (NYSE: BAS) ("Basic") today reported selected operating data for the month of November 2013.  Basic's well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 60,500 producing a rig utilization rate of 62%, compared to 71% and 62% in October 2013 and November 2012, respectively.

During the month, Basic's fluid service truck count increased by 6 to 989. Fluid service truck hours for the month were 185,100 compared to 201,900 and 182,400 in October 2013 and November 2012, respectively.

Drilling rig days for the month were 259 producing a rig utilization of 72%, compared to 69% and 76% in October 2013 and November 2012, respectively.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Our activity in November was impacted by both the extended Thanksgiving holiday as well as severe winter weather in our Permian Basin and Mid-Continent operations the week preceding the Thanksgiving holiday period. In those weather-impacted areas, our operations lost about two and a half days of work in our well servicing, fluid services and pumping services business lines. Overall, net of the weather impact, November activity was slightly above our expectations.

"We have experienced additional adverse weather throughout our footprint during the first part of December, which has caused delays in deploying equipment and people. As a result of this, we are now expecting fourth quarter revenues to be 7% to 8% lower sequentially, a change from our previous guidance of down 6% to 7%."

OPERATING DATA









Month ended





November 30,


October 31,





2013

2012


2013









Number of weekdays in period



21

22


23









Number of well servicing rigs: 1







  Weighted average for period



425

431


425

  End of period



425

431


425

  Rig hours (000s)



60.5

64.4


76.5

  Rig utilization rate 2



62%

62%


71%









Number of fluid service trucks: 1







  Weighted average for period



986

954


977

  End of period



989

957


983

  Truck Hours (000s)



185.1

182.4


201.9









Number of drilling rigs: 1







  Weighted average for period



12

12


12

  End of period



12

12


12

  Drilling rig days



259

272


255

  Drilling rig utilization



72%

76%


69%








(1)  Includes all rigs and trucks owned during periods presented and excludes rigs and trucks 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 5,400 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, 2012 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.

Contacts:

Alan Krenek, Chief Financial Officer


Basic Energy Services, Inc.


817-334-4100




Jack Lascar/Sheila Stuewe


Dennard – Lascar Associates


713-529-6600

SOURCE Basic Energy Services, Inc.

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