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May 29, 2014
06:11 EDTBASBasic Energy increases FY14 capital budget by $50M
Basic Energy announced that its board recently approved an increase of $50M in its 2014 capital expenditure plan for the purchase of approximately 60,000 hydraulic horsepower of frac equipment. The total 2014 CapEx plan including this increase now stands at $285M, which includes $155M for expansion projects.
News For BAS From The Last 14 Days
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March 19, 2015
07:17 EDTBASStephens to hold a conference
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March 13, 2015
08:44 EDTBASBasic Energy sees Q1 revenue down 32%-34%
Roe Patterson, Basic's president and CEO, stated, "The operating environment continues to be challenging and we are reacting quickly to our customers' requests for lower pricing for our services. Stimulation services pricing concessions have increased to 25%-30%, which is up from the 15%-20% range we experienced earlier in the first quarter. Pricing concessions for our other services remain consistent with what we reported in our January operating update. We continue to maximize utilization and protect market share with rate reductions when and where possible. We continue our efforts to reduce costs and scale down our operations to match customer activity. Negotiations to lower costs for sand, chemicals, fuel, supplies, etc. with our vendors and suppliers are ongoing, and we continue to make progress. Preserving liquidity is our main focus and our efforts to reduce capital spending have been successful. Our headcount is now down by 14% since its peak in November 2014 and we continue to adjust personnel costs to mitigate pricing concessions. Adverse weather has affected activity to date in March throughout our footprint. With the weather impact we experienced in February, and so far in March, combined with the increase in price concessions for stimulation services, we now expect first quarter revenue to be 32%-34% lower sequentially compared to our previous guidance of 21%-26% lower."
06:04 EDTBASBasic Energy reports Feb. well servicing rig count unchanged at 421
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