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Basic Energy Services Inc.
30 articles mentioning Basic Energy Services Inc. · Page 1 of 2
Basic Energy Services Files for Bankruptcy; Inks Stalking Horse Deals
Basic Energy Services has filed for bankruptcy. Concurrently, the company has entered into several deals to sell off its assets. The transactions are being undertaken as the “stalking horse” bidders in the court-supervised sale process. Deals:...
Basic Energy Services Cuts Operational Scope by 40%; Shuffles Exec Team
Basic Energy Services, Inc. has made several major changes to its organizational structure. Operation Units Cut by 40% The company is reducing the number of operating regions from five to three: Central, consisting of operations in...
Basic Energy Services Planning Staff Cuts, Location Closures
Basic Energy Services, Inc. is implementing several cost control and capital preservation measures in response to the market uncertainty. In addition to reducing projected 2020 capital expenditures 60% from the previously announced $43 million to $17...
Updated : Frac Companies Permanently Retire 2.4 Million Horse Power
Updated : 12/12/2019 : Basic Energy Services said it is exiting the frac market, selling/dismantling its 500,000 HHP. Updated : 12/11/2019 : Superior (PumpCo) laid off its entire frac division (112 employees). As part of our...
Basic Energy Exits Frac Market; Selling Pressure Pumping Equipment
Basic Energy Services has reported that it plans to exit the frac business. The company said its plans to divest its pumping services assets in multiple transactions and expect proceeds of approximately $30-$45 million. We are...
Basic Energy Services CEO Departs Company
Basic Energy Services, Inc. announced that T.M. “Roe” Patterson, the Company’s President and Chief Executive Officer and a member of its board of directors, notified the Company that he plans to transition away from the Company...
Basic Energy Moves Frac Fleets From Permian
Basic Energy reported its quartely results today and the company said something we thought was very interesting. Because of the intense pricing pressure, the company has decided to move its equipment from the Permian into the...
Pressure Pumper Moving Fleets from Permian to Other Basins
Contract driller and pressure pumper, Basic Energy provided some interesting activity update for 2Q. The company CEO, Roe Patterson said: "In our completion and remedial services segment, both the frac and coiled tubing businesses continue to...
Basic Energy Adding Horsepower In Prep For Permian Ramp
With this purchase, Basic's total frac hhp will be...
Basic Energy Services Emerges from Bankruptcy with $125MM
Basic Energy Services has emerged from chapter 11 bankruptcy protection.
Basic Energy Services to File Chapter 11; Outlines Reorganization Plan
Basic Energy Services has entered into a restructuring agreement with loan lenders.
Basic Energy Skips Interest Payment
Basic Energy Services, Inc. announced that it has elected to utilize the 30-day grace period with respect to an $18.4 million interest payment due today on its 7.75% senior notes due 2019. In other words the...
Frac Market Update Q1 2016 : Pressure Pumping, Market Share, Debt & Bankruptcy
Latest News affecting the Pressure Pumping Market April 22, 2016 : Schlumberger : Schlumberger to Cut 8,000 Jobs April 22, 2016 : Halliburton : Halliburton to Cut 6,000 Jobs April 20, 2016 : Basic Energy :...
Basic Energy Services: 127 Rigs Stacked in Q1 2016
Total stacked rig inventory to 127 at quarter-end.
Basic Energy Services' Rig Count Servicing Steadies at 421
Drilling rig days for the month were 31 producing a rig utilization of 8%, compared to 8% and 50% in February 2016 and March 2015, respectively.
Basic Energy Services Rig Hours Drop in September
Drilling rig days for the month were 97 producing a rig utilization of 27%, compared to 23% and 91% in August 2015 and September 2014, respectively.
Basic Energy Services: Finding Cheap Assets in a Down Cycle
Views the next 12-18 months as a "high time for M&A activity."
Basic Energy Services Sees Decrease Across All Segments
Roe Patterson, Basic's President and CEOr, stated, "Our first quarter results reflect the overall impact of the rapid decline in oil prices that began during the fourth quarter of 2014."
Basic's Service Activities Flat for March; Slight Dip in Fluid Services
Basic's well servicing rig count remained unchanged at 421.
Basic Energy Services Talks 4Q; Predicts 21-26% Decline in 1Q
Completion and remedial services revenue increased by 5% to $203.4 million in the fourth quarter of 2014.