Basic Energy Services Rig Utilization Rate Rises

Basic Energy Services' (NYSE: BAS  ) 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.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2316529, ~/Articles/ArticleHandler.aspx, 7/31/2014 5:34:32 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.