Basic Energy Services Inc. (BASX) on Monday reported a loss of $32.1 million in its third quarter.
“While extraordinary challenges persist due to the COVID-19 pandemic, we are seeing progress in reducing our overall cost structure, with G&A expenses down 16% from that of the second quarter,” said Keith Schilling, President and CEO. “We are seeing continued improvement in activity levels and revenue, with sequential increases in each month of the third quarter. That progression is continuing into October, with our active rig count now nearly double the low experienced in May. However, in November and December, we expect seasonality to impact revenue and margins and therefore we remain focused on cost structure and liquidity management. These measures include limiting capital expenditures, which totaled approximately $1 million for the third quarter. We expect to be below our previously stated target of $5 million for the second half of 2020.”
On a per-share basis, the Fort Worth-based company said it had a loss of $1.29. Losses, adjusted to account for discontinued operations, were $1.17 per share.
The oil and gas field service company posted revenue of $95.4 million in the period.
In the final minutes of trading on Monday, the company’s shares hit 18 cents. A year ago, they were trading at 57 cents.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BASX at https://www.zacks.com/ap/BASX The Associated Press contributed to this report.