Basic Energy Services, Inc. Company News

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Basic Energy Consolidates Regions to Slash Costs
Thursday, May 28, 2020It is slimming its number of operating regions from the current five to three.

Basic Energy Reveals Automated Water Management Solution
Monday, May 11, 2020The offering represents a potential water disposal cost reduction of four percent or more.

Basic Energy Adjusting Headcount, Closing Select Locations
Monday, March 30, 2020In addition to reducing spend it will lower annual run-rate costs by $20 million.

Basic Energy Acquires C&J Well Services Ops for $94MM
Tuesday, March 10, 2020The deal increases the company's footprint in the Permian, California and other key oil basins.

Basic Energy Taps Fmr Baker Hughes Exec as New CEO
Friday, December 20, 2019Basic Energy Services, Inc. has named Keith L. Schilling as president, CEO and director of the company.

Basic Energy Exits Pressure Pumping Business
Thursday, December 12, 2019The company's pumping business lines remain in a structurally disadvantaged position, as they are its most capital-intensive businesses.

Permian Oil and Gas to Support 93,000 Jobs in 2020
Wednesday, September 25, 2019The Permian Basin oil and gas sector is forecasted to support 5,578 more jobs next year.

Basic Energy Services CEO Resigns
Monday, September 16, 2019Basic Energy Services CEO T.M. "Roe" Patterson is leaving the company after 14 years.

Basic Energy Services Closes Exchange Offer
Thursday, November 26, 2009Basic Energy Services has closed the exchange offer relating to its 11.625% Senior Secured Notes due 2014.

Basic Energy Services Commences Private Offer of $225MM of Senior Notes
Monday, July 06, 2009Basic Energy Services has commenced an offering, through a Rule 144A private placement, of $225 million of Senior Notes due 2017.

Basic Energy Posts Operating Results, Well Servicing Rig Count for June
Monday, July 06, 2009Basic Energy Services reported selected operating data for June 2009. The well servicing rig count was unchanged at 414 as of June 30, 2009.

Basic Energy Services Appoints Garza to Board of Directors
Monday, June 01, 2009Basic Energy Services announced today that Antonio O. Garza, Jr. has been appointed to its Board of Directors.

Basic Energy Services Reports Selected Operating Data
Monday, April 13, 2009Basic Energy Services reported selected operating data for the month of March 2009.

Grey Wolf Terminates Merger Agreement
Wednesday, July 16, 2008Grey Wolf, Inc. announced that its proposed merger with Basic Energy Services, Inc. did not receive sufficient votes from Grey Wolf shareholders to approve the transaction at its special meeting of shareholders held today.

Precision to Reapproach Grey Wolf
Thursday, July 10, 2008Precision will immediately reapproach the board of directors of Grey Wolf with its June 24, 2008 US$10.00 per share proposal if the merger agreement with Basic Energy is terminated.

Grey Wolf Stays Strong in Pending Merger with Basic
Friday, June 27, 2008Grey Wolf has determined that the proposal to acquire Grey Wolf by the Precision Drilling Trust is not a proposal superior to its pending strategic merger with Basic Energy Services, Inc.

Precision Offers $10 per Share for Grey Wolf
Wednesday, June 25, 2008Precision has confirmed that it has provided Grey Wolf with a final business combination proposal for US $10.00 per Grey Wolf share. Precision hopes that shareholders of Grey Wolf opt for Precision over competing firm Basic Energy Services.

Grey Wolf Receives Third Unsolicited Proposal from Precision
Wednesday, June 25, 2008Grey Wolf has received a third unsolicited proposal to acquire Grey Wolf. Precision's third proposal is to acquire all of Grey Wolf’s common stock for a consideration of US$10.00 per share. Precision's board announces that this is their final offer.

Basic Energy Acquires West Texas Pumping Service Co. Triple N
Friday, May 30, 2008Basic Energy Services has expanded its pressure pumping and well abandonment services in the Permian Basin by acquiring Triple N Services Inc., located in Midland, Texas, for a total consideration of US $16 million cash.

Grey Wolf, Basic Energy Reach Merger Agreement
Monday, April 21, 2008Based upon closing prices for each company's common stock as of April 18, 2008, the estimated enterprise value of the combined company would be approximately $2.9 billion.

Basic Energy Increases Activity in All Service Lines
Monday, March 10, 2008Drilling rig days for the month of February 2008 were 206 producing a rig utilization of 79%, an increase from 64% last month and an increase from 62% in February 2007.

Basic Energy Services Acquires Assets in New Mexico and Texas
Friday, September 28, 2007Basic Enregy has closed the purchase agreement on all of Steve Carter, Inc. and Hughes Services' operating assets for a total consideration of $20 million in cash.

Basic Energy Adds 9 Newbuild Rigs
Friday, July 13, 2007Basic Energy is adding nine newbuild rigs, increasing its well servicing rig count to 379.

Basic Energy Services Closes Sledge Acquisition
Wednesday, April 04, 2007Basic Energy Services, Inc. has completed the previously announced acquisition of all of the outstanding capital stock of Sledge Drilling Holding, Corp. for a total acquisition price, net of estimated working capital, of approximately $56 million.

Basic Energy Services to Acquire Sledge
Thursday, March 15, 2007Basic Energy Services, Inc. has signed a definitive agreement to acquire all of the outstanding capital stock of Sledge Drilling Holding Corp. ("Sledge") for total consideration of approximately $51 million.

Basic's Q4, Full-year Profits Surge
Tuesday, March 13, 2007Basic Energy Services, Inc. announced its financial and operating results for the fourth quarter and year ended December 31, 2006.

Basic Energy Closes JetStar Acquisition
Thursday, March 08, 2007Basic Energy Services, Inc. on Wednesday said it has completed the previously announced acquisition of all of the outstanding capital stock of JetStar Consolidated Holdings, Inc.

Basic Energy Services Agrees to JetStar Acquisition
Thursday, January 11, 2007Basic Energy Services, Inc. has signed a definitive agreement to acquire all of the outstanding capital stock of JetStar Consolidated Holdings, Inc. for total consideration of approximately $120 million, subject to adjustments.

Parker Drilling Sells Two Workover Barge Rigs to Basic Energy
Wednesday, December 20, 2006Parker Drilling has entered a deal with Basic Energy Services to sell two of its workover barge rigs and related assets located in the Gulf of Mexico for approximately $20 million.

Basic Energy Services to Purchase Davis Tool Company
Wednesday, December 20, 2006Basic has entered into a letter of intent to purchase substantially all of the operating assets of Davis Tool Company, Inc. in Hobbs, New Mexico.

Basic Energy Services Closes Exchange Offer for Senior Notes
Wednesday, October 18, 2006Basic Energy Services has closed the exchange offer for its 7.125% Senior Notes due 2016.

Basic Energy Services to Acquire Globe Well Service
Thursday, April 27, 2006Basic Energy Services has recently signed a letter of intent to acquire all the common stock of Globe Well Service, Inc. of Big Lake, Texas, for approximately $10 million in cash.

Basic Energy Services Acquires LeBus Oil Field Service Co.
Wednesday, February 01, 2006Basic Energy Services has acquired all of the outstanding capital stock of LeBus Oil Field Service Co. for a total acquisition price of approximately $26 million.

Basic Energy Services to Acquire G&L Tool Ltd.
Tuesday, January 03, 2006Basic Energy Services says that it has signed a letter of intent to purchase substantially all of the assets of G & L Tool, Ltd., an oilfield services fishing and rental tool business headquartered in Abilene, Texas, for approximately $80 million.

Basic Energy Services Prices Initial Public Offering
Friday, December 09, 2005Basic Energy Services has priced its initial public offering of 12,500,000 shares of its common stock, 5,000,000 shares of which will be sold by the Company and 7,500,000 shares by selling stockholders, at $20 per share.