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Thursday, February 25, 2021

Basic Energy reports 3Q loss

FORT WORTH, Texas (AP) _ Basic Energy Services Inc. (BAS) on Thursday reported a third-quarter loss of $13.8 million, after reporting a profit in the same period a year earlier.

The Fort Worth-based company said it had a loss of 53 cents per share. Losses, adjusted for non-recurring costs, were 24 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 43 cents per share.

The oil and gas field service company posted revenue of $233.5 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $229.4 million.

Basic Energy shares have dropped 43 percent since the beginning of the year. The stock has declined 92 percent in the last 12 months.

“We are very pleased with our third quarter results as we delivered a better than anticipated increase in revenue driven by a continued recovery in all of our oil-related business segments, especially in the completion and remedial services segment,” said Roe Patterson, Basic’s president and CEO. “While the 9.5 percent increase in revenue was ahead of our expectations, we suffered weather interruptions of $6.6 million during the third quarter, of which Hurricane Harvey represented approximately $3 million.”

The improved performance was led by the company’s pressure pumping, coiled tubing, and other completion and remedial product lines, said Patterson, with all of the company’s frac horsepower operating by the end of the quarter.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAS at https://www.zacks.com/ap/BAS

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