Basic Energy Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. This report updates and corrects certain items previously reported in the company's report dated March 23, 2017. This report does not change adjusted EBITDA as previously reported. For the quarter, the company reported total revenues of $155,526,000 against $161,035,000 a year ago. Operating loss was $93,020,000 against $68,070,000 a year ago. Profit before income taxes was $141,941,000 against loss before income taxes of $85,000,000 a year ago. Net profit was $141,941,000 or $3.15 diluted per share against net loss of $55,184,000 or $1.36 basic and diluted per share a year ago. EBITDA was $225,442,000 against LBITDA of $8,008,000 a year ago. Adjusted LBITDA was $5,234,000 against $7,525,000 a year ago. Adjusted net loss was $60.2 million against $1.41 million a year ago.

For the year, the company reported total revenues of $547,497,000 against $805,599,000 a year ago. Operating loss was $296,092,000 against $305,665,000 a year ago. Loss before income taxes was $127,256,000 against $373,075,000 a year ago. Net loss was $123,373,000 or $2.94 basic and diluted per share against $241,745,000 or $5.97 basic and diluted per share a year ago. EBITDA was $187,574,000 against LBITDA of $63,666,000 a year ago. Adjusted LBITDA was $29,153,000 against adjusted EBITDA of $24,313,000 a year ago. Adjusted net loss was $218.4 million against $5.20 million a year ago. Total capital expenditures during 2016 were approximately $38.3 million (including capital leases of $5.6 million), comprised of $5.0 million for expansion projects, $29.6 million for sustaining and replacement projects and $3.7 million for other projects. 

The company provided capital expenditure guidance for the full year of 2017. Basic currently anticipates 2017 maintenance capital expenditures to be $70.0 million, including $30.0 million of capital leases.  In addition, they have committed expansion capital expenditures of $45 million in 2017.  This includes $43.0 million for completion and remedial services and $2.0 million for the well servicing segment.