Basic Energy Services Inc. (BAS, Financial) filed Quarterly Report for the period ended 2012-09-30.
Basic Energy Services, Inc. has a market cap of $442.3 million; its shares were traded at around $10.44 with a P/E ratio of 6.3 and P/S ratio of 0.4.
Contract drilling revenues increased by 29% to $15.1 million during the third quarter of 2012 compared to $11.7 million in the same period in 2011. The number of rig operating days increased 19% to 957 in the third quarter of 2012 compared to 802 in the third quarter of 2011. There was also an 8% increase in revenue per drilling day to $15,800 in the third quarter of 2012 from $14,600 in the third quarter of 2011. The increases in revenue and rig operating days were due to the addition of four drilling rigs in the first half of 2011 and two drilling rigs in the first quarter of 2012.
Fluid services revenues increased by 12% to $270.3 million during the first nine months of 2012 compared to $241.2 million in the same period in 2011. Our revenue per fluid service truck increased 3% to $295,000 in the first nine months of 2012 compared to $286,000 in the same period in 2011, which reflects the expansion of our frac tank fleets and increases in both utilization and pricing for our services. Our weighted average number of fluid service trucks increased 9% to 916 during the first nine months of 2012 from 842 in the same period in 2011.
Well servicing revenues increased by 20% to $292.1 million during the first nine months of 2012 compared to $242.7 million during the same period in 2011. The higher revenues were due to the 13% increase in rig hours to 690,200 during the first nine months of 2012 from 612,500 during the first nine months of 2011. This segment also experienced an increase in revenue per rig hour to $398 during the first nine months of 2012 from $374 during the first nine months of 2011. Our average number of well servicing rigs increased to 428 during the first nine months of 2012 compared to 413 in the same period in 2011, primarily due to the acquisition of Pats P&A, Inc. in the third quarter of 2011 and Mayo Marrs Casing Pulling, Inc. in the first quarter of 2012.
General and Administrative Expenses. General and administrative expenses increased by 27% to $131.0 million during the first nine months of 2012 from $103.5 million for the same period in 2011, due mainly to increased personnel costs, including incentive compensation, and increased costs from the Maverick Companies acquisition and other acquisitions completed in the second half of 2011 and the first half of 2012. Included in general and administrative expense for the first nine months of 2012 is a $2.9 million charge related to a Texas state sales and use tax audit, covering the period from 2006 to 2010. This liability may change as additional review is performed. Also included in the first nine months of 2012 is a $4.0 million charge for the pro rata portion of costs associated with the relocation of Basics corporate offices. Additional costs of approximately $3.2 million are anticipated to be incurred through the completion of the relocation process during the fourth quarter of 2012. General and administrative expenses included $8.4 million and $5.9 million of stock-based compensation expense during the first nine months of 2012 and 2011, respectively.
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Basic Energy Services, Inc. has a market cap of $442.3 million; its shares were traded at around $10.44 with a P/E ratio of 6.3 and P/S ratio of 0.4.
Highlight of Business Operations:
Well servicing revenues increased by 9% to $97.5 million during the third quarter of 2012 compared to $89.7 million during the same period in 2011. The higher revenues were due to the 2% increase in rig hours to 226,400 during the third quarter of 2012 from 222,100 during the third quarter of 2011. There was also a 4% increase in revenue per rig hour to $402 during the third quarter of 2012 from $386 during the third quarter of 2011. Our average number of well servicing rigs increased to 431 during the third quarter of 2012 compared to 415 in the same period in 2011, primarily due to the acquisition of Pats P&A, Inc. in the third quarter of 2011 and Mayo Marrs Casing Pulling, Inc. in the first quarter of 2012.Contract drilling revenues increased by 29% to $15.1 million during the third quarter of 2012 compared to $11.7 million in the same period in 2011. The number of rig operating days increased 19% to 957 in the third quarter of 2012 compared to 802 in the third quarter of 2011. There was also an 8% increase in revenue per drilling day to $15,800 in the third quarter of 2012 from $14,600 in the third quarter of 2011. The increases in revenue and rig operating days were due to the addition of four drilling rigs in the first half of 2011 and two drilling rigs in the first quarter of 2012.
Fluid services revenues increased by 12% to $270.3 million during the first nine months of 2012 compared to $241.2 million in the same period in 2011. Our revenue per fluid service truck increased 3% to $295,000 in the first nine months of 2012 compared to $286,000 in the same period in 2011, which reflects the expansion of our frac tank fleets and increases in both utilization and pricing for our services. Our weighted average number of fluid service trucks increased 9% to 916 during the first nine months of 2012 from 842 in the same period in 2011.
Well servicing revenues increased by 20% to $292.1 million during the first nine months of 2012 compared to $242.7 million during the same period in 2011. The higher revenues were due to the 13% increase in rig hours to 690,200 during the first nine months of 2012 from 612,500 during the first nine months of 2011. This segment also experienced an increase in revenue per rig hour to $398 during the first nine months of 2012 from $374 during the first nine months of 2011. Our average number of well servicing rigs increased to 428 during the first nine months of 2012 compared to 413 in the same period in 2011, primarily due to the acquisition of Pats P&A, Inc. in the third quarter of 2011 and Mayo Marrs Casing Pulling, Inc. in the first quarter of 2012.
General and Administrative Expenses. General and administrative expenses increased by 27% to $131.0 million during the first nine months of 2012 from $103.5 million for the same period in 2011, due mainly to increased personnel costs, including incentive compensation, and increased costs from the Maverick Companies acquisition and other acquisitions completed in the second half of 2011 and the first half of 2012. Included in general and administrative expense for the first nine months of 2012 is a $2.9 million charge related to a Texas state sales and use tax audit, covering the period from 2006 to 2010. This liability may change as additional review is performed. Also included in the first nine months of 2012 is a $4.0 million charge for the pro rata portion of costs associated with the relocation of Basics corporate offices. Additional costs of approximately $3.2 million are anticipated to be incurred through the completion of the relocation process during the fourth quarter of 2012. General and administrative expenses included $8.4 million and $5.9 million of stock-based compensation expense during the first nine months of 2012 and 2011, respectively.
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