Basic Energy Services, INc., which moved its headquarters to Fort Worth this year, said Tuesday that activity declined in its drilling and well servicing operations slowed in September, and revenues for the third quarter are expected to fall 5 to 6 percent from the previous quarter. CEO Ken Huseman said revenue is expected to be down 3 to 5 percent in the fourth quarter. "We expect a gradual reduction in activity and pricing into the first part of 2013," Huseman said. In a prepared release, Basic said its 431 well servicing rigs had a utilization rate of 71 percent, down from 74 percent the previous quarter, and 12 drilling rigs stayed busy 80 percent of the time, down from 91 percent the previous quarter, party due to the use of one rig on an internal project.
-- Jim Fuquay