drilling rig

Basic Energy Services reports higher than projected March losses

Basic Energy expects Q1 revenues to be 18 – 20% lower than Q4 2015 rather than previous guidance of 16 – 17% lower FORT WORTH, Texas-based Basic Energy Services, Inc. has reported selected operating data for March and the numbers illustrate the pain American service companies are feeling as a consequence of low oil prices. “Activity in the month […]

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Basic Energy reports lower rig utilization rates, Q1 revenue will be down 17%

Basic Energy CEO says oil prices under $30 WTI have caused many producers to cut back on projects Basic Energy Services, Inc. says rig utilization rates have plummeted over the past year and the Forth Worth, Texas-based company continues to stack equipment due to soft customer demand caused by low oil prices. Basic’s well servicing rig count

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