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Revenues

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

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 June 30, 2019, accounts receivable related to products and services were $135.2 million compared to $144.8 million at December 31, 2018. At June 30, 2019, the Company had $1.7 million of contract assets and $24,000 of 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):


	Reportable Segments

	Completion & Remedial Services		Well Servicing		Water Logistics		Other Services		Total
Six Months Ended June 30, 2019
Primary Geographical Markets
Permian Basin	$	63,645	$	61,941	$	58,892	$	5,491	$	189,969
Texas Gulf Coast	—		15,031		18,584		—		33,615
ArkLaTex & Mid-Continent	56,730		19,152		22,388		10,200		108,470
Rocky Mountain	38,474		12,215		12,070		—		62,759

West Coast	—		11,857		—		—		11,857
Corporate (Intercompany)	(3,954)		(1,513)		(5,302)		(8,852)		(19,621)
Total	$	154,895	$	118,683	$	106,632	$	6,839	$	387,049
Major Products or Service Line
Frac Equipment	$	49,016	$	—	$	—	$	—	$	49,016
Rental Tool Revenue	40,455		—		—		—		40,455
Coiled Tubing	28,627		—		—		—		28,627
Snubbing	2,103		—		—		—		2,103
Well Servicing	—		100,584		—		—		100,584
Plugging	—		13,079		—		—		13,079
Transport/Vacuum	—		—		63,464		—		63,464
Hot Oiler	—		—		11,863		—		11,863
Production and Disposal Facilities	—		—		10,688		—		10,688
Other	34,694		5,020		20,617		6,839		67,170




Total	$	154,895	$	118,683	$	106,632	$	6,839	$	387,049
Timing of Revenue Recognition
Products transferred at a point in time	$	—	$	—	$	—	$	1,301	$	1,301
Products and services transferred over time	154,895		118,683		106,632		5,538		385,748
Total	$	154,895	$	118,683	$	106,632	$	6,839	$	387,049
Six Months Ended June 30, 2018
Primary Geographical Markets
Permian Basin	$	96,442	$	57,378	$	62,654	$	5,622	$	222,096
Texas Gulf Coast	1,045		14,653		17,488		—		33,186
ArkLaTex & Mid-Continent	97,558		17,884		22,322		5,629		143,393
Rocky Mountain	50,356		13,135		16,609		—		80,100
Eastern USA	2,957		4,471		—		—		7,428
West Coast	—		14,179		—		—		14,179
Corporate (Intercompany)	(3,813)		(1,481)		(2,885)		(4,169)		(12,348)
Total	$	244,545	$	120,219	$	116,188	$	7,082	$	488,034
Major Products or Service Line
Frac Equipment	$	116,521	$	—	$	—	$	—	$	116,521
Rental Tool Revenue	42,642		—		—		—		42,642
Coiled Tubing	35,159		—		—		—		35,159
Snubbing	7,440		—		—		—		7,440
Well Servicing	—		102,668		—		—		102,668
Plugging	—		12,534		—		—		12,534
Transport/Vacuum	—		—		72,043		—		72,043
Hot Oiler	—		—		10,388		—		10,388
Production and Disposal Facilities	—		—		11,695		—		11,695
Other	42,783		5,017		22,062		7,082		76,944




Total	$	244,545	$	120,219	$	116,188	$	7,082	$	488,034
Timing of revenue recognition
Products transferred at a point in time	$	—	$	—	$	—	$	1,991	$	1,991
Products and services transferred over time	244,545		120,219		116,188		5,091		486,043
Total	$	244,545	$	120,219	$	116,188	$	7,082	$	488,034