Basic Energy Services, Inc. provides a range of well site services to oil and gas drilling and producing companies in the United States. It operates in four segments: well servicing, fluid services, completion and remedial services and contract drilling. The well servicing segment provides services including the drilling of a well bore; installation and removal of downhole equipment; elimination of obstructions in the well bore to facilitate the flow of oil and gas; and plugging and abandonment services. This segment operates a fleet of almost 400 well servicing rigs. The fluid services segment provides oilfield fluid supply; transportation and storage services which include transporting fluids used in drilling and workover operations, sale and transportation of fresh and brine water, and operation of company-owned fresh water and brine source wells; and engages in the preparation and maintenance of access roads, building of drilling locations, installation of small gathering lines and pipelines and maintenance of production facilities. This segment operates a fleet of 650 fluid services trucks and related assets including specialized tank trucks, storage tanks, water wells, disposal facilities and related equipment. The completion and remedial services provides pressure pumping services such as cementing, acidizing, fracturing, coiled tubing, and pressure testing; rental and fishing tools; cased-hole wireline services; and underbalanced drilling in low pressure and fluid sensitive reservoirs. It operates 118 pressure pumping units; 43 air compressor packages including foam circulation units for underbalanced drilling; and 14 wireline units for cased-hole measurement and pipe recovery services. The contract drilling segment operates a fleet of nine drillings rigs in the Permian Basin in west Texas and southeastern New Mexico.
The company employs more than 4,500 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain states. Basic Energy Services is headquartered in Midland, Texas.
For the year ended December 31, 2007, Basic achieved revenues of $877 million, EBITDA of $259 million and diluted earnings per share of $2.13.
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