XML 28 R17.htm IDEA: XBRL DOCUMENT v3.19.1
Revenues
 3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The Company's revenues are generated by services, which are consumed as provided by its customers on their sites. As a decentralized organization, contracts for the Company's services are negotiated on a regional level and are on a per job basis, with jobs being completed in a short period of time, usually one day or up to a week. Revenue is recognized as performance obligations have been completed on a daily basis either as Accounts Receivable or Work-in-Process ("WIP"), when all of the proper approvals are obtained.
A small percentage of the Company's jobs may require performance obligations which extend over a longer period of time and are not invoiced until all performances obligations in the contract are complete, such as, drilling or plugging a well, fishing services, and pad site preparation jobs. Because these jobs are performed on the customer's job site, and Basic is contractually entitled to bill for its services performed to date, revenues for these service lines are recognized on a daily basis as services are performed and recorded as Contract Assets rather than a WIP or Accounts Receivable. Contract Assets are typically invoiced within 30 to 60 days of recognizing revenue.
As of March 31, 2019, accounts receivable related to products and services were $140.3 million compared to $144.8 million at December 31, 2018. At March 31, 2019, the Company had $1.6 million of contract assets and no contract liabilities on its consolidated balance sheet compared to $1.1 million of contract assets and $855,000 of contract liabilities on its consolidated balance sheet at December 31, 2018.
Basic does not have any long-term service contracts, nor does it have revenue expected to be recognized in any future year related to remaining performance obligations or contracts with variable consideration related to undelivered performance obligations. 
The following table sets forth certain financial information with respect to Basic’s disaggregation of revenues by geographic location and type (in thousands):
Completion & Remedial ServicesWater LogisticsWell ServicingOther ServicesTotal
Three Months Ended March 31, 2019
Primary Geographical Markets
Permian Basin$32,520 $31,687 $31,506 $3,033 $98,746 
Texas Gulf Coast— 9,350 7,398 — 16,748 
ArkLaTex & Mid-Continent28,392 10,680 9,491 6,492 55,055 
Rocky Mountain17,893 6,542 6,089 — 30,524 
West Coast— — 6,730 — 6,730 
Corporate (Intercompany) (1,971)(2,658)(699)(5,273)(10,601)
Total$76,834 $55,601 $60,515 $4,252 $197,202 
Major Products or Service Line
Pumping equipment$25,716 $— $— $— $25,716 
Well servicing— — 51,383 — 51,383 
Transport/vacuum— 32,554 — — 32,554 
Coiled tubing12,438 — — — 12,438 
RAFT20,643 — — — 20,643 
Plugging— — 6,626 — 6,626 
Production and disposal facilities— 5,600 — — 5,600 
Hot oiler— 6,745 — — 6,745 
Other18,037 10,702 2,506 4,252 35,497 
Total$76,834 $55,601 $60,515 $4,252 $197,202 
Timing of Revenue Recognition
Products transferred at a point in time $— $— $— $1301 $1,301 
Products and services transferred over time76,834 55,601 60,515 2,951 195,901 
Total$76,834 $55,601 $60,515 $4,252 $197,202 
Three Months Ended March 31, 2018
Primary Geographical Markets
Permian Basin$38,166 $30,588 $27,013 $3,156 $98,923 
Texas Gulf Coast809 8,874 7,315 — 16,998 
ArkLaTex & Mid-Continent49,727 10,706 8,642 2,150 71,225 
Rocky Mountain29,789 7,776 6,224 — 43,789 
Eastern USA1,690 — 2,185 — 3,875 
West Coast— — 6,449 — 6,449 
Corporate (Intercompany)(2,584)(1,435)(877)(1,698)(6,594)
Total$117,597 $56,509 $56,951 $3,608 $234,665 
Major Products or Service Line
Pumping equipment$72,810 $— $— $— $72,810 
Well servicing— — 48,536 — 48,536 
Transport/vacuum— 35,245 — — 35,245 
Coiled tubing19,980 — — — 19,980 
RAFT20,782 — — — 20,782 
Plugging— — 6,013 — 6,013 
Production and disposal facilities— 5,651 — — 5,651 
Hot oiler— 5,385 — — 5,385 
Other4,025 10,228 2,402 3,608 20,263 
Total$117,597 $56,509 $56,951 $3,608 $234,665 
Timing of revenue recognition
Products transferred at a point in time $— $— $— $— $— 
Products and services transferred over time117,597 56,509 56,951 3,608 234,665 
Total$117,597 $56,509 $56,951 $3,608 $234,665