Operational Updates | Service & Supply | Oilfield Services | Capital Markets | Private Equity Activity
Basic Sees Increase in Oil Market Activity, Decline in Gas
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Basic Energy Services Inc. has reported selected operating data for the month of June 2013.
Basic's well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 75,200 producing a rig utilization rate of 80%, compared to 70% and 76% in May 2013 and June 2012 respectively.
During the month, Basic's fluid service truck count decreased by six to 968. Fluid service truck hours for the month were 185,400 compared to 194,300 and 178,400 in May 2013 and June 2012, respectively.
Drilling rig days for the month were 285 producing a rig utilization of 79%, compared to 78% and 91% in May 2013 and June 2012, respectively.
Ken Huseman, Basic's President and Chief Executive Officer, stated, "The uptick in activity mentioned in our May operating update continued throughout June as reflected in our well servicing and fluid services utilization and daily hours worked. Activity in our completion and remedial segment, including stimulation services, has remained stable over the past four months.
"Demand improved in our oilier markets while we experienced continued weakness in gas markets. Despite the overall increase in activity, pricing remained very competitive with too much capacity chasing demand.
"We anticipate further modest improvements in demand through the third quarter, in both oil and gas markets, with the normal interruption during the Fourth of July and Labor Day holiday weeks. We will provide an expanded third quarter outlook during our second quarter earnings call later this month."