Quarterly Report (10-q)

Date : 11/01/2019 @ 8:44PM
Source : Edgar (US Regulatory)
Stock : Basic Energy Services Inc New (BAS)
Quote : 0.435  0.0 (0.00%) @ 12:00AM

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 September 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)
______________________________________________________________________________________________________________________________________________ 
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

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☐
There were 24,946,685 shares of the registrant’s common stock outstanding as of October 31, 2019.






BASIC ENERGY SERVICES, INC.
Index to Form 10-Q 
 
1
1
1
2
3
4
5
23
23
23
26
26
26
29
30
31
31
31
31
31
32
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33
34

ii


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.


i


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Basic Energy Services, Inc.
(in thousands, except share and per share data)
September 30, 2019 December 31, 2018
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents
$ 50,460    $ 90,300   
Trade receivable, net of allowances of $2,549 and $1,838, respectively 123,655    144,767   
Income tax receivable
—    1,574   
Inventories
28,039    36,449   
Prepaid expenses
14,784    17,479   
Other current assets
8,958    4,640   
Total current assets
225,896    295,209   
Property and equipment, net 406,878    448,801   
Operating lease right-of-use assets 17,248    —   
Deferred debt costs, net of amortization 2,346    2,747   
Intangible assets, net of amortization 2,806    2,984   
Other assets 12,455    12,036   
Total assets
$ 667,629    $ 761,777   
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 66,396    $ 98,323   
Accrued expenses
65,345    44,956   
Current portion of long-term debt, net of $120 and $479 discount at September 30, 2019 and December 31, 2018, respectively 22,627    27,039   
Operating lease right-of-use liabilities, current portion 5,459    —   
Accrued short-term insurance reserves 8,221    10,870   
Other current liabilities
4,031    3,123   
Total current liabilities
172,079    184,311   
Long-term debt, net of discounts and deferred financing costs of $9,385 and $10,690, at September 30, 2019 and December 31, 2018, respectively 313,511    322,701   
Operating lease right-of-use liabilities, long-term portion 11,789    —   
Asset retirement obligations 9,331    2,587   
Accrued long-term insurance reserves 18,800    18,624   
Other long-term liabilities 14,174    14,126   
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; zero outstanding at September 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 24,946,685 and 26,747,712 shares outstanding at September 30, 2019 and December 31, 2018, respectively 279    270   
Additional paid-in capital
471,648    464,264   
Retained deficit
(335,401)   (241,271)  
Treasury stock, at cost, 2,965,374 and 242,322 shares at September 30, 2019 and December 31, 2018, respectively (8,581)   (3,835)  
Total stockholders' equity
127,945    219,428   
Total liabilities and stockholders' equity
$ 667,629    $ 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 September 30, Nine Months Ended September 30,
2019 2018 2019 2018
Revenues:
Completion & Remedial Services
$ 70,002    $ 115,978    $ 224,897    $ 360,523   
Well Servicing
57,094    64,314    175,777    184,533   
Water Logistics
48,451    59,539    155,083    175,727   
Other Services
2,818    6,503    9,657    13,585   
Total revenues
178,365    246,334    565,414    734,368   
Expenses:
Completion & Remedial Services
53,825    89,777    176,918    279,963   
Well Servicing
43,510    50,591    135,752    145,303   
Water Logistics
34,783    42,785    107,611    127,716   
Other Services
6,348    7,246    13,191    14,691   
General and administrative, including stock-based compensation of $1,386 and $5,570 in the three months ended September 30, 2019 and 2018 and $8,237 and $21,995 for the nine months ended September 30, 2019 and 2018, respectively 32,125    39,599    102,450    132,038   
Depreciation and amortization
29,179    32,754    85,668    94,150   
Impaired asset expense 3,216    —    3,216    —   
Loss on disposal of assets
837    191    2,634    3,891   
Total expenses
203,823    262,943    627,440    797,752   
Operating loss
(25,458)   (16,609)   (62,026)   (63,384)  
Other income (expense):
Interest expense
(11,729)   (10,896)   (33,003)   (34,985)  
Interest income
112    88    472    175   
Other income
215    81    565    492   
Loss before income taxes (36,860)   (27,336)   (93,992)   (97,702)  
Income tax (expense) benefit (2,017)   —    (138)   (219)  
Net loss $ (38,877)   $ (27,336)   $ (94,130)   $ (97,921)  
Loss per share of common stock:
Basic
$ (1.52)   $ (1.03)   $ (3.55)   $ (3.70)  
Diluted
$ (1.52)   $ (1.03)   $ (3.55)   $ (3.70)  

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   
Issuances of restricted stock —    —    —    —    —    —    —   
Amortization of equity-classified share-based compensation —    —    1,165    —    —    —    1,165   
Treasury stock, net —    —    (213)   2,058,631    (3,226)   —    (3,439)  
Net loss —    —    —    —    —    (38,877)   (38,877)  
Balance - September 30, 2019 (unaudited) 27,912,059    $ 279    $ 471,648    2,965,374    $ (8,581)   $ (335,401)   $ 127,945   
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   
Issuances of restricted stock 120,959      (2)   —    —    —    —   
Amortization of equity-classified share-based compensation —    —    5,571    —    —    —    5,571   
Treasury stock, net —    —      44,238    (377)   —    (376)  
Net loss —    —    —    —    —    (27,336)   (27,336)  
Balance - September 30, 2018 (unaudited) 26,765,089    $ 268    $ 459,477    217,618    $ (4,140)   $ (194,595)   $ 261,010   
See accompanying notes to unaudited consolidated financial statements.
3


Basic Energy Services, Inc.
(Unaudited)
(in thousands)
Nine Months Ended September 30,
2019 2018
Cash flows from operating activities:
Net loss $ (94,130)   $ (97,921)  
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization
85,668    94,150   
Impaired asset expense and inventory write-downs
7,080    —   
Accretion on asset retirement obligation
607    115   
Change in allowance for doubtful accounts
711    278   
Amortization of deferred financing costs
1,745    586   
Amortization of debt discounts 789    3,708   
Non-cash compensation
8,237    21,995   
Loss on disposal of assets 2,634    3,891   
Deferred income taxes
—    (78)  
Changes in operating assets and liabilities:
Accounts receivable
20,401    (7,977)  
Inventories
4,546    313   
Prepaid expenses and other current assets
2,404    7,010   
Other assets
(8)   (49)  
Accounts payable
(31,617)   5,736   
Income tax receivable
1,574    291   
Other liabilities
131    8,629   
Accrued expenses
17,740    15,705   
     Net cash provided by operating activities
28,512    56,382   
Cash flows from investing activities:
Purchase of property and equipment
(46,263)   (48,588)  
Proceeds from sale of assets
7,122    1,942   
Payments for other long-term assets
(411)   —   
     Net cash used in investing activities
(39,552)   (46,646)  
Cash flows from financing activities:
Proceeds from debt —    32,500   
Payments of debt (23,209)   (50,313)  
Change in treasury stock including restricted stock issuances (5,122)   (1,717)  
Deferred loan costs and other financing activities
(469)   (585)  
     Net cash used in financing activities
(28,800)   (20,115)  
Net decrease in cash and cash equivalents
(39,840)   (10,379)  
Cash and cash equivalents - beginning of period 90,300    86,223   
Cash and cash equivalents - end of period $ 50,460    $ 75,844   
Noncash investing and financing activity:
Finance leases and notes issued for equipment $ 7,943    $ 16,565   
Change in accrued property and equipment 310    3,675   
Change in asset retirement obligations 6,420    (148)  
See accompanying notes to unaudited consolidated financial statements.
4


BASIC ENERGY SERVICES, INC.
September 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 $50.5 million at September 30, 2019. The Company had $50.4 million of available borrowing capacity under the New ABL Facility at September 30, 2019.
Nature of Operations  
Basic provides a wide range of wellsite 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 13, "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, asset retirement obligations and self-insured risk reserves.
Inventories
For rental and fishing tools, inventories consisting mainly of grapples, controls and drill bits are stated at lower of cost or net realizable value. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of Basic and are stated at lower of cost or net realizable value, with cost being determined on the first-in, first-out method.
In addition to comparing the carrying amount of inventory to its market, Basic also makes a comparison between volume of inventory and demand for the ultimate production into which inventory will be converted. During the period ended September 30, 2019, Basic determined that due to decreased demand for rigs and equipment manufactured by Basic's wholly owned subsidiary, Taylor Industries, LLC, the subsidiary would change its focus to servicing and providing parts for previously manufactured equipment. Related to this change in strategy, certain manufacturing inventories were determined not to be fully recoverable. Taylor Industries recorded an increase in reserves for excess and obsolete inventory of $3.9 million, and included in direct expense in our Other Services segment in our consolidated statement of operations.
2. Property and Equipment
The following table summarizes the components of property and equipment (in thousands):
September 30, 2019 December 31, 2018
Land $ 20,351    $ 21,431   
Buildings and improvements 40,392    40,524   
Well service units and equipment 130,300    122,694   
Fracturing/test tanks 119,999    123,550   
Pumping equipment 102,294    103,689   
Fluid services equipment 79,426    78,524   
Disposal facilities 83,655    63,229   
Rental equipment 65,775    62,642   
Light vehicles 30,563    27,080   
Brine and fresh water stations 4,374    3,296   
Software 925    857   
Other 4,415    4,257   
Contract drilling equipment —    9,846   
Property and equipment, gross
682,469    661,619   
Less accumulated depreciation and amortization 275,591    212,818   
Property and equipment, net $ 406,878    $ 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):
6


September 30, 2019 December 31, 2018
Fluid services equipment $ 35,595    $ 35,034   
Pumping equipment 22,958    48,929   
Light vehicles 22,245    18,376   
Rental equipment 1,131    —   
Contract drilling equipment —    314   
Well service units and equipment —    199   
Property and equipment under finance lease, cost 81,929    102,852   
Less accumulated amortization 30,000    31,954   
Property and equipment under finance lease, net $ 51,929    $ 70,898   
During the period ended September 30, 2019, based on the Company's evaluation of the demand for contract drilling services, the Company's management decided to divest all nine of Basic's contract drilling rigs and related ancillary equipment, having a carrying value of $9.3 million. The Company determined that the carrying value of these assets may not be fully recoverable upon liquidation. The fair value of assets was determined after considering third-party estimates of expected liquidation value, and an impairment of $3.2 million was recognized on the consolidated statement of operations during the quarter ended September 30, 2019. The remaining carrying value of $6.1 million was transferred to assets held for sale, which is included in other current assets on the Company's consolidated balance sheets. The divestiture of the contract drilling rig assets does not represent part of Basic's asset base, revenue base, or a strategic shift for the Company. Basic's estimate of expected cash flows which may result from the sale of equipment may differ from actual cash received due to excess capacity in the industry.


3. Intangible Assets
Basic had trade names of $3.4 million as of September 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):
September 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 652    474   
Intangible assets subject to amortization, net $ 2,806    $ 2,984   
Amortization expense of intangible assets for the three and nine months ended September 30, 2019 and 2018 was as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2019 2018 2019 2018
Intangible asset amortization expense $ 59    $ 60    $ 178    $ 178   

7


4. Long-Term Debt and Interest Expense
Long-term debt consisted of the following (in thousands): 
September 30, 2019 December 31, 2018
10.75% Senior Notes due 2023 $ 300,000    $ 300,000   
Finance leases and other notes 45,643    60,909   
Unamortized discounts and deferred financing costs (9,505)   (11,169)  
     Total long-term debt 336,138    349,740   
Less current portion 22,627    27,039   
    Total non-current portion of long-term debt $ 313,511    $ 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 of finance leases (in thousands):
September 30, 2019 December 31, 2018
Unamortized discount on Senior Notes $ 2,301    $ 2,731   
Unamortized discount on finance leases - short-term 120    479   
Unamortized deferred debt issuance costs 7,084    7,959   
Total unamortized discounts and deferred financing costs $ 9,505    $ 11,169   

Interest Expense
Basic’s interest expense for the three and nine months ended September 30, 2019, and 2018, consisted of the following (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2019 2018 2019 2018
Cash payments for interest $ 1,580    $ 8,266    $ 22,310    $ 24,408   
Change in accrued interest 9,236    56    8,050    3,046   
Amortization of discounts 265    967    789    3,709   
Amortization of deferred debt costs 590    214    1,745    586   
Commitment and other fees paid 12    1,338    36    3,141   
Other 46    55    73    95   
Total interest expense $ 11,729    $ 10,896    $ 33,003    $ 34,985   

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%. 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.
8


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% 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% 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% 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.
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
9


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 September 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.
ASU 2018-11 Leases – Targeted Improvements, allows 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 cancellable 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, 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 $0.8 million during the three and nine months ended September 30, 2019, respectively. Prepaid rent totaled $0.1 million at September 30, 2019.
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The following table summarizes the components of the Company's lease expense recognized for the three and nine months ending September 30, 2019, excluding variable lease and prepaid rent costs (in thousands):
Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019
Operating lease expense:
   Short-term operating lease expense $ 1,118    $ 4,630   
   Long-term operating lease expense 2,178    6,533   
Total operating lease expense $ 3,296    $ 11,163   
Finance lease expense:
   Amortization of right-of-use assets $ 4,052    $ 13,388   
   Interest on lease liabilities 1,239    3,957   
Total finance lease expense $ 5,291    $ 17,345   
Supplemental information related to leases was as follows:
September 30, 2019
Operating leases
Weighted average remaining lease term 3.0 years
Weighted average discount rate 15.2%   
Finance leases
Weighted average remaining lease term 2.2 years
Weighted average discount rate 8.1%   
Supplemental cash flow information related to leases was as follows for the nine months ended September 30, 2019 (in thousands):
Nine Months Ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:   
   Operating cash outflows from operating leases $ 11,163   
   Operating cash outflows from finance leases 3,957   
   Financing cash outflows from finance leases 23,209   
Right-of-use assets obtained in exchange for lease obligations:
   Operating leases 1,597   
   Finance leases $ 7,943   
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Supplemental balance sheet information related to leases was as follows as of September 30, 2019, and December 31, 2018 (in thousands):
September 30, 2019 December 31, 2018
Right-of-Use Assets under Operating Leases
Operating lease right-of-use assets $ 17,248    $ 20,819   
Operating lease right-of-use liabilities, current portion 5,459    5,649   
Operating lease right-of-use liabilities, long-term portion 11,789    15,170   
   Total operating lease liabilities $ 17,248    $ 20,819   
Right-of-Use Assets under Finance Leases
Property and equipment, at cost $ 81,929    $ 102,852   
Less accumulated depreciation 30,000    31,954   
   Property and equipment, net $ 51,929    $ 70,898   
Current portion of long-term debt $ 22,747    $ 27,519   
Long-term debt 22,896    33,390   
   Total finance lease liabilities $ 45,643    $ 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 and September 30, 2019 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   
September 30, 2019
Operating Leases Finance Leases
2019 $ 2,060    $ 6,241   
2020 7,075    20,840   
2021 5,712    12,567   
2022 4,807    5,250   
2023 1,257    810   
Thereafter 1,091    55   
Total lease payments $ 22,002    $ 45,763   
Impact of discounting (4,754)   (120)  
Discounted value of operating lease obligations $ 17,248    $ 45,643   


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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 September 30, 2019 and December 31, 2018:
September 30, 2019 December 31, 2018
 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value
(In thousands)
10.75% Senior Notes due 2023 1 $ 297,699    $ 244,997    $ 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 September 30, 2019 and December 31, 2018.
7. Asset Retirement Obligation
The Company has the obligation to plug and remediate its saltwater disposal wellsites when the assets are to be retired. This asset retirement obligation ("ARO") includes plugging inactive assets, removal of surface equipment, and returning the land to its original state. The Company records a liability for the fair value of asset retirement obligations ("AROs") that we can reasonably estimate, on a discounted basis, in the period in which the asset is acquired. The fair value of the liability is calculated using discounted cash flow techniques and based on internal estimates and assumptions related to (i) future retirement costs, (ii) expected remaining lives of the assets (iii) future inflation rates, and (iv) credit adjusted risk-free interest rates. Significant increases or decreases in these assumptions could result in a significant change to the fair value measurement. During the quarter ended September 30, 2019, Basic revised our estimated ARO liability upward by $6.4 million based on updated data gathered from increasing plugging and abandoning activity incurred during 2019.
The following table presents activity in our AROs (in thousands):
Nine Months Ended September 30,
2019
Balance as of January 1, 2019 $ 2,587   
Additions 280   
Revision in estimate 6,140   
Disposals (124)  
Expenditures (159)  
Accretion expense 607   
Balance as of September 30, 2019 $ 9,331   

8. 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. The Company 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, the Company 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 the Company’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification.
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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. The Company 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.
State Tax
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 the Company will appeal the preliminary report through the redetermination process. Based upon 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 recorded a $4.5 million liability. Interest expense associated with the taxes for the nine months ended September 30, 2019, of $0.2 million is included in approximately $1.9 million of accrued interest on the liability.
On August 15, 2019, the Company was notified by the Oklahoma Tax Commission (the "OTC") that the tax court had issued findings, conclusions, and recommendations in an on-going tax case related to tax years 2006 through 2008. Based on the ruling and the advice of our Oklahoma tax counsel, the Company decided to negotiate a settlement with the OTC. The Company's analysis is that the potential liability associated with the settlement may range from $2.3 million to $3.5 million. The Company recorded $2.3 million of income tax and interest payable, which are included as accrued expenses on our consolidated balance sheets, and the related expense during the quarter ended September 30, 2019.
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 $2.0 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.
9. Stockholders’ Equity
Common Stock
In the second quarter of 2019, Basic granted certain members of management time-based restricted stock awards representing an aggregate 533,160 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.
10. 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 nine month period ended September 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 $7.8 million and $22.0 million, respectively.
During the three months ended September 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 $1.2 million and $5.6 million, respectively. The decrease in compensation expense is primarily related to forfeiture credits in Q3 2019 related to an executive resignation.
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Basic did not recognize a tax benefit for compensation expense recognized during the three and nine month periods ended September 30, 2019 and 2018.
At September 30, 2019, there was $5.8 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 2.1 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 and the LTIP 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 nine month periods ended September 30, 2019, were approximately $0.8 million and $2.4 million, respectively. Stock option expenses for the three and nine months ended September 30, 2018, were $0.8 million, $3.5 million, respectively. Future expense for all options is expected to be approximately $0.5 million in total through February 2020.
The following table reflects changes during the nine-month period and a summary of stock options outstanding at September 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    7.3 $—   
Exercisable, end of period
341,052    $ 39.23    7.3 $—   
Vested or expected to vest, end of period
170,506    $ 39.23    7.3 $—   
 There were no stock options exercised during the nine months ended September 30, 2019, and 2018.
Restricted Stock Unit Awards
Time-based
 A summary of the status of Basic’s non-vested restricted stock units at September 30, 2019, and changes during the nine months ended September 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    $ 16.59   
Granted during period 653,160    2.53   
Vested during period (73,976)   16.17   
Forfeited during period (148,560)   5.78   
Non-vested at end of period 621,926    $ 1.28   
 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 nine months ended September 30, 2019 and 2018, was $299,000 and $474,000, 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.
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Performance-based
 A summary of the status of Basic’s non-vested performance-based grants at September 30, 2019, and changes during the nine months ended September 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 (138,019)   28.66   
Non-vested at end of period 326,425    $ 25.63   
The total fair value of performance-based restricted stock units vested during the nine months ended September 30, 2019, and 2018 was $1.0 million and $5.4 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.
In the second quarter of 2019, the Board also made grants of time-based restricted stock awards representing an aggregate 533,160 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 nine months ended September 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 nine-month periods ended September 30, 2019 and 2018, was approximately $114,000 and $596,000, 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 to certain members of management 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 nine-month period ended September 30, 2019, was approximately $123,000.
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 to non-employee members of the Board 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 nine-month period ended September 30, 2019 was approximately $35,000.
In the second quarter of 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 1,069,320 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-
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based phantom stock in the nine-month period ended September 30, 2019 was approximately $160,000.

11. 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 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 September 30, 2019, accounts receivable related to products and services were $123.7 million compared to $144.8 million at December 31, 2018. At September 30, 2019, the Company had $1.8 million of contract assets and $778,000 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. Contract assets are included in Trade Receivables, and contract liabilities are included in Other Current Liabilities on our consolidated balances sheets.
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
Nine Months Ended September 30, 2019
Primary Geographical Markets
Permian Basin $ 62,932    $ 91,165    $ 82,982    $ 8,160    $ 245,239   
Texas Gulf Coast 6,733    22,394    28,627    —    57,754   
ArkLaTex & Mid-Continent 101,443    28,868    34,010    10,917    175,238   
Rocky Mountain 58,535    18,620    17,465    —    94,620   
West Coast —    16,838    —    —    16,838   
Corporate (Intercompany) (4,746)   (2,108)   (8,001)   (9,420)   (24,275)  
Total $ 224,897    $ 175,777    $ 155,083    $ 9,657    $ 565,414   
Major Products or Service Line
Fracturing $ 66,342    $ —    $ —    $ —    $ 66,342   
Rental Tool Revenue 60,027    —    —    —    60,027   
Coiled Tubing 43,875    —    —    —    43,875   
Snubbing 3,137    —    —    —    3,137   
Well Servicing —    148,065    —    —    148,065   
Plugging —    20,307    —    —    20,307   
Transport/Vacuum —    —    93,740    —    93,740   
Hot Oiler —    —    16,437    —    16,437   
Production and Disposal Facilities —    —    15,637    —    15,637   
Other 51,516    7,405    29,269    9,657    97,847   
Total $ 224,897    $ 175,777