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Basic Energy Grows Revenue; Credits Steady Permian Demand
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Basic Energy Services, Inc. has announced its financial and operating results for the second quarter and six months ended June 30, 2014.
Second Quarter HighlightsSecond quarter 2014 revenue increased nine percent to $359.7 million from $331.3 million in the first quarter of 2014, adjusted for the impact of the sale of Basic's barge rig operations in March 2014.
All metrics for 2013 and for the first quarter of 2014 were adjusted for this divestiture for comparability purposes. Second quarter 2014 revenue increased 12% from the $320.7 million generated in the second quarter of 2013. Revenues improved sequentially, mainly driven by the completion and remedial services segment.
For the second quarter of 2014, Basic reported net income of $2.4 million, or $0.06 per basic and diluted share…
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