On Monday, Shares of Basic Energy Services, Inc (NYSE:BAS),
Basic Energy Services, Inc. (BAS) stated selected operating data for the month of July 2019. Have we finally found a bottom? This major decline over the last several years was hard to for see with how BAS was closing 2015 just a few years back. At the time Basics well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 46,800 producing a rig utilization rate of 46%, contrast to 53% and 71% in August 2015 and September 2014, respectively. But those days are long over it seems. The company has fallen over and over again.
During the month, Basics fluid service truck count remained flat at 1,015. Fluid service truck hours for the month were 183,400, contrast to 188,100 and 215,800 in August 2015 and September 2014, respectively.
Drilling rig days for the month were 97 producing a rig utilization of 27%, contrast to 23% and 91% in August 2015 and September 2014, respectively.
Basic Energy Services, Inc. provides well site services to oil and natural gas drilling and producing companies in the United States. Its Completion and Remedial Services segment offers pumping services, such as cementing, acidizing, fracturing, nitrogen, and pressure testing; rental and fishing tools; coiled tubing; snubbing services; thru-tubing; cased-hole wireline services; and underbalanced drilling in low pressure and fluid sensitive reservoirs. This segment operates 291 pumping units; and 66 air compressor packages, counting 36 snubbing units, 16 coiled tubing units, and 10 wireline units.
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