Basic Energy Services Inc. (NYSE: BAS) has reported on selected operating data for the month of July. Its well servicing rig count remained unchanged at 425. Well servicing rig hours for the month were 78,600 producing a rig utilization rate of 73%, compared to 80% and 74% in June 2013 and July 2012, respectively.
During the month, Basic's fluid service truck count increased by two to 970. Fluid service truck hours for the month were 189,000 compared to 185,400 and 184,800 in June 2013 and July 2012, respectively. Drilling rig days for the month were 287 producing a rig utilization of 77%, compared to 79% and 89% in June 2013 and July 2012, respectively.
Ken Huseman, Basic's president and CEO, stated, "Demand for our services in July matched our expectations with stronger utilization in oil markets and generally weak activity levels in dry gas markets. Excluding the mid-week Fourth of July holiday, well servicing utilization remained essentially flat averaging 79% compared to the 80% reported in June. The outlook and spending plans expressed by our largest customers during the second quarter earnings reporting period confirmed our earlier expectations for flat sequential revenues in the third quarter and a seasonal downturn in the fourth quarter."
Basic Energy Services provides wellsite 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.