By February 12, 2016 0 Comments Read More →

Basic Energy Services sees slight improvement in January

Drilling rig days for the month were 31 producing a rig utilization of 8 per cent, compared to 12 per cent and 74 per cent in Dec. 2015 and Jan. 2015

Basic

Roe Patterson, Basic’s President and Chief Executive Officer

Fort Worth-based Basic Energy Services, Inc. says Jan. operating data improved over the month before despite sharply lower oil prices.

On Friday, Basic Energy reported selected operating data for the month of Jan. 2016.  Well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 37,200 producing a rig utilization rate of 38 per cent, compared to 36 per cent and 56 per cent in Dec. 2015 and Jan. 2015, respectively.

During the month, Basic’s fluid service truck count increased by one to 986. Fluid service truck hours for the month were 180,600, compared to 177,000 and 208,100 in Dec. 2015 and Jan. 2015, respectively.

Drilling rig days for the month were 31 producing a rig utilization of 8 per cent, compared to 12 per cent and 74 per cent in Dec. 2015 and Jan. 2015, respectively.

“January activity was somewhat improved over December, as the holiday period ended and weather conditions improved from the last week in 2015,” said Roe Patterson, president and CEO.

“Well servicing activity increased approximately 200 basis points and trucking hours increased by two per cent.  Completion and remedial utilization during Jan. declined on lower drilling and completion activities as our customers’ drilling plans for 2016 continue to be reduced.”

BasicPatterson says Basic Energy continues to right-size its operating infrastructure to fit the current low-price environment.

“As of Jan. 31, we had stacked 119,000 hydraulic horsepower (“HHP”) due to lower completion demand, including 58,000 HHP that was stacked during the month,” he said.

“During January, we also stacked one well servicing rig to bring our total stacked rig inventory to 110 at the end of the month.”

OPERATING DATA
Month ended
Jan. 31, Dec. 31,
2016 2015 2015
Number of weekdays in period 21 22 23
Number of well servicing rigs: 1
  Weighted average for period 421 421 421
  End of period 421 421 421
  Rig hours (000s) 37.2 57.4 37.9
  Rig utilization rate 2 38% 56% 36%
Number of fluid service trucks: 1
  Weighted average for period 985 1,051 993
  End of period 986 1,054 985
  Truck Hours (000s) 180.6 208.1 177.0
Number of drilling rigs: 1
  Weighted average for period 12 12 12
  End of period 12 12 12
  Drilling rig days 31 275 46
  Drilling rig utilization 8% 74% 12%
(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 period

Posted in: Energy Financial

Post a Comment