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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Basic Energy Services Inc New | NYSE:BAS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.435 | 0 | 01:00:00 |
Delaware
|
54-2091194
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
801 Cherry Street, Suite 2100
Fort Worth, Texas
|
76102
|
(Address of principal executive offices)
|
(Zip code)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
|
|
|
|
Non-accelerated filer
|
☐ (Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
|
|
|
|
|
|
Emerging growth company
|
☐
|
Consolidated Balance Sheets as of March 31, 2018 (Unaudited) and December 31, 2017
|
|
Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 (Unaudited)
|
|
Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2018 (Unaudited)
|
|
Consolidated Statements of Cash Flows for the three months ended March 31, 2018 and 2017 (Unaudited)
|
|
•
|
a decline in, or substantial volatility of, oil or natural gas prices, and any related changes in expenditures by our customers;
|
•
|
the effects of future acquisitions on our business;
|
•
|
changes in customer requirements in markets or industries we serve;
|
•
|
competition within our industry;
|
•
|
general economic and market conditions;
|
•
|
our access to current or future financing arrangements;
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
|
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
33,831
|
|
|
$
|
38,520
|
|
Restricted cash
|
|
47,727
|
|
|
47,703
|
|
||
Trade accounts receivable, net of allowance of $1,364 and $1,523, respectively
|
|
156,218
|
|
|
148,444
|
|
||
Accounts receivable - related parties
|
|
25
|
|
|
22
|
|
||
Income tax receivable
|
|
1,861
|
|
|
1,878
|
|
||
Inventories
|
|
37,215
|
|
|
36,403
|
|
||
Prepaid expenses
|
|
20,560
|
|
|
22,353
|
|
||
Other current assets
|
|
4,844
|
|
|
4,292
|
|
||
Total current assets
|
|
302,281
|
|
|
299,615
|
|
||
Property and equipment, net
|
|
491,266
|
|
|
502,579
|
|
||
Deferred debt costs, net of amortization
|
|
2,333
|
|
|
2,497
|
|
||
Intangible assets, net of amortization
|
|
3,161
|
|
|
3,221
|
|
||
Other assets
|
|
12,524
|
|
|
12,568
|
|
||
Total assets
|
|
$
|
811,565
|
|
|
$
|
820,480
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
77,049
|
|
|
$
|
80,518
|
|
Accrued expenses
|
|
61,188
|
|
|
51,973
|
|
||
Current portion of long-term debt, net of discounts of $1,652 and $1,657, respectively
|
|
54,731
|
|
|
55,997
|
|
||
Other current liabilities
|
|
1,459
|
|
|
2,469
|
|
||
Total current liabilities
|
|
194,427
|
|
|
190,957
|
|
||
Long-term debt, net of discounts and deferred debt costs of $8,763 and $10,244, respectively
|
|
272,658
|
|
|
259,242
|
|
||
Deferred tax liabilities
|
|
—
|
|
|
78
|
|
||
Other long-term liabilities
|
|
30,902
|
|
|
31,550
|
|
||
Stockholders' equity:
|
|
|
|
|
||||
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at March 31, 2018 and December 31, 2017
|
|
—
|
|
|
—
|
|
||
Common stock; $0.01 par value; 80,000,000 shares authorized; 26,644,082 shares issued and 26,422,302 shares outstanding at March 31, 2018; 26,371,572 shares issued and 26,219,129 shares outstanding at December 31, 2017
|
|
266
|
|
|
264
|
|
||
Additional paid-in capital
|
|
446,022
|
|
|
439,517
|
|
||
Accumulated deficit
|
|
(127,205
|
)
|
|
(96,674
|
)
|
||
Treasury stock, at cost, 221,780 and 152,443 shares at March 31, 2018 and December 31, 2017, respectively
|
|
(5,505
|
)
|
|
(4,454
|
)
|
||
Total stockholders' equity
|
|
313,578
|
|
|
338,653
|
|
||
Total liabilities and stockholders' equity
|
|
$
|
811,565
|
|
|
$
|
820,480
|
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2018
|
|
|
2017
|
||||
Revenues:
|
|
|
|
|
|
||||
Completion and remedial services
|
|
$
|
117,597
|
|
|
|
$
|
80,431
|
|
Well servicing
|
|
57,537
|
|
|
|
48,619
|
|
||
Water logistics
|
|
56,509
|
|
|
|
50,206
|
|
||
Contract drilling
|
|
3,022
|
|
|
|
2,763
|
|
||
Total revenues
|
|
234,665
|
|
|
|
182,019
|
|
||
Expenses:
|
|
|
|
|
|
|
|
||
Completion and remedial services
|
|
89,659
|
|
|
|
67,252
|
|
||
Well servicing
|
|
48,191
|
|
|
|
40,916
|
|
||
Water logistics
|
|
40,923
|
|
|
|
41,538
|
|
||
Contract drilling
|
|
2,543
|
|
|
|
2,408
|
|
||
General and administrative, including stock-based compensation of $6,798 and $4,448 in the three months ended March 31, 2018 and 2017, respectively
|
|
40,978
|
|
|
|
34,205
|
|
||
Depreciation and amortization
|
|
30,235
|
|
|
|
25,413
|
|
||
(Gain) loss on disposal of assets
|
|
1,779
|
|
|
|
(467
|
)
|
||
Total expenses
|
|
254,308
|
|
|
|
211,265
|
|
||
Operating loss
|
|
(19,643
|
)
|
|
|
(29,246
|
)
|
||
Other income (expense):
|
|
|
|
|
|
|
|
||
Interest expense
|
|
(11,283
|
)
|
|
|
(9,109
|
)
|
||
Interest income
|
|
27
|
|
|
|
12
|
|
||
Other income
|
|
309
|
|
|
|
92
|
|
||
Loss before income taxes
|
|
(30,590
|
)
|
|
|
(38,251
|
)
|
||
Income tax benefit (expense)
|
|
59
|
|
|
|
(375
|
)
|
||
Net loss
|
|
$
|
(30,531
|
)
|
|
|
$
|
(38,626
|
)
|
Loss per share of common stock:
|
|
|
|
|
|
||||
Basic
|
|
$
|
(1.16
|
)
|
|
|
$
|
(1.49
|
)
|
Diluted
|
|
$
|
(1.16
|
)
|
|
|
$
|
(1.49
|
)
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|||||||||||
|
|
Common Stock
|
|
Paid-In
|
|
Treasury
|
|
Accumulated
|
|
Stockholders'
|
|||||||||||||
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Stock
|
|
Deficit
|
|
Equity
|
|||||||||||
Balance - December 31, 2017
|
|
26,371,572
|
|
|
$
|
264
|
|
|
$
|
439,517
|
|
|
$
|
(4,454
|
)
|
|
$
|
(96,674
|
)
|
|
$
|
338,653
|
|
Issuance of stock
|
|
272,510
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Amortization of share-based compensation
|
|
—
|
|
|
—
|
|
|
6,798
|
|
|
—
|
|
|
—
|
|
|
6,798
|
|
|||||
Treasury stock, net
|
|
—
|
|
|
—
|
|
|
(291
|
)
|
|
(1,051
|
)
|
|
—
|
|
|
(1,342
|
)
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
(30,531
|
)
|
|
(30,531
|
)
|
||||
Balance - March 31, 2018 (unaudited)
|
|
26,644,082
|
|
|
$
|
266
|
|
|
$
|
446,022
|
|
|
$
|
(5,505
|
)
|
|
$
|
(127,205
|
)
|
|
$
|
313,578
|
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2018
|
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||||
Net loss
|
|
(30,531
|
)
|
|
|
$
|
(38,626
|
)
|
|
Adjustments to reconcile net loss to net cash
|
|
|
|
|
|
||||
provided by (used in) operating activities:
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
30,235
|
|
|
|
25,413
|
|
||
Accretion on asset retirement obligation
|
|
41
|
|
|
|
39
|
|
||
Change in allowance for doubtful accounts
|
|
(159
|
)
|
|
|
1,775
|
|
||
Amortization of deferred financing costs
|
|
176
|
|
|
|
7
|
|
||
Amortization of debt discounts
|
|
1,474
|
|
|
|
1,553
|
|
||
Non-cash compensation
|
|
6,798
|
|
|
|
4,448
|
|
||
(Gain) loss on disposal of assets
|
|
1,779
|
|
|
|
(467
|
)
|
||
Deferred income taxes
|
|
(78
|
)
|
|
|
389
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
||||
Accounts receivable
|
|
(7,618
|
)
|
|
|
(22,672
|
)
|
||
Inventories
|
|
(812
|
)
|
|
|
(930
|
)
|
||
Income tax receivable
|
|
19
|
|
|
|
3
|
|
||
Prepaid expenses and other current assets
|
|
1,593
|
|
|
|
(5,028
|
)
|
||
Other assets
|
|
44
|
|
|
|
(223
|
)
|
||
Accounts payable
|
|
(5,987
|
)
|
|
|
17,723
|
|
||
Other liabilities
|
|
(1,641
|
)
|
|
|
(924
|
)
|
||
Accrued expenses
|
|
9,215
|
|
|
|
4,611
|
|
||
Net cash provided by (used in) operating activities
|
|
4,548
|
|
|
|
(12,909
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||||
Purchase of property and equipment
|
|
(15,412
|
)
|
|
|
(25,930
|
)
|
||
Proceeds from sale of assets
|
|
198
|
|
|
|
1,145
|
|
||
Net cash used in investing activities
|
|
(15,214
|
)
|
|
|
(24,785
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||||
Payments of debt
|
|
(13,657
|
)
|
|
|
(10,338
|
)
|
||
Proceeds from debt
|
|
21,000
|
|
|
|
—
|
|
||
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock
|
|
(1,342
|
)
|
|
|
(39
|
)
|
||
Deferred loan costs and other financing activities
|
|
—
|
|
|
|
(162
|
)
|
||
Net cash provided by (used in) financing activities
|
|
6,001
|
|
|
|
(10,539
|
)
|
||
Net decrease in cash, cash equivalents and restricted cash
|
|
(4,665
|
)
|
|
|
(48,233
|
)
|
||
Cash, cash equivalents and restricted cash - beginning of period
|
|
86,223
|
|
|
|
101,304
|
|
||
Cash, cash equivalents and restricted cash - end of period
|
|
$
|
81,558
|
|
|
|
$
|
53,071
|
|
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash and cash equivalents
|
$
|
33,831
|
|
|
$
|
50,640
|
|
Restricted cash
|
47,727
|
|
|
2,431
|
|
||
Total cash, cash equivalents and restricted cash
|
$
|
81,558
|
|
|
$
|
53,071
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Land
|
|
$
|
21,226
|
|
|
$
|
21,217
|
|
Buildings and improvements
|
|
40,111
|
|
|
40,043
|
|
||
Well service units and equipment
|
|
117,876
|
|
|
113,657
|
|
||
Frac equipment/test tanks
|
|
116,797
|
|
|
111,172
|
|
||
Pumping equipment
|
|
119,318
|
|
|
116,127
|
|
||
Water logistics equipment
|
|
79,520
|
|
|
79,711
|
|
||
Disposal facilities
|
|
51,979
|
|
|
51,363
|
|
||
Rental equipment
|
|
35,179
|
|
|
34,643
|
|
||
Light vehicles
|
|
21,504
|
|
|
19,869
|
|
||
Contract drilling equipment
|
|
11,367
|
|
|
10,967
|
|
||
Software
|
|
833
|
|
|
817
|
|
||
Other
|
|
4,123
|
|
|
4,092
|
|
||
Construction equipment
|
|
2,374
|
|
|
2,338
|
|
||
Brine and fresh water stations
|
|
2,681
|
|
|
2,704
|
|
||
|
|
624,888
|
|
|
608,720
|
|
||
Less accumulated depreciation and amortization
|
|
133,622
|
|
|
106,141
|
|
||
Property and equipment, net
|
|
$
|
491,266
|
|
|
$
|
502,579
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Pumping equipment
|
|
$
|
56,578
|
|
|
$
|
56,225
|
|
Water logistics equipment
|
|
39,189
|
|
|
40,097
|
|
||
Light vehicles
|
|
13,895
|
|
|
12,160
|
|
||
Contract drilling equipment
|
|
783
|
|
|
783
|
|
||
Well service units and equipment
|
|
141
|
|
|
262
|
|
||
Construction equipment
|
|
378
|
|
|
378
|
|
||
|
|
110,964
|
|
|
109,905
|
|
||
Less accumulated amortization
|
|
24,793
|
|
|
18,445
|
|
||
Property and equipment under capital lease, net
|
|
$
|
86,171
|
|
|
$
|
91,460
|
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2018
|
|
|
2017
|
||||
Lease amortization expense
|
|
$
|
7,100
|
|
|
|
$
|
3,700
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Trade names
|
|
$
|
3,410
|
|
|
$
|
3,410
|
|
Other intangible assets
|
|
48
|
|
|
48
|
|
||
|
|
$
|
3,458
|
|
|
$
|
3,458
|
|
Less accumulated amortization
|
|
297
|
|
|
237
|
|
||
Intangible assets subject to amortization, net
|
|
$
|
3,161
|
|
|
$
|
3,221
|
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2018
|
|
|
2017
|
||||
Intangible amortization expense
|
|
$
|
60.0
|
|
|
|
$
|
59.0
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Credit facilities:
|
|
|
|
|
||||
Term Loan
|
|
$
|
162,113
|
|
|
$
|
162,525
|
|
New ABL Facility
|
|
85,000
|
|
|
64,000
|
|
||
Capital leases and other notes
|
|
90,691
|
|
|
100,615
|
|
||
Unamortized discounts, premiums, and deferred debt costs
|
|
(10,415
|
)
|
|
(11,901
|
)
|
||
Total principal amount of debt instruments, net
|
|
327,389
|
|
|
315,239
|
|
||
Less current portion
|
|
54,731
|
|
|
55,997
|
|
||
Long-term debt
|
|
$
|
272,658
|
|
|
$
|
259,242
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Unamortized discount on Term Loan
|
|
$
|
8,609
|
|
|
$
|
9,187
|
|
Unamortized discount on Capital Leases - short-term
|
|
1,652
|
|
|
1,657
|
|
||
Unamortized discount on Capital Leases - long-term
|
|
—
|
|
|
891
|
|
||
Unamortized deferred debt costs
|
|
154
|
|
|
166
|
|
||
|
|
$
|
10,415
|
|
|
$
|
11,901
|
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2018
|
|
|
2017
|
||||
Cash payments for interest
|
|
$
|
8,578
|
|
|
|
$
|
1,268
|
|
Commitment and other fees paid
|
|
809
|
|
|
|
17
|
|
||
Amortization of debt issuance costs and discounts
|
|
1,651
|
|
|
|
1,560
|
|
||
Change in accrued interest
|
|
221
|
|
|
|
6,242
|
|
||
Other
|
|
24
|
|
|
|
22
|
|
||
|
|
$
|
11,283
|
|
|
|
$
|
9,109
|
|
|
Fair Value
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Hierarchy Level
|
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
|
|
|
(In thousands)
|
||||||||||||||
Term Loan
|
3
|
|
$
|
153,504
|
|
|
$
|
161,583
|
|
|
$
|
153,338
|
|
|
$
|
162,052
|
|
|
|
Compensation expense for three months ended March 31, 2018
|
Compensation expense for three months ended March 31, 2017
|
Unrecognized compensation expense
|
Weighted average remaining life
|
Fair value of share based awards vested
|
||||||||
|
|
|
|
|
|
|||||||||
Restricted stock awards and restricted stock units
|
|
$
|
5,732
|
|
$
|
3,616
|
|
$
|
32,223
|
|
2.0
|
$
|
4,882
|
|
Stock options
|
|
$
|
1,066
|
|
$
|
832
|
|
$
|
7,125
|
|
8.8
|
$
|
—
|
|
|
|
|
|
|
|
Weighted
|
|
|
|||||
|
|
|
|
|
|
Average
|
|
|
|||||
|
|
|
|
Weighted
|
|
Remaining
|
|
Aggregate
|
|||||
|
|
Number of
|
|
Average
|
|
Contractual
|
|
Intrinsic
|
|||||
|
|
Options
|
|
Exercise
|
|
Term
|
|
Value
|
|||||
|
|
Granted
|
|
Price
|
|
(Years)
|
|
(000's)
|
|||||
Non-statutory stock options:
|
|
|
|
|
|
|
|
|
|||||
Outstanding, beginning of period
|
|
654,016
|
|
|
$
|
39.23
|
|
|
|
|
|
||
Options granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options forfeited
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options exercised
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding, end of period
|
|
654,016
|
|
|
$
|
39.23
|
|
|
8.8
|
|
$
|
—
|
|
Exercisable, end of period
|
|
222,354
|
|
|
$
|
39.23
|
|
|
8.8
|
|
$
|
—
|
|
Vested or expected to vest, end of period
|
|
431,662
|
|
|
$
|
39.23
|
|
|
8.8
|
|
$
|
—
|
|
|
|
|
|
Weighted Average
|
|||
|
|
Number of
|
|
Grant Date Fair
|
|||
Non-vested Units
|
|
Shares
|
|
Value Per Share
|
|||
Non-vested at beginning of period
|
|
1,097,010
|
|
|
$
|
36.35
|
|
Granted during period
|
|
407,250
|
|
|
16.02
|
|
|
Vested during period
|
|
(284,904
|
)
|
|
36.21
|
|
|
Forfeited during period
|
|
—
|
|
|
—
|
|
|
Non-vested at end of period
|
|
1,219,356
|
|
|
$
|
29.59
|
|
|
Reportable Segments
|
||||||||||||||
|
Completion & Remedial Services
|
Well Servicing
|
Water Logistics
|
Contract Drilling
|
Total
|
||||||||||
Three Months Ended March 31, 2018
|
|
|
|
|
|
||||||||||
Primary Geographical Markets
|
|
|
|
|
|
||||||||||
Permian Basin
|
$
|
38,166
|
|
$
|
27,013
|
|
$
|
30,588
|
|
$
|
3,156
|
|
$
|
98,923
|
|
Texas Gulf Coast
|
809
|
|
7,315
|
|
8,874
|
|
—
|
|
16,998
|
|
|||||
ArkLaTex & Mid-Continent
|
49,300
|
|
11,219
|
|
10,706
|
|
—
|
|
71,225
|
|
|||||
Rocky Mountain
|
29,789
|
|
6,224
|
|
7,776
|
|
—
|
|
43,789
|
|
|||||
Eastern USA
|
1,690
|
|
2,185
|
|
—
|
|
—
|
|
3,875
|
|
|||||
West Coast
|
—
|
|
6,449
|
|
—
|
|
—
|
|
6,449
|
|
|||||
Corporate (Intercompany)
|
(2,157
|
)
|
(2,868
|
)
|
(1,435
|
)
|
(134
|
)
|
(6,594
|
)
|
|||||
Total
|
$
|
117,597
|
|
$
|
57,537
|
|
$
|
56,509
|
|
$
|
3,022
|
|
$
|
234,665
|
|
|
|
|
|
|
|
||||||||||
Major Products/service lines
|
|
|
|
|
|
||||||||||
Pumping Equipment
|
$
|
72,810
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
72,810
|
|
Well Servicing
|
—
|
|
48,536
|
|
—
|
|
—
|
|
48,536
|
|
|||||
Transport/Vacuum
|
—
|
|
—
|
|
35,245
|
|
—
|
|
35,245
|
|
|||||
Coiled Tubing
|
19,980
|
|
—
|
|
—
|
|
—
|
|
19,980
|
|
|||||
RAFT
|
20,782
|
|
—
|
|
—
|
|
—
|
|
20,782
|
|
|||||
Plugging
|
—
|
|
6,013
|
|
—
|
|
—
|
|
6,013
|
|
|||||
Production and Disposal Facilities
|
—
|
|
—
|
|
5,651
|
|
—
|
|
5,651
|
|
|||||
Hot Oiler
|
—
|
|
—
|
|
5,385
|
|
—
|
|
5,385
|
|
|||||
Other
|
4,025
|
|
2,988
|
|
10,228
|
|
3,022
|
|
20,263
|
|
|||||
Total
|
$
|
117,597
|
|
$
|
57,537
|
|
$
|
56,509
|
|
$
|
3,022
|
|
$
|
234,665
|
|
|
|
|
|
|
|
||||||||||
Timing of revenue recognition
|
|
|
|
|
|
||||||||||
Products and services transferred over time
|
117,597
|
|
57,537
|
|
56,509
|
|
3,022
|
|
234,665
|
|
|||||
Total
|
$
|
117,597
|
|
$
|
57,537
|
|
$
|
56,509
|
|
$
|
3,022
|
|
$
|
234,665
|
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2018
|
|
|
2017
|
||||
|
|
|
|
|
|
||||
|
|
(Unaudited)
|
|||||||
|
|
|
|
|
|
||||
Numerator (both basic and diluted):
|
|
|
|
|
|
|
|||
Net loss
|
|
$
|
(30,531
|
)
|
|
|
$
|
(38,626
|
)
|
Denominator:
|
|
|
|
|
|
||||
Denominator for basic loss per share
|
|
26,336,044
|
|
|
|
25,999,383
|
|
||
Basic loss per common share:
|
|
$
|
(1.16
|
)
|
|
|
$
|
(1.49
|
)
|
Diluted loss per common share:
|
|
$
|
(1.16
|
)
|
|
|
$
|
(1.49
|
)
|
|
Completion
|
|
|
|
|
|
||||||||
|
and Remedial
|
Well
|
Water
|
Contract
|
Corporate
|
|
||||||||
|
Services
|
Servicing
|
Logistics
|
Drilling
|
and Other
|
Total
|
||||||||
Three Months Ended March 30, 2018 (Unaudited)
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
117,597
|
|
57,537
|
|
56,509
|
|
3,022
|
|
—
|
|
$
|
234,665
|
|
Direct operating costs
|
(89,659
|
)
|
(48,191
|
)
|
(40,923
|
)
|
(2,543
|
)
|
—
|
|
(181,316
|
)
|
||
Segment profits
|
$
|
27,938
|
|
9,346
|
|
15,586
|
|
479
|
|
—
|
|
$
|
53,349
|
|
Depreciation and amortization
|
$
|
14,260
|
|
5,772
|
|
7,726
|
|
420
|
|
2,057
|
|
$
|
30,235
|
|
Capital expenditures (excluding acquisitions)
|
$
|
11,517
|
|
6,705
|
|
2,189
|
|
407
|
|
433
|
|
$
|
21,251
|
|
Identifiable assets
|
$
|
255,067
|
|
110,413
|
|
123,599
|
|
6,676
|
|
315,810
|
|
$
|
811,565
|
|
Three Months Ended March 30, 2017 (Unaudited)
|
|
|
|
|
|
|
||||||||
Operating revenues
|
$
|
80,431
|
|
48,619
|
|
50,206
|
|
2,763
|
|
—
|
|
$
|
182,019
|
|
Direct operating costs
|
(67,252
|
)
|
(40,916
|
)
|
(41,538
|
)
|
(2,408
|
)
|
—
|
|
(152,114
|
)
|
||
Segment profits
|
$
|
13,179
|
|
7,703
|
|
8,668
|
|
355
|
|
—
|
|
$
|
29,905
|
|
Depreciation and amortization
|
$
|
11,766
|
|
4,596
|
|
6,527
|
|
626
|
|
1,898
|
|
$
|
25,413
|
|
Capital expenditures (excluding acquisitions)
|
$
|
32,209
|
|
8,378
|
|
7,421
|
|
53
|
|
243
|
|
$
|
48,304
|
|
Identifiable assets
|
$
|
256,278
|
|
108,013
|
|
131,698
|
|
12,560
|
|
260,728
|
|
$
|
769,277
|
|
|
|
Three Months Ended March 31,
|
|||||||
|
|
2018
|
|
|
2017
|
||||
Segment profits
|
|
$
|
53,349
|
|
|
|
$
|
29,905
|
|
General and administrative expenses
|
|
(40,978
|
)
|
|
|
(34,205
|
)
|
||
Depreciation and amortization
|
|
(30,235
|
)
|
|
|
(25,413
|
)
|
||
Gain (loss) on disposal of assets
|
|
(1,779
|
)
|
|
|
467
|
|
||
Operating loss
|
|
$
|
(19,643
|
)
|
|
|
$
|
(29,246
|
)
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(In thousands)
|
||||||
Capital leases and notes issued for equipment
|
|
$
|
3,321
|
|
|
$
|
22,374
|
|
Asset retirement obligation additions (retirements)
|
|
(58
|
)
|
|
—
|
|
||
Change in accrued property and equipment
|
|
2,518
|
|
|
—
|
|
|
|
Three Months Ended March 31, 2018
|
|||||||||||||
|
|
2018
|
|
|
2017
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||
Completion and remedial services
|
|
$
|
117.6
|
|
|
50
|
%
|
|
|
$
|
80.4
|
|
|
44
|
%
|
Well servicing
|
|
$
|
57.6
|
|
|
25
|
%
|
|
|
$
|
48.6
|
|
|
27
|
%
|
Water logistics
|
|
$
|
56.5
|
|
|
24
|
%
|
|
|
$
|
50.2
|
|
|
27
|
%
|
Contract drilling
|
|
$
|
3.0
|
|
|
1
|
%
|
|
|
$
|
2.8
|
|
|
2
|
%
|
Total revenues
|
|
$
|
234.7
|
|
|
100
|
%
|
|
|
$
|
182.0
|
|
|
100
|
%
|
•
|
Completion and Remedial Services
— segment profits as a percent of revenues;
|
•
|
Well Servicing
— rig hours, rig utilization rate, revenue per rig hour, profits per rig hour and segment profits as a percent of revenues;
|
•
|
Water Logistics —
trucking hours, revenue per truck, segment profits per truck and segment profits as a percent of revenues; and
|
•
|
Contract Drilling
— rig operating days, revenue per drilling day, profits per drilling day and segment profits as a percent of revenues.
|
|
|
Total
|
|
FRAC
|
|
|
|
Segment
|
|||||
|
|
HHP
|
|
HHP
|
|
Revenues
|
|
Profits %
|
|||||
2017:
|
|
|
|
|
|
|
|
|
|||||
First Quarter
|
|
443,320
|
|
|
356,900
|
|
|
$
|
80,431
|
|
|
16
|
%
|
Second Quarter
|
|
518,365
|
|
|
381,850
|
|
|
$
|
107,386
|
|
|
24
|
%
|
Third Quarter
|
|
522,565
|
|
|
413,300
|
|
|
$
|
123,650
|
|
|
23
|
%
|
Fourth Quarter
|
|
522,565
|
|
|
413,300
|
|
|
$
|
121,983
|
|
|
30
|
%
|
Full Year
|
|
522,565
|
|
|
413,300
|
|
|
$
|
433,450
|
|
|
27
|
%
|
2018:
|
|
|
|
|
|
|
|
|
|||||
First Quarter
|
|
522,565
|
|
|
413,300
|
|
|
$
|
117,597
|
|
|
24
|
%
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Average
|
|
|
|
Rig
|
|
Revenue
|
|
|
|
|
||||||||
|
|
Number
|
|
|
|
Utilization
|
|
Per Rig
|
|
Profits Per
|
|
|
||||||||
|
|
of Rigs
|
|
Rig hours
|
|
Rate
|
|
Hour
|
|
Rig hour
|
|
Profits %
|
||||||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
First Quarter
|
|
421
|
|
|
157,600
|
|
|
52
|
%
|
|
$
|
307
|
|
|
$
|
49
|
|
|
16
|
%
|
Second Quarter
|
|
421
|
|
|
162,300
|
|
|
54
|
%
|
|
$
|
321
|
|
|
$
|
69
|
|
|
21
|
%
|
Third Quarter
|
|
421
|
|
|
165,200
|
|
|
55
|
%
|
|
$
|
329
|
|
|
$
|
69
|
|
|
21
|
%
|
Fourth Quarter
|
|
421
|
|
|
159,500
|
|
|
53
|
%
|
|
$
|
339
|
|
|
$
|
63
|
|
|
19
|
%
|
Full Year
|
|
421
|
|
|
644,600
|
|
|
54
|
%
|
|
$
|
324
|
|
|
$
|
63
|
|
|
19
|
%
|
2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
First Quarter
|
|
310
|
|
|
168,500
|
|
|
76
|
%
|
|
$
|
338
|
|
|
$
|
55
|
|
|
16
|
%
|
|
|
Weighted
|
|
|
|
|
|
|
|
Segment
|
|
|
||||||||
|
|
Average
|
|
|
|
|
|
Revenue
|
|
Profits Per
|
|
|
||||||||
|
|
Number of
|
|
|
|
Pipeline
|
|
Per Water
|
|
Water
|
|
|
||||||||
|
|
Water Logistics
|
|
Trucking
|
|
Volumes
|
|
Logistics
|
|
Logistics
|
|
Segment
|
||||||||
|
|
Trucks
|
|
Hours
|
|
(in bbls)
|
|
Truck
|
|
Truck
|
|
Profits %
|
||||||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
First Quarter
|
|
935
|
|
|
484,300
|
|
|
1,609,000
|
|
|
$
|
54
|
|
|
$
|
9
|
|
|
17
|
%
|
Second Quarter
|
|
943
|
|
|
473,500
|
|
|
1,191,000
|
|
|
$
|
54
|
|
|
$
|
10
|
|
|
18
|
%
|
Third Quarter
|
|
947
|
|
|
483,300
|
|
|
1,560,000
|
|
|
$
|
55
|
|
|
$
|
12
|
|
|
21
|
%
|
Fourth Quarter
|
|
967
|
|
|
492,800
|
|
|
1,921,000
|
|
|
$
|
57
|
|
|
$
|
12
|
|
|
20
|
%
|
Full Year
|
|
948
|
|
|
1,933,900
|
|
|
6,281,000
|
|
|
$
|
220
|
|
|
$
|
42
|
|
|
19
|
%
|
2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First Quarter
|
|
960
|
|
|
479,600
|
|
|
1,551,000
|
|
|
$
|
59
|
|
|
$
|
16
|
|
|
28
|
%
|
|
|
Weighted
|
|
|
|
|
|
|
|
|
|||||||
|
|
Average
|
|
Rig
|
|
|
|
|
|
|
|||||||
|
|
Number of
|
|
Operating
|
|
Revenue Per
|
|
Profits Per
|
|
Segment
|
|||||||
|
|
Rigs
|
|
Days
|
|
Drilling Day
|
|
Drilling Day
|
|
Profits %
|
|||||||
2017:
|
|
|
|
|
|
|
|
|
|
|
|||||||
First Quarter
|
|
12
|
|
|
135
|
|
|
$
|
20.5
|
|
|
$
|
2.6
|
|
|
12
|
%
|
Second Quarter
|
|
11
|
|
|
91
|
|
|
$
|
23.3
|
|
|
$
|
2.8
|
|
|
12
|
%
|
Third Quarter
|
|
11
|
|
|
92
|
|
|
$
|
31.0
|
|
|
$
|
3.3
|
|
|
11
|
%
|
Fourth Quarter
|
|
11
|
|
|
139
|
|
|
$
|
23.5
|
|
|
$
|
2.5
|
|
|
11
|
%
|
Full Year
|
|
11
|
|
|
457
|
|
|
$
|
24.1
|
|
|
$
|
2.8
|
|
|
11
|
%
|
2018:
|
|
|
|
|
|
|
|
|
|
|
|||||||
First Quarter
|
|
11
|
|
|
175
|
|
|
$
|
17.3
|
|
|
$
|
2.7
|
|
|
16
|
%
|
|
|
Obligations Due in
|
|
|
||||||||||||||||
|
|
Periods Ended March 31,
|
|
|
||||||||||||||||
Contractual Obligations
|
|
Total
|
|
2018
|
|
2019 to 2020
|
|
2021 to 2022
|
|
Thereafter
|
||||||||||
Term Loan Agreement
|
|
$
|
162,113
|
|
|
$
|
1,238
|
|
|
$
|
3,300
|
|
|
$
|
157,575
|
|
|
$
|
—
|
|
New ABL Facility
|
|
$
|
85,000
|
|
|
—
|
|
|
—
|
|
|
85,000
|
|
|
—
|
|
||||
Capital leases and other financing arrangements
|
|
$
|
90,691
|
|
|
43,487
|
|
|
40,200
|
|
|
6,934
|
|
|
70
|
|
||||
Operating leases
|
|
$
|
16,057
|
|
|
3,757
|
|
|
7,412
|
|
|
4,752
|
|
|
136
|
|
||||
Asset retirement obligation
|
|
$
|
2,489
|
|
|
719
|
|
|
652
|
|
|
224
|
|
|
894
|
|
||||
Total
|
|
$
|
356,350
|
|
|
$
|
49,201
|
|
|
$
|
51,564
|
|
|
$
|
254,485
|
|
|
$
|
1,100
|
|
Exhibit
|
|
|
No.
|
|
Description
|
|
|
|
2.1*
|
|
|
2.2*
|
|
|
3.1*
|
|
|
3.2*
|
|
|
10.1*
|
|
|
|
|
|
31.1#
|
|
|
31.2#
|
|
|
32.1##
|
|
|
32.2##
|
|
|
101.CAL#
|
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
|
XBRL Definition Linkbase Document
|
101.INS#
|
|
XBRL Instance Document
|
101.LAB#
|
|
XBRL Labels Linkbase Document
|
101.PRE#
|
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
|
XBRL Schema Document
|
|
|
|
|
BASIC ENERGY SERVICES, INC.
|
|
|
|
By:
|
/s/ T.M. "Roe" Patterson
|
Name:
|
T. M. “Roe” Patterson
|
Title:
|
President, Chief Executive Officer and
|
|
Director (Principal Executive Officer)
|
|
|
By:
|
/s/ Alan Krenek
|
Name:
|
Alan Krenek
|
Title:
|
Senior Vice President, Chief Financial Officer, Treasurer
|
|
and Secretary (Principal Financial Officer and
|
|
Principal Accounting Officer)
|
1 Year Basic Energy Services Chart |
1 Month Basic Energy Services Chart |
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