Basic Energy Services (BASWQ) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 02, 2018
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		26,470,750

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 30,683	$ 38,520
Restricted cash	47,125	47,703
Trade accounts receivable, net of allowance of $1,519 and $1,523, respectively	163,248	148,444
Accounts receivable - related parties	23	22
Income tax receivable	1,587	1,878
Inventories	38,657	36,403
Prepaid expenses	17,552	22,353
Other current assets	4,223	4,292
Total current assets	303,098	299,615
Property and equipment, net	480,552	502,579
Deferred debt costs, net of amortization	2,511	2,497
Intangible assets, net of amortization	3,102	3,221
Other assets	12,971	12,568
Total assets	802,234	820,480
Current liabilities:
Accounts payable	90,268	80,518
Accrued expenses	60,042	51,973
Current portion of long-term debt, net of discounts of $990 and $1,657, respectively	48,882	55,997
Other current liabilities	4,168	2,469
Total current liabilities	203,360	190,957
Long-term debt, net of discounts and deferred financing costs of $8,143 and $10,244, respectively	279,032	259,242
Deferred tax liabilities	0	78
Other long-term liabilities	36,691	31,550
Stockholders' equity:
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at March 31, 2018 and December 31, 2017	0	0
Common stock; $0.01 par value; 80,000,000 shares authorized; 26,644,130 shares issued and 26,470,750 shares outstanding at June 30, 2018; 26,371,572 shares issued and 26,219,129 shares outstanding at December 31, 2017	266	264
Additional paid-in capital	453,907	439,517
Accumulated deficit	(167,259)	(96,674)
Treasury stock, at cost, 173,380 and 152,443 shares at June 30, 2018 and December 31, 2017, respectively	(3,763)	(4,454)
Total stockholders' equity	283,151	338,653
Total liabilities and stockholders' equity	$ 802,234	$ 820,480

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for trade accounts receivable	$ 1,519	$ 1,523
Current portion of long-term debt, net of discounts of $990 and $1,657, respectively	990	1,657
Discounts and deferred financing costs	$ 8,143	$ 10,244
Preferred stock, par value (in 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 (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued	26,644,130	26,371,572
Common stock, shares outstanding	26,470,750	26,219,129
Treasury stock, shares	173,380	152,443

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 253,369	$ 213,296	$ 488,034	$ 395,315
Expenses:
Direct operating costs	195,959	(166,438)	377,275	(318,552)
General and administrative	51,460	36,037	92,468	70,241
Depreciation and amortization	31,161	25,956	61,396	51,369
(Gain) loss on disposal of assets	1,921	(223)	3,700	(690)
Total expenses	280,501	228,208	534,839	439,472
Operating loss	(27,132)	(14,912)	(46,805)	(44,157)
Other income (expense):
Interest expense	(12,806)	(9,179)	(24,089)	(18,289)
Interest income	60	6	87	18
Other income	102	144	441	235
Loss before income taxes	(39,776)	(23,941)	(70,366)	(62,193)
Income tax benefit (expense)	(278)	0	(219)	(374)
Net loss	$ (40,054)	$ (23,941)	$ (70,585)	$ (62,567)
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ (1.51)	$ (0.92)	$ (2.67)	$ (2.41)
Diluted (in dollars per share)	$ (1.51)	$ (0.92)	$ (2.67)	$ (2.41)
Completion and remedial services
Revenues:
Total revenues	$ 126,948	$ 107,385	$ 244,545	$ 187,817
Expenses:
Direct operating costs	100,528	81,199	190,187	148,451
Well servicing
Revenues:
Total revenues	59,679	50,740	116,188	100,946
Expenses:
Direct operating costs	44,008	41,580	84,931	83,118
Water logistics
Revenues:
Total revenues	64,405	53,054	121,942	101,672
Expenses:
Direct operating costs	49,680	41,796	97,871	82,712
Contract drilling
Revenues:
Total revenues	2,337	2,117	5,359	4,880
Expenses:
Direct operating costs	$ 1,743	$ 1,863	$ 4,286	$ 4,271

Consolidated Statements of Ope5

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Stock-based compensation included in general and administrative expense	$ 9,626	$ 6,275	$ 16,424	$ 10,723

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2017		26,371,572
Beginning balance at Dec. 31, 2017	$ 338,653	$ 264	$ 439,517	$ (4,454)	$ (96,674)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)		272,558
Issuance of stock	2	$ 2
Amortization of share-based compensation	16,424		16,424
Treasury stock, net	(1,343)		(2,034)	691
Net loss	(70,585)				(70,585)
Ending balance (in shares) at Jun. 30, 2018		26,644,130
Ending balance at Jun. 30, 2018	$ 283,151	$ 266	$ 453,907	$ (3,763)	$ (167,259)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (70,585)	$ (62,567)
Adjustments to reconcile net loss to net cash
Depreciation and amortization	61,396	51,369
Accretion on asset retirement obligation	83	79
Change in allowance for doubtful accounts	(4)	1,751
Amortization of deferred financing costs	372	19
Amortization of debt discounts	2,742	3,862
Non-cash compensation	16,424	10,723
(Gain) loss on disposal of assets	3,700	(690)
Deferred income taxes	(78)	389
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(14,801)	(43,562)
Inventories	(2,254)	(989)
Income tax receivable	292	1
Prepaid expenses and other current assets	6,458	(5,958)
Other assets	(403)	(524)
Accounts payable	6,808	26,841
Other liabilities	6,905	(265)
Accrued expenses	8,069	6,128
Net cash provided by (used in) operating activities	25,124	(13,393)
Cash flows from investing activities:
Purchase of property and equipment	(31,697)	(33,745)
Proceeds from sale of assets	999	4,976
Net cash used in investing activities	(30,698)	(28,769)
Cash flows from financing activities:
Payments of debt	(27,140)	(22,266)
Proceeds from debt	26,000	0
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock	(1,341)	(38)
Deferred loan costs and other financing activities	(360)	(162)
Net cash used in financing activities	(2,841)	(22,466)
Net decrease in cash, cash equivalents and restricted cash	(8,415)	(64,628)
Cash, cash equivalents and restricted cash - beginning of period	86,223	101,304
Cash, cash equivalents and restricted cash - end of period	$ 77,808	$ 36,676

Basis of Presentation and Natur

Basis of Presentation and Nature of Operations	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Nature of Operations	1. Basis of Presentation and Nature of Operations Basis of Presentation The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and notes 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, 2017. 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. Liquidity and Capital Resources As of June 30, 2018, our primary capital resources were cash flows from operations, utilization of capital leases and borrowings under our accounts receivable securitization facility (the “New ABL Facility”) which had aggregate commitments of $150.0 million as of June 30, 2018. As of June 30, 2018, we had $90.0 million in borrowings under the New ABL Facility compared to $64.0 million at December 31, 2017. At June 30, 2018, we had unrestricted cash and cash equivalents of $30.7 million compared to $38.5 million as of December 31, 2017. An additional amount of $47.1 million of our cash is classified as restricted cash. Including the availability of $14.7 million under the New ABL Facility, we currently have $45.4 million in total liquidity. For further discussion see Note 5, "Long-Term Debt and Interest Expense". 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, water logistics, 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, North Dakota, Wyoming, Arkansas, Kansas, Louisiana, California, the Rocky Mountains and Appalachia. Principles of Consolidation The accompanying consolidated financial statements include the accounts of our wholly owned subsidiaries and our variable interest entity for which we hold a majority voting interest. All intercompany transactions and balances have been eliminated. Estimates, Risks and Uncertainties 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, liabilities, revenue, and expenses. Critical accounting estimates are those in which significant judgment is used, and the impact of any changes in estimates would have a significant effect on our consolidated financial statements. Actual results and outcomes may vary from management's estimates and assumptions. Areas where critical accounting estimates are made by management include litigation and self-insured risk reserves.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Jun. 30, 2018
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows (in thousands): June 30, 2018 2017 Cash and cash equivalents $ 30,683 $ 34,244 Restricted cash 47,125 2,432 Total cash, cash equivalents and restricted cash $ 77,808 $ 36,676 The Company’s restricted cash includes cash balances which are legally or contractually restricted to use. The Company’s restricted cash is included in current assets as of June 30, 2018 and 2017, respectively, and includes primarily cash used to collateralize insurance reserves.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following (in thousands): June 30, 2018 December 31, 2017 Land $ 21,297 $ 21,217 Buildings and improvements 40,377 40,043 Well service units and equipment 121,452 113,657 Frac equipment/test tanks 120,639 111,172 Pumping equipment 99,358 96,844 Water logistics equipment 80,490 79,711 Disposal facilities 54,936 51,363 Rental equipment 57,654 53,926 Light vehicles 23,972 19,869 Contract drilling equipment 11,424 10,967 Other 4,121 4,092 Construction equipment 2,438 2,338 Brine and fresh water stations 2,688 2,704 Software 831 817 641,677 608,720 Less accumulated depreciation and amortization 161,125 106,141 Property and equipment, net $ 480,552 $ 502,579 Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years. The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consists of the following (in thousands): June 30, 2018 December 31, 2017 Pumping equipment $ 56,425 $ 56,225 Water logistics equipment 42,083 40,097 Light vehicles 16,283 12,160 Contract drilling equipment 818 783 Well service units and equipment 98 262 Construction equipment 378 378 Rental equipment 572 — 116,657 109,905 Less accumulated amortization 31,058 18,445 Property and equipment under capital lease, net $ 85,599 $ 91,460 Amortization of assets held under capital leases is included in depreciation and amortization expense in the consolidated statements of operations. Amortization amounts consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Lease amortization expense $ 7,240 $ 3,890 $ 14,360 $ 7,590

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Basic had trade names of $3.4 million as of June 30, 2018 and December 31, 2017. Trade names have a 15-year life and are tested for impairment when triggering events are identified. Basic’s intangible assets were as follows (in thousands): June 30, 2018 December 31, 2017 Trade names $ 3,410 $ 3,410 Other intangible assets 48 48 $ 3,458 $ 3,458 Less accumulated amortization 356 237 Intangible assets subject to amortization, net $ 3,102 $ 3,221 Amortization expense of intangible assets for the three months ended June 30, 2018 and 2017 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Intangible amortization expense $ 60 $ 60 $ 118 $ 119

Long-Term Debt and Interest Exp

Long-Term Debt and Interest Expense	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt and Interest Expense	Long-Term Debt and Interest Expense Long-term debt consisted of the following (in thousands): June 30, 2018 December 31, 2017 Credit facilities: Term Loan $ 161,700 $ 162,525 New ABL Facility 90,000 64,000 Capital leases and other notes 85,347 100,615 Unamortized discounts, premiums, and deferred financing costs (9,133) (11,901) Total principal amount of debt instruments, net 327,914 315,239 Less current portion 48,882 55,997 Long-term debt $ 279,032 $ 259,242 Debt Discounts The following discounts on debt represent the unamortized discount to fair value of our Amended and Restated Term Loan Credit Agreement (the "Term Loan Agreement") and the short-term and long-term portions of the fair value discount of capital leases (in thousands): June 30, 2018 December 31, 2017 Unamortized discount on Term Loan $ 8,003 $ 9,187 Unamortized discount on Capital Leases - short-term 990 1,657 Unamortized discount on Capital Leases - long-term — 891 Unamortized deferred financing costs 140 166 $ 9,133 $ 11,901 On April 11, 2018, the Company entered into Amendment No. 2 (“Amendment No. 2”) to the New ABL Facility. Among other things, Amendment No. 2 (i) increased the aggregate commitments under the Credit Agreement from $120 million to $150 million and (ii) added Morgan Stanley Senior Funding, Inc. as a lender and amended the commitment schedule to the Credit Agreement to reflect the same. As of June 30, 2018, Basic had $44.0 million of letters of credit outstanding secured by restricted cash borrowed under the New ABL Facility. Basic had borrowings under the New ABL Facility of $90 million as of June 30, 2018, giving Basic $14.7 million of available borrowing capacity under the New ABL Facility. Basic’s interest expense for the three and six months ended June 30, 2018 and 2017, consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cash payments for interest $ 7,564 $ 8,040 $ 16,142 $ 9,308 Commitment and other fees paid 994 170 1,803 187 Amortization of debt issuance costs and discounts 1,463 2,321 3,114 3,881 Change in accrued interest 2,769 (1,364) 2,990 4,878 Other 16 12 40 35 $ 12,806 $ 9,179 $ 24,089 $ 18,289

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following is a summary of the carrying amounts, net of discounts, and estimated fair values of our financial instruments as of June 30, 2018 and December 31, 2017: Fair Value June 30, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan 3 $ 153,697 $ 159,969 $ 153,338 $ 162,052 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 New ABL Facility approximates fair value due to its variable-rate characteristics.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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. Sales and Use Tax Audit In 2014, Basic was notified by the Texas State Comptroller’s office that a sales and use tax audit for the period from 2010 through 2013 would be conducted. A preliminary report has been issued in the second quarter of 2018 for this audit, and Basic will appeal the preliminary report through the redetermination process. Based on our analysis, the potential liability associated with this audit ranges from $6.0 million to $24.0 million. An accrual for the estimated liability of $6.0 million has been recorded in Basic’s financial statements as general and administrative expense and the related interest associated with the taxes of $1.5 million is included in interest expense. This range could potentially change in future periods as the appeals and redetermination process progresses. 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 $425,000, respectively. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions based upon third-party data and claims history.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity Common Stock In February 2018, Basic granted certain members of management 203,625 performance-based restricted stock units and 203,625 restricted stock units, which each vest over a three 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 77,431 shares of common stock through net share settlements during the first six months of 2018 and issued 56,494 shares from treasury stock for accelerated vestings and stock grants in the first six months of 2018. Basic acquired 1,032 shares of common stock through net share settlements during the first six months of 2017.

Incentive Plan

Incentive Plan	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Incentive Plan	9. Incentive Plan The following table reflects compensation activity related to the management incentive plan for the three and six-month periods ended June 30, 2018 (dollar amounts in thousands): Compensation expense for three months ended June 30, 2018 Compensation expense for six months ended June 30, 2018 Unrecognized compensation expense Weighted average remaining life Fair value of share based awards vested Restricted stock awards and restricted stock units $ 8,025 $ 13,757 $ 23,448 1.7 $ 4,882 Stock options $ 1,601 $ 2,667 $ 5,203 8.6 $ — Stock Option Awards The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Stock options granted under the Company's management incentive plan expire ten years from the date they are granted, and vest over a three The following table reflects changes during the six-month period and a summary of stock options outstanding at June 30, 2018: 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 654,016 $ 39.23 Options granted — — Options forfeited (17,266) 39.23 Options exercised — — Outstanding, end of period 636,750 $ 39.23 8.6 $ — Exercisable, end of period 222,354 $ 39.23 8.6 $ — Vested or expected to vest, end of period 414,396 $ 39.23 8.6 $ — There were no stock options exercised during the six months ended June 30, 2018 and 2017. Restricted Stock Unit Awards A summary of the status of Basic’s non-vested restricted stock units at June 30, 2018 and changes during the six months ended June 30, 2018 are 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 1,097,010 $ 36.35 Granted during period 455,650 16.01 Vested during period (284,904) 36.21 Forfeited during period (54,134) 28.21 Non-vested at end of period 1,213,622 $ 29.11 Restricted Stock Awards On May 21, 2018, Basic’s Board of Directors, the "Board", approved grants of restricted stock awards to non-employee members of the Board. The number of restricted shares granted was 48,400. These grants are subject to vesting over a period of ten months and are subject to accelerated vesting under certain circumstances. Phantom Stock Awards On February 8, 2018, the Compensation Committee of the Board approved grants of phantom restricted stock awards to certain key employees. Phantom shares are recorded as a liability at their current market value and are included in other current liabilities. The number of phantom shares issued on February 8, 2018 was 82,170. These grants remain subject to vesting annually in one-third increments over a three

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsBasic had receivables from employees of approximately $23,000 and $22,000 as of June 30, 2018 and December 31, 2017, respectively.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Our revenues are generated by services, which are consumed as provided by our customers on their sites. As a decentralized organization, contracts for our 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 our 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 we are contractually entitled to bill for our 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, 2018, accounts receivable related to products and services were $163.2 million. At June 30, 2018 and December 31, 2017, the Company had $1.8 million and $2.4 million of contract assets, respectively, and had no contract liabilities or deferred contract costs recorded on the consolidated balance sheet. Basic does not have any long-term service contracts; nor do we 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 Contract Drilling Total Three Months Ended June 30, 2018 Primary Geographical Markets Permian Basin $ 43,323 $ 30,364 $ 32,066 $ 2,466 $ 108,219 Texas Gulf Coast 236 7,338 8,614 — 16,188 ArkLaTex & Mid-Continent 56,144 12,731 11,616 — 80,491 Rocky Mountain 27,198 6,911 8,833 — 42,942 Eastern USA 1,267 2,286 — — 3,553 West Coast — 7,730 — — 7,730 Corporate (Intercompany) (1,220) (2,955) (1,450) (129) (5,754) Total $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ 253,369 Major Products/service lines Pumping Equipment $ 86,495 $ — $ — $ — $ 86,495 Well Servicing — 54,132 — — 54,132 Transport/Vacuum — — 36,798 — 36,798 Coiled Tubing 15,179 — — — 15,179 RAFT 21,860 — — — 21,860 Plugging — 6,521 — — 6,521 Production and Disposal Facilities — — 6,044 — 6,044 Hot Oiler — — 5,003 — 5,003 Other 3,414 3,752 11,834 2,337 21,337 Total $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ 253,369 Timing of revenue recognition Products and services transferred over time 126,948 64,405 59,679 2,337 253,369 Total $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ 253,369 Six Months Ended June 30, 2018 Primary Geographical Markets Permian Basin $ 81,489 $ 57,377 $ 62,654 $ 5,622 $ 207,142 Texas Gulf Coast 1,045 14,653 17,488 — 33,186 ArkLaTex & Mid-Continent 105,444 23,950 22,322 — 151,716 Rocky Mountain 56,987 13,135 16,609 — 86,731 Eastern USA 2,957 4,471 — — 7,428 West Coast — 14,179 — — 14,179 Corporate (Intercompany) (3,377) (5,823) (2,885) (263) (12,348) Total $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ 488,034 Major Products/service lines Pumping Equipment $ 159,305 $ — $ — $ — $ 159,305 Well Servicing — 102,668 — — 102,668 Transport/Vacuum — — 72,043 — 72,043 Coiled Tubing 35,159 — — — 35,159 RAFT 42,642 — — — 42,642 Plugging — 12,534 — — 12,534 Production and Disposal Facilities — — 11,695 — 11,695 Hot Oiler — — 10,388 — 10,388 Other 7,439 6,740 22,062 5,359 41,600 Total $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ 488,034 Timing of revenue recognition Products and services transferred over time 244,545 121,942 116,188 5,359 488,034 Total $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ 488,034

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2018
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Unaudited) (Unaudited) Numerator (both basic and diluted): Net loss $ (40,054) $ (23,941) $ (70,585) $ (62,567) Denominator: Denominator for basic loss per share 26,444,145 26,011,369 26,390,393 26,005,409 Basic loss per common share: $ (1.51) $ (0.92) $ (2.67) $ (2.41) Diluted loss per common share: $ (1.51) $ (0.92) $ (2.67) $ (2.41) Stock options and warrants of 2,703,326 were excluded from the computation of diluted loss per share for the three and six months ended June 30, 2018 because the effect would have been anti-dilutive. Unvested restricted shares of 21,807 and 12,722 were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2018, because the effect would have been anti-dilutive. Unvested stock options and warrants of 1,346,095 and 1,362,232 were excluded from the computation of diluted loss per share for the three and six months ended June 30, 2017, because the effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2018
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 Well Water Contract Corporate Services Servicing Logistics Drilling and Other Total Three Months Ended June 30, 2018 (Unaudited) Operating revenues $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ — $ 253,369 Direct operating costs (100,528) (49,680) (44,008) (1,743) — (195,959) Segment profits $ 26,420 $ 14,725 $ 15,671 $ 594 $ — $ 57,410 Depreciation and amortization $ 14,815 $ 5,890 $ 8,038 $ 363 $ 2,055 $ 31,161 Capital expenditures (excluding acquisitions) $ 9,820 $ 5,601 $ 8,589 $ 103 $ 322 $ 24,435 Three Months Ended June 30, 2017 (Unaudited) Operating revenues $ 107,385 $ 53,054 $ 50,740 $ 2,117 $ — $ 213,296 Direct operating costs (81,199) (41,796) (41,580) (1,863) — (166,438) Segment profits $ 26,186 $ 11,258 $ 9,160 $ 254 $ — $ 46,858 Depreciation and amortization $ 12,412 $ 4,636 $ 6,637 $ 501 $ 1,770 $ 25,956 Capital expenditures (excluding acquisitions) $ 25,849 $ 5,116 $ 8,916 $ (36) $ 1,004 $ 40,849 Six Months Ended June 30, 2018 (Unaudited) Operating revenues $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ — $ 488,034 Direct operating costs (190,187) (97,871) (84,931) (4,286) — (377,275) Segment profits $ 54,358 $ 24,071 $ 31,257 $ 1,073 $ — $ 110,759 Depreciation and amortization $ 29,075 $ 11,663 $ 15,764 $ 783 $ 4,111 $ 61,396 Capital expenditures (excluding acquisitions) $ 21,337 $ 12,307 $ 10,778 $ 510 $ 754 $ 45,686 Identifiable assets $ 250,249 $ 111,043 $ 120,814 $ 5,899 $ 314,229 $ 802,234 Six Months Ended June 30, 2017 (Unaudited) Operating revenues $ 187,817 $ 101,672 $ 100,946 $ 4,880 $ — $ 395,315 Direct operating costs (148,451) (82,712) (83,118) (4,271) — (318,552) Segment profits $ 39,366 $ 18,960 $ 17,828 $ 609 $ — $ 76,763 Depreciation and amortization $ 24,563 $ 9,176 $ 13,136 $ 991 $ 3,503 $ 51,369 Capital expenditures (excluding acquisitions) $ 58,058 $ 13,493 $ 16,337 $ 17 $ 1,247 $ 89,152 Identifiable assets $ 268,381 $ 109,817 $ 133,557 $ 10,025 $ 264,586 $ 786,366 The following table reconciles the segment profits reported above to the operating loss as reported in the consolidated statements of operations (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Segment profits $ 57,410 $ 46,858 $ 110,759 $ 76,763 General and administrative expenses (51,460) (36,037) (92,468) (70,241) Depreciation and amortization (31,161) (25,956) (61,396) (51,369) Gain (loss) on disposal of assets (1,921) 223 (3,700) 690 Operating loss $ (27,132) $ (14,912) $ (46,805) $ (44,157)

Supplemental Schedule of Cash F

Supplemental Schedule of Cash Flow Information	6 Months Ended
	Jun. 30, 2018
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 (in thousands): Six Months Ended June 30, 2018 2017 Capital leases and notes issued for equipment $ 11,047 $ 49,214 Asset retirement obligation additions (retirements) (148) — Change in accrued property and equipment 2,942 6,193 Basic paid no income taxes during the six months ended June 30, 2018 and 2017. Basic paid interest of approximately $16.1 million and $9.3 million during the six months ended June 30, 2018 and 2017, respectively.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU 2014-09 - “ Revenue from Contracts with Customers (Topic 606)" represents 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 transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of revenue and cash flows arising from contracts with customers. The standard allows for two transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented subject to certain practical expedients, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, and which includes additional disclosures regarding the change in accounting principle in the current period. We have adopted the standard effective January 1, 2018 using the modified retrospective method. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the six months ended June 30, 2018. The Company has included the disclosures required by ASU 2014-09 above. In February 2016, the FASB issued ASU 2016-02 - “ Leases (Topic 842). ” The purpose of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for Basic in annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Basic expects to recognize additional right-of-use assets and liabilities related to operating leases with terms longer than one year. At June 30, 2018, Basic had operating leases with terms longer than one year of $12.4 million. In November 2016 the FASB issued ASU 2016-18- "Statement of Cash Flows (Topic 230): Restricted Cash," which clarifies the treatment of cash inflows into and cash payments from restricted cash. Restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU should be applied using a retrospective transition method and are effective for reporting periods beginning after December 15, 2017. Basic began presenting cash flows under this standard as of March 31, 2018 and retrospectively for all periods presented. See Note 2, "Cash, Cash Equivalents and Restricted Cash" for disclosures.

Basis of Presentation and Nat23

Basis of Presentation and Nature of Operations (Policies)	6 Months Ended
	Jun. 30, 2018
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 notes 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, 2017. 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 our wholly owned subsidiaries and our variable interest entity for which we hold a majority voting interest. All intercompany transactions and balances have been eliminated.
Estimates, Risks and Uncertainties	Estimates, Risks and Uncertainties 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, liabilities, revenue, and expenses. Critical accounting estimates are those in which significant judgment is used, and the impact of any changes in estimates would have a significant effect on our consolidated financial statements. Actual results and outcomes may vary from management's estimates and assumptions. Areas where critical accounting estimates are made by management include litigation and self-insured risk reserves.
Recent Accounting Pronouncements	Recent Accounting Pronouncements ASU 2014-09 - “ Revenue from Contracts with Customers (Topic 606)" represents 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 transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of revenue and cash flows arising from contracts with customers. The standard allows for two transition methods: (a) a full retrospective adoption in which the standard is applied to all of the periods presented subject to certain practical expedients, or (b) a modified retrospective adoption in which the standard is applied only to the most current period presented in the financial statements, and which includes additional disclosures regarding the change in accounting principle in the current period. We have adopted the standard effective January 1, 2018 using the modified retrospective method. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the six months ended June 30, 2018. The Company has included the disclosures required by ASU 2014-09 above. In February 2016, the FASB issued ASU 2016-02 - “ Leases (Topic 842). ” The purpose of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for Basic in annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Basic expects to recognize additional right-of-use assets and liabilities related to operating leases with terms longer than one year. At June 30, 2018, Basic had operating leases with terms longer than one year of $12.4 million. In November 2016 the FASB issued ASU 2016-18- "Statement of Cash Flows (Topic 230): Restricted Cash," which clarifies the treatment of cash inflows into and cash payments from restricted cash. Restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU should be applied using a retrospective transition method and are effective for reporting periods beginning after December 15, 2017. Basic began presenting cash flows under this standard as of March 31, 2018 and retrospectively for all periods presented. See Note 2, "Cash, Cash Equivalents and Restricted Cash" for disclosures.

Cash, Cash Equivalents and Re24

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2018
Cash and Cash Equivalents [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows (in thousands): June 30, 2018 2017 Cash and cash equivalents $ 30,683 $ 34,244 Restricted cash 47,125 2,432 Total cash, cash equivalents and restricted cash $ 77,808 $ 36,676

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consisted of the following (in thousands): June 30, 2018 December 31, 2017 Land $ 21,297 $ 21,217 Buildings and improvements 40,377 40,043 Well service units and equipment 121,452 113,657 Frac equipment/test tanks 120,639 111,172 Pumping equipment 99,358 96,844 Water logistics equipment 80,490 79,711 Disposal facilities 54,936 51,363 Rental equipment 57,654 53,926 Light vehicles 23,972 19,869 Contract drilling equipment 11,424 10,967 Other 4,121 4,092 Construction equipment 2,438 2,338 Brine and fresh water stations 2,688 2,704 Software 831 817 641,677 608,720 Less accumulated depreciation and amortization 161,125 106,141 Property and equipment, net $ 480,552 $ 502,579
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): June 30, 2018 December 31, 2017 Pumping equipment $ 56,425 $ 56,225 Water logistics equipment 42,083 40,097 Light vehicles 16,283 12,160 Contract drilling equipment 818 783 Well service units and equipment 98 262 Construction equipment 378 378 Rental equipment 572 — 116,657 109,905 Less accumulated amortization 31,058 18,445 Property and equipment under capital lease, net $ 85,599 $ 91,460
Capital Lease Amortization Expense	Amortization of assets held under capital leases is included in depreciation and amortization expense in the consolidated statements of operations. Amortization amounts consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Lease amortization expense $ 7,240 $ 3,890 $ 14,360 $ 7,590

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Basic’s intangible assets were as follows (in thousands): June 30, 2018 December 31, 2017 Trade names $ 3,410 $ 3,410 Other intangible assets 48 48 $ 3,458 $ 3,458 Less accumulated amortization 356 237 Intangible assets subject to amortization, net $ 3,102 $ 3,221
Amortization Expense	Amortization expense of intangible assets for the three months ended June 30, 2018 and 2017 was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Intangible amortization expense $ 60 $ 60 $ 118 $ 119

Long-Term Debt and Interest E27

Long-Term Debt and Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following (in thousands): June 30, 2018 December 31, 2017 Credit facilities: Term Loan $ 161,700 $ 162,525 New ABL Facility 90,000 64,000 Capital leases and other notes 85,347 100,615 Unamortized discounts, premiums, and deferred financing costs (9,133) (11,901) Total principal amount of debt instruments, net 327,914 315,239 Less current portion 48,882 55,997 Long-term debt $ 279,032 $ 259,242
Unamortized Discounts on Debt	The following discounts on debt represent the unamortized discount to fair value of our Amended and Restated Term Loan Credit Agreement (the "Term Loan Agreement") and the short-term and long-term portions of the fair value discount of capital leases (in thousands): June 30, 2018 December 31, 2017 Unamortized discount on Term Loan $ 8,003 $ 9,187 Unamortized discount on Capital Leases - short-term 990 1,657 Unamortized discount on Capital Leases - long-term — 891 Unamortized deferred financing costs 140 166 $ 9,133 $ 11,901
Interest Expense	Basic’s interest expense for the three and six months ended June 30, 2018 and 2017, consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Cash payments for interest $ 7,564 $ 8,040 $ 16,142 $ 9,308 Commitment and other fees paid 994 170 1,803 187 Amortization of debt issuance costs and discounts 1,463 2,321 3,114 3,881 Change in accrued interest 2,769 (1,364) 2,990 4,878 Other 16 12 40 35 $ 12,806 $ 9,179 $ 24,089 $ 18,289

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Carrying Amount and Fair Value of Financial Instruments	The following is a summary of the carrying amounts, net of discounts, and estimated fair values of our financial instruments as of June 30, 2018 and December 31, 2017: Fair Value June 30, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Term Loan 3 $ 153,697 $ 159,969 $ 153,338 $ 162,052

Incentive Plan (Tables)

Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Activity Related to the Management Incentive Plan	The following table reflects compensation activity related to the management incentive plan for the three and six-month periods ended June 30, 2018 (dollar amounts in thousands): Compensation expense for three months ended June 30, 2018 Compensation expense for six months ended June 30, 2018 Unrecognized compensation expense Weighted average remaining life Fair value of share based awards vested Restricted stock awards and restricted stock units $ 8,025 $ 13,757 $ 23,448 1.7 $ 4,882 Stock options $ 1,601 $ 2,667 $ 5,203 8.6 $ —
Summary of Stock Options Outstanding	The following table reflects changes during the six-month period and a summary of stock options outstanding at June 30, 2018: 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 654,016 $ 39.23 Options granted — — Options forfeited (17,266) 39.23 Options exercised — — Outstanding, end of period 636,750 $ 39.23 8.6 $ — Exercisable, end of period 222,354 $ 39.23 8.6 $ — Vested or expected to vest, end of period 414,396 $ 39.23 8.6 $ —
Summary of Non-Vested Restricted Stock Units	A summary of the status of Basic’s non-vested restricted stock units at June 30, 2018 and changes during the six months ended June 30, 2018 are 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 1,097,010 $ 36.35 Granted during period 455,650 16.01 Vested during period (284,904) 36.21 Forfeited during period (54,134) 28.21 Non-vested at end of period 1,213,622 $ 29.11

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	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 Contract Drilling Total Three Months Ended June 30, 2018 Primary Geographical Markets Permian Basin $ 43,323 $ 30,364 $ 32,066 $ 2,466 $ 108,219 Texas Gulf Coast 236 7,338 8,614 — 16,188 ArkLaTex & Mid-Continent 56,144 12,731 11,616 — 80,491 Rocky Mountain 27,198 6,911 8,833 — 42,942 Eastern USA 1,267 2,286 — — 3,553 West Coast — 7,730 — — 7,730 Corporate (Intercompany) (1,220) (2,955) (1,450) (129) (5,754) Total $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ 253,369 Major Products/service lines Pumping Equipment $ 86,495 $ — $ — $ — $ 86,495 Well Servicing — 54,132 — — 54,132 Transport/Vacuum — — 36,798 — 36,798 Coiled Tubing 15,179 — — — 15,179 RAFT 21,860 — — — 21,860 Plugging — 6,521 — — 6,521 Production and Disposal Facilities — — 6,044 — 6,044 Hot Oiler — — 5,003 — 5,003 Other 3,414 3,752 11,834 2,337 21,337 Total $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ 253,369 Timing of revenue recognition Products and services transferred over time 126,948 64,405 59,679 2,337 253,369 Total $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ 253,369 Six Months Ended June 30, 2018 Primary Geographical Markets Permian Basin $ 81,489 $ 57,377 $ 62,654 $ 5,622 $ 207,142 Texas Gulf Coast 1,045 14,653 17,488 — 33,186 ArkLaTex & Mid-Continent 105,444 23,950 22,322 — 151,716 Rocky Mountain 56,987 13,135 16,609 — 86,731 Eastern USA 2,957 4,471 — — 7,428 West Coast — 14,179 — — 14,179 Corporate (Intercompany) (3,377) (5,823) (2,885) (263) (12,348) Total $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ 488,034 Major Products/service lines Pumping Equipment $ 159,305 $ — $ — $ — $ 159,305 Well Servicing — 102,668 — — 102,668 Transport/Vacuum — — 72,043 — 72,043 Coiled Tubing 35,159 — — — 35,159 RAFT 42,642 — — — 42,642 Plugging — 12,534 — — 12,534 Production and Disposal Facilities — — 11,695 — 11,695 Hot Oiler — — 10,388 — 10,388 Other 7,439 6,740 22,062 5,359 41,600 Total $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ 488,034 Timing of revenue recognition Products and services transferred over time 244,545 121,942 116,188 5,359 488,034 Total $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ 488,034

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Unaudited) (Unaudited) Numerator (both basic and diluted): Net loss $ (40,054) $ (23,941) $ (70,585) $ (62,567) Denominator: Denominator for basic loss per share 26,444,145 26,011,369 26,390,393 26,005,409 Basic loss per common share: $ (1.51) $ (0.92) $ (2.67) $ (2.41) Diluted loss per common share: $ (1.51) $ (0.92) $ (2.67) $ (2.41)

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
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 Well Water Contract Corporate Services Servicing Logistics Drilling and Other Total Three Months Ended June 30, 2018 (Unaudited) Operating revenues $ 126,948 $ 64,405 $ 59,679 $ 2,337 $ — $ 253,369 Direct operating costs (100,528) (49,680) (44,008) (1,743) — (195,959) Segment profits $ 26,420 $ 14,725 $ 15,671 $ 594 $ — $ 57,410 Depreciation and amortization $ 14,815 $ 5,890 $ 8,038 $ 363 $ 2,055 $ 31,161 Capital expenditures (excluding acquisitions) $ 9,820 $ 5,601 $ 8,589 $ 103 $ 322 $ 24,435 Three Months Ended June 30, 2017 (Unaudited) Operating revenues $ 107,385 $ 53,054 $ 50,740 $ 2,117 $ — $ 213,296 Direct operating costs (81,199) (41,796) (41,580) (1,863) — (166,438) Segment profits $ 26,186 $ 11,258 $ 9,160 $ 254 $ — $ 46,858 Depreciation and amortization $ 12,412 $ 4,636 $ 6,637 $ 501 $ 1,770 $ 25,956 Capital expenditures (excluding acquisitions) $ 25,849 $ 5,116 $ 8,916 $ (36) $ 1,004 $ 40,849 Six Months Ended June 30, 2018 (Unaudited) Operating revenues $ 244,545 $ 121,942 $ 116,188 $ 5,359 $ — $ 488,034 Direct operating costs (190,187) (97,871) (84,931) (4,286) — (377,275) Segment profits $ 54,358 $ 24,071 $ 31,257 $ 1,073 $ — $ 110,759 Depreciation and amortization $ 29,075 $ 11,663 $ 15,764 $ 783 $ 4,111 $ 61,396 Capital expenditures (excluding acquisitions) $ 21,337 $ 12,307 $ 10,778 $ 510 $ 754 $ 45,686 Identifiable assets $ 250,249 $ 111,043 $ 120,814 $ 5,899 $ 314,229 $ 802,234 Six Months Ended June 30, 2017 (Unaudited) Operating revenues $ 187,817 $ 101,672 $ 100,946 $ 4,880 $ — $ 395,315 Direct operating costs (148,451) (82,712) (83,118) (4,271) — (318,552) Segment profits $ 39,366 $ 18,960 $ 17,828 $ 609 $ — $ 76,763 Depreciation and amortization $ 24,563 $ 9,176 $ 13,136 $ 991 $ 3,503 $ 51,369 Capital expenditures (excluding acquisitions) $ 58,058 $ 13,493 $ 16,337 $ 17 $ 1,247 $ 89,152 Identifiable assets $ 268,381 $ 109,817 $ 133,557 $ 10,025 $ 264,586 $ 786,366
Reconciliation of Segment 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Segment profits $ 57,410 $ 46,858 $ 110,759 $ 76,763 General and administrative expenses (51,460) (36,037) (92,468) (70,241) Depreciation and amortization (31,161) (25,956) (61,396) (51,369) Gain (loss) on disposal of assets (1,921) 223 (3,700) 690 Operating loss $ (27,132) $ (14,912) $ (46,805) $ (44,157)

Supplemental Schedule of Cash33

Supplemental Schedule of Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
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 (in thousands): Six Months Ended June 30, 2018 2017 Capital leases and notes issued for equipment $ 11,047 $ 49,214 Asset retirement obligation additions (retirements) (148) — Change in accrued property and equipment 2,942 6,193

Basis of Presentation and Nat34

Basis of Presentation and Nature of Operations (Details) - USD ($)	Jun. 30, 2018	Apr. 11, 2018	Dec. 31, 2017	Oct. 27, 2017	Jun. 30, 2017
Debt Instrument [Line Items]
Cash and cash equivalents	$ 30,683,000		$ 38,520,000		$ 34,244,000
Restricted cash	47,125,000		47,703,000		$ 2,432,000
Total liquidity	45,400,000
New ABL Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000	$ 150,000,000		$ 120,000,000
Line of credit borrowings	90,000,000		$ 64,000,000
Available borrowing capacity	$ 14,700,000

Cash, Cash Equivalents and Re35

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 30,683	$ 38,520	$ 34,244
Restricted cash	47,125	47,703	2,432
Total cash, cash equivalents and restricted cash	$ 77,808	$ 86,223	$ 36,676	$ 101,304

Property and Equipment - Proper

Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 641,677	$ 608,720
Less accumulated depreciation and amortization	161,125	106,141
Property and equipment, net	480,552	502,579
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21,297	21,217
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	40,377	40,043
Well service units and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	121,452	113,657
Frac equipment/test tanks
Property, Plant and Equipment [Line Items]
Property and equipment, gross	120,639	111,172
Pumping equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	99,358	96,844
Water logistics equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	80,490	79,711
Disposal facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	54,936	51,363
Rental equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	57,654	53,926
Light vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,972	19,869
Contract drilling equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,424	10,967
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,121	4,092
Construction equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,438	2,338
Brine and fresh water stations
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,688	2,704
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 831	$ 817

Property and Equipment - Narrat

Property and Equipment - Narrative (Details)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Capital lease obligation period	5 years

Property and Equipment - Prop38

Property and Equipment - Property and Equipment and Related Accumulated Amortization Under Capital Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	$ 116,657	$ 109,905
Less accumulated amortization	31,058	18,445
Property and equipment under capital lease, net	85,599	91,460
Pumping equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	56,425	56,225
Water logistics equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	42,083	40,097
Light vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	16,283	12,160
Contract drilling equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	818	783
Well service units and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	98	262
Construction equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	378	378
Rental equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment under capital lease, gross	$ 572	$ 0

Property and Equipment - Amorti

Property and Equipment - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Lease amortization expense	$ 7,240	$ 3,890	$ 14,360	$ 7,590

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 3,458	$ 3,458
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 3,410	$ 3,410
Amortization period of intangible assets	15 years

Intangible Assets - Intangible

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, gross	$ 3,458	$ 3,458
Less accumulated amortization	356	237
Intangible assets subject to amortization, net	3,102	3,221
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

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization expense	$ 60,000	$ 60,000	$ 118,000	$ 119,000

Long-Term Debt and Interest E43

Long-Term Debt and Interest Expense - Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Capital leases and other notes	$ 85,347	$ 100,615
Unamortized discounts, premiums, and deferred financing costs	(9,133)	(11,901)
Total principal amount of debt instruments, net	327,914	315,239
Less current portion	48,882	55,997
Long-term debt	279,032	259,242
Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	161,700	162,525
New ABL Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 90,000	$ 64,000

Long-Term Debt and Interest E44

Long-Term Debt and Interest Expense - Unamortized Discounts (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Unamortized deferred debt costs	$ 140	$ 166
Unamortized discounts and deferred debt costs	9,133	11,901
Capital Leases - Short-term
Debt Instrument [Line Items]
Unamortized discount	990	1,657
Capital Leases - Long-term
Debt Instrument [Line Items]
Unamortized discount	0	891
Term Loan
Debt Instrument [Line Items]
Unamortized discount	$ 8,003	$ 9,187

Long-Term Debt and Interest E45

Long-Term Debt and Interest Expense - Narrative (Details) - New ABL Facility - USD ($)	Jun. 30, 2018	Apr. 11, 2018	Dec. 31, 2017	Oct. 27, 2017
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000	$ 150,000,000		$ 120,000,000
Letters of credit outstanding	44,000,000
Long-term debt, gross	90,000,000		$ 64,000,000
Available borrowing capacity	$ 14,700,000

Long-Term Debt and Interest E46

Long-Term Debt and Interest Expense - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt Disclosure [Abstract]
Cash payments for interest	$ 7,564	$ 8,040	$ 16,142	$ 9,308
Commitment and other fees paid	994	170	1,803	187
Amortization of debt issuance costs and discounts	1,463	2,321	3,114	3,881
Change in accrued interest	2,769	(1,364)	2,990	4,878
Other	16	12	40	35
Total interest expense	$ 12,806	$ 9,179	$ 24,089	$ 18,289

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value Hierarchy, Level 3 - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan	$ 153,697	$ 153,338
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term loan	$ 159,969	$ 162,052

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Loss Contingencies [Line Items]
Sales and use tax audit, accrual	$ 6,000,000		$ 6,000,000
Interest expense	12,806,000	$ 9,179,000	24,089,000	$ 18,289,000
Self insurance deductible for workers compensation			5,000,000
Self insurance deductible for general liability			1,000,000
Self insurance deductible for automobile liability			1,000,000
Self insurance deductible for medical and dental coverage			425,000
Self insured risk accruals	30,400,000		30,400,000		$ 30,300,000
Medical and dental coverage receivable	865,000		865,000		$ 971,000
Sales and Use Tax Audit
Loss Contingencies [Line Items]
Interest expense			1,500,000
Sales and Use Tax Audit | Minimum
Loss Contingencies [Line Items]
Sales and use tax, estimate of possible liability	6,000,000		6,000,000
Sales and Use Tax Audit | Maximum
Loss Contingencies [Line Items]
Sales and use tax, estimate of possible liability	$ 24,000,000		$ 24,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - shares	1 Months Ended	6 Months Ended
	Feb. 28, 2018	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)		455,650
Treasury shares acquired (in shares)		77,431	1,032
Shares issued from treasury stock (in shares)		56,494
Performance Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	203,625
Share-based payment vesting period	3 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted (in shares)	203,625
Share-based payment vesting period	3 years

Incentive Plan - Compensation A

Incentive Plan - Compensation Activity Related to the Management Incentive Plan (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Restricted stock awards and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 8,025	$ 13,757
Unrecognized compensation expense	23,448	$ 23,448
Weighted average remaining life		1 year 8 months 12 days
Fair value of share based awards vested		$ 4,882
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	1,601	2,667
Unrecognized compensation expense	$ 5,203	$ 5,203
Weighted average remaining life		8 years 7 months 6 days
Fair value of share based awards vested		$ 0

Incentive Plan - Narrative (Det

Incentive Plan - Narrative (Details) - shares	May 21, 2018	Feb. 08, 2018	Mar. 15, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised (in shares)				0	0
Granted during period (in shares)				455,650
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period				10 years
Vesting period				3 years
Restricted stock awards and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 months
Granted during period (in shares)	48,400
Phantom restricted stock awards | March, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Shares issued (in shares)		82,170
Phantom restricted stock awards | March, 2017 | Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.00%
Phantom restricted stock awards | March, 2017 | Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.00%
Phantom restricted stock awards | March, 2017 | Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			33.00%

Incentive Plan - Summary of Sto

Incentive Plan - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Number of Options Granted
Outstanding, beginning of period (in shares)	654,016
Options granted (in shares)	0
Options forfeited (in shares)	(17,266)
Options exercised (in shares)	0	0
Outstanding, end of period (in shares)	636,750
Exercisable, end of period, number of options granted (in shares)	222,354
Vested or expected to vest, end of period, number of options granted (in shares)	414,396
Weighted Average Exercise Price
Outstanding, beginning of period (dollars per share)	$ 39.23
Options granted (dollars per share)	0
Options forfeited (dollars per share)	39.23
Options exercised (dollars per share)	0
Outstanding, end of period (dollars per share)	39.23
Exercisable, end of period (dollars per share)	39.23
Vested or expected to vest, end of period (dollars per share)	$ 39.23
Weighted Average Remaining Contractual Term
Outstanding, end of period	8 years 7 months 6 days
Exercisable, end of period	8 years 7 months 6 days
Vested or expected to vest, end of period	8 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding, end of period	$ 0
Exercisable, end of period	0
Vested or expected to vest, end of period	$ 0

Incentive Plan - Summary of Non

Incentive Plan - Summary of Non-Vested Stock Units (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Number of Shares
Nonvested at beginning of period (in shares) | shares	1,097,010
Granted during period (in shares) | shares	455,650
Vested during period (in shares) | shares	(284,904)
Forfeited during period (in shares) | shares	(54,134)
Nonvested at end of period (in shares) | shares	1,213,622
Weighted Average Grant Date Fair Value Per Share
Nonvested at beginning of period (dollars per share) | $ / shares	$ 36.35
Granted during period (dollars per share) | $ / shares	16.01
Vested during period (dollars per share) | $ / shares	36.21
Forfeited during period (dollars per share) | $ / shares	28.21
Nonvested at end of period (dollars per share) | $ / shares	$ 29.11

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Related Party Transactions [Abstract]
Receivables from employees	$ 23	$ 22

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 163,248,000	$ 148,444,000
Contract assets	1,800,000	2,400,000
Contract liabilities	0	0
Deferred contract costs	$ 0	$ 0

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 253,369	$ 488,034
Products and services transferred over time
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	253,369	488,034
Pumping Equipment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	86,495	159,305
Well Servicing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	54,132	102,668
Transport/Vacuum
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	36,798	72,043
Coiled Tubing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	15,179	35,159
RAFT
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	21,860	42,642
Plugging
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,521
Production and Disposal Facilities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,044	11,695
Hot Oiler
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,003	10,388
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	21,337	41,600
Reportable Geographical Components | Permian Basin
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	108,219	207,142
Reportable Geographical Components | Texas Gulf Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	16,188	33,186
Reportable Geographical Components | ArkLaTex And Mid-Continent
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	80,491	151,716
Reportable Geographical Components | Rocky Mountain
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	42,942	86,731
Reportable Geographical Components | Eastern USA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,553	7,428
Reportable Geographical Components | West Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	7,730	14,179
Geography Eliminations | Corporate (Intercompany)
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	(5,754)	(12,348)
Completion & Remedial Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	126,948	244,545
Completion & Remedial Services | Products and services transferred over time
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	126,948	244,545
Completion & Remedial Services | Pumping Equipment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	86,495	159,305
Completion & Remedial Services | Well Servicing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Completion & Remedial Services | Transport/Vacuum
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Completion & Remedial Services | Coiled Tubing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	15,179	35,159
Completion & Remedial Services | RAFT
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	21,860	42,642
Completion & Remedial Services | Plugging
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0
Completion & Remedial Services | Production and Disposal Facilities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Completion & Remedial Services | Hot Oiler
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Completion & Remedial Services | Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,414	7,439
Completion & Remedial Services | Reportable Geographical Components | Permian Basin
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	43,323	81,489
Completion & Remedial Services | Reportable Geographical Components | Texas Gulf Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	236	1,045
Completion & Remedial Services | Reportable Geographical Components | ArkLaTex And Mid-Continent
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	56,144	105,444
Completion & Remedial Services | Reportable Geographical Components | Rocky Mountain
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	27,198	56,987
Completion & Remedial Services | Reportable Geographical Components | Eastern USA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,267	2,957
Completion & Remedial Services | Reportable Geographical Components | West Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Completion & Remedial Services | Geography Eliminations | Corporate (Intercompany)
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	(1,220)	(3,377)
Well Servicing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	64,405	121,942
Well Servicing | Products and services transferred over time
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	64,405	121,942
Well Servicing | Pumping Equipment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Well Servicing | Well Servicing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	54,132	102,668
Well Servicing | Transport/Vacuum
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Well Servicing | Coiled Tubing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Well Servicing | RAFT
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Well Servicing | Plugging
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,521
Well Servicing | Production and Disposal Facilities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Well Servicing | Hot Oiler
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Well Servicing | Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,752	6,740
Well Servicing | Reportable Geographical Components | Permian Basin
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	30,364	57,377
Well Servicing | Reportable Geographical Components | Texas Gulf Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	7,338	14,653
Well Servicing | Reportable Geographical Components | ArkLaTex And Mid-Continent
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	12,731	23,950
Well Servicing | Reportable Geographical Components | Rocky Mountain
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,911	13,135
Well Servicing | Reportable Geographical Components | Eastern USA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,286	4,471
Well Servicing | Reportable Geographical Components | West Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	7,730	14,179
Well Servicing | Geography Eliminations | Corporate (Intercompany)
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	(2,955)	(5,823)
Water Logistics
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	59,679	116,188
Water Logistics | Products and services transferred over time
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	59,679	116,188
Water Logistics | Pumping Equipment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Water Logistics | Well Servicing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Water Logistics | Transport/Vacuum
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	36,798	72,043
Water Logistics | Coiled Tubing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Water Logistics | RAFT
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Water Logistics | Plugging
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0
Water Logistics | Production and Disposal Facilities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,044	11,695
Water Logistics | Hot Oiler
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,003	10,388
Water Logistics | Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,834	22,062
Water Logistics | Reportable Geographical Components | Permian Basin
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	32,066	62,654
Water Logistics | Reportable Geographical Components | Texas Gulf Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	8,614	17,488
Water Logistics | Reportable Geographical Components | ArkLaTex And Mid-Continent
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,616	22,322
Water Logistics | Reportable Geographical Components | Rocky Mountain
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	8,833	16,609
Water Logistics | Reportable Geographical Components | Eastern USA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Water Logistics | Reportable Geographical Components | West Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Water Logistics | Geography Eliminations | Corporate (Intercompany)
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	(1,450)	(2,885)
Contract Drilling
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,337	5,359
Contract Drilling | Products and services transferred over time
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,337	5,359
Contract Drilling | Pumping Equipment
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Well Servicing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Transport/Vacuum
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Coiled Tubing
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | RAFT
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Plugging
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0
Contract Drilling | Production and Disposal Facilities
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Hot Oiler
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,337	5,359
Contract Drilling | Reportable Geographical Components | Permian Basin
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,466	5,622
Contract Drilling | Reportable Geographical Components | Texas Gulf Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Reportable Geographical Components | ArkLaTex And Mid-Continent
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Reportable Geographical Components | Rocky Mountain
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Reportable Geographical Components | Eastern USA
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Reportable Geographical Components | West Coast
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	0	0
Contract Drilling | Geography Eliminations | Corporate (Intercompany)
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (129)	$ (263)

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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator (both basic and diluted):
Net loss	$ (40,054)	$ (23,941)	$ (70,585)	$ (62,567)
Denominator:
Denominator for basic loss per share (in shares)	26,444,145	26,011,369	26,390,393	26,005,409
Basic loss per common share (in dollars per share)	$ (1.51)	$ (0.92)	$ (2.67)	$ (2.41)
Diluted loss per common share (in dollars per share)	$ (1.51)	$ (0.92)	$ (2.67)	$ (2.41)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares	2,703,326	1,346,095	2,703,326	1,362,232
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares	2,703,326	1,346,095	2,703,326	1,362,232
Restricted stock awards and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive shares	21,807		12,722

Business Segment Information -

Business Segment Information - Financial Information with Respect to Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Operating revenues	$ 253,369	$ 213,296	$ 488,034	$ 395,315
Direct operating costs	(195,959)	166,438	(377,275)	318,552
Segment profits	57,410	46,858	110,759	76,763
Depreciation and amortization	31,161	25,956	61,396	51,369
Capital expenditures (excluding acquisitions)	24,435	40,849	45,686	89,152
Identifiable assets	802,234	786,366	802,234	786,366	$ 820,480
Corporate and Other
Segment Reporting Information [Line Items]
Operating revenues	0	0	0	0
Direct operating costs	0	0	0	0
Segment profits	0	0	0	0
Depreciation and amortization	2,055	1,770	4,111	3,503
Capital expenditures (excluding acquisitions)	322	1,004	754	1,247
Identifiable assets	314,229	264,586	314,229	264,586
Completion & Remedial Services
Segment Reporting Information [Line Items]
Operating revenues	126,948	107,385	244,545	187,817
Direct operating costs	(100,528)	(81,199)	(190,187)	(148,451)
Completion & Remedial Services | Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	126,948	107,385	244,545	187,817
Direct operating costs	100,528	81,199	190,187	148,451
Segment profits	26,420	26,186	54,358	39,366
Depreciation and amortization	14,815	12,412	29,075	24,563
Capital expenditures (excluding acquisitions)	9,820	25,849	21,337	58,058
Identifiable assets	250,249	268,381	250,249	268,381
Well Servicing
Segment Reporting Information [Line Items]
Operating revenues	59,679	50,740	116,188	100,946
Direct operating costs	(44,008)	(41,580)	(84,931)	(83,118)
Well Servicing | Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	64,405	53,054	121,942	101,672
Direct operating costs	49,680	41,796	97,871	82,712
Segment profits	14,725	11,258	24,071	18,960
Depreciation and amortization	5,890	4,636	11,663	9,176
Capital expenditures (excluding acquisitions)	5,601	5,116	12,307	13,493
Identifiable assets	111,043	109,817	111,043	109,817
Water Logistics
Segment Reporting Information [Line Items]
Operating revenues	64,405	53,054	121,942	101,672
Direct operating costs	(49,680)	(41,796)	(97,871)	(82,712)
Water Logistics | Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	59,679	50,740	116,188	100,946
Direct operating costs	(44,008)	41,580	(84,931)	(83,118)
Segment profits	15,671	9,160	31,257	17,828
Depreciation and amortization	8,038	6,637	15,764	13,136
Capital expenditures (excluding acquisitions)	8,589	8,916	10,778	16,337
Identifiable assets	120,814	133,557	120,814	133,557
Contract Drilling
Segment Reporting Information [Line Items]
Operating revenues	2,337	2,117	5,359	4,880
Direct operating costs	(1,743)	(1,863)	(4,286)	(4,271)
Contract Drilling | Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	2,337	2,117	5,359	4,880
Direct operating costs	(1,743)	1,863	(4,286)	(4,271)
Segment profits	594	254	1,073	609
Depreciation and amortization	363	501	783	991
Capital expenditures (excluding acquisitions)	103	(36)	510	17
Identifiable assets	$ 5,899	$ 10,025	$ 5,899	$ 10,025

Business Segment Information 60

Business Segment Information - Reconciliation of Segment Profits to Consolidated Operating Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting [Abstract]
Segment profits	$ 57,410	$ 46,858	$ 110,759	$ 76,763
General and administrative expenses	(51,460)	(36,037)	(92,468)	(70,241)
Depreciation and amortization	(31,161)	(25,956)	(61,396)	(51,369)
Gain (loss) on disposal of assets	(1,921)	223	(3,700)	690
Operating loss	$ (27,132)	$ (14,912)	$ (46,805)	$ (44,157)

Supplemental Schedule of Cash61

Supplemental Schedule of Cash Flow Information - Non-Cash Financing and Investing Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Capital leases and notes issued for equipment	$ 11,047	$ 49,214
Asset retirement obligation additions (retirements)	(148)	0
Change in accrued property and equipment	$ 2,942	$ 6,193

Supplemental Schedule of Cash62

Supplemental Schedule of Cash Flow Information - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Income taxes paid			$ 0	$ 0
Interest paid	$ 7,564,000	$ 8,040,000	$ 16,142,000	$ 9,308,000

Recent Accounting Pronounceme63

Recent Accounting Pronouncements (Details) $ in Millions	Jun. 30, 2018USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Operating lease, right-of-use asset	$ 12.4