Aug 11 - Basic Energy Services (BAS.N) said its well-servicing rig count for July remained unchanged as demand improved in oil producing markets, sending its shares up 8 percent.
The oilfield services provider reported July well-servicing rig count of 414, unchanged compared with June.
Rig utilization rate came in at 38 percent, down from 39 percent last month, hurt partly by rainy weather in its Permian Basin and Mid-Continent operating areas.
"Drilling activity in the Permian Basin continued to respond positively to stable oil prices, and as a result, we now have five of our nine drilling rigs in the field," Chief Executive Ken Huseman said in a statement.
Rig count in the U.S. has been hit particularly hard so far because many wells are drilled with equipment on shorter contracts and by smaller operators that respond more quickly to market signals in order to manage their cash and risk.
But over the last few weeks analysts have been turning bullish on the drillers and oilfield services providers.
Shares of the company were up 53 cents at $7.38 in trading after the bell Tuesday on the New York Stock Exchange.
The oilfield services provider reported July well-servicing rig count of 414, unchanged compared with June.
Rig utilization rate came in at 38 percent, down from 39 percent last month, hurt partly by rainy weather in its Permian Basin and Mid-Continent operating areas.
"Drilling activity in the Permian Basin continued to respond positively to stable oil prices, and as a result, we now have five of our nine drilling rigs in the field," Chief Executive Ken Huseman said in a statement.
Rig count in the U.S. has been hit particularly hard so far because many wells are drilled with equipment on shorter contracts and by smaller operators that respond more quickly to market signals in order to manage their cash and risk.
But over the last few weeks analysts have been turning bullish on the drillers and oilfield services providers.
Shares of the company were up 53 cents at $7.38 in trading after the bell Tuesday on the New York Stock Exchange.
