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News Breaks
June 12, 2014
06:09 EDTBASBasic Energy reports May well servicing rig count unchanged at 421
Basic Energy Services reported selected operating data for May. Basic's well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 71,300 producing a rig utilization rate of 70% vs.70% and 68% in April 2014 and May 2013, respectively. During the month, Basic's fluid service truck count increased by three to 1,017. Fluid service truck hours for the month were 213,400 vs. 212,200 and 194,300 in April 2014 and May 2013, respectively. Drilling rig days for the month were 332 producing a rig utilization of 89%, vs. 81% and 78% in April 2014 and May 2013, respectively. Basic CEO Roe Patterson stated, "Our contract drilling fleet experienced higher utilization for the month as we saw an increase in activity for our 1,000 horsepower rigs in the vertical Wolfberry play in the Permian Basin. Activity levels improved in our completion and remedial services segment, particularly for stimulation services, and our calendar for hydraulic fracturing services is relatively full through the remainder of this year. We have been able to pass through rate increases for higher product costs in our stimulation services line of business. In selected operating areas where activity is at higher levels, we have been able to implement rate increases in the 3% to 5% range that meet or exceed the recoupment of higher product costs."
News For BAS From The Last 14 Days
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July 28, 2014
09:20 EDTBASBasic Energy upgraded to Accumulate from Neutral at Global Hunter
Global Hunter upgraded Basic Energy based on valuation. Price target lowered to $30 from $31.
07:55 EDTBASBasic Energy upgraded to Outperform from Market Perform at Raymond James
Raymond James upgraded Basic Energy based on valuation.
July 24, 2014
19:40 EDTBASBasic Energy sees Q3 revenue up 4%-6%, consensus $376.38M
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19:38 EDTBASBasic Energy reports Q2 adjusted EPS 13c, consensus 9c
Reports Q2 revenue $359.66M, consensus $356.27M. The adjusted EPS excludes a $2.9M, or 7c per diluted share, after-tax amount related to Basic's participation in a legal settlement associated with a 2013 accident. Completion and remedial services revenue rose 20% to $164.4M in Q2. Adjusted for the sale of the company's barge operations in March, well servicing revenues increased two% to $89.6M during Q2. Fluid services revenue in Q2 decreased 3% to $90.3M. Contract drilling revenue increased 14% to $15.4M during Q2.

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