Basic Energy Services Reports June Operating Data; Updates Q2 Revenue Guidance

(RTTNews) - Basic Energy Services, Inc. (BAS) reported that during the month of June, its well servicing rig count remained unchanged at 421. Well servicing rig hours for the month were 71,600 producing a rig utilization rate of 74%, compared to 79% in June 2013.

The company now expects its second-quarter revenue to be approximately 6% to 7% higher sequentially compared to previous guidance of 5% to 6%. The company said the improvement is mainly attributable to the better than expected activity in its completion and remedial segment, particularly from stimulation services.