Acquisitions

6 Months Ended

Jun. 30, 2015

Acquisitions [Abstract]

Acquisitions

2. Acquisitions

In 2014, Basic acquired substantially all of the assets of the following business, which was accounted for using the purchase method of accounting. During the six months ended June 30, 2015, Basic did not complete any acquisitions. The following table summarizes the preliminary values for the acquisition at the date of acquisition (in thousands):

		Total Cash Paid
	Closing Date	(net of cash acquired)
Pioneer Fishing & Rental Services, LLC	September 17, 2014	$	16,090
Total 2014		$	16,090

The operations of the acquisition listed above are included in Basic’s consolidated statement of operations as of the closing date. In the second quarter, the company updated its purchase price allocation, reducing property plant and equipment by $5.8 million and increasing goodwill by $3.8 million and intangibles by $2.0 million. The provisional purchase price allocation used with respect to Pioneer Fishing & Rental Services, LLC will be finalized once the valuation of the tangible and intangible assets is complete.