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Basic Energy Services: 127 Rigs Stacked in Q1 2016
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Basic Energy Services, Inc. has announced its financial and operating results for the first quarter ended March 31, 2016.
Q1 2016 HighlightsRoe Patterson, Basic's President and Chief Executive Officer, stated: "We continue to stack equipment and exit markets where cash margins do not support maintenance capital expenditures. As of the end of the first quarter, we had stacked 134,000 hydraulic horsepower. We also stacked additional well servicing rigs to bring our total stacked rig inventory to 127 at quarter-end."
First quarter 2016 revenue declined 19% to $130.4 million from $161.0 million in the fourth quarter of 2015.
For the first quarter of 2016, Basic reported a net loss of $83.3 million, or a loss of $2.00 per basic and diluted share.
Capital ExpendituresTotal capital expenditures…
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