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Basic Energy Services: Finding Cheap Assets in a Down Cycle
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Basic Energy Services' CEO Roe Patterson recently spoke at the latest Barclay's conference, and outlined the company's strategy during the "down-trough" of the oil cycle.
The company sees this time as an opportunity to acquire performing assets for pennies on the dollar, and views the next 12-18 months as a "high time for M&A activity."
A partnership with private equity firm Quantum Energy Partners in order to facilitate this activity during the low point of the commodity cycle was announced during the second quarter of this year.
Mr. Patterson indicated a possible capex for 2016, stating "$40-50 mm a year is pretty sustainable."
For the rig fleet assets, the main goal for the company will be to maintain the size of its fleet in preparation for the up-cycle and avoid cannibalization of…
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