Basic Energy Services, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Capital Expenditure Guidance for the Full Year of 2017
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.