Basic Energy Services, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. First quarter 2017 revenue increased 17% to $182.019 million from $155.5 million in the fourth quarter of 2016, as more stable oil prices led customers to complete more wells and accelerate deferred maintenance work on the large number of existing wells throughout footprint. In the first quarter of 2016, Basic generated $130.4 million in revenue. Net loss was $38,626,000 or $1.49 per basic and diluted share against $83,339,000 or $2.00 per basic and diluted share a year ago. Excluding the impact of these special items listed above, Basic reported a net loss of $22.6 million, or a loss of $0.87 per basic and diluted share against net loss of $54.8 million, or a loss of $1.32 per basic and diluted share in the first quarter of 2016. Adjusted LBITDA was $1.230 million, or 0.7% of revenues, for the first quarter of 2017 compared to $11.096 million, or 9% of revenues a year ago. Total capital expenditures during the first three months of 2017 were approximately $48.3 million. Operating loss was $29,246,000 against $67,269,000 a year ago. Loss before income taxes was $38,251,000 against $87,885,000 a year ago. LBITDA was $3,741,000 against $11,021,000 a year ago. Total capital expenditures were $48.3 million, including $22.4 million for capital leases and finance purchases. First quarter spending was comprised of $23.7 million for sustaining and replacement projects, $24.4 million for expansion and $200,000 for other projects. Expansion projects of $24.4 million included $19.9 million for completion and remedial services segment, $4.2 million for well servicing and $300,000 for fluid services.

Basic currently anticipates 2017 capital expenditures of $115.0 million, including $70.0 million of capital leases and other financings. This includes committed expansion capital expenditures of $45 million in 2017.

The company currently expect second quarter revenues to be 18% to 20% higher sequentially, and expects to deliver positive EBITDA in every month in the second quarter. Due to the capital expenditures made in the first quarter and the anticipated additional capital expenditures in the second quarter, the company expects depreciation and amortization expense to be around $26 million to $27 million in the second quarter. Then increasingly accordingly, as the company add capital expenditures during the remainder of 2017.