reports
Basic Energy Services Announces Forbearance Agreements and Super Prior...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that the termination date in the existing Forbearance Agreement with its ABL lenders and the existing Ascribe Consent Letter has been extended to May 23, 2021, and that the lenders under its recently announced Super Priority Credit Agreement have agreed to extend the maturity date of that agreement to May 23, 2021 (in each case, with corresponding adjustments to certain interim milestones contained therein). In addition, Basic also announced that it had entered into agreeme...
Basic Energy Services Announces Completion of Sale-Leaseback Transacti...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that it has completed a sale-leaseback transaction related to certain real property in Los Angeles County, California. The purchase price for the property consisted of $10.5 million, subject to a holdback of approximately $2.6 million for certain improvements to be constructed at the property. The Company is entitled to reimbursement of any remaining balance of said holdback funds to the extent not fully expended for the intended purpose. The Company has entered into a simu...
Basic Energy Services Agrees to Sell Non-Core Assets
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced it has entered into a purchase and sale agreement for the sale of certain non-core assets for a purchase price of $6.6 million, not including the assumption of certain capital leases with a remaining balance of approximately $0.7 million and earn-out payment of up to $1.0 million payable one year after closing. The closing date is anticipated to occur approximately thirty days after the execution of the purchase and sale agreement. The sale includes heavy duty trucks, light...
Basic Energy Services Elects to Utilize Interest Payment Grace Period ...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced it has elected to utilize the 30-day grace period under the terms of the indenture governing its 10.75% senior secured notes due 2023 (the “Notes”) with respect to a $16.335 million interest payment due today. Basic believes it is in the best interests of all stakeholders to use the grace period to continue its ongoing discussions with its debtholders regarding strategic alternatives to improve Basic’s long-term capital structure. Basic also announced today it has entered ...
Basic Energy Services Announces Extension of Deadlines for Private Exc...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that it has extended certain deadlines in connection with its previously announced private offer to exchange (the “Exchange Offer”) its 10.75% Senior Secured Notes due 2023 (the “Existing Notes”) for newly issued 11.00% Senior Secured Notes due 2025 (the “New Notes”), the related offering (the “Rights Offering”) of rights to subscribe (each, a “Subscription Right”) to purchase 9.75% Super Priority Lien Senior Secured Notes due 2025 (the “New Super Priority Notes”) to be iss...
Basic Energy Services Commences Private Exchange Offer and Consent Sol...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that it is commencing a private exchange offer (the “Exchange Offer”) with respect to its 10.75% Senior Secured Notes due 2023 (the “Existing Notes”) and related rights offering (the “Rights Offering”) and consent solicitation (the “Consent Solicitation”). Pursuant to the Exchange Offer, Basic is offering to issue, in a private offering to eligible noteholders, new 11.00% Senior Secured Notes due 2025 (the “New Notes”) in exchange for the Existing Notes. The aggregate maxi...
Basic Energy Services Reports Third Quarter 2020 Results
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced its financial and operating results for the third quarter ended September 30, 2020. Third Quarter 2020 Results Reported revenues from continuing operations of $95.4 million, net loss from continuing operations of $29.2 million and loss per share from continuing operations of $1.17; Compared to the second quarter of 2020, revenues increased 6% sequentially in the third quarter after reaching a low point in May amid the COVID-19 pandemic, with revenue increasing sequenti...
Basic Energy Services Reports Senior Management Changes
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced the decision of CFO David Schorlemer to resign in order to pursue other interests. He will remain as the Executive Vice President, Chief Financial Officer, Treasurer and Secretary of the Company until October 9, 2020. "On behalf of the Board of Directors and the entire Company, I'd like to express our thanks to David for his leadership during a very challenging period for the industry," said Keith Schilling, President and Chief Executive Officer. "David was instrumental du...
Basic Energy Services Awarded Two #1 Ratings in EnergyPoint’s 2020 O...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) was recognized with the top ranking in customer satisfaction in EnergyPoint Research’s 2020 Oilfield Services Customer Satisfaction Survey. The Company rated first in Workovers and Well Services, as well as in Water Management Services. This press release features multimedia. View the full release here: (Photo: Business Wire) The rankings covered 33 companies this year, the largest such survey to date by EnergyPoint. The survey has been conducted annually since 2008 and focuses on the oil...
Basic Energy Services Reports Second Quarter 2020 Results
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced its financial and operating results for the second quarter ended June 30, 2020. Second Quarter 2020 Results Reported revenues from continuing operations of $89.6 million, net loss from continuing operations of $39.7 million and loss per share from continuing operations of $1.59; Reduced annual G&A expense by over $40 million through synergies achieved after the acquisition of C&J Well Services, Inc. ("C&J") along with other significant cost reduction measures as part...
Basic Energy Services Announces Consolidation of Regional Operations
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced the implementation of changes to the organizational structure of the Company, reducing the number of operating regions from five to three. Basic believes this internal consolidation will result in approximately $20 million in annual cost savings, in addition to the previously announced $17 million of expected annual cost synergies related to the acquisition of C&J Well Services (“C&J”) and $20 million cost savings previously disclosed in response to market volatility relate...
Basic Energy Services Announces Launch of Automated Water Management S...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic”) announced today the successful testing of an automated water management solution with a major US operator. The solution provides a step change in efficiency, allowing the client to simply manage their water volumes within their existing internal dispatch system, while Basic's integrated solution automatically picks up and routes the orders as required. Once routed, the solution provides real time updates on job status, vehicle location information, and automated ticket processing from generation to approva...
Basic Energy Services Announces Actions in Response to Recent Market V...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that the Company is implementing several cost control and capital preservation measures in response to the rapidly changing market outlook in a lower commodity price environment as well as market uncertainty related to the impact of the COVID-19 virus. In addition to reducing projected 2020 capital expenditures 60% from the previously announced $43 million to $17 million and suspending all new capital lease additions, the Company expects to reduce annual run-rate costs by...
Basic Energy Services Announces Fourth Quarter and Full Year 2019 Resu...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced its financial and operating results for the fourth quarter and full year ended December 31, 2019. RECENT OPERATIONAL HIGHLIGHTS Largely completed the sale of pressure pumping assets, having received proceeds totaling $41.7 million as of March 6, 2020, with an estimated $10-$12 million in remaining proceeds; Midstream water disposal volumes increased to a record 10.9 million barrels during the fourth quarter of 2019, 38% via pipeline; and Cash and cash equivalents t...
Basic Energy Services Acquires Well Services Business From NexTier to ...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX:BASX) (“Basic” or the “Company”) today announced that it has acquired the production operations from NexTier (NYSE:NEX) for a consideration of approximately $94 million. The NexTier production operations, known as C&J Well Services, originally established in San Angelo, Texas, in 1948 by Frank Pool, founder of Pool Well Servicing, is the third largest rig servicing provider in the U.S. C&J Well Services has a leading footprint in California and comes with a blue-chip customer base. C&J Well Services’ safety track record ...
Basic Energy Services Announces Fourth Quarter and Year End 2019 Earni...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic”) announced today it will release its fourth quarter and year end 2019 financial results before the market opens on Thursday, March 12, 2020. In conjunction with the release, Basic has scheduled a conference call that will be broadcast live over the Internet on Thursday, March 12, 2020, starting at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). What: Basic Energy Services Fourth Quarter 2019 Earnings Conference Call When: Thursday, March 12, 2020 – 9:00 a.m. Eastern Time How: Live...
Basic Energy Services Announces Appointment of Keith L. Schilling as P...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced the appointment of Keith L. Schilling as President, Chief Executive Officer and director, effective January 2, 2020. Mr. Schilling is an accomplished professional with over two decades of experience in senior managerial positions with major energy services companies. Mr. Schilling is replacing T.M. “Roe” Patterson in connection with his voluntary resignation. “After an extensive search process that considered many strong candidates, we are pleased to appoint Keith Schilli...
Basic Energy Services Announces Divestment and Capital Redeployment Pl...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced a plan to divest of its pumping services assets (not inclusive of coiled tubing) in multiple transactions with expected proceeds of approximately $30 to $45 million. Despite the recent repositioning and restructuring in the pumping business, activity and pricing remain difficult, inhibiting the potential for positive free cash flow in the near- to medium-term. This divestiture is designed to bolster the Company’s core remaining production-focused businesses of well servicin...
Basic Energy Services Announces Move to OTCQX® Best Market
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (OTCQX: BASX) (“Basic” or the “Company”) today announced that the shares of the Company’s common stock began trading on the OTCQX® Best Market tier of the OTC Markets Group Inc. (“OTCQX”) under the symbol BASX, following notification from the New York Stock Exchange (“NYSE”) on December 2, 2019 that it had determined to suspend trading in the Company’s common stock immediately and commence proceedings to delist the Company’s common stock from the NYSE. The NYSE reached its decision to delist the Company’s common stock pursuant to...
Basic Energy Services Announces NYSE Non-compliance Notification Due t...
FORT WORTH, Texas--(BUSINESS WIRE)-- Basic Energy Services, Inc. (NYSE: BAS) (“Basic” or the “Company”) announced that on November 6, 2019, the Company was notified by the New York Stock Exchange (“NYSE”) that the average closing price of the Company’s shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE under Rule 802.01C of the NYSE Listed Company Manual. Under the NYSE’s rules, the Company has six months following receipt of the notification to regain compliance with t...
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