Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________________________________________________________________________

Form 10-Q

______________________________________________________________________________________________________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-32693

______________________________________________________________________________________________________________________________________________

Basic Energy Services, Inc.

(Exact name of registrant as specified in its charter)

______________________________________________________________________________________________________________________________________________



Delaware	54-2091194
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

801 Cherry Street, Suite 2100 Fort Worth, Texas	76102
(Address of principal executive offices)	(Zip code)

(817) 334-4100

(Registrant’s telephone number, including area code)

______________________________________________________________________________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

There were 26,027,213 shares of the registrant’s common stock outstanding as of July 28, 2017.

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BASIC ENERGY SERVICES, INC.

Index to Form 10-Q



Part I. FINANCIAL INFORMATION	4
Item 1. Financial Statements	4
Consolidated Balance Sheets as of June 30, 2017 (Unaudited) and December 31, 2016	4
Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016 (Unaudited)	5
Consolidated Statements of Stockholders’ Equity for the six months ended June 30, 2017 (Unaudited)	6
Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016 (Unaudited)	7
Notes to the Unaudited Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Management’s Overview	18
Segment Overview	18
Operating Cost Overview	21
Critical Accounting Policies and Estimates	21
Results of Operations	21
Liquidity and Capital Resources	23
Other Matters	25
Item 3. Quantitative and Qualitative Disclosures About Market Risk	25
Item 4. Controls and Procedures	25
Part II. OTHER INFORMATION	25
Item 1. Legal Proceedings	25
Item 1A. Risk Factors	25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 6. Exhibits	27
Signatures	28

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CAUTIONARY STATEMENT

REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, the risk factors discussed in this quarterly report and in our most recent Annual Report on Form 10-K and other factors, most of which are beyond our control.

The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “indicate” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this quarterly report are forward-looking statements. Although we believe that the forward-looking statements contained in this quarterly report are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this quarterly report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

Important factors that may affect our expectations, estimates or projections include:


•	a decline in, or substantial volatility of, oil or natural gas prices, and any related changes in expenditures by our customers;


•	the effects of future acquisitions on our business;


•	changes in customer requirements in markets or industries we serve;


•	competition within our industry;


•	general economic and market conditions;


•	our access to current or future financing arrangements;

•our ability to replace or add workers at economic rates; and

•environmental and other governmental regulations.

Our forward-looking statements speak only as of the date of this quarterly report. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This quarterly report includes market share data, industry data and forecasts that we obtained from internal company surveys (including estimates based on our knowledge and experience in the industry in which we operate), market research, consultant surveys, publicly available information, industry publications and surveys. These sources include Baker Hughes Incorporated, the Association of Energy Service Companies, and the Energy Information Administration of the U.S. Department of Energy. Industry surveys and publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. Although we believe such information is accurate and reliable, we have not independently verified any of the data from third-party sources cited or used for our management’s industry estimates, nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our position relative to our competitors or as to market share refer to the most recent available data.

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PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Basic Energy Services, Inc.

Consolidated Balance Sheets

(in thousands, except share data)



	June 30, 2017			December 31, 2016
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	34,244		$	98,875
Restricted cash	2,432			2,429
Trade accounts receivable, net of allowance of $1,751 and $0, respectively	150,475			108,655
Accounts receivable - related parties	22			31
Income tax receivable	1,270			1,271
Inventories	36,680			35,691
Prepaid expenses	21,483			15,575
Other current assets	3,942			2,003
Total current assets	250,548			264,530
Property and equipment, net	520,575			488,848
Deferred debt costs, net of amortization	56			—
Intangible assets, net of amortization	3,339			3,458
Other assets	11,848			11,324
Total assets	$	786,366		$	768,160
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	80,993		$	47,959
Accrued expenses	57,457			51,329
Current portion of long-term debt, net	46,456			38,468
Other current liabilities	780			2,065
Total current liabilities	185,686			139,821
Long-term debt, net	207,487			184,752
Deferred tax liabilities	389			—
Other long-term liabilities	30,278			29,179
Commitments and contingencies
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at June 30, 2017 and December 31, 2016	—			—
Common stock; $0.01 par value; 80,000,000 shares authorized; 26,095,434 shares issued and 26,027,213 shares outstanding at June 30, 2017; 26,095,431 shares issued and 25,998,844 shares outstanding at December 31, 2016	261			261
Additional paid-in capital	427,289			417,624
Accumulated deficit	(62,567		)	—
Treasury stock, at cost, 68,221 and 96,587 shares at June 30, 2017 and December 31, 2016, respectively	(2,457		)	(3,477		)
Total stockholders' equity	362,526			414,408
Total liabilities and stockholders' equity	$	786,366		$	768,160

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See accompanying notes to unaudited consolidated financial statements.

Basic Energy Services, Inc.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share amounts)



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(Unaudited)						(Unaudited)
	(Successor)			(Predecessor)			(Successor)			(Predecessor)
Revenues:
Completion and remedial services	$	107,385		$	36,228		$	187,817		$	75,924
Fluid services	50,740			45,491			100,946			95,741
Well servicing	53,054			36,824			101,672			75,731
Contract drilling	2,117			1,461			4,880			2,965
Total revenues	213,296			120,004			395,315			250,361
Expenses:
Completion and remedial services	81,199			32,860			148,451			67,648
Fluid services	41,580			38,619			83,118			79,786
Well servicing	41,796			31,847			82,712			66,318
Contract drilling	1,863			1,368			4,271			2,929
General and administrative, including stock-based compensation of $6,275 and $2,277 in the three months ended June 30, 2017 and 2016 and $10,723 and $5,117 for the six months ended June 30, 2017 and 2016, respectively	36,037			27,078			70,241			56,640
Depreciation and amortization	25,956			54,847			51,369			110,999
(Gain) loss on disposal of assets	(223		)	336			(690		)	261
Total expenses	228,208			186,955			439,472			384,581
Operating loss	(14,912		)	(66,951		)	(44,157		)	(134,220		)
Other income (expense):
Interest expense	(9,179		)	(22,521		)	(18,289		)	(43,235		)
Interest income	6			7			18			9
Other income	144			244			235			340
Loss before income taxes	(23,941		)	(89,221		)	(62,193		)	(177,106		)
Income tax benefit (expense)	—			(662		)	(374		)	3,884
Net loss	$	(23,941	)	$	(89,883	)	$	(62,567	)	$	(173,222	)
Loss per share of common stock:
Basic	$	(0.92	)	$	(2.11	)	$	(2.41	)	$	(4.14	)
Diluted	$	(0.92	)	$	(2.11	)	$	(2.41	)	$	(4.14	)

See accompanying notes to unaudited consolidated financial statements.

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Basic Energy Services, Inc.

Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)



				Additional									Total
	Common Stock			Paid-In			Treasury			Accumulated			Stockholders'
	Shares	Amount		Capital			Stock			Deficit			Equity
Balance - December 31, 2016	26,095,431	$	261	$	417,624		$	(3,477	)	$	—		$	414,408
Issuance of stock	3	—		—			—			—			—
Amortization of share-based compensation	—	—		10,723			—			—			10,723
Treasury stock, net	—	—		(1,058		)	1,020			—			(38		)
Net loss	—	—		—			—			(62,567		)	(62,567		)
Balance - June 30, 2017 (unaudited)	26,095,434	$	261	$	427,289		$	(2,457	)	$	(62,567	)	$	362,526

See accompanying notes to unaudited consolidated financial statements.

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Basic Energy Services, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)



	Six Months Ended June 30,
	2017			2016
	(Successor)			(Predecessor)
Cash flows from operating activities:
Net loss	$	(62,567	)	$	(173,222	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization	51,369			110,999
Accretion on asset retirement obligation	79			72
Change in allowance for doubtful accounts	1,751			(641		)
Amortization of deferred financing costs	19			4,486
Amortization of debt discounts	3,862			(138		)
Non-cash compensation	10,723			5,117
(Gain) loss on disposal of assets	(690		)	261
Deferred income taxes	389			(4,404		)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(43,562		)	24,010
Inventories	(989		)	4,440
Income tax receivable	1			552
Prepaid expenses and other current assets	(5,958		)	294
Other assets	(524		)	(85		)
Accounts payable	26,841			(21,488		)
Other liabilities	(265		)	(8,338		)
Accrued expenses	6,128			16,077
Net cash used in operating activities	(13,393		)	(42,008		)
Cash flows from investing activities:
Purchase of property and equipment	(33,745		)	(11,561		)
Proceeds from sale of assets	4,976			1,451
Net cash used in investing activities	(28,769		)	(10,110		)
Cash flows from financing activities:
Payments of debt	(22,266		)	(25,422		)
Proceeds from debt	—			165,000
Change in restricted cash	(3		)	(30,196		)
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock	(38		)	(640		)
Deferred loan costs and other financing activities	(162		)	(17,256		)
Net cash (used in) provided by financing activities	(22,469		)	91,486
Net (decrease) increase in cash and equivalents	(64,631		)	39,368
Cash and cash equivalents - beginning of period	$	98,875		46,732
Cash and cash equivalents - end of period	$	34,244		$	86,100

See accompanying notes to unaudited consolidated financial statements.

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BASIC ENERGY SERVICES, INC.

Notes to Consolidated Financial Statements

June 30, 2017 (unaudited)

1. Basis of Presentation and Nature of Operations

Basis of Presentation

The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements.

Emergence from Chapter 11

In connection with the Company’s emergence from its bankruptcy cases (the "Chapter 11 Cases"), on December 23, 2016 ("the Effective Date"), the Company applied the provisions of fresh start accounting, pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852, Reorganizations, to its consolidated financial statements. We elected to apply fresh start accounting effective December 31, 2016, to coincide with the timing of our normal December accounting period close.

The implementation of the First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors (as confirmed, the "Prepackaged Plan") and the application of fresh start accounting materially changed the carrying amounts and classifications reported in our consolidated financial statements and resulted in the Company becoming a new entity for financial reporting purposes. Accordingly, our consolidated financial statements for periods prior to December 31, 2016 will not be comparable to our consolidated financial statements as of December 31, 2016 or for periods subsequent to December 31, 2016.

References to “Successor” or “Successor Company” refer to the Company on or after December 31, 2016, after giving effect to the implementation of the Prepackaged Plan and the application of fresh start accounting. References to “Predecessor” or “Predecessor Company” refer to the Company prior to December 31, 2016. Additionally, references to periods on or after December 31, 2016 refer to the Successor and references to periods prior to December 31, 2016 refer to the Predecessor.

Liquidity and Capital Resources

As of June 30, 2017, our primary capital resources were utilization of capital leases and borrowings under our $75.0 million Second Amended and Restated ABL Credit Agreement (the "ABL Facility"), partially offset by net cash used in operations. As of June 30, 2017, we had unrestricted cash and cash equivalents of $34.2 million compared to $98.9 million as of December 31, 2016. An additional amount of $2.4 million is classified as restricted cash. We have utilized, and expect to utilize in the future, bank and capital lease financing and sales of equity to obtain capital resources. When appropriate, we will consider public or private debt and equity offerings and non-recourse transactions to meet our liquidity needs.

Nature of Operations

Basic provides a wide range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. These services are primarily provided using Basic’s fleet of equipment. Basic’s operations are concentrated in the major United States onshore oil and gas producing regions in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, California, the Rocky Mountains and Appalachia.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Basic and its wholly owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership or contract. All intercompany transactions and balances have been eliminated.

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Accounting Estimates

Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include:

•Depreciation and amortization of property and equipment and intangible assets;

•Impairment of property and equipment, and intangible assets;

•Allowance for doubtful accounts;

•Litigation and self-insured risk reserves;

•Fair value of assets acquired and liabilities assumed in an acquisition;

•Stock-based compensation; and

•Income taxes.

2. Property and Equipment

Property and equipment consisted of the following (in thousands):



	June 30, 2017		December 31, 2016
Land	$	20,843	$	21,010
Buildings and improvements	40,026		39,588
Well service units and equipment	106,118		96,365
Frac equipment/test tanks	108,869		75,506
Pumping equipment	105,812		85,247
Fluid services equipment	68,074		57,359
Disposal facilities	49,900		47,507
Contract drilling equipment	11,051		12,257
Rental equipment	34,114		32,582
Light vehicles	16,059		12,722
Software	641		641
Other	3,969		3,885
Construction equipment	1,638		1,485
Brine and fresh water stations	2,786		2,694
	569,900		488,848
Less accumulated depreciation and amortization	49,325		—
Property and equipment, net	$	520,575	$	488,848

Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years. The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consists of the following (in thousands):



	June 30, 2017		December 31, 2016
Fluid services equipment	$	60,419	$	29,372
Pumping equipment	26,979		12,806
Light vehicles	8,881		5,729
Contract drilling equipment	906		999
Well service units and equipment	—		—
Construction equipment	28		28
	97,213		48,934
Less accumulated amortization	6,948		—
Property and equipment under capital lease, net	$	90,265	$	48,934

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Amortization of assets held under capital leases is included in depreciation and amortization expense in the consolidated statements of operations. Amortization amounts consisted of the following (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(Successor)		(Predecessor)		(Successor)		(Predecessor)
Lease amortization expense	$	3,893	$	9,167	$	7,588	$	18,802

3. Intangible Assets

Basic had trade names of $3.4 million as of each of June 30, 2017 and December 31, 2016. Trade names have a 15-year life and are tested for impairment annually.

Basic’s intangible assets were as follows (in thousands):



	June 30, 2017		December 31, 2016
Trade names	$	3,410	$	3,410
Other intangible assets	48		48
	$	3,458	$	3,458
Less accumulated amortization	119		—
Intangible assets subject to amortization, net	$	3,339	$	3,458

Amortization expense of intangible assets for the three and six months ended June 30, 2017 and 2016 was as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(Successor)		(Predecessor)		(Successor)		(Predecessor)
Intangible amortization expense	$	60	$	2,200	$	119	$	4,500

4. Long-Term Debt and Interest Expense

Long-term debt consisted of the following (in thousands):



	June 30, 2017			December 31, 2016
Credit facilities:
Term Loan	$	163,350		$	164,175
Capital leases and other notes	105,818			78,046
Unamortized discounts, premiums, and deferred debt costs	(15,225		)	(19,001		)
Total principal amount of debt instruments, net	253,943			223,220
Less current portion	46,456			38,468
Long-term debt	$	207,487		$	184,752

Debt Discounts

The following discounts on debt represent the unamortized discount to fair value of our Amended and Restated Term Loan Credit Agreement (the "Term Loan Agreement") and the short-term and long-term portions of the fair value discount of capital leases:

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	June 30, 2017		December 31, 2016
Unamortized discount on Term Loan	$	10,308	$	11,401
Unamortized discount on Capital Leases - short-term	1,657		1,600
Unamortized discount on Capital Leases - long-term	3,173		6,000
Unamortized deferred debt costs	87		—
	$	15,225	$	19,001

As of June 30, 2017, Basic had no borrowings and $54.8 million of letters of credit outstanding under its ABL Facility, giving Basic $20.2 million of available borrowing capacity subject to covenant constraints under our ABL Facility, including our fixed charge coverage ratio.

Basic’s interest expense consisted of the following (in thousands):



	Three Months Ended June 30,					Six Months Ended June 30,
	2017			2016		2017		2016
	(Successor)			(Predecessor)		(Successor)		(Predecessor)
Cash payments for interest	$	8,040		$	13,862	$	9,308	$	32,560
Commitment and other fees paid	170			599		187		1,272
Amortization of debt issuance costs and discounts	2,321			1,426		3,881		4,348
Change in accrued interest	(1,364		)	6,617		4,878		5,010
Other	12			17		35		45
	$	9,179		$	22,521	$	18,289	$	43,235

5. Fair Value Measurements

The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of June 30, 2017 and December 31, 2016:



	Fair Value	June 30, 2017				December 31, 2016
	Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
		(In thousands)
Term Loan	3	$	153,042	$	156,901	$	152,838	$	152,838

The fair value of the Term Loan Agreement is based upon our discounted cash flows model using a third-party discount rate. The carrying amount of our ABL Facility approximates fair value due to its variable-rate characteristics.

The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, capital leases, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments.

6. Commitments and Contingencies

Environmental

Basic is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. Basic cannot predict the future impact of such standards and requirements, which are subject to change and can have retroactive effectiveness. Basic continues to monitor the status of these laws and regulations. Management believes that the likelihood of any of these items resulting in a material adverse impact to Basic’s financial position, liquidity, capital resources or future results of operations is remote.

Currently, Basic has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to bring Basic into total compliance with the laws and regulations. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions which may be required, the determination of Basic’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification.

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Litigation

From time to time, Basic is a party to litigation or other legal proceedings that Basic considers to be a part of the ordinary course of business. Basic is not currently involved in any legal proceedings that it considers probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on its financial condition, results of operations or liquidity.

Self-Insured Risk Accruals

Basic is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. Basic generally maintains no physical property damage coverage on its workover rig fleet, with the exception of certain of its 24-hour workover rigs and newly manufactured rigs. Basic has deductibles per occurrence for workers’ compensation, general liability claims, automobile liability and medical coverage of $5.0 million, $1.0 million, $1.0 million, and $400,000, respectively. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions based upon third-party data and claims history.

At June 30, 2017 and December 31, 2016, self-insured risk accruals totaled approximately $35.0 million and are included in other long-term liabilities and accrued expenses.

7. Stockholders’ Equity

Common Stock

In February 2017, Basic granted certain members of management 801,322 performance-based restricted stock units and 320,532 performance-based stock option awards, which each vest over a three-year period.

Treasury Stock

Basic has acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of certain restricted stock units and awards. Basic acquired a total of 1,032 shares through net share settlements during the first six months of 2017 and issued 29,398 shares from treasury stock for accelerated vestings and stock grants in the first six months of 2017 (Successor). Basic acquired 220,391 shares through net share settlements during the first six months of 2016 (Predecessor).

8. Incentive Plan

The following table reflects compensation activity related to the management incentive plan for the six-month period ending June 30, 2017 (dollar amounts in thousands):



	Compensation expense for three months ended June 30, 2017		Compensation expense for six months ended June 30, 2017		Unrecognized compensation expense		Weighted average remaining life	Fair value of share based awards vested

Restricted stock	$	5,212	$	8,828	$	40,444	2.2	$	101
Restricted stock options	$	1,063	$	1,896	$	10,089	9.6	$	—

During the three and six months ended June 30, 2017 and 2016, there was no excess tax benefit related to equity incentive compensation. Awards granted prior to the Effective Date were subsequently cancelled. All outstanding awards at June 30, 2017 were granted after the Effective Date as part of the Prepackaged Plan or during the current six-month period, and relate to the Company's newly issued shares.

Stock Option Awards

The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Stock options granted under the Company's management incentive plan expire ten years from the date they are granted, and vest over a three-year service period.

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The following table reflects changes during the six-month period and a summary of stock options outstanding at June 30, 2017:



					Weighted
					Average
			Weighted		Remaining	Aggregate
	Number of		Average		Contractual	Intrinsic
	Options		Exercise		Term	Value
	Granted		Price		(Years)	(000's)
Non-statutory stock options:
Outstanding, beginning of period	323,770		$	36.55
Options granted	320,532		41.90
Options forfeited	(2,158	)	36.55
Options exercised	—		—
Outstanding, end of period	642,144		$	39.22	9.6	$	—
Exercisable, end of period	1,080		$	36.55	9.5	$	—
Vested or expected to vest, end of period	642,144		$	39.22	9.6	$	—

There were no stock options exercised during the six months ended June 30, 2017 and 2016.

Restricted Stock Unit Awards

A summary of the status of Basic’s non-vested restricted stock units at June 30, 2017 and changes during the six months ended June 30, 2017 is presented in the following table:



			Weighted Average
	Number of		Grant Date Fair
Non-vested Units	Shares		Value Per Share
Non-vested at beginning of period	539,606		$	36.55
Granted during period	828,022		41.46
Vested during period	(2,698	)	36.55
Forfeited during period	(2,698	)	36.55
Non-vested at end of period	1,362,232		$	39.53

Restricted Stock Awards

On May 25, 2017, Basic’s Board of Directors, the "Board", approved grants of restricted stock awards to non-employee members of the Board. The number of restricted shares granted was 26,700. These grants are subject to vesting over a ten-month period and are subject to accelerated vesting under certain circumstances.

Phantom Stock Awards

On March 15, 2017, the Board approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 42,820. These grants remain subject to vesting annually in one-third increments over a two-year period, with the first portion vested on March 15, 2017 and are subject to accelerated vesting in certain circumstances.

On June 1, 2017 Basic’s Board of Directors approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 79,440. These grants remain subject to vesting annually in one-third increments over a three-year period, with the first portion vesting on March 15, 2018 and are subject to accelerated vesting in certain circumstances.

9. Related Party Transactions

Basic had receivables from employees of approximately $22,000 and $31,000 as of June 30, 2017 and December 31, 2016, respectively.

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10. Earnings Per Share

The following table sets forth the computation of unaudited basic and diluted loss per share (in thousands, except share data):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(Unaudited)						(Unaudited)
	(Successor)			(Predecessor)			(Successor)			(Predecessor)
Numerator (both basic and diluted):
Net loss	$	(23,941	)	$	(89,883	)	$	(62,567	)	$	(173,222	)
Denominator:
Denominator for basic loss per share	26,011,369			42,602,128			26,005,409			41,869,855
Denominator for diluted loss per share	26,011,369			42,602,128			26,005,409			41,869,855
Basic loss per common share:	$	(0.92	)	$	(2.11	)	$	(2.41	)	$	(4.14	)
Diluted loss per common share:	$	(0.92	)	$	(2.11	)	$	(2.41	)	$	(4.14	)

Unvested restricted stock awards of approximately 1,346,095 and 1,362,232 were excluded from the computation of diluted loss per share for the three and six months ended June 30, 2017, and unvested restricted stock awards of 803,240 and 781,526 were excluded in the computation of diluted loss per share for the three and six months ended June 30, 2016, as the effect would have been anti-dilutive.

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11. Business Segment Information

The following table sets forth certain financial information with respect to Basic’s reportable segments (in thousands):



	Completion
	and Remedial			Fluid			Well			Contract			Corporate
	Services			Services			Servicing			Drilling			and Other		Total
Three Months Ended June 30, 2017 (Unaudited)	(Successor)
Operating revenues	$	107,385		50,740			53,054			2,117			$	—	$	213,296
Direct operating costs	(81,199		)	(41,580		)	(41,796		)	(1,863		)	—		$	(166,438	)
Segment profits	$	26,186		$	9,160		$	11,258		$	254		$	—	$	46,858
Depreciation and amortization	$	12,412		$	6,637		$	4,636		$	501		$	1,770	$	25,956
Capital expenditures (excluding acquisitions)	$	25,849		$	8,916		$	5,116		$	(36	)	$	1,004	$	40,849
Three Months Ended June 30, 2016 (Unaudited)	(Predecessor)
Operating revenues	$	36,228		$	45,491		$	36,824		$	1,461		$	—	$	120,004
Direct operating costs	(32,860		)	(38,619		)	(31,847		)	(1,368		)	—		(104,694		)
Segment profits	$	3,368		$	6,872		$	4,977		$	93		$	—	$	15,310
Depreciation and amortization	$	18,954		$	16,145		$	13,886		$	3,201		$	2,661	$	54,847
Capital expenditures (excluding acquisitions)	$	935		$	3,031		$	2,303		$	—		$	1,526	$	7,795
Six Months Ended June 30, 2017 (Unaudited)	(Successor)
Operating revenues	$	187,817		100,946			101,672			4,880			$	—	$	395,315
Direct operating costs	(148,451		)	(83,118		)	(82,712		)	(4,271		)	—		$	(318,552	)
Segment profits	$	39,366		$	17,828		$	18,960		$	609		$	—	$	76,763
Depreciation and amortization	$	24,563		$	13,136		$	9,176		$	991		$	3,503	$	51,369
Capital expenditures (excluding acquisitions)	$	58,058		$	16,337		$	13,493		$	17		$	1,247	$	89,152
Identifiable assets	$	268,381		$	133,557		$	109,817		$	10,025		$	264,586	$	786,366
Six Months Ended June 30, 2016 (Unaudited)	(Predecessor)
Operating revenues	$	75,924		$	95,741		$	75,731		$	2,965		$	—	$	250,361
Direct operating costs	(67,648		)	(79,786		)	(66,318		)	(2,929		)	—		(216,681		)
Segment profits	$	8,276		$	15,955		$	9,413		$	36		$	—	$	33,680
Depreciation and amortization	$	38,359		$	32,673		$	28,102		$	6,479		$	5,386	$	110,999
Capital expenditures (excluding acquisitions)	$	1,511		$	6,178		$	3,454		$	113		$	2,506	$	13,762
Identifiable assets	$	324,114		$	227,006		$	209,498		$	45,976		$	271,764	$	1,078,358

The following table reconciles the segment profits reported above to the operating loss as reported in the consolidated statements of operations (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(Successor)			(Predecessor)			(Successor)			(Predecessor)
Segment profits	$	46,858		$	15,310		$	76,763		$	33,680
General and administrative expenses	(36,037		)	(27,078		)	(70,241		)	(56,640		)
Depreciation and amortization	(25,956		)	(54,847		)	(51,369		)	(110,999		)
Gain (loss) on disposal of assets	223			(336		)	690			(261		)
Operating loss	$	(14,912	)	$	(66,951	)	$	(44,157	)	$	(134,220	)

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12. Supplemental Schedule of Cash Flow Information

The following table reflects non-cash financing and investing activity during the following periods:



	Six Months Ended June 30,
	2017		2016
	(In thousands)
Capital leases and notes issued for equipment	$	49,214	$	2,201
Asset retirement obligation additions (retirements)	—		(21		)
Change in accrued property and equipment	6,193		—

Basic paid no income taxes during the six months ended June 30, 2017 and 2016. Basic paid interest of approximately $9.3 million and $32.6 million during the six months ended June 30, 2017 and 2016, respectively.

13. Recent Accounting Pronouncements

Recently adopted

In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. ” The purpose of this update to is to simplify overly complex areas of GAAP, while maintaining or improving the usefulness of the information. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update was adopted for Basic beginning January 1, 2017, and did not have a material impact on our consolidated financial statements.

In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” to simplify the measurement of inventory, which requires inventory measured using the first in, first out (FIFO) or average cost methods to be subsequently measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. Currently, these inventory methods are required to be subsequently measured at the lower of cost or market. "Market" could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. This update was adopted for Basic beginning January 1, 2017, and did not have a material impact on our consolidated financial statements.

Not yet adopted

In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers-Deferral of the Effective Date,” that defers by one year the effective date of ASU 2014-09, “Revenue from Contracts with Customers.” The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. ASU 2014-09 - “Revenue from Contracts with Customers" represented a comprehensive revenue recognition standard to supersede existing revenue recognition guidance and align GAAP more closely with International Financial Reporting Standards (IFRS).

The core principle of the new guidance is that a company should recognize revenue to match the delivery of goods or services to customers to the consideration the company expects to be entitled in exchange for those goods or services. The standard creates a five step model that requires companies to exercise judgment when considering the terms of a contract and all relevant facts and circumstances. The standard allows for several transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, including additional disclosures of the standard’s application impact to individual financial statement line items.

We are currently determining the impact of the new standard on the revenue streams from the services we provide. Our approach will include performing a detailed review of key contracts representative of our different businesses and comparing historical accounting policies and practices to the new standard. Our services are primarily short-term in nature, and our assessment is that we do not expect the new revenue recognition standard will have a material impact on our operating results, however may impact our financial statement disclosures upon adoption. We intend to adopt the new standard as of January 1, 2018.

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The purpose of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for Basic in annual periods beginning after

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December 15, 2018, including interim periods within those fiscal years. Basic expects to recognize additional right-of-use assets and liabilities related to operating leases with terms longer than one year.

In August 2016, the FASB issued ASU 2016-15-"Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." This standard is effective for Basic for fiscal years beginning after December 15, 2017. The amendments in this update are intended to clarify cash flow treatment of certain cash flow issues with the objective of reducing diversity in practice. Early adoption is permitted, including adoption in an interim period. An entity that elects early adoption must adopt all of the amendments in the same period. Basic intends to adopt this standard as of January 1, 2018, and does not expect significant changes to the cash flow statement as a result.

In November 2016 the FASB issued ASU 2016-18- "Statement of Cash Flows (Topic 230): Restricted Cash," which clarifies the treatment of cash inflows into and cash payments from restricted cash. Restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU should be applied using a retrospective transition method and are effective for reporting periods beginning after December 15, 2017, Basic intends to adopt this standard as of January 1, 2018, and does not expect significant changes to the cash flow statement as a result.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Overview

We provide a wide range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, well servicing, fluid services and contract drilling. Our emergence from bankruptcy, and various market fluctuations, may make our revenues, expenses and income not directly comparable between periods.

Our total hydraulic horsepower (“hhp”) increased to 518,000 at the end of the second quarter of 2017 compared to 444,000 for the second quarter of 2016. Weighted average horsepower increased to 488,000 for the second quarter of 2017 from 444,000 in the second quarter of 2016. Our weighted average number of fluid service trucks decreased to 943 in the second quarter of 2017 from 976 in the second quarter of 2016. Our weighted average number of well servicing rigs remained constant at 421 during the second quarter of 2017 compared to the second quarter of 2016.

Our operating revenues from each of our segments, and their relative percentages of our total revenues, consisted of the following (dollars in millions):



	Six Months Ended June 30,
	2017				2016
	(Successor)				(Predecessor)
Revenues:
Completion and remedial services	$	187.8	47	%	$	75.9	30	%
Fluid services	$	100.9	26	%	$	95.8	38	%
Well servicing	$	101.7	26	%	$	75.7	31	%
Contract drilling	$	4.9	1	%	$	3.0	1	%
Total revenues	$	395.3	100	%	$	250.4	100	%

During the fourth quarter of 2015, oil prices declined to levels below $50 per barrel (WTI Cushing) and dropped to levels below $30 in early 2016 before rebounding in late 2016. During the first half of 2017, oil prices gradually improved with pricing in the mid-$50 range before declining to the mid-$40 range by the end of the second quarter. As a result of the overall increase in pricing, our customers’ activity levels and utilization of our equipment has gradually improved. General improvement in customer confidence has caused the North American onshore drilling rig count to rise, resulting in a significant increase in completion-related activity during the first half of 2017. Additionally, production related activities, such as well servicing and fluid services, have seen increases as customers have increased their maintenance and workover budgets in 2017.

As a result of increased concentration of equipment and activity, utilization and pricing for our services has remained competitive in our oil-based operating areas. Natural gas prices have been depressed for a prolonged period and utilization and pricing for our services in our natural gas-based operating areas remained challenged.

We believe that the most important performance measures for our business segments are as follows:


•	Completion and Remedial Services — segment profits as a percent of revenues;


•	Well Servicing — rig hours, rig utilization rate, revenue per rig hour, profits per rig hour and segment profits as a percent of revenues;


•	Fluid Services — trucking hours, revenue per truck, segment profits per truck and segment profits as a percent of revenues; and


•	Contract Drilling — rig operating days, revenue per drilling day, profits per drilling day and segment profits as a percent of revenues.

Segment profits are computed as segment operating revenues less direct operating costs. These measurements provide important information to us about the activity and profitability of our lines of business. For a detailed analysis of these indicators for the Company, see “Segment Overview” below.

Selected Acquisitions and Divestitures

During the year ended December 31, 2016 and through the first six months of 2017, we did not make any business acquisitions or divestitures.

Segment Overview

Completion and Remedial Services

During the first six months of 2017, our completion and remedial services segment represented approximately 47% of our revenues. Revenues from our completion and remedial services segment are generally derived from a variety of services designed to complete and stimulate new oil and natural gas production or place cement slurry within the wellbores. Our completion and remedial services segment includes pumping services, rental and fishing tool operations, coiled tubing services, nitrogen services, snubbing and other services.

Our pumping services provide both large and mid-sized fracturing services in selected markets, including vertical and horizontal wellbores. Cementing and acidizing services also are included in our pumping services operations. Our total hydraulic horsepower capacity for our pumping operations was 518,000 at June 30, 2017 and 444,000 at June 30, 2016, respectively. Weighted average horsepower increased to 488,000 for the second quarter of 2017 from 444,000 in the second quarter of 2016.

In this segment, we derive our revenues on a project-by-project basis in a competitive bidding process. Our bids are based on the amount and type of equipment and personnel required, with the materials consumed billed separately. During the extended period of decreased spending by oil and gas companies in 2015 and 2016, we discounted our rates to remain competitive, which has caused lower segment profits. As activity has improved in the first half of 2017, we have gained limited pricing increases.

The following is an analysis of our completion and remedial services segment for each of the quarters in 2016, the full year ended December 31, 2016 and the quarters ended March 31, 2017 and June 30, 2017 (dollars in thousands):



			Segment
	Revenues		Profits %
2016: (Predecessor)
First Quarter	$	39,696	12	%
Second Quarter	$	36,228	9	%
Third Quarter	$	49,424	18	%
Fourth Quarter	$	59,219	14	%
Full Year	$	184,567	14	%
2017: (Successor)
First Quarter	$	80,431	16	%
Second Quarter	$	107,385	24	%

The increase in completion and remedial services revenue to $107.4 million in the second quarter of 2017 from $80.4 million in the first quarter of 2017 resulted primarily from increased activity particularly in our coil tubing and fracing operations. Segment profits as a percentage of revenue increased to 24% in the second quarter of 2017 from 16% in first quarter of 2017 on the incremental effect of higher revenues and improved pricing and utilization of our equipment.

Fluid Services

During the first six months of 2017, our fluid services segment represented approximately 26% of our revenues. Revenues in our fluid services segment are earned from the sale, transportation, treatment, and recycling, storage and disposal of fluids used in the drilling, production and maintenance of oil and natural gas wells. Revenues also include well site construction and maintenance services. The fluid services segment has a base level of business consisting of transporting and disposing of salt water produced as a by-product of the production of oil and natural gas. These services are necessary for our customers and usually have a stable demand, but produce lower relative segment profits than other parts of our fluid services segment. Fluid services for completion and workover projects require fresh or brine water for making drilling mud, circulating fluids or frac fluids used during a job, and all of these fluids require storage tanks and hauling and disposal. Because we can provide a full complement of fluid sales, trucking, storage and disposal required on most drilling and workover projects, the add-on services associated with drilling and workover activity generally enable us to generate higher segment profits. The higher segment profits for these add-on services are due to the relatively small incremental labor costs associated with providing these services

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in addition to our base fluid services segment. Revenues from our water treatment and recycling services include the treatment, recycling and disposal of wastewater, including frac water and flowback, to reuse this water in the completion and production processes. Revenues from our well site construction services are derived primarily from preparing and maintaining access roads and well locations, installing small diameter gathering lines and pipelines, constructing foundations to support drilling rigs and providing maintenance services for oil and natural gas facilities. We price fluid services by the job, by the hour, or by the quantities sold, disposed of or hauled.

The following is an analysis of our fluid services operations for each of the quarters in 2016, the full year ended December 31, 2016 and the quarters ended March 31, 2017 and June 30, 2017 (dollars in thousands):



	Weighted				Segment
	Average		Revenue		Profits Per
	Number of		Per Fluid		Fluid
	Fluid Service	Trucking	Service		Service		Segment
	Trucks	Hours	Truck		Truck		Profits %
2016: (Predecessor)
First Quarter	985	521,500	$	51	$	10	18	%
Second Quarter	976	474,400	$	47	$	7	15	%
Third Quarter	962	499,900	$	49	$	8	17	%
Fourth Quarter	944	503,200	$	52	$	7	13	%
Full Year	966	1,999,000	$	199	$	31	16	%
2017: (Successor)
First Quarter	935	484,300	$	54	$	9	17	%
Second Quarter	943	473,500	$	54	$	10	18	%

Revenue per fluid service truck remained constant at $54,000 in the second quarter of 2017 compared to the first quarter of 2017 on continued high levels of disposal well utilization and hot oiling services revenues. Segment profit percentage increased to 18% in the second quarter of 2017 from 17% in the first quarter of 2017 primarily due to the incremental effect of higher revenues.

Well Servicing

During the first six months of 2017, our well servicing segment represented 26% of our revenues. Revenue in our well servicing segment is derived from maintenance, workover, completion, manufacturing and plugging and abandonment services. We provide maintenance-related services as part of the normal, periodic upkeep of producing oil and natural gas wells. Maintenance-related services represent a relatively consistent component of our business. Workover and completion services generate more revenue per hour than maintenance work due to the use of auxiliary equipment, but demand for workover and completion services fluctuates more with the overall activity level in the industry. We also have a rig manufacturing and servicing facility that builds new workover rigs, performs large-scale refurbishments of used workover rigs and provides maintenance services on previously manufactured rigs.

We charge our well servicing rig customers for services on an hourly basis at rates that are determined by the type of service and equipment required, market conditions in the region in which the rig operates, the ancillary equipment provided on the rig and the necessary personnel. Depending on the type of job, we may also charge by the project or by the day. We measure the activity levels of our well servicing rigs on a weekly basis by calculating a rig utilization rate based on a 55-hour work week per rig. Our fleet remained constant in 2016 and 2017 at a weighted average number of 421 rigs.

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The following is an analysis of our well servicing operations for each of the quarters in 2016, the full year ended December 31, 2016 and the quarters ended March 31, 2017 and June 30, 2017 (dollars in thousands):



	Weighted
	Average		Rig		Revenue
	Number		Utilization		Per Rig		Profits Per
	of Rigs	Rig hours	Rate		Hour		Rig hour		Profits %
2016: (Predecessor)
First Quarter	421	108,400	36	%	$	321	$	44	11	%
Second Quarter	421	113,700	38	%	$	308	$	44	14	%
Third Quarter	421	136,600	45	%	$	313	$	60	19	%
Fourth Quarter	421	146,200	49	%	$	300	$	43	14	%
Full Year	421	504,900	42	%	$	310	$	47	14	%
2017: (Successor)
First Quarter	421	157,600	52	%	$	307	$	49	16	%
Second Quarter	421	162,300	54	%	$	321	$	69	21	%

Rig utilization was 54% in the second quarter of 2017, up from 52% in the first quarter of 2017. The higher utilization rate in the second quarter of 2017 resulted from an increase in well servicing hours caused by increases in customer demand and activity in selected basins. Our segment profit percentage increased to 21% for the second quarter of 2017 from 16% in the first quarter of 2017, primarily due to increased utilization, pricing and improved plugging and abandonment activity.

Contract Drilling

During the first six months of 2017, our contract drilling segment represented approximately 1% of our revenues. Revenues from our contract drilling segment are derived primarily from the drilling of new wells.

Within this segment, we charge our drilling rig customers a “daywork” daily rate, or “footage” at an established rate per number of feet drilled. We measure the activity level of our drilling rigs on a weekly basis by calculating a rig utilization rate based on a seven-day work week per rig. Our contract drilling rig fleet had a weighted average of 11 rigs during the second quarter of 2017, which is down from 12 during the first quarter of 2017.

The following is an analysis of our contract drilling segment for each of the quarters in 2016, the full year ended December 31, 2016 and the quarters ended March 31, 2017 and June 30, 2017 (dollars in thousands):



	Weighted
	Average	Rig
	Number of	Operating	Revenue Per		Profits Per			Segment
	Rigs	Days	Drilling Day		Drilling Day			Profits %
2016: (Predecessor)
First Quarter	12	91	$	16.5	$	(0.6	)	(4	)%
Second Quarter	12	91	$	16.1	$	1		6	%
Third Quarter	12	92	$	20.1	$	1.8		9	%
Fourth Quarter	12	139	$	17.5	$	0.8		(2	)%
Full Year	12	413	$	17.5	$	0.8		2	%
2017: (Successor)
First Quarter	12	135	$	20.5	$	2.6		13	%
Second Quarter	11	91	$	23.3	$	2.8		12	%

Revenue per drilling day increased to $23,300 in the second quarter of 2017 compared to $20,500 in the first quarter of 2017. The increase in revenue per drilling day in the second quarter of 2017 was due to an increase in rig trucking revenues and utilization. Segment profit percentage decreased to 12% in the second quarter of 2017 compared to segment profit of 13% in the first quarter of 2017 due to decreased utilization of our contract drilling rigs.

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Operating Cost Overview

Our operating costs are comprised primarily of labor, including workers’ compensation and health insurance, repair and maintenance, fuel and insurance. The majority of our employees are paid on an hourly basis. We also incur costs to employ personnel to sell and supervise our services and perform maintenance on our fleet. These costs, however, are not directly tied to our level of business activity. Repair and maintenance is performed by our crews, company maintenance personnel and outside service providers. Compensation for our administrative personnel in local operating yards and in our corporate office is accounted for as general and administrative expenses. Insurance is generally a fixed cost regardless of utilization and relates to the number of rigs, trucks and other equipment in our fleet, employee payroll and safety record.

Critical Accounting Policies and Estimates

Our unaudited consolidated financial statements are impacted by the accounting policies used and the estimates and assumptions made by management during their preparation. A complete summary of our significant accounting policies is included in Note 1. Basis of Presentation and Nature of Operations of the Financial Statements and Supplementary Data in our most recent Annual Report on Form 10-K.

Results of Operations

The following is a comparison of our results of operations for the three and six months ended June 30, 2017 compared to the three and six months ended June 30, 2016. The implementation of the First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors and the application of fresh start accounting materially changed the carrying amounts and classifications reported in our consolidated financial statements and resulted in the Company becoming a new entity for financial reporting purposes. Accordingly, our consolidated financial statements for periods prior to December 31, 2016 will not be comparable to our consolidated financial statements as of December 31, 2016 or for periods subsequent to December 31, 2016. For additional segment-related information and trends, please read “Segment Overview” above.

Three Months Ended June 30, 2017 Compared to Three Months Ended June 30, 2016

Revenues. Revenues increased by 78% to $213.3 million during the second quarter of 2017 from $120.0 million during the same period in 2016. This increase was primarily due to increased demand for our services by our customers, particularly completion and remedial services, compared to the same period in 2016, when our customers were working with reduced capital budgets. After the prolonged period of lower oil prices, our customers have gradually begun to increase their capital and operating spending levels.

Completion and remedial services revenues increased by 196% to $107.4 million during the second quarter of 2017 compared to $36.2 million in the same period in 2016. The increase in revenue between these periods was primarily due to improved demand for completion related activities and slightly improved pricing for our services, particularly in our pumping services and coil tubing lines of business. Total hydraulic horsepower increased to 518,000 at June 30, 2017 from 444,000 at June 30, 2016 due to the acquisition of 74,000 HHP during the second quarter of 2017. Weighted average horsepower increased to 488,000 for the second quarter of 2017 from 444,000 in the second quarter of 2016.

Fluid services revenues increased to $50.7 million during the second quarter of 2017 compared to $45.5 million in the same period in 2016. Our revenue per fluid service truck increased 15% to $54,000 in the second quarter of 2017 compared to $47,000 in the same period in 2016 mainly due to increases in trucking activity, disposal utilization and skim oil revenues. Our weighted average number of fluid service trucks decreased to 943 during the second quarter of 2017 compared to 976 in the same period in 2016.

Well servicing revenues increased by 44% to $53.1 million during the second quarter of 2017 compared to $36.8 million during the same period in 2016. The increase was driven by an increase in utilization of our equipment, primarily due to increases in customer demand. Our weighted average number of well servicing rigs remained constant at 421 during the second quarter of 2017 and 2016. Utilization was 54% in the second quarter of 2017, compared to 38% in the comparable quarter of 2016. Revenue per rig hour in the second quarter of 2017 was $321, increasing from $308 in the comparable quarter of 2016 due to rate increases to customers.

Contract drilling revenues increased by 45% to $2.1 million during the second quarter of 2017 compared to $1.5 million in the same period in 2016. The number of rig operating days remained constant at 91 in the second quarter of 2017 from 91 in the second quarter of 2016. The increase in revenue was due to an increase in drilling activity and rig trucking activity in the Permian Basin.

Direct Operating Expenses. Direct operating expenses, which primarily consist of labor, including workers’ compensation and health insurance, repair and maintenance, fuel and insurance, increased to $166.4 million during the second quarter of 2017 from $104.7 million in the same period in 2016, primarily due to increases in activity and corresponding increases in employee headcount and wages to adapt to current activity levels.

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Direct operating expenses for the completion and remedial services segment increased by 147% to $81.2 million during the second quarter of 2017 compared to $32.9 million for the same period in 2016 due primarily to increased activity levels overall, especially in our pumping and coil tubing services. Segment profits increased to 24% of revenues during the second quarter of 2017 compared to 9% for the same period in 2016, due to the improved utilization of equipment and incremental margins from a higher revenue base.

Direct operating expenses for the fluid services segment increased by 8% to $41.6 million during the second quarter of 2017 compared to $38.6 million for the same period in 2016, mainly due to activity levels improving in 2017. Segment profits were 18% of revenues during the second quarter of 2017 compared to 15% for the same period in 2016, due to an increase in incremental margins from a higher revenue base.

Direct operating expenses for the well servicing segment increased by 31% to $41.8 million during the second quarter of 2017 compared to $31.8 million for the same period in 2016. The increase in direct operating expenses corresponds to increased workover and plugging activity levels. Segment profits increased to 21% of revenues during the second quarter of 2017 compared to 14% of revenues during the second quarter of 2016 due to improved utilization of our equipment and incremental margins from a higher revenue base.

Direct operating expenses for the contract drilling segment increased 36% to $1.9 million during the second quarter of 2017 compared to $1.4 million for the same period in 2016, due to increased activity and rig operating days. Segment profits increased to 12% of revenues during the second quarter of 2017 from a segment profit of 6% during the second quarter of 2016 due to an increase in drilling projects during the second quarter of 2017.

General and Administrative Expenses. General and administrative expenses increased by 33% to $36.0 million during the second quarter of 2017 from $27.1 million for the same period in 2016, due to costs related to increased stock-based compensation expense and $1.0 million of restructuring fees associated with the implementation of our fresh start accounting process. General and administrative expenses included $6.3 million and $2.3 million of stock-based compensation expense during the second quarters of 2017 and 2016, respectively.

Depreciation and Amortization Expenses. Depreciation and amortization expenses were $26.0 million during the second quarter of 2017 compared to $54.8 million for the same period in 2016. The decrease in depreciation and amortization expense is due to the revaluation of our asset base as of December 31, 2016 as part of the adoption of the fresh start accounting associated with our emergence from bankruptcy.

Interest Expense. Interest expense decreased to $9.2 million during the second quarter of 2017 compared to $22.5 million during the second quarter of 2016. The decrease in interest expense is due to the cancellation of our unsecured notes as part of our emergence from bankruptcy.

Income Tax Expense. There was no income tax expense during the second quarter of 2017 compared to an income tax benefit of $662,000 for the same period in 2016. Excluding the impact of the valuation allowance, our effective tax rate during the second quarter of 2017 and 2016 was approximately 36%.

Six Months Ended June 30, 2017 Compared to Six Months Ended June 30, 2016

Revenues. Revenues increased by 58% to $395.3 million during the six months ended June 30, 2017 from $250.4 million during the same period in 2016. This increase was primarily due to increased demand for our services by our customers, particularly completion and remedial services, compared to the same period in 2016, when our customers were working with reduced capital budgets and ramping down projects. After the prolonged period of lower oil prices, our customers have gradually begun to increase capital budgets.

Completion and remedial services revenues increased by 147% to $187.8 million during the six months ended June 30, 2017 compared to $75.9 million in the same period in 2016. The increase in revenue between these periods was primarily due to improved demand for completion related activities and slightly improved pricing for our services, particularly in our pumping services and coil tubing lines of business. Total hydraulic horsepower increased to 518,000 at June 30, 2017 from 444,000 at June 30, 2016 due to the acquisition of 74,000 HHP during the second quarter of 2017. Weighted average horsepower increased to 488,000 for the second quarter of 2017 from 444,000 in the second quarter of 2016.

Fluid services revenues increased by 5% to $100.9 million during the six months ended June 30, 2017 compared to $95.7 million during the same period in 2016. Our revenue per fluid service truck increased 10% to $108,000 in the six months ended June 30, 2017 compared to $98,000 in the same period in 2016 mainly due to increases in trucking activity, disposal utilization and skim oil revenues. Our weighted average number of fluid service trucks decreased to 939 during the six months ended June 30, 2017 compared to 980 in the same period in 2016.

Well servicing revenues increased by 34% to $101.7 million during the six months ended June 30, 2017 compared to $75.7 million during the same period in 2016. The increase was driven by an increase in utilization of our equipment, primarily due to increases in customer demand. Our weighted average number of well servicing rigs remained constant at 421 during the six

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months ended June 30, 2017 and 2016. Utilization was 53% in the six months ended June 30, 2017, compared to 37% in the comparable quarter of 2016. Revenue per rig hour in the six months ended June 30, 2017 was $314, essentially flat from $315 in the comparable period of 2016.

Contract drilling revenues increased by 65% to $4.9 million during the six months ended June 30, 2017 compared to $3.0 million in the same period in 2016. The number of rig operating days increased 24% to 226 in the six months ended June 30, 2017 compared to 182 in the six months ended June 30, 2016. The increase in revenue and rig operating days was due to an increase in drilling activity in the Permian Basin.

Direct Operating Expenses. Direct operating expenses, which primarily consist of labor, including workers’ compensation and health insurance, repair and maintenance, fuel and insurance, increased to $318.6 million during the six months ended June 30, 2017 from $216.7 million in the same period in 2016, primarily due to increases in activity and corresponding increases in employee headcount and wages to adapt to current activity levels.

Direct operating expenses for the completion and remedial services segment increased by 119% to $148.5 million during the six months ended June 30, 2017 compared to $67.6 million for the same period in 2016 due primarily to increased activity levels overall, especially in our pumping and coil tubing services. Segment profits increased to 21% of revenues during the six months ended June 30, 2017 compared to 11% for the same period in 2016, due to the improved utilization and pricing of equipment and incremental margins from a higher revenue base.

Direct operating expenses for the fluid services segment increased by 4% to $83.1 million during the six months ended June 30, 2017 compared to $79.8 million for the same period in 2016, mainly due to activity levels improving in 2017. Segment profits were 18% of revenues during the six months ended June 30, 2017 compared to 17% for the same period in 2016, due to higher levels of disposal utilization and skim oil sales.

Direct operating expenses for the well servicing segment increased by 25% to $82.7 million during the six months ended June 30, 2017 compared to $66.3 million for the same period in 2016. The increase in direct operating expenses corresponds to increased workover and plugging activity levels. Segment profits increased to 19% of revenues during the six months ended June 30, 2017 compared to 12% of revenues during the six months ended June 30, 2016 due to improved utilization of our equipment and incremental margins from a higher revenue base.

Direct operating expenses for the contract drilling segment increased 46% to $4.3 million during the six months ended June 30, 2017 compared to $2.9 million for the same period in 2016, due to increased activity and rig operating days. Segment profits increased to 12% of revenues during the six months ended June 30, 2017 from a segment profit of 1% during the six months ended of 2016 due to an increase in drilling projects during the second quarter of 2017.

General and Administrative Expenses. General and administrative expenses increased by 24% to $70.2 million during the six months ended June 30, 2017 from $56.6 million for the same period in 2016, due to costs related to increased stock-based compensation expense and restructuring fees associated with the implementation of our fresh start accounting process. General and administrative expenses included $10.7 million and $5.1 million of stock-based compensation expense during the six months ended June 30, 2017 and 2016, respectively.

Depreciation and Amortization Expenses. Depreciation and amortization expenses were $51.4 million during the six months ended June 30, 2017 compared to $111.0 million for the same period in 2016. The decrease in depreciation and amortization expense is due to the revaluation of our asset base as of December 31, 2016 as part of the adoption of the fresh start accounting associated with our emergence from bankruptcy.

Interest Expense. Interest expense decreased to $18.3 million during the six months ended June 30, 2017 compared to $43.2 million during the six months ended June 30, 2016. The decrease in interest expense is due to the cancellation of our unsecured notes as part of our emergence from bankruptcy.

Income Tax Expense. There was income tax expense of $374,000 during the six months ended June 30, 2017 compared to an income tax benefit of $3.9 million for the same period in 2016. Excluding the impact of the valuation allowance, our effective tax rate during each of the six months ended June 30, 2017 and 2016 was approximately 36%.

Liquidity and Capital Resources

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Net Cash Used in Operating Activities

Cash used in operating activities was $13.4 million for the six months ended June 30, 2017, a decrease compared to cash used in operating activities of $42.0 million during the same period in 2016. Operating cash flow usage in the first six months of 2017 was lower than the same period in 2016 due to improved operating results and improved working capital levels.

Our liquidity, including our ability to meet our ongoing operational obligations, is dependent upon, among other things, our ability to maintain adequate cash on hand and our ability to generate cash flow from operations. Our ability to maintain adequate liquidity depends upon industry conditions and financial, competitive, and other factors beyond our control. In the event that cash on hand and cash flow from operations is not sufficient to meet our liquidity needs, we may have limited access to additional financing.

Capital Expenditures

Cash capital expenditures during the first six months of 2017 were $39.9 million compared to $11.6 million in the same period of 2016. We added $49.2 million of additional assets through our capital lease program and other financing arrangements during the first six months of 2017 compared to $2.2 million of additional assets in the same period in 2016.

We currently have planned capital expenditures for the full year of 2017 of under $115.0 million, including capital leases of $70.0 million. We do not budget acquisitions in the normal course of business, and we regularly engage in discussions related to potential acquisitions related to the oilfield services industry.

Capital Resources and Financing

Our current primary capital resources are cash flow from our operations, our ABL Facility, the ability to enter into capital leases, the ability to incur additional secured indebtedness, and a cash balance of $34.2 million at June 30, 2017. We had no borrowings and $54.8 million in letters of credit outstanding under the ABL Facility, as of June 30, 2017, giving us $20.2 million of available borrowing capacity subject to covenant constraints under our ABL Facility, including our fixed charge coverage ratio. In 2017, we financed activities in excess of cash flow from operations primarily through the use of cash, capital leases and other financing arrangements. Our Amended and Restated Term Loan Agreement (the "Term Loan Agreement") had $163.4 million aggregate outstanding principal amount of loans as of June 30, 2017 and no additional borrowing capacity.

On April 13, 2017, the Company filed a universal shelf registration statement on Form S-3 covering $1 billion of securities. As of July 31, 2017, the registration statement has not been declared effective by the SEC.

Contractual Obligations

We have significant contractual obligations in the future that will require capital resources. Our primary contractual obligations are (1) our capital leases, (2) our operating leases, (3) our asset retirement obligations and (4) our other long-term liabilities. The following table outlines our contractual obligations as of June 30, 2017 (in thousands):



	Obligations Due in
	Periods Ended June 30,
Contractual Obligations	Total		2017		2018 to 2019		2020 to 2021		Thereafter
Term Loan Credit Agreement	$	163,350	$	825	$	3,300	$	159,225	$	—
Capital leases and other financing arrangements	105,818		22,985		71,750		10,987		96
Operating leases	20,868		2,960		9,231		6,779		1,898
Asset retirement obligation	2,515		548		491		553		923
Total	$	292,551	$	27,318	$	84,772	$	177,544	$	2,917

Interest on long-term debt relates to our future contractual interest obligations under the Term Loan Agreement and our capital leases. Our capital leases relate primarily to light-duty and heavy-duty vehicles and trailers. Our operating leases relate primarily to real estate. Our asset retirement obligation relates to disposal wells.

Our ability to access additional sources of financing will be dependent on our operating cash flows and demand for our services, which could be negatively impacted due to the extreme volatility of commodity prices.

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Other Matters

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Net Operating Losses

As of June 30, 2017, Basic had approximately $655.3 million of net operating loss carryforwards ("NOL"), for federal income tax purposes, which begin to expire in 2031 and $245.5 million of NOL carryforwards for state income tax purposes which begin to expire in 2017.

Basic provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. As of June 30, 2017, a valuation allowance of $225.0 million was recorded against the Company's net deferred tax assets for all jurisdictions that are not expected to be realized.

Recent Accounting Pronouncements

The Company's consideration of recent accounting pronouncements is included in Note 13. Recent Accounting Pronouncements to the consolidated financial statements included in this quarterly report.

Impact of Inflation on Operations

Management is of the opinion that inflation has not had a significant impact on our business.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As of June 30, 2017, we had no material changes to the disclosure on this matter made in our Annual Report on Form 10-K for the year ended December 31, 2016.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Based on their evaluation as of the end of the period covered by this report, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) are effective to ensure that information required to be disclosed in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and effective to ensure that information required to be disclosed in such reports is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

During the most recent fiscal quarter, there have been no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are a party to litigation or other legal proceedings that we consider to be a part of the ordinary course of business. We are not currently involved in any legal proceedings that we consider probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on our financial condition, results of operations or liquidity.

ITEM 1A. RISK FACTORS

For information regarding risks that may affect our business, see the risk factors included in our most recent Annual Report on Form 10-K under the heading “Risk Factors.”

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

There were no repurchases of equity securities during the period.

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ITEM 6. EXHIBITS



Exhibit
No.		Description

2.1*		First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors, dated December 7, 2016 (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (SEC File No. 001-32693), filed on December 12, 2016)
2.2*		Findings of Fact, Conclusions of Law, and Order Approving the Debtors’ Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors, dated December 9, 2016 (Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (SEC File No. 001-32693) filed on December 12, 2016)
3.1*		Second Amended and Restated Certificate of Incorporation of Basic Energy Services, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
3.2*		Second Amended and Restated Bylaws of Basic Energy Services, Inc. (Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
4.1*		Specimen Stock Certificate representing Common Stock of the Company (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
4.2*		Warrant Agreement between Basic, as issuer, and American Stock Transfer & Trust Company, LLC, as warrant agent, dated as of December 23, 2016. (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A12G (SEC File No. 000-30691) filed on December 23, 2016)
4.3*		Registration Rights Agreement, dated as of December 23, 2016, between Basic and certain stockholders (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
10.1*		Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (SEC File No. 001-32693) filed on May 17, 2017)
10.2*		Basic Energy Services, Inc. Non-Employee Director Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8 (SEC File No. 333-218224) filed on May 25, 2017)
10.3#		Form of Non-Employee Director Stock Award Agreement and Notice

31.1#		Certification by Chief Executive Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act
31.2#		Certification by Chief Financial Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act
32.1##		Certification of Chief Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2##		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.CAL#		XBRL Calculation Linkbase Document
101.DEF#		XBRL Definition Linkbase Document
101.INS#		XBRL Instance Document
101.LAB#		XBRL Labels Linkbase Document
101.PRE#		XBRL Presentation Linkbase Document
101.SCH#		XBRL Schema Document

*Incorporated by reference

#Filed with this report

## Furnished with this report

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.





BASIC ENERGY SERVICES, INC.

By:	/s/ T.M. "Roe" Patterson
Name:	T. M. “Roe” Patterson
Title:	President, Chief Executive Officer and
	Director (Principal Executive Officer)

By:	/s/ Alan Krenek
Name:	Alan Krenek
Title:	Senior Vice President, Chief Financial Officer, Treasurer
	and Secretary (Principal Financial Officer)

By:	/s/ John Cody Bissett
Name:	John Cody Bissett
Title:	Vice President, Controller and Chief Accounting Officer
	(Principal Accounting Officer)

Date: July 31, 2017

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Exhibit Index



Exhibit
No.		Description

2.1*		First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors, dated December 7, 2016 (Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (SEC File No. 001-32693), filed on December 12, 2016)
2.2*		Findings of Fact, Conclusions of Law, and Order Approving the Debtors’ Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors, dated December 9, 2016 (Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (SEC File No. 001-32693) filed on December 12, 2016)
3.1*		Second Amended and Restated Certificate of Incorporation of Basic Energy Services, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
3.2*		Second Amended and Restated Bylaws of Basic Energy Services, Inc. (Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
4.1*		Specimen Stock Certificate representing Common Stock of the Company (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
4.2*		Warrant Agreement between Basic, as issuer, and American Stock Transfer & Trust Company, LLC, as warrant agent, dated as of December 23, 2016. (Incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form 8-A12G (SEC File No. 000-30691) filed on December 23, 2016)
4.3*		Registration Rights Agreement, dated as of December 23, 2016, between Basic and certain stockholders (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 8-A12B (SEC File No. 001-32693) filed on December 23, 2016)
10.1*		Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (SEC File No. 001-32693) filed on May 17, 2017)
10.2*		Basic Energy Services, Inc. Non-Employee Director Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8 (SEC File No. 333-218224) filed on May 25, 2017)
10.3#		Form of Non-Employee Director Stock Award Agreement and Notice

31.1#		Certification by Chief Executive Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act
31.2#		Certification by Chief Financial Officer required by Rule 13a-14(a) and 15d-14(a) under the Exchange Act
32.1##		Certification of Chief Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2##		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.CAL#		XBRL Calculation Linkbase Document
101.DEF#		XBRL Definition Linkbase Document
101.INS#		XBRL Instance Document
101.LAB#		XBRL Labels Linkbase Document
101.PRE#		XBRL Presentation Linkbase Document
101.SCH#		XBRL Schema Document

*Incorporated by reference

#Filed with this report

##Furnished with this report



Participant Name		Date of Grant:
and Address:		Number of Covered Shares:
		Vesting Commencement Date:



Vesting Date	Nonforfeitable Percentage
1^st anniversary of the Vesting Commencement Date	100% shall vest

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 28, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Trading Symbol	bas
Entity Registrant Name	BASIC ENERGY SERVICES INC
Entity Central Index Key	0001109189
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,027,213

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance	$ 1,751	$ 0
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	26,095,434	26,095,431
Common stock, shares outstanding	26,027,213	25,998,844
Treasury stock, shares	68,221	96,587

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Successor
Stock-based compensation included in general and administrative expense	$ 6,275		$ 10,723
Predecessor
Stock-based compensation included in general and administrative expense		$ 2,277		$ 5,117



Name:	________________________________________
Address:	________________________________________ ________________________________________
Social Security No.:	________________________________________
Taxable Year:	________________________________________

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 34,244	$ 98,875
Restricted cash	2,432	2,429
Trade accounts receivable, net of allowance of $1,751 and $0, respectively	150,475	108,655
Accounts receivable - related parties	22	31
Income tax receivable	1,270	1,271
Inventories	36,680	35,691
Prepaid expenses	21,483	15,575
Other current assets	3,942	2,003
Total current assets	250,548	264,530
Property and equipment, net	520,575	488,848
Deferred debt costs, net of amortization	56	0
Intangible assets, net of amortization	3,339	3,458
Other assets	11,848	11,324
Total assets	786,366	768,160
Current liabilities:
Accounts payable	80,993	47,959
Accrued expenses	57,457	51,329
Current portion of long-term debt, net	46,456	38,468
Other current liabilities	780	2,065
Total current liabilities	185,686	139,821
Long-term debt, net	207,487	184,752
Deferred tax liabilities	389	0
Other long-term liabilities	30,278	29,179
Commitments and contingencies
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at June 30, 2017 and December 31, 2016	0	0
Common stock; $0.01 par value; 80,000,000 shares authorized; 26,095,434 shares issued and 26,027,213 shares outstanding at June 30, 2017; 26,095,431 shares issued and 25,998,844 shares outstanding at December 31, 2016	261	261
Additional paid-in capital	427,289	417,624
Accumulated deficit	(62,567)	0
Treasury stock, at cost, 68,221 and 96,587 shares at June 30, 2017 and December 31, 2016, respectively	(2,457)	(3,477)
Total stockholders' equity	362,526	414,408
Total liabilities and stockholders' equity	$ 786,366	$ 768,160

Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2016		26,095,431
Beginning balance at Dec. 31, 2016	$ 414,408	$ 261	$ 417,624	$ (3,477)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)		3
Amortization of share-based compensation	10,723		10,723
Treasury stock, net	(38)		(1,058)	1,020
Net loss	(62,567)				(62,567)
Ending balance (in shares) at Jun. 30, 2017		26,095,434
Ending balance at Jun. 30, 2017	$ 362,526	$ 261	$ 427,289	$ (2,457)	$ (62,567)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (62,567)
Cash flows from financing activities:
Cash and cash equivalents - beginning of period	98,875
Cash and cash equivalents - end of period	34,244
Successor
Cash flows from operating activities:
Net loss	(62,567)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	51,369
Accretion on asset retirement obligation	79
Change in allowance for doubtful accounts	1,751
Amortization of deferred financing costs	19
Amortization of debt discounts	3,862
Non-cash compensation	10,723
(Gain) loss on disposal of assets	(690)
Deferred income taxes	389
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(43,562)
Inventories	(989)
Income tax receivable	1
Prepaid expenses and other current assets	(5,958)
Other assets	(524)
Accounts payable	26,841
Other liabilities	(265)
Accrued expenses	6,128
Net cash used in operating activities	(13,393)
Cash flows from investing activities:
Purchase of property and equipment	(33,745)
Proceeds from sale of assets	4,976
Net cash used in investing activities	(28,769)
Cash flows from financing activities:
Payments of debt	(22,266)
Proceeds from debt	0
Change in restricted cash	(3)
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock	(38)
Deferred loan costs and other financing activities	(162)
Net cash (used in) provided by financing activities	(22,469)
Net (decrease) increase in cash and equivalents	(64,631)
Cash and cash equivalents - beginning of period	98,875
Cash and cash equivalents - end of period	$ 34,244
Predecessor
Cash flows from operating activities:
Net loss		$ (173,222)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		110,999
Accretion on asset retirement obligation		72
Change in allowance for doubtful accounts		(641)
Amortization of deferred financing costs		4,486
Amortization of debt discounts		(138)
Non-cash compensation		5,117
(Gain) loss on disposal of assets		261
Deferred income taxes		(4,404)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		24,010
Inventories		4,440
Income tax receivable		552
Prepaid expenses and other current assets		294
Other assets		(85)
Accounts payable		(21,488)
Other liabilities		(8,338)
Accrued expenses		16,077
Net cash used in operating activities		(42,008)
Cash flows from investing activities:
Purchase of property and equipment		(11,561)
Proceeds from sale of assets		1,451
Net cash used in investing activities		(10,110)
Cash flows from financing activities:
Payments of debt		(25,422)
Proceeds from debt		165,000
Change in restricted cash		(30,196)
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock		(640)
Deferred loan costs and other financing activities		(17,256)
Net cash (used in) provided by financing activities		91,486
Net (decrease) increase in cash and equivalents		39,368
Cash and cash equivalents - beginning of period		46,732
Cash and cash equivalents - end of period		$ 86,100

Basis of Presentation and Nature of Operations	6 Months Ended
Basis of Presentation and Nature of Operations	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Nature of Operations	Basis of Presentation and Nature of Operations Basis of Presentation The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements. Emergence from Chapter 11 In connection with the Company’s emergence from its bankruptcy cases (the "Chapter 11 Cases"), on December 23, 2016 ("the Effective Date"), the Company applied the provisions of fresh start accounting, pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 852, Reorganizations, to its consolidated financial statements. We elected to apply fresh start accounting effective December 31, 2016, to coincide with the timing of our normal December accounting period close. The implementation of the First Amended Joint Prepackaged Chapter 11 Plan of Basic Energy Services, Inc. and its Affiliated Debtors (as confirmed, the "Prepackaged Plan") and the application of fresh start accounting materially changed the carrying amounts and classifications reported in our consolidated financial statements and resulted in the Company becoming a new entity for financial reporting purposes. Accordingly, our consolidated financial statements for periods prior to December 31, 2016 will not be comparable to our consolidated financial statements as of December 31, 2016 or for periods subsequent to December 31, 2016. References to “Successor” or “Successor Company” refer to the Company on or after December 31, 2016, after giving effect to the implementation of the Prepackaged Plan and the application of fresh start accounting. References to “Predecessor” or “Predecessor Company” refer to the Company prior to December 31, 2016. Additionally, references to periods on or after December 31, 2016 refer to the Successor and references to periods prior to December 31, 2016 refer to the Predecessor. Liquidity and Capital Resources As of June 30, 2017, our primary capital resources were utilization of capital leases and borrowings under our $75.0 million Second Amended and Restated ABL Credit Agreement (the "ABL Facility"), partially offset by net cash used in operations. As of June 30, 2017, we had unrestricted cash and cash equivalents of $34.2 million compared to $98.9 million as of December 31, 2016. An additional amount of $2.4 million is classified as restricted cash. We have utilized, and expect to utilize in the future, bank and capital lease financing and sales of equity to obtain capital resources. When appropriate, we will consider public or private debt and equity offerings and non-recourse transactions to meet our liquidity needs. Nature of Operations Basic provides a wide range of well site services to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. These services are primarily provided using Basic’s fleet of equipment. Basic’s operations are concentrated in the major United States onshore oil and gas producing regions in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, California, the Rocky Mountains and Appalachia. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Basic and its wholly owned subsidiaries. Basic has no variable interest in any other organization, entity, partnership or contract. All intercompany transactions and balances have been eliminated. Accounting Estimates Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include: •Depreciation and amortization of property and equipment and intangible assets; •Impairment of property and equipment, and intangible assets; •Allowance for doubtful accounts; •Litigation and self-insured risk reserves; •Fair value of assets acquired and liabilities assumed in an acquisition; •Stock-based compensation; and •Income taxes.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental Basic is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. Basic cannot predict the future impact of such standards and requirements, which are subject to change and can have retroactive effectiveness. Basic continues to monitor the status of these laws and regulations. Management believes that the likelihood of any of these items resulting in a material adverse impact to Basic’s financial position, liquidity, capital resources or future results of operations is remote. Currently, Basic has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to bring Basic into total compliance with the laws and regulations. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions which may be required, the determination of Basic’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. Litigation From time to time, Basic is a party to litigation or other legal proceedings that Basic considers to be a part of the ordinary course of business. Basic is not currently involved in any legal proceedings that it considers probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on its financial condition, results of operations or liquidity. Self-Insured Risk Accruals Basic is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. Basic generally maintains no physical property damage coverage on its workover rig fleet, with the exception of certain of its 24-hour workover rigs and newly manufactured rigs. Basic has deductibles per occurrence for workers’ compensation, general liability claims, automobile liability and medical coverage of $5.0 million, $1.0 million, $1.0 million, and $400,000, respectively. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions based upon third-party data and claims history. At June 30, 2017 and December 31, 2016, self-insured risk accruals totaled approximately $35.0 million and are included in other long-term liabilities and accrued expenses.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2017
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Common Stock In February 2017, Basic granted certain members of management 801,322 performance-based restricted stock units and 320,532 performance-based stock option awards, which each vest over a three-year period. Treasury Stock Basic has acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of certain restricted stock units and awards. Basic acquired a total of 1,032 shares through net share settlements during the first six months of 2017 and issued 29,398 shares from treasury stock for accelerated vestings and stock grants in the first six months of 2017 (Successor). Basic acquired 220,391 shares through net share settlements during the first six months of 2016 (Predecessor).

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Basic had receivables from employees of approximately $22,000 and $31,000 as of June 30, 2017 and December 31, 2016, respectively.

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently adopted In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. ” The purpose of this update to is to simplify overly complex areas of GAAP, while maintaining or improving the usefulness of the information. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update was adopted for Basic beginning January 1, 2017, and did not have a material impact on our consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory,” to simplify the measurement of inventory, which requires inventory measured using the first in, first out (FIFO) or average cost methods to be subsequently measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. Currently, these inventory methods are required to be subsequently measured at the lower of cost or market. "Market" could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. This update was adopted for Basic beginning January 1, 2017, and did not have a material impact on our consolidated financial statements. Not yet adopted In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers-Deferral of the Effective Date,” that defers by one year the effective date of ASU 2014-09, “Revenue from Contracts with Customers.” The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. ASU 2014-09 - “Revenue from Contracts with Customers" represented a comprehensive revenue recognition standard to supersede existing revenue recognition guidance and align GAAP more closely with International Financial Reporting Standards (IFRS). The core principle of the new guidance is that a company should recognize revenue to match the delivery of goods or services to customers to the consideration the company expects to be entitled in exchange for those goods or services. The standard creates a five step model that requires companies to exercise judgment when considering the terms of a contract and all relevant facts and circumstances. The standard allows for several transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, including additional disclosures of the standard’s application impact to individual financial statement line items. We are currently determining the impact of the new standard on the revenue streams from the services we provide. Our approach will include performing a detailed review of key contracts representative of our different businesses and comparing historical accounting policies and practices to the new standard. Our services are primarily short-term in nature, and our assessment is that we do not expect the new revenue recognition standard will have a material impact on our operating results, however may impact our financial statement disclosures upon adoption. We intend to adopt the new standard as of January 1, 2018. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The purpose of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for Basic in annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Basic expects to recognize additional right-of-use assets and liabilities related to operating leases with terms longer than one year. In August 2016, the FASB issued ASU 2016-15-"Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments." This standard is effective for Basic for fiscal years beginning after December 15, 2017. The amendments in this update are intended to clarify cash flow treatment of certain cash flow issues with the objective of reducing diversity in practice. Early adoption is permitted, including adoption in an interim period. An entity that elects early adoption must adopt all of the amendments in the same period. Basic intends to adopt this standard as of January 1, 2018, and does not expect significant changes to the cash flow statement as a result. In November 2016 the FASB issued ASU 2016-18- "Statement of Cash Flows (Topic 230): Restricted Cash," which clarifies the treatment of cash inflows into and cash payments from restricted cash. Restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU should be applied using a retrospective transition method and are effective for reporting periods beginning after December 15, 2017, Basic intends to adopt this standard as of January 1, 2018, and does not expect significant changes to the cash flow statement as a result.

Basis of Presentation and Nature of Operations (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Cash and cash equivalents	$ 34,244,000	$ 98,875,000
Restricted cash	2,432,000	$ 2,429,000
Revolving Credit Facility \| Second Amended and Restated ABL Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000.0

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant And Equipment [Line Items]
Property and equipment, gross	$ 569,900	$ 488,848
Less accumulated depreciation and amortization	49,325	0
Property and equipment, net	520,575	488,848
Land
Property, Plant And Equipment [Line Items]
Property and equipment, gross	20,843	21,010
Buildings and improvements
Property, Plant And Equipment [Line Items]
Property and equipment, gross	40,026	39,588
Well service units and equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	106,118	96,365
Frac equipment/test tanks
Property, Plant And Equipment [Line Items]
Property and equipment, gross	108,869	75,506
Pumping equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	105,812	85,247
Fluid services equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	68,074	57,359
Disposal facilities
Property, Plant And Equipment [Line Items]
Property and equipment, gross	49,900	47,507
Contract drilling equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	11,051	12,257
Rental equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	34,114	32,582
Light vehicles
Property, Plant And Equipment [Line Items]
Property and equipment, gross	16,059	12,722
Software
Property, Plant And Equipment [Line Items]
Property and equipment, gross	641	641
Other
Property, Plant And Equipment [Line Items]
Property and equipment, gross	3,969	3,885
Construction equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	1,638	1,485
Brine and fresh water stations
Property, Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,786	$ 2,694

Property and Equipment - Narrative (Details)	6 Months Ended
Property and Equipment - Narrative (Details)	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Capital lease obligation period	5 years

Property and Equipment - Property and Equipment and Related Accumulated Amortization Under Capital Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	$ 97,213	$ 48,934
Less accumulated amortization	6,948	0
Property, plant and equipment under capital lease, net	90,265	48,934
Fluid services equipment
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	60,419	29,372
Pumping equipment
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	26,979	12,806
Light vehicles
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	8,881	5,729
Contract drilling equipment
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	906	999
Well service units and equipment
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	0	0
Construction equipment
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	$ 28	$ 28

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 3,458	$ 3,458
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 3,410	$ 3,410
Amortization period of intangible assets	15 years

Long-Term Debt and Interest Expense - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Capital leases and other notes	$ 105,818	$ 78,046
Unamortized discounts, premiums, and deferred debt costs	(15,225)	(19,001)
Total principal amount of debt instruments, net	253,943	223,220
Less current portion	46,456	38,468
Long-term debt	207,487	184,752
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 163,350	$ 164,175

Long-Term Debt and Interest Expense - Unamortized Discounts (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unamortized deferred debt costs	$ 87	$ 0
Unamortized discounts and deferred debt costs	15,225	19,001
Capital Leases - Short-term
Debt Instrument [Line Items]
Unamortized discount	1,657	1,600
Capital Leases - Long-term
Debt Instrument [Line Items]
Unamortized discount	3,173	6,000
Term Loan
Debt Instrument [Line Items]
Unamortized discount	$ 10,308	$ 11,401

Long-Term Debt and Interest Expense - Narrative (Details) - Modified Facility	Jun. 30, 2017 USD ($)
Debt Instrument [Line Items]
Borrowings	$ 0
Letters of credit outstanding	54,800,000
Available borrowing capacity	$ 20,200,000

Fair Value Measurements (Details) - Fair Value Hierarchy, Level 3 - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan	$ 153,042	$ 152,838
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term Loan	$ 156,901	$ 152,838

Stockholders' Equity - Narrative (Details) - shares	1 Months Ended	6 Months Ended
Stockholders' Equity - Narrative (Details) - shares	Feb. 28, 2017	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock units granted (in shares)		828,022
Performance-based stock options granted (in shares)		320,532
Successor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury shares acquired (in shares)		1,032
Shares issued from treasury stock (in shares)		29,398
Predecessor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury shares acquired (in shares)			220,391
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock units granted (in shares)	801,322
Share-based payment vesting period	3 years
Restricted stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based stock options granted (in shares)	320,532
Share-based payment vesting period	3 years	3 years

Incentive Plan - Compensation Activity Related to the Management Incentive Plan (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 5,212	$ 8,828
Unrecognized compensation expense	40,444	$ 40,444
Weighted average remaining life		2 years 1 month 26 days
Fair value of share based awards vested		$ 101
Restricted stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,063	1,896
Unrecognized compensation expense	$ 10,089	$ 10,089
Weighted average remaining life		9 years 6 months 24 days
Fair value of share based awards vested		$ 0

Incentive Plan - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended		6 Months Ended
Incentive Plan - Narrative (Details) - USD ($)	Jun. 01, 2017	May 25, 2017	Mar. 15, 2017	Feb. 28, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit due to net operating loss carryforwards					$ 0	$ 0	$ 0	$ 0
Stock options exercised (in shares)							0	0
Granted during period (in shares)							828,022
Restricted Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period							10 years
Vesting period				3 years			3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		10 months
Granted during period (in shares)		26,700
March, 2017 \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Shares issued (in shares)			42,820
March, 2017 \| Vesting Period One \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
March, 2017 \| Vesting Period Two \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
March, 2017 \| Vesting Period Three \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.33%
June, 2017 \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period							3 years
Shares issued (in shares)	79,440
June, 2017 \| Vesting Period One \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
June, 2017 \| Vesting Period Two \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
June, 2017 \| Vesting Period Three \| Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%

Incentive Plan - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Number of Options Granted
Outstanding, beginning of period (in shares)	323,770
Options granted (in shares)	320,532
Options forfeited (in shares)	(2,158)
Options exercised (in shares)	0	0
Outstanding, end of period (in shares)	642,144
Exercisable, end of period, number of options granted (in shares)	1,080
Vested or expected to vest, end of period, number of options granted (in shares)	642,144
Weighted Average Exercise Price
Outstanding, beginning of period (dollars per share)	$ 36.55
Options granted (dollars per share)	41.90
Options forfeited (dollars per share)	36.55
Options exercised (dollars per share)	0.00
Outstanding, end of period (dollars per share)	39.22
Exercisable, end of period (dollars per share)	36.55
Vested or expected to vest, end of period (dollars per share)	$ 39.22
Weighted Average Remaining Contractual Term
Outstanding, end of period	9 years 6 months 26 days
Exercisable, end of period	9 years 5 months 23 days
Vested or expected to vest, end of period	9 years 6 months 26 days
Aggregate Intrinsic Value
Outstanding, end of period	$ 0
Exercisable, end of period	0
Vested or expected to vest, end of period	$ 0

Incentive Plan - Summary of Non-Vested Stock Units (Details)	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Number of Shares
Nonvested at beginning of period (in shares) \| shares	539,606
Granted during period (in shares) \| shares	828,022
Vested during period (in shares) \| shares	(2,698)
Forfeited during period (in shares) \| shares	(2,698)
Nonvested at end of period (in shares) \| shares	1,362,232
Weighted Average Grant Date Fair Value Per Share
Nonvested at beginning of period (dollars per share) \| $ / shares	$ 36.55
Granted during period (dollars per share) \| $ / shares	41.46
Vested during period (dollars per share) \| $ / shares	36.55
Forfeited during period (dollars per share) \| $ / shares	36.55
Nonvested at end of period (dollars per share) \| $ / shares	$ 39.53

Related Party Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Related Party Transactions [Abstract]
Receivables from employees	$ 22	$ 31

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares	1,346,095	803,240	1,362,232	781,526

Supplemental Schedule of Cash Flow Information - Non-Cash Financing and Investing Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Capital leases and notes issued for equipment	$ 49,214	$ 2,201
Asset retirement obligation additions (retirements)	0	(21)
Change in accrued property and equipment	$ 6,193	$ 0