Basic Energy Services Announces Leadership Changes
September 13 2019 - 5:32PM
Business Wire
Basic Energy Services, Inc. (NYSE: BAS) (“Basic” or the
“Company”) today announced that T.M. “Roe” Patterson, the Company’s
President and Chief Executive Officer and a member of its board of
directors (the “Board”), notified the Company that he plans to
transition away from the Company to pursue other business
opportunities.
The Company has begun an executive search for a new Chief
Executive Officer. Mr. Patterson will continue to serve as
President and Chief Executive Officer of Basic, and as a member of
the Board, while the Company conducts a search for his successor,
and will remain with Basic in an advisory capacity for a period of
time after his replacement is chosen to facilitate an orderly
transition. Once his successor is chosen, Mr. Patterson will resign
from his position on the Board as well.
Additionally, the Company announced that Julio Quintana, a
current independent director of the Company, will take on the
additional role of Chairman of the Board, effective September 13,
2019. Mr. Quintana became a member of the Board in 2016. Timothy
Day, who has served as a member of the Board and Chairman since
2016, will continue to serve as a director of the Company and as
chair of the Compensation Committee of the Board.
Mr. Patterson stated, “My past fourteen years with Basic have
been both personally and professionally rewarding. Having
successfully guided the Company through a successful restructuring
and putting together a terrific management team, I feel that I’m
leaving Basic in good hands while I pursue other interests. I have
thoroughly enjoyed working with the members of the Basic team, and,
as a significant continuing stockholder, look forward to this next
chapter in the Basic story.”
“On behalf of the entire Board, I want to thank Roe for his many
years of dedicated service to Basic,” said Mr. Quintana. “I also
want to thank Tim for his service and contributions as Chairman of
the Board, and I look forward to continuing to work with him and
the rest of the Board to guide the Company in the future.”
About Basic Energy Services
Basic Energy Services provides well site services essential to
maintaining production from the oil and gas wells within its
operating areas. The Company’s operations are managed regionally
and are concentrated in major United States onshore oil producing
regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas,
Louisiana, Wyoming, North Dakota, California and Colorado. Our
operations are focused on liquids-rich basins that have
historically exhibited strong drilling and production economics in
recent years. Specifically, we have a significant presence in the
Permian Basin and the Bakken, Eagle Ford, and Denver-Julesburg
shales. We provide our services to a diverse group of over 2,000
oil and gas companies. 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. The words
“believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,”
“seek,” “could,” “should,” “may,” “potential” and similar
expressions are intended to identify forward-looking statements.
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, 2018 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190913005511/en/
Trey Stolz, Director, Investor Relations Basic Energy Services,
Inc. 817-334-4100
Basic Energy Services (NYSE:BAS)
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