Quarterly Report (10-q)

Date : 08/02/2019 @ 10:09AM
Source : Edgar (US Regulatory)
Stock : Basic Energy Services Inc New (BAS)
Quote : 0.5951  -0.0149 (-2.44%) @ 10:59PM

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________________________________________________________ 
Form 10-Q
______________________________________________________________________________________________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to             
Commission File Number 001-32693
______________________________________________________________________________________________________________________________________________  
BASIC ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
 ______________________________________________________________________________________________________________________________________________ 
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)
(817) 334-4100
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer Accelerated filer
Non-accelerated filer ☐   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒ 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes☒No☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common stock, par value $0.01 per share BAS New York Stock Exchange

There were 25,816,692 shares of the registrant’s common stock outstanding as of July 31, 2019.






BASIC ENERGY SERVICES, INC.
Index to Form 10-Q 
 

i


CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are subject to risks and uncertainties. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flows, pending legal or regulatory proceedings and claims, future economic performance, operating income, costs savings and management's plans, strategies, goals and objectives for future operations and goals. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, the risk factors discussed in this quarterly report, and in our most recent Annual Report on Form 10-K and other factors, most of which are beyond our control.

The words “believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,” “plan,” “seek,” “could,” “should,” “may,” “potential” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this quarterly report are forward-looking statements. Although we believe that the forward-looking statements contained in this quarterly report are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this quarterly report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Important factors that may affect our expectations, estimates or projections include:
a decline in, or substantial volatility of, oil and natural gas prices, and any related changes in expenditures by our customers;
competition within our industry;
the effects of future acquisitions or dispositions on our business;
uncertainties about our ability to successfully execute our business and financial plans and strategies;
our access to current or future financing arrangements;
changes in customer requirements in markets or industries we serve;
availability and cost of equipment;
general economic and market conditions;
operating hazards and other risks incidental to our services;
energy efficiency and technology trends;
our ability to replace or add workers at economic rates;
our borrowing capacity, covenant compliance under instruments governing any of our existing or future indebtedness and cash flows; and
environmental and other governmental regulations.

Our forward-looking statements speak only as of the date of this quarterly report. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.


ii


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Basic Energy Services, Inc.
(in thousands, except share and per share data)
June 30, 2019 December 31, 2018
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents
$ 53,714  $ 90,300 
Trade receivable, net of allowances of $2,160 and $1,838, respectively 135,217  144,767 
Income tax receivable
683  1,574 
Inventories
31,895  36,449 
Prepaid expenses
12,806  17,479 
Other current assets
2,658  4,640 
Total current assets
236,973  295,209 
Property and equipment, net 429,689  448,801 
Operating lease right-of-use assets 17,813  — 
Deferred debt costs, net of amortization 2,493  2,747 
Intangible assets, net of amortization 2,865  2,984 
Other assets 11,990  12,036 
Total assets
$ 701,823  $ 761,777 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 78,123  $ 98,323 
Accrued expenses
60,137  55,826 
Current portion of long-term debt, net of $239 and $479 discount at June 30, 2019 and December 31, 2018, respectively 24,145  27,039 
Operating lease right-of-use liabilities, current portion 5,119  — 
Other current liabilities
480  3,123 
Total current liabilities
168,004  184,311 
Long-term debt, net of discounts and deferred financing costs of $9,973 and $10,690, at June 30, 2019 and December 31, 2018, respectively 316,806  322,701 
Operating lease right-of-use liabilities, long-term portion 12,694  — 
Other long-term liabilities 35,223  35,337 
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; zero outstanding at June 30, 2019 and December 31, 2018 —  — 
Common stock; $0.01 par value; 80,000,000 shares authorized; 27,912,059 and 26,990,034 shares issued and 27,005,316 and 26,747,712 shares outstanding at June 30, 2019 and December 31, 2018, respectively 279  270 
Additional paid-in capital
470,696  464,264 
Retained deficit
(296,524) (241,271)
Treasury stock, at cost, 906,743 and 242,322 shares at June 30, 2019 and December 31, 2018, respectively (5,355) (3,835)
Total stockholders' equity
169,096  219,428 
Total liabilities and stockholders' equity
$ 701,823  $ 761,777 
See accompanying notes to unaudited consolidated financial statements.

1



Basic Energy Services, Inc.
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
2019 2018 2019 2018
Revenues:
Completion & Remedial Services
$ 78,061  $ 126,948  $ 154,895  $ 244,545 
Well Servicing
58,168  63,268  118,683  120,219 
Water Logistics
51,031  59,679  106,632  116,188 
Other Services
2,587  3,474  6,839  7,082 
Total revenues
189,847  253,369  387,049  488,034 
Expenses:
Completion & Remedial Services
59,660  100,528  123,092  190,187 
Well Servicing
45,047  48,200  92,243  94,712 
Water Logistics
35,529  44,008  72,828  84,931 
Other Services
2,929  3,223  6,843  7,445 
General and administrative, including stock-based compensation of $3,329 and $9,626 in the three months ended June 30, 2019 and 2018 and $6,604 and $16,424 for the six months ended June 30, 2019 and 2018, respectively 34,803  51,460  70,325  92,468 
Depreciation and amortization
28,991  31,161  56,489  61,396 
Loss on disposal of assets
342  1,921  1,797  3,700 
Total expenses
207,301  280,501  423,617  534,839 
Operating loss
(17,454) (27,132) (36,568) (46,805)
Other income (expense):
Interest expense
(10,518) (12,806) (21,274) (24,089)
Interest income
115  60  360  87 
Other income
52  102  350  441 
Loss before income taxes (27,805) (39,776) (57,132) (70,366)
Income tax benefit (expense) 28  (278) 1,879  (219)
Net loss $ (27,777) $ (40,054) $ (55,253) $ (70,585)
Loss per share of common stock:
Basic
$ (1.02) $ (1.51) $ (2.04) $ (2.67)
Diluted
$ (1.02) $ (1.51) $ (2.04) $ (2.67)

See accompanying notes to unaudited consolidated financial statements.







2


Basic Energy Services, Inc.
(in thousands, except share data)

Common Stock Additional Treasury Total
Issued Common Paid-In Treasury Treasury Retained Stockholders'
Shares Stock Capital Shares Stock Deficit Equity
Balance - December 31, 2018 26,990,034  $ 270  $ 464,264  242,322  $ (3,835) $ (241,271) $ 219,428 
Issuances of restricted stock 277,865  (3) —  —  — 
Amortization of equity-classified share-based compensation —  —  3,275  —  —  —  3,275 
Treasury stock, net —  —  (163) 68,227  (180) —  (343)
Net loss —  —  —  —  —  (27,476) (27,476)
Balance - March 31, 2019 (unaudited) 27,267,899  $ 273  $ 467,373  310,549  $ (4,015) $ (268,747) $ 194,884 
Issuances of restricted stock 644,160  (6) —  —  —  — 
Amortization of equity-classified share-based compensation —  —  3,329  —  —  —  3,329 
Treasury stock, net —  —  —  596,194  (1,340) —  (1,340)
Net loss —  —  —  —  —  (27,777) (27,777)
Balance - June 30, 2019 (unaudited) 27,912,059  $ 279  $ 470,696  906,743  $ (5,355) $ (296,524) $ 169,096 
Common Stock Additional Treasury Total
Issued Common Paid-In Treasury Treasury Retained Stockholders'
Shares Stock Capital Shares Stock Deficit Equity
Balance - December 31, 2017 26,371,572  $ 264  $ 439,517  152,443  $ (4,454) $ (96,674) $ 338,653 
Issuances of restricted stock 272,510  (2) —  —  —  — 
Amortization of equity-classified share-based compensation —  —  6,798  —  —  —  6,798 
Treasury stock, net —  —  (291) 69,337  (1,051) —  (1,342)
Net loss —  —  —  —  —  (30,531) (30,531)
Balance - March 31, 2018 (unaudited) 26,644,082  $ 266  $ 446,022  221,780  $ (5,505) $ (127,205) $ 313,578 
Issuances of restricted stock 48  —  —  —  — 
Amortization of equity-classified share-based compensation —  —  9,626  —  —  —  9,626 
Treasury stock, net —  —  (1,743) (48,400) 1,742  —  (1)
Net loss —  —  —  —  —  (40,054) (40,054)
Balance - June 30, 2018 (unaudited) 26,644,130  $ 266  $ 453,907  173,380  $ (3,763) $ (167,259) $ 283,151 

See accompanying notes to unaudited consolidated financial statements.

3


Basic Energy Services, Inc.
(Unaudited)
(in thousands)
Six Months Ended June 30,
2019 2018
Cash flows from operating activities:
Net loss $ (55,253) $ (70,585)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization
56,489  61,396 
Accretion on asset retirement obligation
172  83 
Change in allowance for doubtful accounts
322  (4)
Amortization of deferred financing costs
1,155  372 
Amortization of debt discounts 525  2,742 
Non-cash compensation
6,851  16,424 
Loss on disposal of assets 1,797  3,700 
Deferred income taxes
—  (78)
Changes in operating assets and liabilities:
Accounts receivable
9,228  (14,801)
Inventories
4,554  (2,254)
Prepaid expenses and other current assets
4,778  6,458 
Other assets
46  (403)
Accounts payable
(21,548) 6,808 
Income tax receivable
891  292 
Other liabilities
(3,068) 6,905 
Accrued expenses
4,311  8,069 
     Net cash provided by operating activities
11,250  25,124 
Cash flows from investing activities:
Purchase of property and equipment
(33,359) (31,697)
Proceeds from sale of assets
5,009  999 
     Net cash used in investing activities
(28,350) (30,698)
Cash flows from financing activities:
Proceeds from debt —  26,000 
Payments of debt (17,334) (27,140)
Change in treasury stock including restricted stock issuances (1,683) (1,341)
Deferred loan costs and other financing activities
(469) (360)
     Net cash used in financing activities
(19,486) (2,841)
Net decrease in cash and cash equivalents
(36,586) (8,415)
Cash and cash equivalents - beginning of period 90,300  86,223 
Cash and cash equivalents - end of period $ 53,714  $ 77,808 
Noncash investing and financing activity:
Finance leases and notes issued for equipment $ 7,588  $ 11,047 
Change in accrued property and equipment 1,348  2,942 
Change in asset retirement obligations 108  148 
See accompanying notes to unaudited consolidated financial statements.
4


BASIC ENERGY SERVICES, INC.
June 30, 2019 (unaudited) 
1. Basis of Presentation and Nature of Operations
Basis of Presentation
The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to Basic's organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements.
On June 28, 2018, the SEC adopted amendments that expanded the definition of “smaller reporting company” by increasing the applicable public float and revenue thresholds. Under the amended definition, which became effective on September 10, 2018, a company qualifies as a smaller reporting company if it has (i) a public float of less than $250 million at the end of its most recently completed second fiscal quarter or (ii) less than $100 million in annual revenues and either no public float or a public float of less than $700 million. Based on the Company's public float (the aggregate market value of its common equity held by non-affiliates) as of June 29, 2018, the Company is considered a smaller reporting company under the revised SEC rules and, as such, is eligible to use certain scaled financial and non-financial disclosure requirements. Smaller reporting companies may elect to comply with the scaled reporting requirements separately, thereby permitting the Company to choose such disclosure requirements on an item-by-item basis.
Liquidity and Capital Resources
On October 2, 2018, the Company issued in a private offering $300.0 million aggregate principal amount of 10.75% senior secured notes due 2023 at 99.042% of par and entered into a new $150.0 million senior secured revolving credit facility. For further discussion, see Note 4, "Long-Term Debt and Interest Expense".
Basic's current primary capital resources are cash flow from operations, the availability under the New ABL Facility (defined in Note 4, "Long-Term Debt and Interest Expense"), the ability to enter into finance leases, the ability to incur additional secured indebtedness, and a cash balance of $53.7 million at June 30, 2019. The Company had $60.3 million of available borrowing capacity under the New ABL Facility at June 30, 2019.
Nature of Operations  
Basic provides a wide range of well site services to oil and natural gas drilling and producing companies, including Completion & Remedial Services, Water Logistics, Well Servicing and Contract Drilling. These services are primarily provided by Basic’s fleet of equipment. Basic’s operations are concentrated in major United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Kansas, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and California.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Basic's subsidiaries, for which Basic holds a majority voting interest. All intercompany transactions and balances have been eliminated.
Segment Information
In the first quarter of 2019, Basic revised its reportable segments for financial reporting purposes to combine its contract drilling operations with its rig manufacturing operations to form an Other Services segment. The Company's business now consists of the following four segments: Well Servicing, Water Logistics, Completion & Remedial Services, and Other Services. See Note 12, "Business Segment Information" for further information.


5


Estimates, Risks and Uncertainties
Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include litigation and self-insured risk reserves.
2. Property and Equipment
The following table summarizes the components of property and equipment (in thousands):
June 30, 2019 December 31, 2018
Land $ 20,902  $ 21,431 
Buildings and improvements 41,588  40,524 
Well service units and equipment 130,415  122,694 
Fracturing/test tanks 119,880  123,550 
Pumping equipment 103,255  103,689 
Fluid services equipment 80,086  78,524 
Disposal facilities 72,367  63,229 
Rental equipment 73,630  62,642 
Light vehicles 30,668  27,080 
Contract drilling equipment 9,152  9,846 
Other 4,240  4,257 
Brine and fresh water stations 3,588  3,296 
Software 833  857 
Property and equipment, gross
690,604  661,619 
Less accumulated depreciation and amortization 260,915  212,818 
Property and equipment, net $ 429,689  $ 448,801 
  
Basic is obligated under various finance leases for certain vehicles and equipment that expire at various dates during the next five years. The table below summarizes the gross amount of property and equipment and related accumulated amortization recorded under finance leases and included above (in thousands):
June 30, 2019 December 31, 2018
Fluid services equipment $ 35,553  $ 35,034 
Pumping equipment 24,164  48,929 
Light vehicles 22,066  18,376 
Contract drilling equipment —  314 
Well service units and equipment 173  199 
Property and equipment under finance lease, cost 81,956  102,852 
Less accumulated amortization 26,221  31,954 
Property and equipment under finance lease, net $ 55,735  $ 70,898 

6


3. Intangible Assets
Basic had trade names of $3.4 million as of June 30, 2019 and December 31, 2018. Trade names have a 15-year life and are tested for impairment when triggering events are identified.
Basic’s intangible assets subject to amortization were as follows (in thousands):
June 30, 2019 December 31, 2018
Trade names $ 3,410  $ 3,410 
Other intangible assets 48  48 
Intangible assets 3,458  3,458 
Less accumulated amortization 593  474 
Intangible assets subject to amortization, net $ 2,865  $ 2,984 
Amortization expense of intangible assets for the three and six months ended June 30, 2019 and 2018 was as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2019 2018 2019 2018
Intangible asset amortization expense $ 60  $ 60  $ 119  $ 118 

4. Long-Term Debt and Interest Expense
Long-term debt consisted of the following (in thousands): 
June 30, 2019 December 31, 2018
10.75% Senior Notes due 2023 $ 300,000  $ 300,000 
Finance leases and other notes 51,163  60,909 
Unamortized discounts and deferred financing costs (10,212) (11,169)
     Total long-term debt 340,951  349,740 
Less current portion 24,145  27,039 
    Total non-current portion of long-term debt $ 316,806  $ 322,701 
Debt Discounts
The following discounts on debt represent the unamortized discount to fair value of the Senior Notes and the short-term portions of the fair value discount o f finance leases (in thousands):
June 30, 2019 December 31, 2018
Unamortized discount on Senior Notes $ 2,446  $ 2,731 
Unamortized discount on finance leases - short-term 239  479 
Unamortized deferred debt issuance costs 7,527  7,959 
Total unamortized discounts and deferred financing costs $ 10,212  $ 11,169 

Interest Expense
Basic’s interest expense for the three and six months ended June 30, 2019 and 2018, consisted of the following (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2019 2018 2019 2018
Cash payments for interest $ 18,978  $ 7,564  $ 20,730  $ 16,142 
Change in accrued interest (9,334) 2,769  (1,186) 2,990 
Amortization of discounts 263  1,268  525  2,742 
Amortization of deferred debt costs 591  195  1,155  372 
Commitment and other fees paid 13  994  24  1,803 
Other 16  26  40 
Total interest expense $ 10,518  $ 12,806  $ 21,274  $ 24,089 

7


Senior Secured Notes
On October 2, 2018, the Company issued $300.0 million aggregate principal amount of 10.75% senior secured notes due 2023 (the “Senior Notes”) in an offering exempt from registration under the Securities Act. The Senior Notes were issued at a price of 99.042% of par to yield 11.0%. The Senior Notes are secured by a first-priority lien on substantially all of the assets of the Company and the subsidiary guarantors other than accounts receivable, inventory and certain related assets. Net proceeds from the offering of approximately $290.0 million were used to repay the Company’s existing indebtedness under the Amended and Restated Term Loan Agreement, to repay the Company’s outstanding borrowings under its previous credit facility (the "Prior ABL Facility"), and for general corporate purposes.
Indenture
The Company’s Senior Notes were issued under and are governed by an indenture, dated as of October 2, 2018 (the “Indenture”), by and among the Company, the guarantors named therein (the “Guarantors”), and UMB Bank, N.A. as Trustee and Collateral Agent (the “Trustee”). The Senior Notes are jointly and severally, fully and unconditionally guaranteed (the “Guarantees”) on a senior secured basis by the Guarantors and are secured by first priority liens on substantially all of the Company’s and the Guarantors’ assets, other than accounts receivable, inventory and certain related assets.
The Indenture contains covenants that limit the ability of the Company and certain subsidiaries to:

incur additional indebtedness or issue preferred stock;
pay dividends or make other distributions to its stockholders;
repurchase or redeem capital stock or subordinated indebtedness and certain refinancings thereof;
make certain investments;
incur liens;
enter into certain types of transactions with affiliates;
limit dividends or other payments by restricted subsidiaries to the Company; and
sell assets or consolidate or merge with or into other companies.
These limitations are subject to a number of important qualifications and exceptions. Upon an Event of Default (as defined in the Indenture), the Trustee or the holders of at least 25.0% in aggregate principal amount of the outstanding Senior Notes may declare the entire principal of, premium, if any, and accrued and unpaid interest, if any, on all the Senior Notes to be due and payable immediately.
At any time on or prior to October 15, 2020, the Company may redeem up to 35.0% of the aggregate principal amount of the Senior Notes at a redemption price equal to 110.8% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with an amount of cash not greater than the net proceeds from certain equity offerings. At any time prior to October 15, 2020, the Company may redeem the Senior Notes, in whole or in part, at a redemption price equal to 100.0% of the principal amount of the Senior Notes plus a “make-whole” premium plus accrued and unpaid interest, if any, to the redemption date. The Company may also redeem all or a part of the Senior Notes at any time on or after October 15, 2020, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to the redemption date.
The Company may redeem all, but not less than all, of the Senior Notes in connection with a company sale transaction, at a redemption price of 105.4% of principal for a company sale that occurs on or after April 15, 2019, and on or before October 15, 2019, or 108.1% of principal amount for a company sale that occurs after October 15, 2019, and before October 15, 2020, in each case plus accrued and unpaid interest, if any, to the redemption date. If the Company experiences a change of control, the Company may be required to offer to purchase the Senior Notes at a purchase price equal to 101.0% of the principal amount, plus accrued and unpaid interest, if any, to the purchase date.
The Senior Notes and the Guarantees rank equally in right of payment with all of the Company’s and the Guarantors’ existing and future unsubordinated indebtedness, effectively senior to all of the Company’s and the Guarantors’ existing and future indebtedness to the extent of the value of the collateral securing the Senior Notes but junior to other indebtedness that is secured by liens on assets other than collateral for the Senior Notes to the extent of the value of such assets, and senior to all of the Company’s and the Guarantors’ future subordinated indebtedness.
Pursuant to a collateral rights agreement, the Senior Notes and Guarantees are secured by first priority liens, subject to limited exceptions, on the collateral securing the Senior Notes, consisting of substantially all of the property and assets now owned or hereafter acquired by the Company and the Guarantors, except for certain excluded property described in the Indenture.
8


New ABL Facility
On October 2, 2018, the Company terminated the Prior ABL Facility and Amended and Restated Term Loan Agreement and entered into an ABL Credit Agreement (the “New ABL Credit Agreement”) among the Company, as borrower (in such capacity, the “Borrower”), Bank of America, N.A., as administrative agent (the “Administrative Agent”), swing line lender and letter of credit issuer, UBS Securities LLC, as syndication agent, PNC Bank National Association, as documentation agent and letter of credit issuer, and the other lenders from time to time party thereto (collectively, the “New ABL Lenders”). Pursuant to the New ABL Credit Agreement, the New ABL Lenders have extended to the Borrower a revolving credit facility in the maximum aggregate principal amount of $150.0 million, subject to borrowing base capacity (the “New ABL Facility”). The New ABL Facility includes a sublimit for letters of credit of up to $50.0 million in the aggregate, and for borrowings on same-day notice under swingline loans subject to a sublimit of the lesser of (a) $15.0 million and (b) the aggregate commitments of the New ABL Lenders. The New ABL Facility also provides capacity for base rate protective advances up to $10.0 million at the discretion of the Administrative Agent and provisions relating to overadvances. The New ABL Facility contains no restricted cash requirements.
Borrowings under the New ABL Facility bear interest at a rate per annum equal to an applicable rate, plus, at Borrower’s option, either (a) a base rate or (b) a LIBO rate. The applicable rate was fixed from the closing date to April 1, 2019. Following April 1, 2019, the applicable rate is determined by reference to the average daily availability as a percentage of the borrowing base during the fiscal quarter immediately preceding such applicable quarter. The applicable rate has remained unchanged since inception of the New ABL Facility.
Principal amounts outstanding under the New ABL Facility will be due and payable in full on the maturity date, which is five years from the closing of the facility; provided that if the Senior Notes have not been redeemed by July 3, 2023, then the maturity date shall be July 3, 2023.
Substantially all of the domestic subsidiaries of the Company guarantee the borrowings under the New ABL Facility, and Borrower guarantees the payment and performance by each specified loan party of its obligations under its guaranty with respect to swap obligations. All obligations under the New ABL Facility and the related guarantees are secured by a perfected first-priority security interest in substantially all accounts receivable, inventory, and certain other assets, not including equity interests. As of June 30, 2019, Basic had no borrowings and $37.7 million of letters of credit outstanding under the New ABL Facility.

5.   Leases
Basic adopted ASU No. 2016-02, Topic 842 - Leases, effective January 1, 2019. This ASU requires lessees to recognize an operating lease right-of-use ("ROU") asset and liability on the balance sheet for all operating leases with an initial lease term greater than twelve months.
Per ASU 2018-11 Leases – Targeted Improvements, allowed for a practical expedient wherein all periods previously reported under ASC 840 will continue to be reported under ASC 840, and periods beginning January 1, 2019, and after are reported under ASC 842. Basic elected to adopt this practical expedient along with the package of practical expedients, which allows Basic to combine lease and non-lease costs, and not to assess whether existing or expired land easements that were not previously accounted for as leases under Topic 840 are or contain a lease under this Topic.
Under this transition option, Basic will continue to apply the legacy guidance in ASC 840, including its disclosure requirements, in the comparative periods presented and will make only annual disclosures for the comparative periods because ASC 840 does not require interim disclosures. Prior period amounts have not been adjusted and continue to be reflected in accordance with Basic’s historical accounting. The adoption of this standard resulted in the recording of ROU assets and lease liabilities of approximately of $20.8 million as of January 1, 2019, with no related impact on Basic’s Consolidated Statement of Shareholders' Equity or Consolidated Statement of Operations.
As a lessee, Basic leases its corporate office headquarters in Fort Worth, Texas, and conducts its business operations through various regional offices located throughout the United States. These operating locations typically include regional offices, storage and maintenance yards, disposal facilities and employee housing sufficient to support its operations in the area. Basic leases most of these properties under either non-cancelable term leases many of which contain renewal options that can extend the lease term from one to five years and some of which contain escalation clauses, or month-to-month operating leases. Options to renew these leases are generally not considered reasonably certain to be exercised. Therefore, the periods covered by such optional periods are not included in the determination of the term of the lease. Basic also leases supplemental equipment, typically under cancelable short-term or contracts which are less than 30 days. Due to the nature of the Company's business, any option to renew these short-term leases is generally not considered reasonably certain to be exercised. Therefore,
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the periods covered by such optional periods are not included in the determination of the term of the lease, and the lease payments during these periods are similarly excluded from the calculation of operating lease asset and lease liability balances.
Operating lease expense consists of rent expense related to leases that were included in ROU assets under Topic 842. Basic recognizes operating lease expense on a straight-line basis, except for certain variable expenses that are recognized when the variability is resolved, typically during the period in which they are paid. Variable operating lease payments typically include charges for property taxes and insurance, and some leases contain variable payments related to non-lease components, including common area maintenance and usage of facilities or office equipment (for example, copiers), which totaled approximately $0.3 million and $0.6 million during the three and six months ended June 30, 2019, respectively. Prepaid rent totaled $0.2 million at June 30, 2019. The following table summarizes the components of the Company's lease expense recognized for the three and six months ending June 30, 2019, excluding variable lease and prepaid rent costs (in thousands):
Three Months Ended June 30, 2019 Six Months Ended June 30, 2019
Operating lease expense:
   Short-term operating lease expense $ 1,538  $ 3,512 
   Long-term operating lease expense 2,170  4,355 
Total operating lease expense $ 3,708  $ 7,867 
Finance lease expense:
   Amortization of right-of-use assets $ 3,897  $ 9,336 
   Interest on lease liabilities 1,335  2,718 
Total finance lease expense $ 5,232  $ 12,054 
Supplemental information related to leases was as follows:
June 30, 2019
Operating leases
Weighted average remaining lease term 3.1 years
Weighted average discount rate 14.6%   
Finance leases
Weighted average remaining lease term 2.4 years
Weighted average discount rate 8.1%   
Supplemental cash flow information related to leases was as follows for the six months ended June 30, 2019 (in thousands):
Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: 
   Operating cash outflows from operating leases $ 7,867 
   Operating cash outflows from finance leases 2,718 
   Financing cash outflows from finance leases 17,334 
Right-of-use assets obtained in exchange for lease obligations:
   Operating leases 255 
   Finance leases $ 7,588 
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Supplemental balance sheet information related to leases was as follows as of June 30, 2019 and December 31, 2018 (in thousands):
June 30, 2019 December 31, 2018
Right-of-Use Assets under Operating Leases
Operating lease right-of-use assets $ 17,813  $ 20,819 
Operating lease right-of-use liabilities, current portion 5,119  5,649 
Operating lease right-of-use liabilities, long-term portion 12,694  15,170 
   Total operating lease liabilities $ 17,813  $ 20,819 
Right-of-Use Assets under Finance Leases
Property and equipment, at cost $ 81,956  $ 102,852 
Less accumulated depreciation 26,221  31,954 
   Property and equipment, net $ 55,735  $ 70,898 
Current portion of long-term debt $ 24,384  $ 27,519 
Long-term debt 26,779  33,390 
   Total finance lease liabilities $ 51,163  $ 60,909 
The Company adopted ASU 2016-02 on January 1, 2019 and as required, the following disclosure is provided for periods prior to adoption. Future annual minimum lease payments and capital lease commitments as of December 31, 2018 were as follows (in thousands):
December 31, 2018
Operating Leases Finance Leases
2019 $ 8,179  $ 27,519 
2020 6,323  19,322 
2021 5,438  10,697 
2022 4,696  3,233 
2023 1,248  83 
Thereafter 1,215  55 
Total lease payments $ 27,099  $ 60,909 
June 30, 2019
Operating Leases Finance Leases
2019 $ 3,864  $ 11,946 
2020 6,484  20,771
2021 5,494  12,493
2022 4,707  5,160
2023 1,241  738
Thereafter 1,149  55
Total lease payments $ 22,939  $ 51,163 
Impact of discounting (5,126)
Discounted value of operating lease obligations $ 17,813 


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6. Fair Value Measurements
The following is a summary of the carrying amounts, net of discounts, and estimated fair values of the Company's Senior Notes as of June 30, 2019, and December 31, 2018:
June 30, 2019 December 31, 2018
 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value
(In thousands)
10.75% Senior Notes due 2023 1 $ 297,554  $ 200,542  $ 297,269  $ 257,806 
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other accrued liabilities approximate fair value due to the short maturities of these instruments.
Basic did not have any assets or liabilities that were measured at fair value on a recurring basis as of June 30, 2019, and December 31, 2018.
7. Commitments and Contingencies
Environmental
Basic is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. Basic cannot predict the future impact of such standards and requirements, which are subject to change and can have retroactive effectiveness. Basic continues to monitor the status of these laws and regulations.
Currently, Basic has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management recognizes that by the very nature of its business, material costs could be incurred in the near term to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions which may be required, the determination of Basic’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification.
Litigation
From time to time, Basic is a party to litigation or other legal proceedings that Basic considers to be a part of the ordinary course of business. Basic is not currently involved in any legal proceedings that it considers probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on its financial condition, results of operations or liquidity.
Sales and Use Tax Audit
In 2014, Basic was notified by the Texas State Comptroller’s office that a sales and use tax audit for the period from 2010 through 2013 would be conducted. A preliminary report was issued in the second quarter of 2018 for this audit, and Basic will appeal the preliminary report through the redetermination process. Based on the Company's analysis, the potential liability associated with this audit ranges from $6.0 million to $24.0 million. This range could potentially change in future periods as the appeal and redetermination process progresses. Net of good faith payments made by the Company, the Company currently has $4.8 million in its financial statements as liabilities and the related interest expense associated with the taxes for the six months ended June 30, 2019, of $0.1 million is included in approximately $1.8 million of accrued interest on the liability.
Self-Insured Risk Accruals
Basic is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. Basic generally maintains no physical property damage coverage on its rig fleet, with the exception of certain of its 24-hour workover rigs, newly manufactured rigs and pumping services equipment. Basic has deductibles per occurrence for workers’ compensation, general liability claims, and medical and dental coverage of $4.0 million, $1.0 million, and $0.4 million, respectively. Basic has a $1.0 million deductible per occurrence for automobile liability. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions based upon third-party data and claims history.
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The following table reflects the short-term and long-term self-insured risk reserves included in Other Current Liabilities and Other Long-term Liabilities, respectively, on our balance sheets as of June 30, 2019, and December 31, 2018 (in thousands):
Self-insured Risk Reserves June 30, 2019 December 31, 2018
Short-term $ 6,719  $ 6,712 
Long-term 16,400  16,280 
     Total $ 23,119  $ 22,992 

8. Stockholders’ Equity
Common Stock
In May 2019, Basic granted certain members of management time-based restricted stock awards representing an aggregate 524,160 shares of common stock of the Company, which vest over a three -year period and are subject to accelerated vesting under certain circumstances. On May 21, 2018, Basic’s Board of Directors (the "Board") made grants of time-based restricted stock awards representing an aggregate 48,400 shares of common stock of the Company to non-employee members of the Board. These grants were subject to vesting over a period of ten months and were subject to accelerated vesting under certain circumstances.
9. Incentive Plan
On May 14, 2019, the stockholders of the Company approved the Basic Energy Services, Inc. 2019 Long Term Incentive Plan (the “LTIP”) to succeed the Basic Energy Services, Inc. Management Incentive Plan (the “MIP”). The LTIP became effective on May 14, 2019, and replaced the MIP. A total of 681,657 shares of the Company’s common stock are reserved for issuance pursuant to the LTIP. No further awards will be granted under the MIP.
During the six month period ended June 30, 2019, and 2018, compensation expenses related to share-based arrangements under the MIP and the LTIP, including restricted stock, restricted stock units and stock option awards, were approximately $6.6 million and $16.4 million, respectively.
During the three months ended June 30, 2019, and 2018, compensation expenses related to share-based arrangements under the MIP and LTIP, including restricted stock, restricted stock units and stock option awards, were approximately $3.3 million and $9.6 million, respectively.
Basic did not recognize a tax benefit for compensation expense recognized during the three and six month periods ended June 30, 2019, and 2018.
At June 30, 2019, there was $11.5 million unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the MIP. That cost is expected to be recognized over a weighted average period of 2.4 years.
Stock Option Awards
The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Stock options granted under the MIP expire ten years from the date they are granted, and vest over a three -year service period. Total expenses related to stock options in three and six month periods ended June 30, 2019, were approximately $0.8 million and $1.5 million, respectively. Stock option expenses for the three and six months ended June 30, 2018, were $1.6 million, $2.7 million, respectively. Future expense for all options is expected to be approximately $1.7 million in total through February 2020.







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The following table reflects changes during the six-month period and a summary of stock options outstanding at June 30, 2019:
Weighted
Average
Weighted Remaining Aggregate
Number of Average Contractual Intrinsic
Options Exercise Term Value
Non-statutory stock options: Granted Price (Years) (000's)
Outstanding, beginning of period 595,736  $ 39.23 
Options granted
—  — 
Options forfeited (6,474) $ 40.12 
Options exercised
—  — 
Options expired (77,704) $ 39.30 
Outstanding, end of period
511,558  $ 39.23  7.6 $— 
Exercisable, end of period
341,052  $ 39.23  7.6 $— 
Vested or expected to vest, end of period
170,506  $ 39.23  7.6 $— 
 There were no stock options exercised during the six months ended June 30, 2019, and 2018.
Restricted Stock Unit Awards
Time-based
 A summary of the status of Basic’s non-vested restricted stock units at June 30, 2019, and changes during the six months ended June 30, 2019, are presented in the following table:
Weighted Average
Number of Grant Date Fair
Non-vested Units Restricted Stock Units Value Per Unit
Non-vested at beginning of period 191,302  $ 16.58 
Granted during period 644,160  2.53 
Vested during period (73,976) 16.17 
Forfeited during period (2,912) 17.31 
Non-vested at end of period 758,574  $ 4.69 
  Valuation of time vesting restricted stock units for all periods presented is equal to the quoted market price for the shares on the date of the grant. The total fair value of time-vesting restricted stock units vested in six months ended June 30, 2019, and 2018, was $299,000 and $49,000, respectively, and is measured as the quoted market price of the Company’s common stock on the vesting date for the number of shares vested.
Performance-based
 A summary of the status of Basic’s non-vested performance-based grants at June 30, 2019, and changes during the six months ended June 30, 2019, are presented in the following table:

Weighted Average
Number of Grant Date Fair
Non-vested Units Performance Stock Units Value Per Unit
Non-vested at beginning of period 682,985  $ 27.27 
Granted during period —  — 
Vested during period (218,541) 36.33 
Forfeited during period (9,764) 26.66 
Non-vested at end of period 454,680  $ 22.93 
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The total fair value of performance-based restricted stock units vested during the six months ended June 30, 2019, and 2018 was $1.0 million and $4.8 million, respectively, and was measured as the quoted market price of the Company’s common stock on the vesting date for the number of shares vested.
Restricted Stock Awards
On May 15, 2019, the Board made grants of time-based restricted stock awards representing an aggregate 120,000 shares of common stock of the Company to non-employee members of the Board. These grants are subject to vesting fully on the first anniversary of the grant date and are subject to accelerated vesting under certain circumstances.
On May 15, 2019, the Board also made grants of time-based restricted stock awards representing an aggregate 524,160 shares of common stock of the Company to certain members of management. These grants are subject to vesting over a three -year period and are subject to accelerated vesting under certain circumstances.
The total fair value of restricted stock awards vested during the six months ended June 30, 2019, and 2018 was $33,000 and $77,000, respectively, and was measured as the quoted market price of the Company’s common stock on the vesting date for the number of shares vested.
Phantom Stock Awards
On March 21, 2019, the Compensation Committee of the Board approved grants of phantom restricted stock awards to certain key employees. Phantom shares are recorded as a liability at their current market value and are included in other current liabilities. The aggregate number of phantom shares issued on March 22, 2019, was 370,350. These grants remain subject to vesting annually in one-third increments over a three -year period, with the first portion vesting on March 22, 2020, and are subject to accelerated vesting in certain circumstances. Total expense related to phantom stock granted to key employees in six-month periods ended June 30, 2019, and 2018, was approximately $98,000 and $461,000, respectively.
On May 15, 2019, the Compensation Committee of the Board made grants of phantom restricted stock to certain members of management. The aggregate number of phantom shares issued on May 15, 2019, was 524,160. These grants remain subject to vesting annually in one-third increments over a three -year period, with the first portion vesting on May 15, 2020, and are subject to accelerated vesting in certain circumstances. Total expense related to this grant in six-month period ended June 30, 2019, was approximately $46,000.
On May 15, 2019, the Compensation Committee of the Board made grants of phantom restricted stock to non-employee members of the Board. The number of phantom shares issued on May 15, 2019, was 54,000. These grants remain subject to vesting fully on the first anniversary of the grant date, and are subject to accelerated vesting in certain circumstances. Total expense related to this grant in six-month period ended June 30, 2019, was approximately $14,000.
On May 15, 2019, the Compensation Committee of the Board approved grants of phantom performance-based restricted stock to certain members of management. The performance-based phantom stock awards are tied to Basic’s achievement of total stockholder return (“TSR”) relative to the TSR of a peer group of energy services companies over the performance period. The number of phantom shares to be issued will range from 0% to 150% of the 1,048,320 target number of phantom shares. Any phantom shares earned at the end of the performance period will then remain subject to vesting in one-half increments on May 15, 2021, and 2022 (subject to accelerated vesting in certain circumstances). Phantom shares are recorded as a liability at fair value calculated using a Monte Carlo valuation and are included in other current liabilities. Total expense related to performance-based phantom stock in the six-month period ended June 30, 2019, was approximately $68,000.

10. Revenues
The Company's revenues are generated by services, which are consumed as provided by its customers on their sites. As a decentralized organization, contracts for the Company's services are negotiated on a regional level and are on a per job basis, with jobs being completed in a short period of time, usually one day or up to a week. Revenue is recognized as performance obligations have been completed on a daily basis either as Accounts Receivable or Work-in-Process ("WIP"), when all of the proper approvals are obtained.
A small percentage of the Company's jobs may require performance obligations which extend over a longer period of time and are not invoiced until all performances obligations in the contract are complete, such as drilling or plugging a well, fishing services, and pad site preparation jobs. Because these jobs are performed on the customer's job site, and Basic is contractually entitled to bill for its services performed to date, revenues for these
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service lines are recognized on a daily basis as services are performed and recorded as Contract Assets rather than a WIP or Accounts Receivable. Contract Assets are typically invoiced within 30 to 60 days of recognizing revenue.
As of June 30, 2019, accounts receivable related to products and services were $135.2 million compared to $144.8 million at December 31, 2018. At June 30, 2019, the Company had $1.7 million of contract assets and $24,000 of contract liabilities on its consolidated balance sheet compared to $1.1 million of contract assets and $855,000 of contract liabilities on its consolidated balance sheet at December 31, 2018.
Basic does not have any long-term service contracts, nor does it have revenue expected to be recognized in any future year related to remaining performance obligations or contracts with variable consideration related to undelivered performance obligations.
The following table sets forth certain financial information with respect to Basic’s disaggregation of revenues by geographic location and type (in thousands):
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Reportable Segments
Completion & Remedial Services Well Servicing Water Logistics Other Services Total
Six Months Ended June 30, 2019
Primary Geographical Markets
Permian Basin $ 63,645  $ 61,941  $ 58,892  $ 5,491  $ 189,969 
Texas Gulf Coast —  15,031  18,584  —  33,615 
ArkLaTex & Mid-Continent 56,730  19,152  22,388  10,200  108,470 
Rocky Mountain 38,474  12,215  12,070  —  62,759 
West Coast —  11,857  —  —  11,857 
Corporate (Intercompany) (3,954) (1,513) (5,302) (8,852) (19,621)
Total $ 154,895  $ 118,683  $ 106,632  $ 6,839  $ 387,049 
Major Products or Service Line
Frac Equipment $ 49,016  $ —  $ —  $ —  $ 49,016 
Rental Tool Revenue 40,455  —  —  —  40,455 
Coiled Tubing 28,627  —  —  —  28,627 
Snubbing 2,103  —  —  —  2,103 
Well Servicing —  100,584  —  —  100,584 
Plugging —  13,079  —  —  13,079 
Transport/Vacuum —  —  63,464  —  63,464 
Hot Oiler —  —  11,863  —  11,863 
Production and Disposal Facilities —  —  10,688  —  10,688 
Other 34,694  5,020  20,617  6,839  67,170 
Total $ 154,895  $ 118,683  $ 106,632  $ 6,839  $ 387,049 
Timing of Revenue Recognition
Products transferred at a point in time $ —  $ —  $ —  $ 1,301  $ 1,301 
Products and services transferred over time 154,895  118,683  106,632  5,538  385,748 
Total $ 154,895  $ 118,683  $ 106,632  $ 6,839  $ 387,049 
Six Months Ended June 30, 2018
Primary Geographical Markets
Permian Basin $ 96,442  $ 57,378  $ 62,654  $ 5,622  $ 222,096 
Texas Gulf Coast 1,045  14,653  17,488  —  33,186 
ArkLaTex & Mid-Continent 97,558  17,884  22,322  5,629  143,393 
Rocky Mountain 50,356  13,135  16,609  —  80,100 
Eastern USA 2,957  4,471  —  —  7,428 
West Coast —  14,179  —  —  14,179 
Corporate (Intercompany) (3,813) (1,481) (2,885) (4,169) (12,348)
Total $ 244,545  $ 120,219  $ 116,188  $ 7,082  $ 488,034 
Major Products or Service Line
Frac Equipment $ 116,521  $ —  $ —  $ —  $ 116,521 
Rental Tool Revenue 42,642  —  —  —  42,642 
Coiled Tubing 35,159  —  —  —  35,159 
Snubbing 7,440  —  —  —  7,440 
Well Servicing —  102,668  —  —  102,668 
Plugging —  12,534  —  —  12,534 
Transport/Vacuum —  —  72,043  —  72,043 
Hot Oiler —  —  10,388  —  10,388 
Production and Disposal Facilities —  —  11,695  —  11,695 
Other 42,783  5,017  22,062  7,082  76,944 
Total $ 244,545  $ 120,219  $ 116,188  $ 7,082  $ 488,034 
Timing of revenue recognition
Products transferred at a point in time $ —  $ —  $ —  $ 1,991  $ 1,991 
Products and services transferred over time 244,545  120,219  116,188  5,091  486,043 
Total $ 244,545  $ 120,219  $ 116,188  $ 7,082  $ 488,034 

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Completion & Remedial Services Well Servicing Water Logistics Other Services Total
Three Months Ended June 30, 2019
Primary Geographical Markets
Permian Basin $ 31,125  $ 30,435  $ 27,205  $ 2,458  $ 91,223 
Texas Gulf Coast —  7,633  9,234  —  16,867 
ArkLaTex & Mid-Continent 28,338  9,661  11,708  3,708  53,415 
Rocky Mountain 20,581  6,126  5,528  —  32,235 
Eastern USA —  —  —  —  — 
West Coast —  5,127  —  —  5,127 
Corporate (Intercompany) (1,983) (814) (2,644) (3,579) (9,020)
Total $ 78,061  $ 58,168  $ 51,031  $ 2,587  $ 189,847 
Major Products or Service Line
Frac Equipment $ 23,300  $ —  $ —  $ —  $ 23,300 
Rental Tool Revenue 19,812  —  —  —  19,812 
Coiled Tubing 16,189  —  —  —  16,189 
Snubbing 1,045  —  —  —  1,045 
Well Servicing —  49,201  —  —  49,201 
Plugging —  6,453  —  —  6,453 
Transport/Vacuum —  —  30,910  —  30,910 
Hot Oiler —  —  5,118  —  5,118 
Production and Disposal Facilities —  —  5,088  —  5,088 
Other 17,715  2,514  9,915  2,587  32,731 
Total $ 78,061  $ 58,168  $ 51,031  $ 2,587  $ 189,847 
Timing of Revenue Recognition
Products transferred at a point in time $ —  $ —  $ —  $ —  $ — 
Products and services transferred over time 78,061  58,168  51,031  2,587  189,847 
Total $ 78,061  $ 58,168  $ 51,031  $ 2,587  $ 189,847 
Three Months Ended June 30, 2018
Primary Geographical Markets
Permian Basin $ 51,599  $ 30,366  $ 32,066  $ 2,465  $ 116,496 
Texas Gulf Coast 236  7,338  8,614  —  16,188 
ArkLaTex & Mid-Continent 52,050  9,241  11,616  3,482  76,389 
Rocky Mountain 23,025  6,911  8,833  —  38,769 
Eastern USA 1,267  2,286  —  —  3,553 
West Coast —  7,730  —  —  7,730 
Corporate (Intercompany) (1,229) (604) (1,450) (2,473) (5,756)
Total $ 126,948  $ 63,268  $ 59,679  $ 3,474  $ 253,369 
Major Products or Service Line
Frac Equipment $ 64,399  $ —  $ —  $ —  $ 64,399 
Rental Tool Revenue 21,860  —  —  —  21,860 
Coiled Tubing 15,179  —  —  —  15,179 
Snubbing 2,286  —  —  —  2,286 
Well Servicing —  54,132  —  —  54,132 
Plugging —  6,521  —  —  6,521 
Transport/Vacuum —  —  36,799  —  36,799 
Hot Oiler —  —  5,003  —  5,003 
Production and Disposal Facilities —  —  6,045  —  6,045 
Other 23,224  2,615  11,832  3,474  41,145 
Total $ 126,948  $ 63,268  $ 59,679  $ 3,474  $ 253,369 
Timing of revenue recognition
Products transferred at a point in time $ —  $ —  $ —  $ 1,991  $ 1,991 
Products and services transferred over time 126,948  63,268  59,679  1,483  251,378 
Total $ 126,948  $ 63,268  $ 59,679  $ 3,474  $ 253,369 

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11. Loss Per Share
The following table sets forth the computation of unaudited basic and diluted loss per share for the three and six months ended June 30, 2019, and 2018 (in thousands, except share and per share data):
Three Months Ended June 30, Six Months Ended June 30,
2019 2018 2019 2018
(Unaudited) (Unaudited)
Numerator (both basic and diluted):
     Net loss $ (27,777) $ (40,054) $ (55,253) $ (70,585)
Denominator:
     Denominator for basic and diluted loss per share 27,203,635  26,444,145  27,028,041  26,390,393