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Revenues

9 Months Ended

Sep. 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 September 30, 2019, accounts receivable related to products and services were $123.7 million compared to $144.8 million at December 31, 2018. At September 30, 2019, the Company had $1.8 million of contract assets and $778,000 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. Contract assets are included in Trade Receivables, and contract liabilities are included in Other Current Liabilities on our consolidated balances sheets.

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
Nine Months Ended September 30, 2019
Primary Geographical Markets
Permian Basin	$	62,932	$	91,165	$	82,982	$	8,160	$	245,239
Texas Gulf Coast	6,733		22,394		28,627		—		57,754
ArkLaTex & Mid-Continent	101,443		28,868		34,010		10,917		175,238
Rocky Mountain	58,535		18,620		17,465		—		94,620

West Coast	—		16,838		—		—		16,838
Corporate (Intercompany)	(4,746)		(2,108)		(8,001)		(9,420)		(24,275)
Total	$	224,897	$	175,777	$	155,083	$	9,657	$	565,414
Major Products or Service Line
Fracturing	$	66,342	$	—	$	—	$	—	$	66,342
Rental Tool Revenue	60,027		—		—		—		60,027
Coiled Tubing	43,875		—		—		—		43,875
Snubbing	3,137		—		—		—		3,137
Well Servicing	—		148,065		—		—		148,065
Plugging	—		20,307		—		—		20,307
Transport/Vacuum	—		—		93,740		—		93,740
Hot Oiler	—		—		16,437		—		16,437
Production and Disposal Facilities	—		—		15,637		—		15,637
Other	51,516		7,405		29,269		9,657		97,847




Total	$	224,897	$	175,777	$	155,083	$	9,657	$	565,414
Timing of Revenue Recognition
Products transferred at a point in time	$	—	$	—	$	—	$	1,302	$	1,302
Products and services transferred over time	224,897		175,777		155,083		8,355		564,112
Total	$	224,897	$	175,777	$	155,083	$	9,657	$	565,414
Nine Months Ended September 30, 2018
Primary Geographical Markets
Permian Basin	$	102,059	$	88,427	$	94,302	$	9,220	$	294,008
Texas Gulf Coast	11,663		21,290		26,644		—		59,597
ArkLaTex & Mid-Continent	172,864		28,150		33,234		11,709		245,957
Rocky Mountain	76,869		20,681		25,798		—		123,348
Eastern USA	3,609		5,560		—		—		9,169
West Coast	—		22,520		—		—		22,520
Corporate (Intercompany)	(6,541)		(2,096)		(4,251)		(7,343)		(20,231)
Total	$	360,523	$	184,532	$	175,727	$	13,586	$	734,368
Major Products or Service Line
Fracturing	$	165,597	$	—	$	—	$	—	$	165,597
Rental Tool Revenue	66,153		—		—		—		66,153
Coiled Tubing	52,487		—		—		—		52,487
Snubbing	9,654		—		—		—		9,654
Well Servicing	—		157,766		—		—		157,766
Plugging	—		19,219		—		—		19,219
Transport/Vacuum	—		—		107,932		—		107,932
Hot Oiler	—		—		15,084		—		15,084
Production and Disposal Facilities	—		—		17,853		—		17,853
Other	66,632		7,547		34,858		13,586		122,623




Total	$	360,523	$	184,532	$	175,727	$	13,586	$	734,368
Timing of revenue recognition
Products transferred at a point in time	$	—	$	—	$	—	$	3,331	$	3,331
Products and services transferred over time	360,523		184,532		175,727		10,255		731,037
Total	$	360,523	$	184,532	$	175,727	$	13,586	$	734,368


	Completion & Remedial Services		Well Servicing		Water Logistics		Other Services		Total
Three Months Ended September 30, 2019
Primary Geographical Markets
Permian Basin	$	21,162	$	29,231	$	25,048	$	2,670	$	78,111
Texas Gulf Coast	1,390		7,356		10,043		—		18,789
ArkLaTex & Mid-Continent	28,179		9,716		10,665		717		49,277
Rocky Mountain	20,062		6,404		5,395		—		31,861

West Coast	—		4,981		—		—		4,981
Corporate (Intercompany)	(791)		(594)		(2,700)		(569)		(4,654)
Total	$	70,002	$	57,094	$	48,451	$	2,818	$	178,365

Major Products or Service Line
Fracturing Equipment	$	17,326	$	—	$	—	$	—	$	17,326
Rental Tool Revenue	19,572		—		—		—		19,572
Coiled Tubing	15,248		—		—		—		15,248
Snubbing	1,034		—		—		—		1,034
Well Servicing	—		47,481		—		—		47,481
Plugging	—		7,227		—		—		7,227
Transport/Vacuum	—		—		30,277		—		30,277
Hot Oiler	—		—		4,950		—		4,950
Production and Disposal Facilities	—		—		4,574		—		4,574
Other	16,822		2,386		8,650		2,818		30,676




Total	$	70,002	$	57,094	$	48,451	$	2,818	$	178,365
Timing of Revenue Recognition
Products transferred at a point in time	$	—	$	—	$	—	$	—	$	—
Products and services transferred over time	70,002		57,094		48,451		2,818		178,365
Total	$	70,002	$	57,094	$	48,451	$	2,818	$	178,365

Three Months Ended September 30, 2018
Primary Geographical Markets
Permian Basin	$	29,344	$	31,046	$	31,647	$	3,598	$	95,635
Texas Gulf Coast	3,509		6,635		9,156		—		19,300
ArkLaTex & Mid-Continent	58,692		10,271		10,913		6,080		85,956
Rocky Mountain	26,513		7,546		9,190		—		43,249
Eastern USA	652		1,090		—		—		1,742
West Coast	—		8,341		—		—		8,341
Corporate (Intercompany)	(2,732)		(615)		(1,367)		(3,175)		(7,889)
Total	$	115,978	$	64,314	$	59,539	$	6,503	$	246,334
Major Products or Service Line
Fracturing Equipment	$	49,076	$	—	$	—	$	—	$	49,076
Rental Tool Revenue	23,511		—		—		—		23,511
Coiled Tubing	17,328		—		—		—		17,328
Snubbing	2,213		—		—		—		2,213
Well Servicing	—		55,098		—		—		55,098
Plugging	—		6,685		—		—		6,685
Transport/Vacuum	—		—		35,889		—		35,889
Hot Oiler	—		—		4,696		—		4,696
Production and Disposal Facilities	—		—		6,158		—		6,158
Other	23,850		2,531		12,796		6,503		45,680




Total	$	115,978	$	64,314	$	59,539	$	6,503	$	246,334

Timing of revenue recognition
Products transferred at a point in time	$	—	$	—	$	—	$	2,601	$	2,601
Products and services transferred over time	115,978		64,314		59,539		3,902		243,733
Total	$	115,978	$	64,314	$	59,539	$	6,503	$	246,334