Company Quick10K Filing
Quick10K
Basic Energy Services
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$1.36 27 $37
10-Q 2019-09-30 Quarter: 2019-09-30
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 2019-10-30 Earnings, Exhibits
8-K 2019-09-13 Officers, Regulation FD, Exhibits
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 2019-02-28 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
CLB Core Laboratories 1,789
OII Oceaneering 1,250
FI Frank's 1,017
FRAC Keane Group 514
NINE Nine Energy Service 284
CCLP CSI Compressco 135
CELP Cypress Energy Partners 89
SPN Superior Energy Services 64
ENSV Enservco 14
NOA North American Energy Partners 0
BAS 2019-09-30
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-4.6 bas093019ex46firstsupp.htm
EX-10.2 bas093019ex102amendmen.htm
EX-10.3 bas093019ex103suppleme.htm
EX-10.4 bas093019ex104suppleme.htm
EX-31.1 bas093019ex311.htm
EX-31.2 bas093019ex312.htm
EX-32.1 bas093019ex321.htm
EX-32.2 bas093019ex322.htm

Basic Energy Services Earnings 2019-09-30

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 September 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)
______________________________________________________________________________________________________________________________________________ 
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

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☐
There were 24,946,685 shares of the registrant’s common stock outstanding as of October 31, 2019.






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

ii


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.


i


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Basic Energy Services, Inc.
Consolidated Balance Sheets 
(in thousands, except share and per share data)
September 30, 2019December 31, 2018
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents
$50,460  $90,300  
Trade receivable, net of allowances of $2,549 and $1,838, respectively123,655  144,767  
Income tax receivable
  1,574  
Inventories
28,039  36,449  
Prepaid expenses
14,784  17,479  
Other current assets
8,958  4,640  
Total current assets
225,896  295,209  
Property and equipment, net406,878  448,801  
Operating lease right-of-use assets17,248  —  
Deferred debt costs, net of amortization2,346  2,747  
Intangible assets, net of amortization2,806  2,984  
Other assets12,455  12,036  
Total assets
$667,629  $761,777  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$66,396  $98,323  
Accrued expenses
65,345  44,956  
Current portion of long-term debt, net of $120 and $479 discount at September 30, 2019 and December 31, 2018, respectively22,627  27,039  
Operating lease right-of-use liabilities, current portion5,459  —  
Accrued short-term insurance reserves8,221  10,870  
Other current liabilities
4,031  3,123  
Total current liabilities
172,079  184,311  
Long-term debt, net of discounts and deferred financing costs of $9,385 and $10,690, at September 30, 2019 and December 31, 2018, respectively313,511  322,701  
Operating lease right-of-use liabilities, long-term portion11,789  —  
Asset retirement obligations9,331  2,587  
Accrued long-term insurance reserves18,800  18,624  
Other long-term liabilities14,174  14,126  
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; zero outstanding at September 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 24,946,685 and 26,747,712 shares outstanding at September 30, 2019 and December 31, 2018, respectively279  270  
Additional paid-in capital
471,648  464,264  
Retained deficit
(335,401) (241,271) 
Treasury stock, at cost, 2,965,374 and 242,322 shares at September 30, 2019 and December 31, 2018, respectively(8,581) (3,835) 
Total stockholders' equity
127,945  219,428  
Total liabilities and stockholders' equity
$667,629  $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 September 30,Nine Months Ended September 30,
2019201820192018
Revenues:
Completion & Remedial Services
$70,002  $115,978  $224,897  $360,523  
Well Servicing
57,094  64,314  175,777  184,533  
Water Logistics
48,451  59,539  155,083  175,727  
Other Services
2,818  6,503  9,657  13,585  
Total revenues
178,365  246,334  565,414  734,368  
Expenses:
Completion & Remedial Services
53,825  89,777  176,918  279,963  
Well Servicing
43,510  50,591  135,752  145,303  
Water Logistics
34,783  42,785  107,611  127,716  
Other Services
6,348  7,246  13,191  14,691  
General and administrative, including stock-based compensation of $1,386 and $5,570 in the three months ended September 30, 2019 and 2018 and $8,237 and $21,995 for the nine months ended September 30, 2019 and 2018, respectively32,125  39,599  102,450  132,038  
Depreciation and amortization
29,179  32,754  85,668  94,150  
Impaired asset expense3,216    3,216    
Loss on disposal of assets
837  191  2,634  3,891  
Total expenses
203,823  262,943  627,440  797,752  
Operating loss
(25,458) (16,609) (62,026) (63,384) 
Other income (expense):
Interest expense
(11,729) (10,896) (33,003) (34,985) 
Interest income
112  88  472  175  
Other income
215  81  565  492  
Loss before income taxes(36,860) (27,336) (93,992) (97,702) 
Income tax (expense) benefit(2,017)   (138) (219) 
Net loss$(38,877) $(27,336) $(94,130) $(97,921) 
Loss per share of common stock:
Basic
$(1.52) $(1.03) $(3.55) $(3.70) 
Diluted
$(1.52) $(1.03) $(3.55) $(3.70) 

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  
Issuances of restricted stock—  —  —  —  —  —    
Amortization of equity-classified share-based compensation—  —  1,165  —  —  —  1,165  
Treasury stock, net—  —  (213) 2,058,631  (3,226) —  (3,439) 
Net loss—  —  —  —  —  (38,877) (38,877) 
Balance - September 30, 2019 (unaudited)27,912,059  $279  $471,648  2,965,374  $(8,581) $(335,401) $127,945  
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  
Issuances of restricted stock120,959  2  (2) —  —  —    
Amortization of equity-classified share-based compensation—  —  5,571  —  —  —  5,571  
Treasury stock, net—  —  1  44,238  (377) —  (376) 
Net loss—  —  —  —  —  (27,336) (27,336) 
Balance - September 30, 2018 (unaudited)26,765,089  $268  $459,477  217,618  $(4,140) $(194,595) $261,010  
See accompanying notes to unaudited consolidated financial statements.
3


Basic Energy Services, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
<
Nine Months Ended September 30,
20192018
Cash flows from operating activities:
Net loss$(94,130) $(97,921) 
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization
85,668  94,150  
Impaired asset expense and inventory write-downs
7,080    
Accretion on asset retirement obligation
607  115  
Change in allowance for doubtful accounts
711  278  
Amortization of deferred financing costs
1,745  586  
Amortization of debt discounts789  3,708  
Non-cash compensation
8,237  21,995  
Loss on disposal of assets2,634  3,891  
Deferred income taxes
  (78) 
Changes in operating assets and liabilities:
Accounts receivable
20,401  (7,977) 
Inventories
4,546  313  
Prepaid expenses and other current assets
2,404  7,010  
Other assets
(8) (49) 
Accounts payable
(31,617) 5,736