Basic Energy Services Q2 Revenue Up

August 2, 2018

 

Ft. Worth’s Basic Energy Services generated more than $253 million in revenue in the second quarter, according to stats released Wednesday, up from $213 million in the first quarter.

That’s against a net loss of $40 million or about $1.51 per basic and diluted share, losses up about $10 million compared with the first quarter.

Adjusted EBITDA was $27.0 million, excluding $6.0 million in non-cash stock compensation, or 11% of revenues, for the second quarter of 2018, compared to $22.8 million, excluding $6.8 million of non-cash stock compensation, or 10% of revenues, in the first quarter of 2018, the company reported.

Roe Patterson, Basic’s President and Chief Executive Officer, stated, “Our second quarter results were led by the improved performance in the well servicing and water logistics segments, where we benefitted from increased utilization, higher revenue per rig and truck hour and increased penetration of water disposal volumes through our pipeline system.