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Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc.

Basic Energy Services Inc. · Mar 1, 2019 · 12 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 1
    4Q 2018 Earnings Call March 1, 2019
  2. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 2
    Table of Contents ? 4Q18 Financial Recap ? Operational Highlights ? CapEx and Liquidity ? Well Services ? Water Logistics ? Completion & Remedial Services ? 4Q18 Takeaways ? 2019 Outlook ? Non-GAAP Reconciliation
  3. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 3
    4Q 2019 Financial Recap (in millions) Three Months Ended 12/31/18 9/30/18 12/31/17 Revenue Well Servicing $61.8 $67.2 $54.5 Water Logistics 55.6 59.5 55.5 Contract Drilling 4.1 3.6 3.3 Completion & Remedial 108.9 116.0 122.0…
  4. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 4
    4Q 2018 Operational Highlights • Adjusted EBITDA margins at 9.5% compared to 10.1% from 3Q18, despite sequential revenue decline of 6.5% • $7.0 mm revenue decline 3Q18 to 4Q18 in C&R segment due to lower sand volumes and the…
  5. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 5
    4Q18 3Q18 2Q18 Well servicing rig hours 159,600 180,300 181,600 Well servicing utilization rate (average) 72% 82% 82% Number of well servicing rigs (end of period) 310 310 310 Revenue per rig hour (excluding manufacturing) $368 $357…
  6. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 6
    CapEx, Liquidity and Free Cash Flow • Capital expenditures (including capital leases) for 4Q18 totaled $19.7 mm • Maintenance/sustaining expenditures were $18.7 mm • Expansion projects and other totaled $1.0 mm • 2019 capital…
  7. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 7
    Well Services Operational Highlights Segment Revenue Breakdown • Rigs working with 24-hour packages averaged 23 in 4Q, flat from 3Q • Utilization was a seasonally strong 72% despite an unusually large weather impact in October •…
  8. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 8
    Water Logistics Operational Highlights Segment Revenue Breakdown • Margins continue to improve, up 90 bps to 29%, as volumes of water disposal via pipe continues to climb, up 28% sequentially to 3.2 mm bbls • Approximately 33% of SWD…
  9. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 9
    Completion and Remedial Services Operational Highlights Segment Revenue Breakdown • Margin declined 90 bps in 4Q18 vs. 3Q18 on lower revenue, largely from lower frac activity, weather and holidays, as well as lower sand sales due to…
  10. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 10
    2019 Outlook • We expect the first quarter revenue to be down 11%-14% from fourth quarter levels • Well Services and Water Logistics should see a sequential increase in revenue of low- to mid-single digits during Q1; pricing to remain…
  11. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 11
    Non-GAAP Reconciliation (in millions) Three Months Ended 12/31/18 9/30/18 12/31/17 Net Loss ($46.7) ($27.3) ($20.3) Adjustments Income Tax Provision (Benefit) 0.0 0.0 (0.3) Loss on Extinguishment of Debt 26.4 0.0 0.0 Interest…
  12. Q4 and FY 2018 Earnings Call Presentation – Basic Energy Services Inc. – slide 12
    Non-GAAP Reconciliation This presentation contains references to the non-GAAP financial measure of free cash flow, which is defined as net cash provided by operating activities in a period minus capital expenditures for sustaining and…

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