Basic Energy Services (BASWQ) 10-Q 27 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 26, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	bas
Entity Registrant Name	BASIC ENERGY SERVICES INC
Entity Central Index Key	1,109,189
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,000,513

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 50,640	$ 98,875
Restricted cash	2,431	2,429
Trade accounts receivable, net of allowance of $1,775 and $0, respectively	129,560	108,655
Accounts receivable - related parties	23	31
Income tax receivable	1,268	1,271
Inventories	36,621	35,691
Prepaid expenses	20,914	15,575
Other current assets	2,467	2,003
Total current assets	243,924	264,530
Property and equipment, net	510,346	488,848
Deferred debt costs, net of amortization	61	0
Intangible assets, net of amortization	3,399	3,458
Other assets	11,547	11,324
Total assets	769,277	768,160
Current liabilities:
Accounts payable	65,682	47,959
Accrued expenses	55,940	51,329
Current portion of long-term debt, net	42,274	38,468
Other current liabilities	668	2,065
Total current liabilities	164,564	139,821
Long-term debt, net	194,442	184,752
Deferred tax liabilities	389	0
Other long-term liabilities	29,691	29,179
Commitments and contingencies
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at March 31, 2017 and December 31, 2016	0	0
Common stock; $0.01 par value; 80,000,000 shares authorized; 26,095,434 shares issued and 26,000,513 shares outstanding at March 31, 2017; 26,095,431 shares issued and 25,998,844 shares outstanding at December 31, 2016	261	261
Additional paid-in capital	421,975	417,624
Accumulated deficit	(38,626)	0
Treasury stock, at cost, 94,921 and 96,587 shares at March 31, 2017 and December 31, 2016, respectively	(3,419)	(3,477)
Total stockholders' equity	380,191	414,408
Total liabilities and stockholders' equity	$ 769,277	$ 768,160

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Trade accounts receivable, allowance	$ 1,775	$ 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	26,000,513	25,998,844
Treasury stock, shares	94,921	96,587

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other income (expense):
Net loss	$ (38,626)
Successor
Revenues:
Total revenues	182,019
Expenses:
Expenses	152,114
General and administrative, including stock-based compensation of $4,448 and $2,841 in three months ended March 31, 2017 and 2016, respectively	34,205
Depreciation and amortization	25,413
Gain on disposal of assets	(467)
Total expenses	211,265
Operating loss	(29,246)
Other income (expense):
Interest expense	(9,109)
Interest income	12
Other income	92
Loss before income taxes	(38,251)
Income tax benefit (expense)	(375)
Net loss	$ (38,626)
Loss per share of common stock:
Basic (dollars per share)	$ (1.49)
Diluted (dollars per share)	$ (1.49)
Successor | Completion and remedial services
Revenues:
Total revenues	$ 80,431
Expenses:
Expenses	67,252
Successor | Fluid services
Revenues:
Total revenues	50,206
Expenses:
Expenses	41,538
Successor | Well servicing
Revenues:
Total revenues	48,619
Expenses:
Expenses	40,916
Successor | Contract drilling
Revenues:
Total revenues	2,763
Expenses:
Expenses	$ 2,408
Predecessor
Revenues:
Total revenues		$ 130,356
Expenses:
Expenses		111,986
General and administrative, including stock-based compensation of $4,448 and $2,841 in three months ended March 31, 2017 and 2016, respectively		29,562
Depreciation and amortization		56,152
Gain on disposal of assets		(75)
Total expenses		197,625
Operating loss		(67,269)
Other income (expense):
Interest expense		(20,714)
Interest income		2
Other income		96
Loss before income taxes		(87,885)
Income tax benefit (expense)		4,546
Net loss		$ (83,339)
Loss per share of common stock:
Basic (dollars per share)		$ (2)
Diluted (dollars per share)		$ (2)
Predecessor | Completion and remedial services
Revenues:
Total revenues		$ 39,696
Expenses:
Expenses		34,788
Predecessor | Fluid services
Revenues:
Total revenues		50,250
Expenses:
Expenses		41,167
Predecessor | Well servicing
Revenues:
Total revenues		38,906
Expenses:
Expenses		34,470
Predecessor | Contract drilling
Revenues:
Total revenues		1,504
Expenses:
Expenses		$ 1,561

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor
Stock-based compensation	$ 4,448
Predecessor
Stock-based compensation		$ 2,841

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 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	4,448		4,448
Treasury stock, net	(39)		(97)	58
Net loss	(38,626)				(38,626)
Ending Balance (in shares) at Mar. 31, 2017		26,095,434
Ending Balance at Mar. 31, 2017	$ 380,191	$ 261	$ 421,975	$ (3,419)	$ (38,626)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (38,626)
Cash flows from financing activities:
Cash and cash equivalents - beginning of period	98,875
Cash and cash equivalents - end of period	50,640
Successor
Cash flows from operating activities:
Net loss	(38,626)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	25,413
Accretion on asset retirement obligation	39
Change in allowance for doubtful accounts	1,775
Amortization of deferred financing costs	7
Amortization of debt discounts	1,553
Non-cash compensation	4,448
Gain on disposal of assets	(467)
Deferred income taxes	389
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(22,672)
Inventories	(930)
Income tax receivable	3
Prepaid expenses and other current assets	(5,028)
Other assets	(223)
Accounts payable	17,723
Other liabilities	(924)
Accrued expenses	4,611
Net cash used in operating activities	(12,909)
Cash flows from investing activities:
Purchase of property and equipment	(25,930)
Proceeds from sale of assets	1,145
Net cash used in investing activities	(24,785)
Cash flows from financing activities:
Payments of debt	(10,338)
Proceeds from debt	0
Change in restricted cash	(2)
Purchase of treasury stock	(39)
Deferred loan costs and other financing activities	(162)
Net cash provided by (used in) financing activities	(10,541)
Net increase (decrease) in cash and equivalents	(48,235)
Cash and cash equivalents - beginning of period	98,875
Cash and cash equivalents - end of period	$ 50,640
Predecessor
Cash flows from operating activities:
Net loss		$ (83,339)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		56,152
Accretion on asset retirement obligation		36
Change in allowance for doubtful accounts		(250)
Amortization of deferred financing costs		2,991
Amortization of debt discounts		(68)
Non-cash compensation		2,841
Gain on disposal of assets		(75)
Deferred income taxes		(5,066)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		23,641
Inventories		3,099
Income tax receivable		551
Prepaid expenses and other current assets		2,012
Other assets		(14)
Accounts payable		(18,648)
Other liabilities		(4,438)
Accrued expenses		(214)
Net cash used in operating activities		(20,789)
Cash flows from investing activities:
Purchase of property and equipment		(4,577)
Proceeds from sale of assets		513
Net cash used in investing activities		(4,064)
Cash flows from financing activities:
Payments of debt		(12,784)
Proceeds from debt		165,000
Change in restricted cash		(83,606)
Purchase of treasury stock		(638)
Deferred loan costs and other financing activities		(14,768)
Net cash provided by (used in) financing activities		53,204
Net increase (decrease) in cash and equivalents		28,351
Cash and cash equivalents - beginning of period		46,732
Cash and cash equivalents - end of period		$ 75,083

Basis of Presentation and Natur

Basis of Presentation and Nature of Operations	3 Months Ended
	Mar. 31, 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 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 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. 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

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following (in thousands): March 31, 2017 December 31, 2016 Land $ 20,573 $ 21,010 Buildings and improvements 40,222 39,588 Well service units and equipment 102,762 96,365 Frac equipment/test tanks 100,942 75,506 Pumping equipment 90,156 85,247 Fluid services equipment 63,370 57,359 Disposal facilities 48,728 47,507 Contract drilling equipment 12,308 12,257 Rental equipment 33,480 32,582 Light vehicles 13,584 12,722 Software 641 641 Other 3,866 3,885 Construction equipment 1,563 1,485 Brine and fresh water stations 2,756 2,694 534,951 488,848 Less accumulated depreciation and amortization 24,605 — Property and equipment, net $ 510,346 $ 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): March 31, 2017 December 31, 2016 Fluid services equipment $ 29,186 $ 29,372 Pumping equipment 12,044 12,806 Light vehicles 5,618 5,729 Contract drilling equipment 906 999 Well service units and equipment — — Construction equipment 28 28 47,782 48,934 Less accumulated amortization 3,518 — $ 44,264 $ 48,934 Amortization of assets held under capital leases of approximately $3.7 million and $9.6 million for the three months ended March 31, 2017 and 2016 , respectively is included in depreciation and amortization expense in the consolidated statements of operations.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Basic had trade names of $3.4 million as of March 31, 2017 and December 31, 2016, respectively. Trade names have a 15 -year life and are tested for impairment annually. Basic’s intangible assets were as follows (in thousands): March 31, 2017 December 31, 2016 Trade names $ 3,410 $ 3,410 Other intangible assets 48 48 $ 3,458 $ 3,458 Less accumulated amortization 59 — Intangible assets subject to amortization, net $ 3,399 $ 3,458 Amortization expense for the three months ended March 31, 2017 and 2016 was approximately $59,000 and $2.2 million , respectively.

Long-Term Debt and Interest Exp

Long-Term Debt and Interest Expense	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt and Interest Expense	Long-Term Debt and Interest Expense Long-term debt consisted of the following (in thousands): March 31, 2017 December 31, 2016 Credit facilities: Term Loan $ 163,763 $ 164,175 Capital leases and other notes 90,494 78,046 Unamortized discounts, premiums, and deferred debt costs (17,541 ) (19,001 ) Total principal amount of debt instruments, net 236,716 223,220 Less current portion 42,274 38,468 Long-term debt $ 194,442 $ 184,752 Debt Discounts Discounts on debt for the three-month period ended March 31, 2017 represent the unamortized discount to fair value of our Amended and Restated Term Loan Credit Agreement (the "Term Loan Agreement") of $10.8 million , the long-term portion of the fair value discount of capital leases of $5.2 million , and the short-term portion of the discount of capital leases of $1.5 million . As of March 31, 2017 , Basic had no borrowings and $51.6 million of letters of credit outstanding under its Second Amended and Restated ABL Credit Agreement (the "ABL Facility"), giving Basic $23.4 million of available borrowing capacity based on its borrowing base determined as of such date. Basic’s interest expense consisted of the following (in thousands): Three Months Ended March 31, 2017 2016 (Successor) (Predecessor) Cash payments for interest $ 1,268 $ 18,698 Commitment and other fees paid 17 673 Amortization of debt issuance costs and discounts 1,560 2,922 Change in accrued interest 6,242 (1,607 ) Other 22 28 $ 9,109 $ 20,714

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of March 31, 2017 and December 31, 2016 . is as follows: Fair Value March 31, 2017 December 31, 2016 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan 3 $ 152,928 $ 156,743 $ 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 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 March 31, 2017 and December 31, 2016 , self-insured risk accruals totaled approximately $32.2 million and $35.0 million , respectively, and these amounts are included in other long-term liabilities and accrued expenses.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 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 three months of 2017 and issued 2,698 shares from treasury stock for accelerated vestings in the first three months of 2017 (Successor). Basic acquired 219,837 shares through net share settlements during the first three months of 2016 (Predecessor).

Incentive Plan

Incentive Plan	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Plan	Incentive Plan The following table reflects compensation activity related to the management incentive plan for the three-month period ending March 31, 2017 (dollar amounts in thousands): Compensation expense Unrecognized compensation expense Weighted average remaining life Fair value of share based awards vested Restricted stock $ 3,616 $ 49,367 2.4 $ 101 Restricted stock options $ 832 $ 12,229 9.8 $ — During the three months ended March 31, 2017 and 2016 , there was no excess tax benefit related to equity incentive compensation due to the net operating loss carryforwards (“NOL”). Awards granted prior to the Company's emergence from its Chapter 11 Cases on December 23, 2016 were subsequently cancelled. All outstanding awards at March 31, 2017 were granted upon emergence as part of the Prepackaged Plan or during the first quarter of 2017, and relate to the Company's newly issued shares. If there were no NOL, then there would have been no excess tax benefit at March 31, 2016 and March 31, 2017 respectively. 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 10 years from the date they are granted, and vest over a three -year service period. The following table reflects changes during the three -month period and a summary of stock options outstanding at March 31, 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 9.8 $ — Exercisable, end of period 1,080 $ 36.55 9.7 $ — Vested or expected to vest, end of period 642,144 $ 39.22 9.8 $ — There were no stock options exercised during the three months ended March 31, 2017 and 2016. Restricted Stock Unit Awards A summary of the status of Basic’s non-vested restricted stock units at March 31, 2017 and changes during the three months ended March 31, 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 801,322 41.90 Vested during period (2,698 ) 36.55 Forfeited during period (2,698 ) 36.55 Non-vested at end of period 1,335,532 $ 39.76 Phantom Stock Awards On March 15, 2017, Basic’s Board of Directors 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 (subject to accelerated vesting in certain circumstances).

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Basic had receivables from employees of approximately $23,000 and $31,000 as of March 31, 2017 and December 31, 2016 , respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	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 March 31, 2017 2016 (Unaudited) (Successor) (Predecessor) Numerator (both basic and diluted): Net loss $ (38,626 ) $ (83,339 ) Denominator: Denominator for basic loss per share 25,999,383 41,608,920 Denominator for diluted loss per share 25,999,383 41,608,920 Basic loss per common share: $ (1.49 ) $ (2.00 ) Diluted loss per common share: $ (1.49 ) $ (2.00 ) Unvested restricted stock units of approximately 1,335,532 were excluded from the computation of diluted loss per share for the three months ended March 31, 2017 , and unvested restricted awards of 888,490 were excluded in the computation of diluted loss per share for the three months ended March 31, 2016 , as the effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Segment Information	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 March 31, 2017 (Unaudited) (Successor) Operating revenues $ 80,431 50,206 48,619 2,763 $ — $ 182,019 Direct operating costs (67,252 ) (41,538 ) (40,916 ) (2,408 ) — $ (152,114 ) Segment profits $ 13,179 $ 8,668 $ 7,703 $ 355 $ — $ 29,905 Depreciation and amortization $ 11,766 $ 6,527 $ 4,596 $ 626 $ 1,898 $ 25,413 Capital expenditures (excluding acquisitions) $ 32,209 $ 7,421 $ 8,378 $ 53 $ 243 $ 48,304 Identifiable assets $ 256,278 $ 131,698 $ 108,013 $ 12,560 $ 260,728 $ 769,277 Three Months Ended March 31, 2016 (Unaudited) (Predecessor) Operating revenues $ 39,696 $ 50,250 $ 38,906 $ 1,504 $ — $ 130,356 Direct operating costs (34,788 ) (41,167 ) (34,470 ) (1,561 ) — (111,986 ) Segment profits $ 4,908 $ 9,083 $ 4,436 $ (57 ) $ — $ 18,370 Depreciation and amortization $ 19,484 $ 16,600 $ 14,064 $ 3,272 $ 2,732 $ 56,152 Capital expenditures (excluding acquisitions) $ 576 $ 3,147 $ 1,151 $ 118 $ 975 $ 5,967 Identifiable assets $ 345,242 $ 242,292 $ 219,393 $ 48,891 $ 312,707 $ 1,168,525 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 March 31, 2017 2016 (Successor) (Predecessor) Segment profits $ 29,905 $ 18,370 General and administrative expenses (34,205 ) (29,562 ) Depreciation and amortization (25,413 ) (56,152 ) Gain on disposal of assets 467 75 Operating loss $ (29,246 ) $ (67,269 )

Supplemental Schedule of Cash F

Supplemental Schedule of Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Schedule of Cash Flow Information	Supplemental Schedule of Cash Flow Information The following table reflects non-cash financing and investing activity during the following periods: Three Months Ended March 31, 2017 2016 (In thousands) Capital leases and notes issued for equipment $ 22,374 $ 1,390 Asset retirement obligation additions (retirements) $ — $ 9 Basic paid no income taxes during the three months ended March 31, 2017 and 2016 . Basic paid interest of approximately $1.3 million and $18.7 million during the three months ended March 31, 2017 and 2016 , respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 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 includes 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 at this stage is that we do not expect the new revenue recognition standard will have a material impact on our financial statements upon adoption. We currently 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 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 October 2016, the FASB issued ASU 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory." Under current U.S. GAAP, the recognition of current and deferred income taxes for an intra-entity asset transfer is prohibited until the asset has been sold to an outside party. Under the new standard, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Basic is in the process of determining whether this standard will have a material impact on our financial statements. 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. The amendments in this update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. GAAP currently does not include specific guidance on the cash flow classification and presentation of changes in restricted cash or restricted cash equivalents for public entities. The amendments in this update provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows, thereby reducing the diversity in practice described above. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments in this update should be applied using a retrospective transition method to each period presented. 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 Nat21

Basis of Presentation and Nature of Operations (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	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.
Principles of Consolidation	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	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
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 includes 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 at this stage is that we do not expect the new revenue recognition standard will have a material impact on our financial statements upon adoption. We currently 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 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 October 2016, the FASB issued ASU 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory." Under current U.S. GAAP, the recognition of current and deferred income taxes for an intra-entity asset transfer is prohibited until the asset has been sold to an outside party. Under the new standard, an entity will recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this update are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Basic is in the process of determining whether this standard will have a material impact on our financial statements. 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. The amendments in this update apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. GAAP currently does not include specific guidance on the cash flow classification and presentation of changes in restricted cash or restricted cash equivalents for public entities. The amendments in this update provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows, thereby reducing the diversity in practice described above. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments in this update should be applied using a retrospective transition method to each period presented. 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.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consisted of the following (in thousands): March 31, 2017 December 31, 2016 Land $ 20,573 $ 21,010 Buildings and improvements 40,222 39,588 Well service units and equipment 102,762 96,365 Frac equipment/test tanks 100,942 75,506 Pumping equipment 90,156 85,247 Fluid services equipment 63,370 57,359 Disposal facilities 48,728 47,507 Contract drilling equipment 12,308 12,257 Rental equipment 33,480 32,582 Light vehicles 13,584 12,722 Software 641 641 Other 3,866 3,885 Construction equipment 1,563 1,485 Brine and fresh water stations 2,756 2,694 534,951 488,848 Less accumulated depreciation and amortization 24,605 — Property and equipment, net $ 510,346 $ 488,848
Property and Equipment and Related Accumulated Amortization Under Capital Leases	The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consists of the following (in thousands): March 31, 2017 December 31, 2016 Fluid services equipment $ 29,186 $ 29,372 Pumping equipment 12,044 12,806 Light vehicles 5,618 5,729 Contract drilling equipment 906 999 Well service units and equipment — — Construction equipment 28 28 47,782 48,934 Less accumulated amortization 3,518 — $ 44,264 $ 48,934

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Basic’s intangible assets were as follows (in thousands): March 31, 2017 December 31, 2016 Trade names $ 3,410 $ 3,410 Other intangible assets 48 48 $ 3,458 $ 3,458 Less accumulated amortization 59 — Intangible assets subject to amortization, net $ 3,399 $ 3,458

Long-Term Debt and Interest E24

Long-Term Debt and Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Long-term debt consisted of the following (in thousands): March 31, 2017 December 31, 2016 Credit facilities: Term Loan $ 163,763 $ 164,175 Capital leases and other notes 90,494 78,046 Unamortized discounts, premiums, and deferred debt costs (17,541 ) (19,001 ) Total principal amount of debt instruments, net 236,716 223,220 Less current portion 42,274 38,468 Long-term debt $ 194,442 $ 184,752
Schedule of Interest Expense	Basic’s interest expense consisted of the following (in thousands): Three Months Ended March 31, 2017 2016 (Successor) (Predecessor) Cash payments for interest $ 1,268 $ 18,698 Commitment and other fees paid 17 673 Amortization of debt issuance costs and discounts 1,560 2,922 Change in accrued interest 6,242 (1,607 ) Other 22 28 $ 9,109 $ 20,714

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Carrying Amount and Fair Value of Financial Instruments	The following is a summary of the carrying amounts and estimated fair values of our financial instruments as of March 31, 2017 and December 31, 2016 . is as follows: Fair Value March 31, 2017 December 31, 2016 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan 3 $ 152,928 $ 156,743 $ 152,838 $ 152,838

Incentive Plan (Tables)

Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Activity Related to the Incentive Plan	The following table reflects compensation activity related to the management incentive plan for the three-month period ending March 31, 2017 (dollar amounts in thousands): Compensation expense Unrecognized compensation expense Weighted average remaining life Fair value of share based awards vested Restricted stock $ 3,616 $ 49,367 2.4 $ 101 Restricted stock options $ 832 $ 12,229 9.8 $ —
Summary of Stock Options Outstanding	The following table reflects changes during the three -month period and a summary of stock options outstanding at March 31, 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 9.8 $ — Exercisable, end of period 1,080 $ 36.55 9.7 $ — Vested or expected to vest, end of period 642,144 $ 39.22 9.8 $ —
Summary of Non-Vested Shares	A summary of the status of Basic’s non-vested restricted stock units at March 31, 2017 and changes during the three months ended March 31, 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 801,322 41.90 Vested during period (2,698 ) 36.55 Forfeited during period (2,698 ) 36.55 Non-vested at end of period 1,335,532 $ 39.76

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Computation of Unaudited Basic and Diluted Earnings Loss 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 March 31, 2017 2016 (Unaudited) (Successor) (Predecessor) Numerator (both basic and diluted): Net loss $ (38,626 ) $ (83,339 ) Denominator: Denominator for basic loss per share 25,999,383 41,608,920 Denominator for diluted loss per share 25,999,383 41,608,920 Basic loss per common share: $ (1.49 ) $ (2.00 ) Diluted loss per common share: $ (1.49 ) $ (2.00 )

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Financial Information with Respect to Reportable Segments	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 March 31, 2017 (Unaudited) (Successor) Operating revenues $ 80,431 50,206 48,619 2,763 $ — $ 182,019 Direct operating costs (67,252 ) (41,538 ) (40,916 ) (2,408 ) — $ (152,114 ) Segment profits $ 13,179 $ 8,668 $ 7,703 $ 355 $ — $ 29,905 Depreciation and amortization $ 11,766 $ 6,527 $ 4,596 $ 626 $ 1,898 $ 25,413 Capital expenditures (excluding acquisitions) $ 32,209 $ 7,421 $ 8,378 $ 53 $ 243 $ 48,304 Identifiable assets $ 256,278 $ 131,698 $ 108,013 $ 12,560 $ 260,728 $ 769,277 Three Months Ended March 31, 2016 (Unaudited) (Predecessor) Operating revenues $ 39,696 $ 50,250 $ 38,906 $ 1,504 $ — $ 130,356 Direct operating costs (34,788 ) (41,167 ) (34,470 ) (1,561 ) — (111,986 ) Segment profits $ 4,908 $ 9,083 $ 4,436 $ (57 ) $ — $ 18,370 Depreciation and amortization $ 19,484 $ 16,600 $ 14,064 $ 3,272 $ 2,732 $ 56,152 Capital expenditures (excluding acquisitions) $ 576 $ 3,147 $ 1,151 $ 118 $ 975 $ 5,967 Identifiable assets $ 345,242 $ 242,292 $ 219,393 $ 48,891 $ 312,707 $ 1,168,525
Reconciliation of Segments Profits to Consolidated Operating Loss	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 March 31, 2017 2016 (Successor) (Predecessor) Segment profits $ 29,905 $ 18,370 General and administrative expenses (34,205 ) (29,562 ) Depreciation and amortization (25,413 ) (56,152 ) Gain on disposal of assets 467 75 Operating loss $ (29,246 ) $ (67,269 )

Supplemental Schedule of Cash29

Supplemental Schedule of Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Non-cash Financing and Investing Activity	The following table reflects non-cash financing and investing activity during the following periods: Three Months Ended March 31, 2017 2016 (In thousands) Capital leases and notes issued for equipment $ 22,374 $ 1,390 Asset retirement obligation additions (retirements) $ — $ 9

Property nd Equipment - Narrati

Property nd Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Capital lease obligation period	5 years
Amortization of assets held under capital leases	$ 3.7	$ 9.6

Property nd Equipment - Propert

Property nd Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant And Equipment [Line Items]
Property and equipment, gross	$ 534,951	$ 488,848
Less accumulated depreciation and amortization	24,605	0
Property and equipment, net	510,346	488,848
Land
Property, Plant And Equipment [Line Items]
Property and equipment, gross	20,573	21,010
Buildings and improvements
Property, Plant And Equipment [Line Items]
Property and equipment, gross	40,222	39,588
Well service units and equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	102,762	96,365
Frac equipment/test tanks
Property, Plant And Equipment [Line Items]
Property and equipment, gross	100,942	75,506
Pumping equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	90,156	85,247
Fluid services equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	63,370	57,359
Disposal facilities
Property, Plant And Equipment [Line Items]
Property and equipment, gross	48,728	47,507
Contract drilling equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	12,308	12,257
Rental equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	33,480	32,582
Light vehicles
Property, Plant And Equipment [Line Items]
Property and equipment, gross	13,584	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	3,866	3,885
Construction equipment
Property, Plant And Equipment [Line Items]
Property and equipment, gross	1,563	1,485
Brine and fresh water stations
Property, Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,756	$ 2,694

Property nd Equipment - Schedul

Property nd Equipment - Schedule of Property and Equipment Under Capital Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	$ 47,782	$ 48,934
Less accumulated amortization	3,518	0
Property, plant and equipment under capital lease, net	44,264	48,934
Fluid services equipment
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	29,186	29,372
Pumping equipment
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	12,044	12,806
Light vehicles
Property, Plant And Equipment [Line Items]
Property, plant and equipment under capital lease, gross	5,618	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 (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 3,458		$ 3,458
Amortization expense of intangible assets	59	$ 2,200
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

Intangible Assets - Intangible

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 3,458	$ 3,458
Less accumulated amortization	59	0
Intangible assets subject to amortization, net	3,399	3,458
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	3,410	3,410
Other intangible assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 48	$ 48

Long-Term Debt and Interest E35

Long-Term Debt and Interest Expense - Narrative (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Term Loan
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 10,800,000
Borrowings	163,763,000	$ 164,175,000
Modified Facility
Debt Instrument [Line Items]
Borrowings	0
Letters of credit outstanding	51,600,000
Available borrowing capacity	23,400,000
Capital Lease Obligations, Long-term
Debt Instrument [Line Items]
Debt instrument, unamortized discount	5,200,000
Capital Lease Obligations, Short-term
Debt Instrument [Line Items]
Debt instrument, unamortized discount	$ 1,500,000

Long-Term Debt and Interest E36

Long-Term Debt and Interest Expense - Schedule Of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Capital leases and other notes	$ 90,494	$ 78,046
Unamortized discounts, premiums, and deferred debt costs	(17,541)	(19,001)
Total principal amount of debt instruments, net	236,716	223,220
Less current portion	42,274	38,468
Long-term debt	194,442	184,752
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 163,763	$ 164,175

Long-Term Debt and Interest E37

Long-Term Debt and Interest Expense - Schedule Of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt Instrument [Line Items]
Cash payments for interest	$ 1,300	$ 18,700
Successor
Debt Instrument [Line Items]
Cash payments for interest	1,268
Commitment and other fees paid	17
Amortization of debt issuance costs and discounts	1,560
Change in accrued interest	6,242
Other	22
Total interest expense	$ 9,109
Predecessor
Debt Instrument [Line Items]
Cash payments for interest		18,698
Commitment and other fees paid		673
Amortization of debt issuance costs and discounts		2,922
Change in accrued interest		(1,607)
Other		28
Total interest expense		$ 20,714

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan, fair value	$ 152,928	$ 152,838
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan, fair value	$ 156,743	$ 152,838

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Self insurance deductible for workers compensation	$ 5,000,000
Self insurance deductible for general liability claims	1,000,000
Self insurance deductible for automobile liability	1,000,000
Self insurance deductible for medical coverage	400,000
Self-insured risk accruals	$ 32,200,000	$ 35,000,000

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - shares	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based restricted stock units granted (in shares)		801,322
Performance-based stock options granted (in shares)	320,532	320,532
Share-based payment vesting period	3 years
Restricted stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment vesting period		3 years
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
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)		2,698
Predecessor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury shares acquired (in shares)			219,837

Incentive Plan - Compensation A

Incentive Plan - Compensation Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 3,616
Unrecognized compensation expense	$ 49,367
Weighted average remaining life	2 years 5 months 5 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	832
Unrecognized compensation expense	$ 12,229
Weighted average remaining life	9 years 9 months 22 days
Fair value of share based awards vested	$ 0

Incentive Plan - Narrative (Det

Incentive Plan - Narrative (Details) - USD ($)	Mar. 15, 2017	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Excess tax benefit due to net operating loss carryforwards			$ 0	$ 0
Excess tax benefit if there was no net operating loss carryforwards			$ 0	$ 0
Vesting periods		3 years
Stock options exercised (in shares)			0	0
Restricted stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period			10 years
Vesting periods			3 years
Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting periods	2 years
Shares issued (in shares)	42,820
Vesting Period One | Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Vesting Period Two | Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Vesting Period Three | Phantom Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%

Incentive Plan - Stock Options

Incentive Plan - Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2017	Mar. 31, 2017	Mar. 31, 2016
Number of Options Granted
Outstanding, beginning of period (in shares)		323,770
Options granted (in shares)	320,532	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
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 9 months 22 days
Exercisable, end of period		9 years 8 months 23 days
Vested or expected to vest, end of period		9 years 9 months 22 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 - Non-Vested Sha

Incentive Plan - Non-Vested Shares (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Number of Shares
Nonvested at beginning of period (in shares) | shares	539,606
Granted during period (in shares) | shares	801,322
Vested during period (in shares) | shares	(2,698)
Forfeited during period (in shares) | shares	(2,698)
Nonvested at end of period (in shares) | shares	1,335,532
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	41.90
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	$ 39.76

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Related Party Transactions [Abstract]
Receivables from employees	$ 23	$ 31

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator (both basic and diluted):
Net loss	$ (38,626)
Successor
Numerator (both basic and diluted):
Net loss	$ (38,626)
Denominator:
Denominator for basic loss per share (in shares)	25,999,383
Denominator for diluted loss per share (in shares)	25,999,383
Basic loss per common share (dollars per share)	$ (1.49)
Diluted loss per common share (dollars per share)	$ (1.49)
Predecessor
Numerator (both basic and diluted):
Net loss		$ (83,339)
Denominator:
Denominator for basic loss per share (in shares)		41,608,920
Denominator for diluted loss per share (in shares)		41,608,920
Basic loss per common share (dollars per share)		$ (2)
Diluted loss per common share (dollars per share)		$ (2)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares	1,335,532	888,490

Business Segment Information -

Business Segment Information - Schedule of Reportable Segments Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
Identifiable assets	$ 769,277		$ 768,160
Successor
Segment Reporting Information [Line Items]
Operating revenues	182,019
Direct operating costs	(152,114)
Segment profits	29,905
Depreciation and amortization	25,413
Capital expenditures (excluding acquisitions)	48,304
Identifiable assets	769,277
Successor | Completion and Remedial Services
Segment Reporting Information [Line Items]
Operating revenues	80,431
Direct operating costs	(67,252)
Successor | Fluid Services
Segment Reporting Information [Line Items]
Operating revenues	50,206
Direct operating costs	(41,538)
Successor | Well Servicing
Segment Reporting Information [Line Items]
Operating revenues	48,619
Direct operating costs	(40,916)
Successor | Contract Drilling
Segment Reporting Information [Line Items]
Operating revenues	2,763
Direct operating costs	(2,408)
Successor | Operating Segments | Completion and Remedial Services
Segment Reporting Information [Line Items]
Operating revenues	80,431
Direct operating costs	(67,252)
Segment profits	13,179
Depreciation and amortization	11,766
Capital expenditures (excluding acquisitions)	32,209
Identifiable assets	256,278
Successor | Operating Segments | Fluid Services
Segment Reporting Information [Line Items]
Operating revenues	50,206
Direct operating costs	(41,538)
Segment profits	8,668
Depreciation and amortization	6,527
Capital expenditures (excluding acquisitions)	7,421
Identifiable assets	131,698
Successor | Operating Segments | Well Servicing
Segment Reporting Information [Line Items]
Operating revenues	48,619
Direct operating costs	(40,916)
Segment profits	7,703
Depreciation and amortization	4,596
Capital expenditures (excluding acquisitions)	8,378
Identifiable assets	108,013
Successor | Operating Segments | Contract Drilling
Segment Reporting Information [Line Items]
Operating revenues	2,763
Direct operating costs	(2,408)
Segment profits	355
Depreciation and amortization	626
Capital expenditures (excluding acquisitions)	53
Identifiable assets	12,560
Successor | Corporate and Other
Segment Reporting Information [Line Items]
Operating revenues	0
Direct operating costs	0
Segment profits	0
Depreciation and amortization	1,898
Capital expenditures (excluding acquisitions)	243
Identifiable assets	$ 260,728
Predecessor
Segment Reporting Information [Line Items]
Operating revenues		$ 130,356
Direct operating costs		(111,986)
Segment profits		18,370
Depreciation and amortization		56,152
Capital expenditures (excluding acquisitions)		5,967
Identifiable assets		1,168,525
Predecessor | Completion and Remedial Services
Segment Reporting Information [Line Items]
Operating revenues		39,696
Direct operating costs		(34,788)
Predecessor | Fluid Services
Segment Reporting Information [Line Items]
Operating revenues		50,250
Direct operating costs		(41,167)
Predecessor | Well Servicing
Segment Reporting Information [Line Items]
Operating revenues		38,906
Direct operating costs		(34,470)
Predecessor | Contract Drilling
Segment Reporting Information [Line Items]
Operating revenues		1,504
Direct operating costs		(1,561)
Predecessor | Operating Segments | Completion and Remedial Services
Segment Reporting Information [Line Items]
Operating revenues		39,696
Direct operating costs		(34,788)
Segment profits		4,908
Depreciation and amortization		19,484
Capital expenditures (excluding acquisitions)		576
Identifiable assets		345,242
Predecessor | Operating Segments | Fluid Services
Segment Reporting Information [Line Items]
Operating revenues		50,250
Direct operating costs		(41,167)
Segment profits		9,083
Depreciation and amortization		16,600
Capital expenditures (excluding acquisitions)		3,147
Identifiable assets		242,292
Predecessor | Operating Segments | Well Servicing
Segment Reporting Information [Line Items]
Operating revenues		38,906
Direct operating costs		(34,470)
Segment profits		4,436
Depreciation and amortization		14,064
Capital expenditures (excluding acquisitions)		1,151
Identifiable assets		219,393
Predecessor | Operating Segments | Contract Drilling
Segment Reporting Information [Line Items]
Operating revenues		1,504
Direct operating costs		(1,561)
Segment profits		(57)
Depreciation and amortization		3,272
Capital expenditures (excluding acquisitions)		118
Identifiable assets		48,891
Predecessor | Corporate and Other
Segment Reporting Information [Line Items]
Operating revenues		0
Direct operating costs		0
Segment profits		0
Depreciation and amortization		2,732
Capital expenditures (excluding acquisitions)		975
Identifiable assets		$ 312,707

Business Segment Information 49

Business Segment Information - Schedule of Reconciliation of Operating Profit (Loss) from Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Successor
Segment Reporting Information [Line Items]
Segment profits	$ 29,905
General and administrative expenses	(34,205)
Depreciation and amortization	(25,413)
Gain on disposal of assets	467
Operating loss	$ (29,246)
Predecessor
Segment Reporting Information [Line Items]
Segment profits		$ 18,370
General and administrative expenses		(29,562)
Depreciation and amortization		(56,152)
Gain on disposal of assets		75
Operating loss		$ (67,269)

Supplemental Schedule of Cash50

Supplemental Schedule of Cash Flow Information - Non-cash Financing and Investing Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Capital leases and notes issued for equipment	$ 22,374	$ 1,390
Asset retirement obligation additions (retirements)	$ 0	$ 9

Supplemental Schedule of Cash51

Supplemental Schedule of Cash Flow Information - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Income taxes paid	$ 0	$ 0
Interest paid	$ 1,300,000	$ 18,700,000