FORT WORTH, Texas, April 20, 2017 /PRNewswire/ -- Basic Energy
Services, Inc. (NYSE: BAS) ("Basic" or the "Company") today
announced its financial and operating results for the first quarter
ended March 31, 2017.
Basic emerged from its Chapter 11 bankruptcy pursuant to a
prepackaged plan of reorganization on December 23, 2016. Upon emergence from the
Chapter 11 bankruptcy, the Company adopted fresh start accounting,
which resulted in Basic becoming a new entity for accounting and
financial reporting purposes upon emergence. As such, the
application of fresh start accounting was reflected in Basic's
balance sheet as of December 31, 2016
and all fresh start accounting adjustments were included in its
consolidated statement of operations for the year ended
December 31, 2016. Due to these
adjustments, the financial statements as of March 31, 2017 are not comparable with
information provided for periods prior to December 31, 2016.
FIRST QUARTER 2017 HIGHLIGHTS
First quarter 2017 revenue increased 17% to $182.0 million from $155.5
million in the fourth quarter of 2016, as more stable oil
prices led our customers to complete more wells and accelerate
deferred maintenance work on the large number of existing wells
throughout our footprint. In the first quarter of 2016, Basic
generated $130.4 million in
revenue.
For the first quarter of 2017, Basic reported a net loss of
$38.6 million, or a loss of
$1.49 per basic and diluted share.
This is compared to net income of $141.9
million, or $3.32 per basic
share and $3.15 per diluted share for
the fourth quarter of 2016, and a net loss of $83.3 million, or $2.00 per basic and diluted share in the first
quarter of 2016.
|
Three months ended
March 31, 2017
|
|
(in
millions)
|
|
EPS
|
Special Items
(adjusted for tax)
|
(Unaudited)
|
Net
loss, as reported
|
$
|
(38.6)
|
|
|
$
|
(1.49)
|
|
Restructuring expense
|
1.0
|
|
|
0.04
|
|
Retention expense
|
0.8
|
|
|
0.03
|
|
Valuation allowance on federal deferred tax assets
|
14.2
|
|
|
0.53
|
|
Adjusted
net loss
|
$
|
(22.6)
|
|
|
$
|
(0.87)
|
|
Excluding the impact of these special items listed above, Basic
reported a net loss of $22.6 million,
or a loss of $0.87 per basic and
diluted share. The reorganization expenses and retention expenses
are both related to Basic's Chapter 11 Restructuring that occurred
in 2016. Excluding special items, the Company reported a net
loss of $60.2 million, or a loss of
$1.41 per basic and diluted share, in
the fourth quarter of 2016 and a net loss of $54.8 million, or a loss of $1.32 per basic and diluted share in the first
quarter of 2016.
Roe Patterson, Basic's President and Chief Executive Officer,
stated, "Our first quarter results were better than originally
anticipated. This is a reflection of the improvement in oil prices
as compared to the end of 2016, and subsequently, a recovery in all
oilfield-related services. This increased level of activity that
started in the Permian Basin and the STACK and SCOOP plays in
Oklahoma, is now spreading into
other non-conventional basins strengthening our base of business.
Our customers are taking advantage of the improved oil price
environment to accelerate well maintenance and completion activity.
Most have increased their capital expenditures programs and as a
result our first quarter revenues increased 17%, sequentially. From
an EBITDA standpoint, we were near breakeven for the quarter and
well into positive territory for March.
"This improved performance was led by both our pressure pumping
and coil tubing product lines with all of our frac horsepower
operating during the quarter. In addition, we are starting to
experience a ramp-up in activity in both our well servicing and
fluid service businesses with increased utilization in both product
lines. While pricing in all our markets remain competitive, the
margin pressure we encountered during the fourth quarter has
lessened, allowing us to deliver a sequential 300 basis point
expansion in gross margin.
"Looking forward, we continue to expect a gradual improvement in
pricing and utilization for the remainder of 2017. Customer
feedback on capital expenditures remains promising, with expected
improvements in oily basins for all of our service segments. We
currently anticipate additional margin expansion in the second
quarter as the impact of payroll taxes fade. Longer daylight hours
will benefit our utilization levels as well. We expect to generate
positive EBITDA in every month of the second quarter and a
sequential increase of 18-20% in quarterly revenues."
Adjusted EBITDA was ($1.2)
million, or (0.7)% of revenues, for the first quarter of
2017 compared to ($5.2) million, or
(3)% of revenues, in the fourth quarter of 2016. In the first
quarter of 2016, Basic generated Adjusted EBITDA of ($11.1) million, or (9)% of revenues.
Adjusted EBITDA is defined as net income before interest, taxes,
depreciation and amortization ("EBITDA"), the net gain or loss from
the disposal of assets, retention expense, and restructuring
expense. EBITDA and Adjusted EBITDA, which are not measures
determined in accordance with United
States generally accepted accounting principles ("GAAP"),
are defined and reconciled in note 2 under the accompanying
financial tables..
Business Segment Results
Completion and Remedial Services
Completion and remedial services revenue increased 36% to
$80.4 million in the first quarter of
2017 from $59.2 million in the prior
quarter. The sequential increase in revenue was primarily due
to higher activity levels as customers took advantage of more
favorable oil prices to reduce the inventory of drilled but
uncompleted wells outstanding. In the first quarter of 2016,
this segment generated $39.7 million
in revenue.
At March 31, 2017, Basic had
approximately 444,000 hydraulic horsepower ("HHP"), flat with
444,000 HHP both at the end of the previous quarter and as of
March 31, 2016. As announced in
February 2017, we will be adding
74,000 of frac HHP in the second quarter of 2017. The
totality of this horsepower should be operational by May.
Weighted average HHP for the first quarter of 2017 was 444,000,
equal to the fourth quarter of 2016. This includes 358,000 of
frac HHP.
Segment profit in the first quarter of 2017 increased 57% to
$13.2 million compared to
$8.4 million in the prior
quarter. Segment margin for the first quarter of 2017
increased 190 basis points to 16% compared to 14% during the
previous quarter, driven predominantly by the positive impact of
incremental margins on the higher revenue base and by improved
pricing that came into play late in the first quarter. This
margin improvement was partially offset by the annual unemployment
tax reset, which had an impact of 100 basis points to quarterly
margins. During the first quarter of 2016, segment profit was
$4.9 million, or 12% of segment
revenue.
Fluid Services
Fluid services revenue in the first quarter of 2017 increased 3%
to $50.2 million compared to
$48.8 million in the prior
quarter. Segment revenues grew driven by an increase in
non-trucking activity, improved disposal utilization and higher
skim oil sales. During the first quarter of 2016, this segment
generated $50.3 million in
revenue.
The weighted average number of fluid services trucks decreased
1% to 935 during the first quarter of 2017, compared to 944 during
the fourth quarter of 2016 and declined 5% compared to 985 during
the first quarter of 2016. Truck hours of 484,300 during the
first quarter of 2017 represented a decrease of 4% from the 503,200
generated in the fourth quarter of 2016 and a decrease of 7%
compared to 521,500 in the same period in 2016.
The average revenue per fluid service truck increased 4% to
$53,700 from $51,600 in the fourth quarter of 2016, as
non-trucking activity picked up and disposal utilization and skim
oil sales increased with trucking activity. In the comparable
quarter of 2016, average revenue per fluid truck was $51,000.
Segment profit in the first quarter of 2017 increased by 37% to
$8.7 million, compared to a profit of
$6.3 million in the fourth quarter of
2016. Segment profit margin increased 430 basis points to 17% due
to the impact of incremental margins on the higher revenue base,
offset by 160 basis points of impact from the annual reset of
unemployment taxes. Segment profit in the same period in 2016 was
$9.1 million, or 18% of segment
revenue.
Well Servicing
Well servicing revenues increased 8% to $48.6 million during the first quarter of 2017
compared to $45.1 million in the
prior quarter led by increased rig activity and improved pricing
late in the quarter. Well servicing revenues were $38.9 million in the first quarter of 2016.
Revenues from the Taylor manufacturing operations were $230,000 in the first quarter of 2017 compared to
$1.3 million in the prior quarter and
$4.1 million in the first quarter of
2016.
At March 31, 2017, the well
servicing rig count was 421, the same as the end of the prior
quarter and at March 31, 2016. Rig
hours were 157,600 in the first quarter of 2017, up 8% compared to
146,200 hours in the fourth quarter of 2016 and up 45% from 108,400
hours in the comparable quarter of last year. Rig utilization was
52% in the first quarter of 2017, compared to 49% in the prior
quarter and up from 36% in the first quarter of
2016.
Excluding revenues associated with the Taylor manufacturing
operations, revenue per well servicing rig hour was $307 in the first quarter of 2017, 2% higher
compared to $300 in the previous
quarter and down 4% from $321
reported in the first quarter of 2016. The sequential increase was
due mainly to improved pricing late in the first quarter of
2017.
Segment profit in the first quarter of 2017 increased 25% to
$7.7 million, compared to
$6.1 million in the prior quarter and
increased 74% from $4.4 million
during the same period in 2016. Segment profit margin increased to
16% in the first quarter of 2017 from 14% in the prior quarter.
This margin improvement includes the impact of the annual reset of
unemployment taxes of approximately 230 basis points. In the
first quarter of 2016, segment profit was 11% of segment revenue.
Margins improved primarily due to higher utilization and pricing.
Segment profit from the Taylor manufacturing operations was
$17,000 in the first quarter of 2017
compared to a loss of $9,000 in last
year's fourth quarter.
Contract Drilling
Contract drilling revenues increased by 14% to $2.8 million during the first quarter of 2017
from $2.4 million in the prior
quarter. During the first quarter of 2016, this segment generated
$1.5 million in revenue. Basic
marketed 12 drilling rigs during the first quarter of 2017, the
same number of rigs as in the previous quarter as well as the first
quarter of 2016. While two rigs were active at the beginning
of the first quarter, only one rig was working by the end of March.
Revenue per drilling day in the first quarter of 2017 was up 17% to
$20,500 compared to $17,500 in the previous quarter and up from
$16,500 in the first quarter of 2016,
due to increased activity in the rig moving business
line.
Rig operating days during the first quarter of 2017 decreased by
3% to 135 compared to 139 in the prior quarter, resulting in rig
utilization of 12% during the first quarter of 2017 compared to 13%
during the prior quarter. In the comparable period in 2016,
rig operating days were 91, producing a utilization of
8%.
Segment profit in the first quarter of 2017 was $355,000 compared to a loss of $40,000 in the prior quarter and a loss of
$57,000 in the first quarter of
2016. Segment margin for the first quarter of 2017 was 13% of
segment revenues compared to (2)% in the prior quarter. The
positive margin is due to two rigs being active for the majority of
the quarter, along with increases in rig moving activity.
Last year in the comparable period, segment margin was (4)%.
G&A Expense
General and administrative ("G&A") expense for the first
quarter of 2017 was $34.2
million. This compares to an as reported G&A
expense for the fourth quarter of 2016 of $48.6 million. Excluding costs associated
with the bankruptcy and restructuring and retention expenses,
G&A expense in the first quarter of 2017 was $31.2 million, or 17% of revenue, compared to
$27.5 million, or 18% of revenue, in
the prior quarter. The sequential upturn in G&A expense was due
to expense associated with a full quarter's effect of non-cash
deferred compensation of $4.9 million
related to stock incentive plans, as well as an impact of
$700,000 of expense associated with
the annual reset of unemployment taxes in the first quarter of
2017. G&A expense in the first quarter of 2016 was
$29.6 million, or 23% of revenue.
Interest Expense
Net interest expense for the first quarter of 2017 was
$9.1 million. These amounts
include interest on Basic's term loan facility and capital leases,
as well as approximately $1.6 million
of non-cash interest expense related to the accretion of fair value
discounts on the Company's debt. These discounts were
recorded in the fourth quarter of 2016 as part of the fresh start
accounting process. Net interest expense in the fourth
quarter of 2016 was $29.4 million,
and $20.7 million in the first
quarter of 2016.
Tax Benefit
Basic's tax expense for the first quarter of 2017 was
$375,000 compared to no tax expense
in the fourth quarter of 2016. The first quarter of 2017 represents
an effective tax rate of 1%, compared to 0% in the prior quarter.
Excluding the impact of the value allowance mentioned above, the
operating effective tax benefit of $14.2
million in the first quarter of 2017 translated into an
effective tax benefit rate of 36%.
Cash and Total Liquidity
On March 31, 2017, Basic had cash
and cash equivalents of approximately $50.6
million, compared to $98.9
million at December 31, 2016
and $75.1 million on March 31, 2016.
At March 31, 2017, total liquidity
was approximately $74.0 million,
which included $23.4 million of
availability under Basic's amended and restated $75 million revolving credit facility.
Capital Expenditures
Total capital expenditures during the first three months of 2017
were approximately $48.3 million
(including capital leases and other financing of $22.4 million), comprised of $24.4 million for expansion projects,
$23.7 million for sustaining and
replacement projects and $243,000 for
other projects. Expansion capital spending included
$19.9 million for the completion and
remedial services segment, $4.2
million for the well servicing segment, and $319,000 for the fluid services segment.
Other capital expenditures were mainly for facilities and IT
infrastructure.
Basic currently anticipates 2017 capital expenditures of
$115.0 million, including
$70.0 million of capital leases and
other financings. This includes committed expansion capital
expenditures of $45 million in 2017.
The expansion capital consists of $43.0
million for completion and remedial services and
$2.0 million for the well servicing
segment.
Conference Call
Basic will host a conference call to discuss its first quarter
2017 results on Friday, April 21,
2017, at 9:00 a.m. Eastern
Time (8:00 a.m.
Central). To access the call, please dial (412) 902-0003 and
ask for the "Basic Energy Services" call at least 10 minutes prior
to the start time. The conference call will also be broadcast
live via the Internet and can be accessed through the investor
relations section of Basic's corporate website,
www.basicenergyservices.com.
A telephonic replay of the conference call will be available
until May 5, 2017 and may be accessed
by calling (201) 612-7415 and using pass code 13658595#. A
webcast archive will be available at www.basicenergyservices.com
shortly after the call and will be accessible for approximately 30
days.
About Basic Energy Services
Basic Energy Services provides well site services essential to
maintaining production from the oil and gas wells within its
operating area. The Company employs more than 3,900 employees
in more than 100 service points throughout the major oil and gas
producing regions in Texas,
Louisiana, Oklahoma, New
Mexico, Arkansas,
Kansas, and the Rocky Mountain and
Appalachian regions. Additional information on Basic Energy
Services is available on the Company's website at
www.basicenergyservices.com.
Safe Harbor Statement
This release includes forward-looking statements and
projections, made in reliance on the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Basic has
made every reasonable effort to ensure that the information and
assumptions on which these statements and projections are based are
current, reasonable, and complete. However, a variety of
factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in
this release, including (i) changes in demand for our services and
any related material impact on our pricing and utilizations rates,
(ii) Basic's ability to execute, manage and integrate acquisitions
successfully, (iii) changes in our expenses, including labor or
fuel costs and financing costs, (iv) continued volatility of oil or
natural gas prices, and any related changes in expenditures by our
customers, and (v) competition within our industry.
Additional important risk factors that could cause actual results
to differ materially from expectations are disclosed in Item 1A of
Basic's Form 10-K for the year ended December 31, 2016 and subsequent Form 10-Qs filed
with the SEC. While Basic makes these statements and
projections in good faith, neither Basic nor its management can
guarantee that anticipated future results will be achieved.
Basic assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by Basic, whether as a result of new information,
future events, or otherwise.
Contacts:
|
Alan
Krenek,
|
|
Chief Financial
Officer
|
|
Basic Energy
Services, Inc.
|
|
817-334-4100
|
|
|
|
Jack
Lascar
|
|
Dennard ▪ Lascar
Associates
|
|
713-529-6600
|
-Tables to Follow-
Basic Energy
Services, Inc.
|
|
Consolidated
Statements of Operations and Other Financial Data
|
|
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
2017
|
2016
|
|
|
Successor
|
Predecessor
|
|
|
(Unaudited)
|
|
Income Statement
Data:
|
|
|
|
Revenues:
|
|
|
|
Completion and
remedial services
|
$
80,431
|
$
39,696
|
|
Fluid
services
|
50,206
|
50,250
|
|
Well
servicing
|
48,619
|
38,906
|
|
Contract
drilling
|
2,763
|
1,504
|
|
Total
revenues
|
182,019
|
130,356
|
|
Expenses:
|
|
|
|
Completion and
remedial services
|
67,252
|
34,788
|
|
Fluid
services
|
41,538
|
41,167
|
|
Well
servicing
|
40,916
|
34,470
|
|
Contract
drilling
|
2,408
|
1,561
|
|
General and
administrative (1)
|
34,205
|
29,562
|
|
Depreciation and
amortization
|
25,413
|
56,152
|
|
(Gain) loss on
disposal of assets
|
(467)
|
(75)
|
|
Total
expenses
|
211,265
|
197,625
|
|
Operating
loss
|
(29,246)
|
(67,269)
|
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(9,109)
|
(20,714)
|
|
Interest
income
|
12
|
2
|
|
Other
income
|
92
|
96
|
|
Loss before income
taxes
|
(38,251)
|
(87,885)
|
|
Income tax benefit
(expense)
|
(375)
|
4,546
|
|
Net loss
|
$
(38,626)
|
$
(83,339)
|
|
Loss per share of
common stock:
|
|
|
|
Basic
|
$
(1.49)
|
$
(2.00)
|
|
Diluted
|
$
(1.49)
|
$
(2.00)
|
|
|
|
|
|
Other Financial
Data:
|
|
|
|
EBITDA (2)
|
$
(3,741)
|
$
(11,021)
|
|
Adjusted EBITDA
(2)
|
(1,230)
|
(11,096)
|
|
Capital
expenditures:
|
|
|
|
Acquisitions, net of
cash acquired
|
-
|
-
|
|
Property and
equipment
|
25,930
|
4,577
|
|
|
|
|
|
|
As
of
|
|
|
March
31,
|
December
31,
|
|
|
2017
|
2016
|
|
|
(Unaudited)
|
(Audited)
|
|
Balance Sheet
Data:
|
|
|
|
Cash and cash
equivalents
|
$
50,640
|
$
98,875
|
|
Net property and
equipment
|
510,346
|
488,848
|
|
Total
assets
|
769,277
|
768,160
|
|
Total long-term
debt
|
194,442
|
184,752
|
|
Total stockholders'
equity
|
380,191
|
414,408
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
2017
|
|
2016
|
Segment
Data:
|
(Unaudited)
|
Completion and
Remedial Services
|
|
|
|
Segment Profits as a
percent of revenue
|
16%
|
|
12%
|
|
|
|
|
Fluid
Services
|
|
|
|
Weighted average
number of fluid service trucks
|
935
|
|
985
|
Truck hours
(000's)
|
484.3
|
|
521.5
|
Revenue per fluid
services truck (000's)
|
$
54
|
|
$
51
|
Segment profits per
fluid services truck (000's)
|
$
9
|
|
$
10
|
Segment profits as a
percent of revenue
|
17%
|
|
18%
|
|
|
|
|
Well
Servicing
|
|
|
|
Weighted average
number of rigs
|
421
|
|
421
|
Rig hours
(000's)
|
157.6
|
|
108.4
|
Rig utilization
rate
|
52%
|
|
36%
|
Revenue per rig hour,
excluding manufacturing
|
$
307
|
|
$
321
|
Well servicing rig
profit per rig hour
|
$
49
|
|
$
44
|
Segment profits as a
percent of revenue
|
16%
|
|
11%
|
|
|
|
|
Contact
Drilling
|
|
|
|
Weighted average
number of rigs
|
12
|
|
12
|
Rig operating
days
|
135
|
|
91
|
Drilling utilization
rate
|
12%
|
|
8%
|
Revenue per
day
|
$
20,500
|
|
$
16,500
|
Drilling rig profit
per day
|
$
2,600
|
|
$
(400)
|
Segment profits as a
percent of revenue
|
13%
|
|
-4%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes approximately $4,870,000 and $3,258,000 of non-cash
compensation expense for the three months ended March 31, 2017 and
2016, respectively.
|
|
|
|
|
(2)
This earnings release contains references to the non-GAAP financial
measure of earnings (net income) before interest, taxes,
depreciation and amortization, or "EBITDA." This earnings
release also contains references to the non-GAAP financial measure
of earnings (net income) before interest, taxes, depreciation,
amortization, the gain or loss on disposal of assets, retention
expense, and restructuring expense or "Adjusted EBITDA."
EBITDA and Adjusted EBITDA should not be considered in isolation or
as a substitute for operating income, net income or loss, cash
flows provided by operating, investing and financing activities, or
other income or cash flow statement data prepared in accordance
with GAAP. However, Basic believes EBITDA and Adjusted EBITDA
are useful supplemental financial measures used by its management
and directors and by external users of its financial statements,
such as investors, to assess:
|
|
•
The financial
performance of its assets without regard to financing methods,
capital structure or historical cost basis;
|
•
The ability of its
assets to generate cash sufficient to pay interest on its
indebtedness; and
|
•
Its operating
performance and return on invested capital as compared to those of
other companies in the well servicing industry, without regard to
financing methods and capital structure.
|
|
|
|
|
EBITDA and Adjusted
EBITDA each have limitations as an analytical tool and should not
be considered an alternative to net income, operating income, cash
flow from operating activities or any other measure of financial
performance or liquidity presented in accordance with GAAP. EBITDA
and Adjusted EBITDA exclude some, but not all, items that affect
net income and operating income, and these measures may vary among
other companies. Limitations to using EBITDA as an analytical tool
include:
|
|
|
|
|
•
EBITDA does not reflect
its current or future requirements for capital expenditures or
capital commitments;
|
•
EBITDA does not reflect
changes in, or cash requirements necessary, to service interest or
principal payments on, its debt;
|
•
EBITDA does not reflect
income taxes;
|
|
|
•
Although depreciation
and amortization are non-cash charges, the assets being depreciated
and amortized will often have to be replaced in the future, and
EBITDA does not reflect any cash requirements for such
replacements; and
|
•
Other companies in its
industry may calculate EBITDA differently than Basic does, limiting
its usefulness as a comparative measure.
|
|
|
|
|
In addition to each
of the limitations with respect to EBITDA noted above, the
limitations to using Adjusted EBITDA as an analytical tool
include:
|
•
Adjusted EBITDA does not
reflect Basic's gain or loss on disposal of assets;
|
•
Adjusted EBITDA does not
reflect Basic's retention expense;
|
•
Adjusted EBITDA does not
reflect Basic's restructuring expense; and
|
•
Other companies in our
industry may calculate Adjusted EBITDA differently than Basic does,
limiting its usefulness as a comparative measure.
|
The following table presents a reconciliation of net loss to
EBITDA, which is the most comparable GAAP performance measure, for
each of the periods indicated:
|
|
|
|
|
Three months ended
March 31,
|
|
2017
|
|
2016
|
|
Successor
|
|
Predecessor
|
Reconciliation of
Net Loss to EBITDA:
|
|
|
|
Net loss
|
$
(38,626)
|
|
$
(83,339)
|
Income
taxes
|
375
|
|
(4,546)
|
Net
interest expense
|
9,097
|
|
20,712
|
Depreciation and amortization
|
25,413
|
|
56,152
|
EBITDA
|
$
(3,741)
|
|
$
(11,021)
|
The following table presents a reconciliation of net loss to
"Adjusted EBITDA," which means our EBITDA excluding the gain or
loss on disposal of assets, retention expense, and restructuring
expense:
|
|
|
|
|
Three months ended
March 31,
|
|
2017
|
|
2016
|
|
Successor
|
|
Predecessor
|
Reconciliation of
Net Loss to Adjusted EBITDA:
|
|
|
|
Net loss
|
$
(38,626)
|
|
$
(83,339)
|
Income
taxes
|
375
|
|
(4,546)
|
Net
interest expense
|
9,097
|
|
20,712
|
Depreciation and amortization
|
25,413
|
|
56,152
|
(Gain)
loss on disposal of assets
|
(467)
|
|
(75)
|
Retention expense
|
1,357
|
|
-
|
Restructuring costs
|
1,621
|
|
-
|
Adjusted
EBITDA
|
$
(1,230)
|
|
$
(11,096)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/basic-energy-services-reports-first-quarter-2017-results-300443212.html
SOURCE Basic Energy Services, Inc.