Company Quick10K Filing
Quick10K
Basic Energy Services
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$2.46 27 $66
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-05-09
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-31 Other Events, Exhibits
8-K 2019-05-16 Officers, Shareholder Vote, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2018-12-12 Officers, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-03 Regulation FD, Exhibits
8-K 2018-10-02 Enter Agreement, Leave Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-25 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-14 Enter Agreement, Regulation FD, Other Events, Exhibits
8-K 2018-08-14 Officers, Regulation FD, Exhibits
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-21 Shareholder Vote
8-K 2018-05-03 Earnings, Exhibits
8-K 2018-04-17 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-04-10 Officers
8-K 2018-04-03 Officers, Exhibits
8-K 2018-03-19 Officers
8-K 2018-03-07 Regulation FD, Exhibits
8-K 2018-03-05 Other Events, Exhibits
8-K 2018-02-28 Regulation FD, Other Events, Exhibits
8-K 2018-02-26 Earnings, Exhibits
8-K 2018-02-08 Officers, Exhibits
ET Eternal Speech 38,980
ORLY O Reilly Automotive 28,760
INFO IHS Markit 22,270
ESGR Enstar 3,170
BRSS Global Brass & Copper Holdings 953
GFNL Genesis Financial 0
NXT Natcore Technology 0
BRTX Biorestorative Therapies 0
AXPW Axion Power 0
EMYB Embassy Bancorp 0
BAS 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 bas063019ex311.htm
EX-31.2 bas063019ex312.htm
EX-32.1 bas063019ex321.htm
EX-32.2 bas063019ex322.htm

Basic Energy Services Earnings 2019-06-30

BAS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________________________________________________________ 
Form 10-Q
______________________________________________________________________________________________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to             
Commission File Number 001-32693
______________________________________________________________________________________________________________________________________________  
BASIC ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
 ______________________________________________________________________________________________________________________________________________ 
Delaware54-2091194
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
801 Cherry Street, Suite 2100
Fort Worth, Texas
76102
(Address of principal executive offices)(Zip code)
(817) 334-4100
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filer☐  Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes No ☒ 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes☒No☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.01 per shareBASNew York Stock Exchange

There were 25,816,692 shares of the registrant’s common stock outstanding as of July 31, 2019.






BASIC ENERGY SERVICES, INC.
Index to Form 10-Q 
 

i


CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are subject to risks and uncertainties. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flows, pending legal or regulatory proceedings and claims, future economic performance, operating income, costs savings and management's plans, strategies, goals and objectives for future operations and goals. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, the risk factors discussed in this quarterly report, and in our most recent Annual Report on Form 10-K and other factors, most of which are beyond our control.

The words “believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,” “plan,” “seek,” “could,” “should,” “may,” “potential” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this quarterly report are forward-looking statements. Although we believe that the forward-looking statements contained in this quarterly report are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this quarterly report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Important factors that may affect our expectations, estimates or projections include:
a decline in, or substantial volatility of, oil and natural gas prices, and any related changes in expenditures by our customers;
competition within our industry;
the effects of future acquisitions or dispositions on our business;
uncertainties about our ability to successfully execute our business and financial plans and strategies;
our access to current or future financing arrangements;
changes in customer requirements in markets or industries we serve;
availability and cost of equipment;
general economic and market conditions;
operating hazards and other risks incidental to our services;
energy efficiency and technology trends;
our ability to replace or add workers at economic rates;
our borrowing capacity, covenant compliance under instruments governing any of our existing or future indebtedness and cash flows; and
environmental and other governmental regulations.

Our forward-looking statements speak only as of the date of this quarterly report. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.


ii


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Basic Energy Services, Inc.
Consolidated Balance Sheets 
(in thousands, except share and per share data)
June 30, 2019December 31, 2018
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents
$53,714 $90,300 
Trade receivable, net of allowances of $2,160 and $1,838, respectively135,217 144,767 
Income tax receivable
683 1,574 
Inventories
31,895 36,449 
Prepaid expenses
12,806 17,479 
Other current assets
2,658 4,640 
Total current assets
236,973 295,209 
Property and equipment, net429,689 448,801 
Operating lease right-of-use assets17,813 — 
Deferred debt costs, net of amortization2,493 2,747 
Intangible assets, net of amortization2,865 2,984 
Other assets11,990 12,036 
Total assets
$701,823 $761,777 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$78,123 $98,323 
Accrued expenses
60,137 55,826 
Current portion of long-term debt, net of $239 and $479 discount at June 30, 2019 and December 31, 2018, respectively24,145 27,039 
Operating lease right-of-use liabilities, current portion5,119 — 
Other current liabilities
480 3,123 
Total current liabilities
168,004 184,311 
Long-term debt, net of discounts and deferred financing costs of $9,973 and $10,690, at June 30, 2019 and December 31, 2018, respectively316,806 322,701 
Operating lease right-of-use liabilities, long-term portion12,694 — 
Other long-term liabilities35,223 35,337 
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; zero outstanding at June 30, 2019 and December 31, 2018  
Common stock; $0.01 par value; 80,000,000 shares authorized; 27,912,059 and 26,990,034 shares issued and 27,005,316 and 26,747,712 shares outstanding at June 30, 2019 and December 31, 2018, respectively279 270 
Additional paid-in capital
470,696 464,264 
Retained deficit
(296,524)(241,271)
Treasury stock, at cost, 906,743 and 242,322 shares at June 30, 2019 and December 31, 2018, respectively(5,355)(3,835)
Total stockholders' equity
169,096 219,428 
Total liabilities and stockholders' equity
$701,823 $761,777 
See accompanying notes to unaudited consolidated financial statements.

1



Basic Energy Services, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30,Six Months Ended June 30,
2019201820192018
Revenues:
Completion & Remedial Services
$78,061 $126,948 $154,895 $244,545 
Well Servicing
58,168 63,268 118,683 120,219 
Water Logistics
51,031 59,679 106,632 116,188 
Other Services
2,587 3,474 6,839 7,082 
Total revenues
189,847 253,369 387,049 488,034 
Expenses:
Completion & Remedial Services
59,660 100,528 123,092 190,187 
Well Servicing
45,047 48,200 92,243 94,712 
Water Logistics
35,529 44,008 72,828 84,931 
Other Services
2,929 3,223 6,843 7,445 
General and administrative, including stock-based compensation of $3,329 and $9,626 in the three months ended June 30, 2019 and 2018 and $6,604 and $16,424 for the six months ended June 30, 2019 and 2018, respectively34,803 51,460 70,325 92,468 
Depreciation and amortization
28,991 31,161 56,489 61,396 
Loss on disposal of assets
342 1,921 1,797 3,700 
Total expenses
207,301 280,501 423,617 534,839 
Operating loss
(17,454)(27,132)(36,568)(46,805)
Other income (expense):
Interest expense
(10,518)(12,806)(21,274)(24,089)
Interest income
115 60 360 87 
Other income
52 102 350 441 
Loss before income taxes(27,805)(39,776)(57,132)(70,366)
Income tax benefit (expense)28 (278)1,879 (219)
Net loss$(27,777)$(40,054)$(55,253)$(70,585)
Loss per share of common stock:
Basic
$(1.02)$(1.51)$(2.04)$(2.67)
Diluted
$(1.02)$(1.51)$(2.04)$(2.67)

See accompanying notes to unaudited consolidated financial statements.







2


Basic Energy Services, Inc.
Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)

Common StockAdditionalTreasuryTotal
IssuedCommon Paid-InTreasuryTreasuryRetainedStockholders'
SharesStockCapitalSharesStockDeficitEquity
Balance - December 31, 201826,990,034 $270 $464,264 242,322 $(3,835)$(241,271)$219,428 
Issuances of restricted stock277,865 3 (3)— —  
Amortization of equity-classified share-based compensation— — 3,275 — — — 3,275 
Treasury stock, net— — (163)68,227 (180)— (343)
Net loss— — — — — (27,476)(27,476)
Balance - March 31, 2019 (unaudited)27,267,899 $273 $467,373 310,549 $(4,015)$(268,747)$194,884 
Issuances of restricted stock644,160 6 (6)— — —  
Amortization of equity-classified share-based compensation— — 3,329 — — — 3,329 
Treasury stock, net— — — 596,194 (1,340)— (1,340)
Net loss— — — — — (27,777)(27,777)
Balance - June 30, 2019 (unaudited)27,912,059 $279 $470,696 906,743 $(5,355)$(296,524)$169,096 
Common StockAdditionalTreasuryTotal
IssuedCommonPaid-InTreasuryTreasuryRetainedStockholders'
SharesStockCapitalSharesStockDeficitEquity
Balance - December 31, 201726,371,572 $264 $439,517 152,443 $(4,454)$(96,674)$338,653 
Issuances of restricted stock272,510 2 (2)— — —  
Amortization of equity-classified share-based compensation— — 6,798 — — — 6,798 
Treasury stock, net— — (291)69,337 (1,051)— (1,342)
Net loss— — — — — (30,531)(30,531)
Balance - March 31, 2018 (unaudited)26,644,082 $266 $446,022 221,780 $(5,505)$(127,205)$313,578 
Issuances of restricted stock48 — 2 — — — 2 
Amortization of equity-classified share-based compensation— — 9,626 — — — 9,626 
Treasury stock, net— — (1,743)(48,400)1,742 — (1)
Net loss— — — — — (40,054)(40,054)
Balance - June 30, 2018 (unaudited)26,644,130 $266 $453,907 173,380 $(3,763)$(167,259)$283,151 

See accompanying notes to unaudited consolidated financial statements.

3


Basic Energy Services, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Six Months Ended June 30,
20192018
Cash flows from operating activities:
Net loss$(55,253)$(70,585)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization
56,489 61,396 
Accretion on asset retirement obligation
172 83 
Change in allowance for doubtful accounts
322 (4)
Amortization of deferred financing costs
1,155 372 
Amortization of debt discounts525 2,742 
Non-cash compensation
6,851 16,424 
Loss on disposal of assets1,797 3,700 
Deferred income taxes
 (78)
Changes in operating assets and liabilities:
Accounts receivable
9,228 (14,801)
Inventories
4,554 (2,254)
Prepaid expenses and other current assets
4,778 6,458 
Other assets
46 (403)
Accounts payable
(21,548)6,808 
Income tax receivable
891 292 
Other liabilities
(3,068)6,905 
Accrued expenses
4,311 8,069 
     Net cash provided by operating activities
11,250 25,124 
Cash flows from investing activities:
Purchase of property and equipment
(33,359)(31,697)
Proceeds from sale of assets
5,009 999 
     Net cash used in investing activities
(28,350)(30,698)
Cash flows from financing activities:
Proceeds from debt 26,000 
Payments of debt(17,334)(27,140)
Change in treasury stock including restricted stock issuances(1,683)(1,341)
Deferred loan costs and other financing activities
(469)(360)
     Net cash used in financing activities
(19,486)(2,841)
Net decrease in cash and cash equivalents
(36,586)(8,415)
Cash and cash equivalents - beginning of period90,300 86,223 
Cash and cash equivalents - end of period$53,714 $77,808 
Noncash investing and financing activity:
Finance leases and notes issued for equipment$7,588 $11,047 
Change in accrued property and equipment1,348 2,942 
Change in asset retirement obligations108 148 
See accompanying notes to unaudited consolidated financial statements.
4


BASIC ENERGY SERVICES, INC.
Notes to Consolidated Financial Statements
June 30, 2019 (unaudited) 
1. Basis of Presentation and Nature of Operations
Basis of Presentation
The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to Basic's organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements.
On June 28, 2018, the SEC adopted amendments that expanded the definition of “smaller reporting company” by increasing the applicable public float and revenue thresholds. Under the amended definition, which became effective on September 10, 2018, a company qualifies as a smaller reporting company if it has (i) a public float of less than $250 million at the end of its most recently completed second fiscal quarter or (ii) less than $100 million in annual revenues and either no public float or a public float of less than $700 million. Based on the Company's public float (the aggregate market value of its common equity held by non-affiliates) as of June 29, 2018, the Company is considered a smaller reporting company under the revised SEC rules and, as such, is eligible to use certain scaled financial and non-financial disclosure requirements. Smaller reporting companies may elect to comply with the scaled reporting requirements separately, thereby permitting the Company to choose such disclosure requirements on an item-by-item basis.
Liquidity and Capital Resources
On October 2, 2018, the Company issued in a private offering $300.0 million aggregate principal amount of 10.75% senior secured notes due 2023 at 99.042% of par and entered into a new $150.0 million senior secured revolving credit facility. For further discussion, see Note 4, "Long-Term Debt and Interest Expense".
Basic's current primary capital resources are cash flow from operations, the availability under the New ABL Facility (defined in Note 4, "Long-Term Debt and Interest Expense"), the ability to enter into finance leases, the ability to incur additional secured indebtedness, and a cash balance of $53.7 million at June 30, 2019. The Company had $60.3 million of available borrowing capacity under the New ABL Facility at June 30, 2019.
Nature of Operations  
Basic provides a wide range of well site services to oil and natural gas drilling and producing companies, including Completion & Remedial Services, Water Logistics, Well Servicing and Contract Drilling. These services are primarily provided by Basic’s fleet of equipment. Basic’s operations are concentrated in major United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Kansas, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and California.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Basic's subsidiaries, for which Basic holds a majority voting interest. All intercompany transactions and balances have been eliminated.
Segment Information
In the first quarter of 2019, Basic revised its reportable segments for financial reporting purposes to combine its contract drilling operations with its rig manufacturing operations to form an Other Services segment. The Company's business now consists of the following four segments: Well Servicing, Water Logistics, Completion & Remedial Services, and Other Services. See Note 12, "Business Segment Information" for further information.


5


Estimates, Risks and Uncertainties
Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include litigation and self-insured risk reserves.
2. Property and Equipment
The following table summarizes the components of property and equipment (in thousands):
June 30, 2019December 31, 2018
Land$20,902 $21,431 
Buildings and improvements41,588 40,524 
Well service units and equipment130,415 122,694 
Fracturing/test tanks119,880 123,550 
Pumping equipment103,255 103,689 
Fluid services equipment80,086 78,524 
Disposal facilities72,367 63,229 
Rental equipment73,630 62,642 
Light vehicles30,668 27,080 
Contract drilling equipment9,152 9,846 
Other4,240 4,257 
Brine and fresh water stations3,588 3,296 
Software833 857 
Property and equipment, gross
690,604 661,619 
Less accumulated depreciation and amortization260,915 212,818 
Property and equipment, net$429,689 $448,801 
  
Basic is obligated under various finance leases for certain vehicles and equipment that expire at various dates during the next five years. The table below summarizes the gross amount of property and equipment and related accumulated amortization recorded under finance leases and included above (in thousands):
June 30, 2019December 31, 2018
Fluid services equipment$35,553 $35,034 
Pumping equipment24,164 48,929 
Light vehicles22,066 18,376 
Contract drilling equipment 314 
Well service units and equipment173 199 
Property and equipment under finance lease, cost81,956 102,852 
Less accumulated amortization26,221 31,954 
Property and equipment under finance lease, net$55,735 $70,898 

6


3. Intangible Assets
Basic had trade names of $3.4 million as of June 30, 2019 and December 31, 2018. Trade names have a 15-year life and are tested for impairment when triggering events are identified.
Basic’s intangible assets subject to amortization were as follows (in thousands):
June 30, 2019December 31, 2018
Trade names$3,410 $3,410 
Other intangible assets48 48 
Intangible assets 3,458 3,458 
Less accumulated amortization593 474 
Intangible assets subject to amortization, net$2,865 $2,984 
Amortization expense of intangible assets for the three and six months ended June 30, 2019 and 2018 was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2019201820192018
Intangible asset amortization expense$60 $60 $119 $118 

4. Long-Term Debt and Interest Expense
Long-term debt consisted of the following (in thousands): 
June 30, 2019December 31, 2018
10.75% Senior Notes due 2023$300,000 $300,000 
Finance leases and other notes51,163 60,909 
Unamortized discounts and deferred financing costs(10,212)(11,169)
     Total long-term debt