Basic Energy's Rig Utilization Falls

- Basic Energy's Rig Utilization Falls



Aug 8, 2011

Basic Energy Services Inc.(NYSE:BAS) reported Monday that its July well servicing rig utilization rate fell slightly to 73% from 74% in the prior month.

The number of well servicing rigs stayed unchanged at 412 as of July 31, but rig hours fell to 69,000 from 73,600 the month before.

The count for drilling rigs remained at 10, but drilling rig days climbed to 279 from 256 in June. Drilling utilization rose to 90% from 85% in June.

Basic's fluid services truck fleet increased to 871 by the end of the period from 838 at the end of June.

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Basic Energy planning To Make Several Acquisitions

- Basic Energy planning To Make Several Acquisitions



Jul 22, 2011

Reuters reported that Basic Energy (NYSE:BAS) says it continues to evaluate acquisitions on a daily basis and there are several purchases in the final stages.

The company says it hopes to make some announcements of acquisitions in the $10M-$30M range in the next few weeks.

Basic Energy Services (NYSE:BAS) has a potential upside of 12% based on a current price of $34.4 and an average consensus analyst price target of $38.53.

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Basic Energy Services Off 31-Month High on Strong Utilization

Basic Energy Services Off 31-Month High on Strong Utilization



Basic Energy Services (BAS) is up after it said late Thursday utilization at its well servicing segment rose 17 percentage points to 70% for March, while truck hours at the fluid services segment increased 19%. These two units accounted for 60% of the company's revenue in Q4.

Earlier, shares reached a 31-month high of $27.90.