Basic Energy Services Rig Utilization Rate Rises
Basic Energy Services' rig utilization rate increased on a month-over-month basis in February. The figure advanced to 71% against 67% in January. The number of rigs serviced by Basic remained the same at 425.
Several other operating metrics were released by the company. It also said that its fluid service truck count dropped by two, to 962. Fluid service truck hours also declined, landing at 177,600, compared to January's number of 186,500.
February was a busy month for Basic in terms of acquisitions. The firm made two purchases of "substantially all of the operating assets" of Atlas Equipment and Petroleum Water Solutions. The price of the former acquisition was $13 million in cash, and an additional $9 million in conditional earn-out considerations, while it spent $3.3 million with the potential of an additional $3.3 million in similar considerations for the latter.
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