BNET Industries

Market Cap:$274.6M
Last Fiscal Year Sales:$1.0B
  • Public
  • US
Dow Jones Description

BASiC Energy Services provides a range of services to America's oil and gas producers. Our operations span the heartland of domestic onshore production from Texas, Oklahoma and New Mexico to the Rocky Mountain states. Our services support the entire life cycle of a well - from drilling to production and finally - abandonment. Our headquarters office in Midland, Texas, supports nine geomarkets conducting operations in South Texas, the Texas Gulf Coast, the Ark-La-Tex region, North Texas, the Permian Basin of West Texas, the Mid Continent, Louisiana Inland Waters and the Rocky Mountains. Our division managers average 28 years experience virtually all within their respective markets. With 2,500 employees, Basic ranks among the largest companies providing like services. Founded in 1992, we have grown to be the nation's third largest well servicing contractor - providing well repair, workover and completion services from 30 locations. Our fluids service business supplies a variety of transportation, storage and disposal services used in all phases of drilling and production from 40 service points. Our pressure pumping segment includes casing cementation and well stimulation and our well site construction business line builds and maintains critical infrastructure for the oilfield. In August, 2004 BASiC launched the most aggressive new building program seen in the well servicing industry in over 20 years by placing an order for 12 new rigs with Taylor Rigs of Catoosa, Oklahoma. ...

Vice Chairman, Chief Executive Officer and President
Kenneth V. Huseman
Number of Employees 5,000
Contact Information

500 West Illinois Ste 800

Midland, Texas 79701

basicenergyserv...

(432) 620-5500

NAICS Code Support Activities for Oil and Gas Operations: 213112

Recent Events

  • Basic Energy Services Slips To Loss In Q3 - Quick Facts

    10/28/09 - Financial Announcement - View Story

  • Basic Energy Services Reports Second Quarter 2009 Results

    7/29/09 - Financial Announcement - View Story

  • UPDATE 1-Basic Energy sees lower Q2 revenue

    6/15/09 - Financial Announcement - View Story

News & Analysis

basic energy services inc. and grey wolf inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
Alan Krenek Chief Financial Officer
Charles W. Swift Senior Vice President Rig and Truck Operations
Monroe Patterson Thomas Senior Vice President, Rig and Truck Operations
Roe Patterson Senior Vice President, Rig & Trucks Operations
T.M. Patterson Senior Vice President, Rig & Truck Operations
Bobby Adkins Vice President, Rental & Fishing Tools Division
David W. Sledge Vice President
Dub W. Harrison Vice President Equipment & Safety
James E. Tyner Vice Presidentâ?? Human Resources
Jerry Tufly Vice President, Southern Rocky Mountain Reg
Jim Newman Vice President, Completion & Remedial Services Group
Lynn Wigington Vice President, Northern Permian Basin Region
Mark D. Rankin Vice President Risk Management
Phillip Boren Vice President, Mid Continent Region
Rick Wolla Vice President, Northern Rocky Mountain Region
Roger Massey Vice President, Southern Permian Basin Region
Spencer D. Armour Vice President, Corp Dev
Steve McCoy Vice President, Drilling
Steve Perry Vice President, Mid Continent Region
Tim Dame Vice President, Pressure Pumping and Wireline Services Division
Tim Kohlleppel Vice President, South Texas Region
Jim Dagostino William E. Chiles Independent Auditor and Fees
Thomas P. Moore Director

Board of Directors

Name (plus bio) Position
Kenneth V. Huseman Vice Chairman, Chief Executive Officer and President
William E. Chiles Chairman
H.H. Womack III Board of Directors
James S. D Agostino Jr. Board of Directors
Lane Rock Board of Directors
Robert F. Fulton Board of Directors
Steven A. Webster Chairman of the Board
Sylvester P. Johnson Board of Directors

Kenneth V. Huseman has 29 years experience in the well servicing business and has been the President and Chief Executive Officer of BASIC Energy Services Inc., (formerly Sierra Well Service Inc.), since April 1999. Prior to that, Mr. Huseman held several executive roles at Key Energy Services Inc. and its predecessors from 1993 to 1999, including serving as Chief Operating Officer. Mr. Huseman was employed by Pool Energy Services Co. from January 1978 to April 1993 in financial and operations management positions including responsibility for well servicing and drilling operations throughout the United States. He served as Vice President of Operations at Pool Energy Services Co. from 1982 to 1993, where he managed operations throughout the United States. Mr. Huseman received a B.B.A. in Accounting from Texas Tech University.

Organization Position Status
Basic Energy Services, Inc. Vice Chairman, Chief Executive Officer and President Current
Dennard Rupp Gray & Easterly, LLC Board of Directors Current
Basic Energy Services, Inc. Board of Directors Current
Welltech Inc Divisional Vice President Former
Texas Tech University B.B.A. Degree In Accounting Former

Alan Krenek has been Treasurer & Chief Financial Officer of Basic Energy Services Inc. (formerly Sierra Well Service, Inc.) since January 2005 and serves as its Principal Accounting Officer & Secretary. Mr. Krenek also serves as Senior Vice President, finance of Basic Energy Services Inc. Mr. Krenek served as Controller of Landmark Graphics Corporation from September 1995 to December 1996 where he was responsible for SEC reporting, general accounting, financial policies and procedures and purchasing functions. He also served as Controller of Noble Drilling Corporation from August 1993 to July 1995. He served as Vice President and Controller of Fleetwood Retail Corp., a subsidiary in the manufactured housing division of Fleetwood Enterprises, Inc. from October 2002 to January 2005. From March 2002 to August 2002, he was a Consultant involved in management, assessment of operational and financial internal controls, cost recovery and cash flow management. Mr. Krenek worked in various financial management positions at Pool Energy Services Co. from 1980 to 1993 and at Noble Corporation from 1993 to 1995. Mr. Krenek graduated with a B.B.A. degree in Accounting from Texas A&M University in 1977 and is a certified public accountant.

Organization Position Status
Basic Energy Services, Inc. Chief Financial Officer Current
Basic Energy Services, Inc. Senior Vice President Current
Basic Energy Services, Inc. Board of Directors Current
Tele-Systems, Inc. Vice President, Finance Former
Landmark Graphics Corporation Controller Former
Texas A&M University Bba Former

Organization Position Status
Basic Energy Services, Inc. Senior Vice President Rig and Truck Operations Current
Basic Energy Services, Inc. Vice President Current
Texas Tech University Bba Former

Organization Position Status
Basic Energy Services, Inc. Senior Vice President, Rig and Truck Operations Current
Basic Energy Services, Inc. Vice President Former

Organization Position Status
Basic Energy Services, Inc. Senior Vice President, Rig & Trucks Operations Current
Basic Energy Services, Inc. Vice President, Completion & Remedial Services Group Former

T. M. “Roe” Patterson has 13 years of related industry experience. Mr. Patterson has been our Senior Vice President of Rig and Truck Operations since August 2008. Prior to accepting this position, he was our Vice President of Rental and Fishing Tool Operations since July 2006, and also became our Group Vice President of Completion and Remedial Services in April 2007. He was our Vice President of Corporate Development from February 2006 through April 2007as well. Prior to joining us, he was president of his own manufacturing and oilfield service company, TMP Companies, Inc., from 2000 to 2006. He was a Contracts/Sales Manager for the Permian Division of Patterson Drilling Company from 1996 to 2000. He was an Engine Sales Manager for West Texas Caterpillar from 1995 to 1996. Mr. Patterson graduated with a B.S. degree in Biology from Texas Tech University.

Organization Position Status
Basic Energy Services, Inc. Senior Vice President, Rig & Truck Operations Current
Basic Energy Services, Inc. Vice President, Rental & Fishing Tool Operations & Remedial Services Former

Organization Position Status
Basic Energy Services, Inc. Vice President, Rental & Fishing Tools Division Current

David Sledge has been a director since May 2005. Mr. Sledge is currently a Vice President of Basic Energy Services, Inc. He was President and Chief Operating Officer of Sledge Drilling Company until it was acquired by Basic Energy Services in April 2007. He served as an area operations manager for Patterson-UTI Energy, Inc. from May 2004 until January 2006. From October 1996 until May 2004, Mr. Sledge managed his personal investments in oil and gas exploration activities. Mr. Sledge is a past director of the International Association of Drilling Contractors and is a past chairman of the permian Basin chapter of this association. Mr. Sledge also serves as a director of Comstock, a position he has held since May 1996. He received a B.B.A. degree from Baylor University in 1979.

Organization Position Status
Basic Energy Services, Inc. Vice President Current
Comstock Resources, Inc. Board of Directors Current
Patterson-UTI Energy, Inc. Operations Manager Former
Bois d'Arc Energy, Inc. Board of Directors Former

Organization Position Status
Basic Energy Services, Inc. Vice President Equipment & Safety Current

Organization Position Status
Basic Energy Services, Inc. Vice Presidentâ?? Human Resources Current
Duke Energy Corporation Director of Human Resources Administration and Payroll Services Former
Basic Energy Services, Inc. Human Resources Executive Former
Mississippi State University MS Former
Mississippi State University BS Former

Organization Position Status
Basic Energy Services, Inc. Vice President, Southern Rocky Mountain Reg Current

James F. Newman has 24 years of related industry experience and has been our Group Vice President of Completion & Remedial Services since September 2008. Prior to joining us he co-founded Triple N Services, a Permian Basin based P&A and cementing contractor, in 1986, and served as its President thru May 2008. He initially served Basic as an Area Manager in P&A Operations. Mr. Newman is a registered Professional Engineer, is active in the Society of Petroleum Engineers, Rotary International, and various community organizations. He graduated with a BSc in Petroleum Engineering from the Colorado School of Mines.

Organization Position Status
Basic Energy Services, Inc. Vice President, Completion & Remedial Services Group Current

Organization Position Status
Basic Energy Services, Inc. Vice President, Northern Permian Basin Region Current

Organization Position Status
Basic Energy Services, Inc. Vice President Risk Management Current
Basic Energy Services, Inc. Marketing Executive Former
Texas A&M University BA Former

Organization Position Status
Basic Energy Services, Inc. Vice President, Mid Continent Region Current

Organization Position Status
Basic Energy Services, Inc. Vice President, Northern Rocky Mountain Region Current

Organization Position Status
Basic Energy Services, Inc. Vice President, Southern Permian Basin Region Current

Organization Position Status
Basic Energy Services, Inc. Vice President, Corp Dev Current

Organization Position Status
Basic Energy Services, Inc. Vice President, Drilling Current

Organization Position Status
Basic Energy Services, Inc. Vice President, Mid Continent Region Current

Organization Position Status
Basic Energy Services, Inc. Vice President, Pressure Pumping and Wireline Services Division Current

Organization Position Status
Basic Energy Services, Inc. Vice President, South Texas Region Current

Organization Position Status
Basic Energy Services, Inc. William E. Chiles Independent Auditor and Fees Current
Encore Bank Chairman of the Board Current
Houston World Affairs Council Board of Directors Current
Dennard Rupp Gray & Easterly, LLC Director Current
World Affairs Council of Houston Board of Directors Current
Basic Energy Services, Inc. Board of Directors Current
Encore Bank CEO Former
American General President Former
Encore Bank President Former
American General Group Executive Former
American General Vice Chairman Former
American General Board Director Former
Seton Hall University School of Law Jd Former
Seton Hall University J.D. Former
Villanova University Bachelors Degree Former
Villanova University economics degree Former

Organization Position Status
Bristow Group Inc. President, Chief Executive Officer and Director Current
Basic Energy Services, Inc. Chairman Current
Dennard Rupp Gray & Easterly, LLC Director Current
Bristow Group Inc. Director Current
Encore Bank Chairman of the Board, President and Chief Executive Officer Former
American General President Former
Grey Wolf, Inc. Chief Operating Officer Former
Grey Wolf, Inc. Executive Vice President Former
Ensco International Incorporated Vice President of Business Development Former
American General Chairman and Director Former
The University of Texas B.B.A. In Petroleum Land Management Former
American General Vice Chairman and Group Executive Former
Basic Energy Services, Inc. Board of Directors Former
Seton Hall University J.D. Former
Southern Methodist University M.B.A. In Finance and Accounting Former
The University of Texas B.B.A. In Petroleum Land Management Former
The University of Texas at Austin Bba In Petroleum Land Management Former
Villanova University Former

Organization Position Status
Basic Energy Services, Inc. Board of Directors Current

Mr. D Agostino serves as Chairman of the Board, President and Chief Executive Officer of Encore Bancshares, Inc., a banking, wealth management and insurance services holding company currently listed on the NASDAQ Global Market, and has served in such capacities for its subsidiary, Encore Bank, N.A., since November 1999. From 1998 to 1999, Mr. D Agostino served as Vice Chairman and Group Executive, and from 1997 until 1998, he served as President, Member of the Office of Chairman and a director, of American General Corporation. Mr. D Agostino graduated with an economics degree from Villanova University and a J.D. from Seton Hall University School of Law.

Organization Position Status
Encore Bank Chairman of The Board Current
Basic Energy Services, Inc. Board of Directors Current
Encore Bank Chief Executive Officer Former
Encore Bank President Former

Organization Position Status
Basic Energy Services, Inc. Board of Directors Current

Organization Position Status
Development Engineering, Inc Manager Current
Basic Energy Services, Inc. Board of Directors Current
Carrizo Oil & Gas, Inc. President, Chief Executive Officer and Director Former
Shell Oil Company Former
University of Texas School of Law J.D. Former
Northwestern University MBA Former
University of Illinois BS Former
The University of North Carolina B.A. Former
University of Colorado B.S. In Mechanical Engineering Former

Steven A. Webster has served as a director since May 2005. Mr. Webster has been President and Co-Managing Partner of Avista Capital Partners LP, a partnership focusing on private equity investments in energy, media, healthcare and other industries, since June 2005. Since 2000, he has been a consultant to Global Energy Partners, an affiliate of Credit Suisse First Boston LLC, which has specialized in private equity investments in the energy industry. From 2000 to June 2005, he served as Chairman of Global Energy Partners. From 1998 to 1999, he served as President and CEO of R&B Falcon Corporation, a marine contract drilling company. From 1988 through 1997, Mr. Webster was Chairman and CEO of Falcon Drilling Company Inc., a company he founded. Mr. Webster has been a financial intermediary since 1979 and an active investor since 1984 in the energy sector. He currently serves as Chairman of Basic Energy Services, Carrizo, Pinnacle Gas Resources and Solitario Resources He remains a Trust Manager of Camden and is a Director of Encore Bancshares, Frontier Drilling, Geokinetics, Grey Wolf, Laramie Energy, MedServe, Peregrine Oil & Gas and Seacor Holdings.

Organization Position Status
Avista Capital Holdings President & Co-Managing Partner Current
Global Energy Partners, LLC Managing Director Current
Avista Capital Partners LLC Co-Managing Partner Former
Global Energy Partners, LLC Consultant Current
Pinnacle Gas Resources, Inc. Chairman Current
Basic Energy Inc Chairman Current
Dennard Rupp Gray & Easterly, LLC Chairman of the Board Current
American Ref-Fuel Company Chairman Current
Laredo Energy LP Board of Directors Current
Geophysical Development Corporation Member of the Board of Directors Current
Encore Bank Director Current
Envirosolve Board Member Current
Geokinetics, Inc. Board of Directors Current
Peregrine Oil and Gas Director Current
North Coast Gas Transmission, LLC Director Current
SEACOR Holdings Inc. Board of Directors Current
Medserve, Inc. Director Current
Seabulk International, Inc. Board of Directors Current
Med-Shred, Inc Board Member Current
Guardian Holdings Limited Board of Directors Current
Copano Energy Director Current
Goodrich Petroleum Corporation Director Current
Laramie Energy, LLC Director Current
Frontier Drilling Director Current
Brigham Exploration Company Director Current
Hercules Offshore, Inc. Board of Directors Current
Hercules Offshore, Inc. Committee Member Current
Falcon Drilling CEO Former
Falcon Ltd CEO Former
Transocean Ltd Founder Former
Falcon Drilling Founder Former
Falcon Drilling Chairman Former
Global Energy Partners, LLC Chairman Former
Pinnacle Gas Resources, Inc. Board of Directors Former
Grey Wolf, Inc. Board of Directors Former
Crown Resources Corp Chairman Current
Harvard Business School Mba Former
Purdue University BS Degree Former
Purdue University Degree Former

S.P. Johnson IV has served as our President and Chief Executive Officer and a director since December 1993. Prior to that, he worked for Shell Oil Company for 15 years. His managerial positions included Operations Superintendent, Manager of Planning and Finance and Manager of Development Engineering. Mr. Johnson is also a director of Basic Energy Services, Inc. (a well servicing contractor). Mr. Johnson is a Registered Petroleum Engineer and has a B.S. in Mechanical Engineering from the University of Colorado.

Organization Position Status
Carrizo Oil & Gas, Inc. Chief Executive Officer Current
Carrizo Oil & Gas, Inc. President Current
Development Engineering, Inc Manager Current
Carrizo Oil & Gas, Inc. Director Current
Basic Energy Services, Inc. Board of Directors Current
Pinnacle Gas Resources, Inc. Board of Directors Current
Dennard Rupp Gray & Easterly, LLC Director Current
Shell Oil Company Manager of Planning and Finance Former
Shell Oil Company Operations Superintendent Former
University of Colorado B.S. In Mechanical Engineering Former

Organization Position Status
Oculus Innovative Sciences, Inc. Current
Basic Energy Services, Inc. Director Current
Senior Management Group, LLC Member Current
State Street Research & Management Company Senior Vice President Former
State Street Global Advisors, Inc. Senior Principal Former
Senior Management Group, LLC Board of Directors Former
Harvard Business School M.B.A. Degree Former
State Street Global Advisors, Inc. Senior Management Group Member Former

Executive News

  • Bristow Group to Present at the Barclays 2009 CEO Energy/Power Conference

    Reuters - 9/02/09 - View Story

  • Bristow Group to Present at the Barclays 2009 CEO Energy/Power Conference

    PR Newswire - 9/02/09 - View Story

  • Basic Energy Services to Present at the Barclays 2009 CEO Energy/Power Conference

    Reuters - 9/01/09 - View Story

  • Basic Energy Services to Present at the Barclays 2009 CEO Energy/Power Conference

    PR Newswire - 9/01/09 - View Story

  • Bristow Group Announces Promotion of Elizabeth Brumley to Chief Financial Officer

    Electric Energy Online - 8/11/09 - View Story

  • Basic Energy Services Reports Selected Operating Data for July 2009

    Reuters - 8/11/09 - View Story

  • Basic Energy Services Reports Selected Operating Data for July 2009

    PR Newswire - 8/11/09 - View Story

  • Bristow Promotes Elizabeth Brumley to CFO

    Rigzone - 8/10/09 - View Story

  • Bristow Group Announces Promotion of Elizabeth Brumley to Chief Financial Officer

    Financials.com - 8/10/09 - View Story

  • Bristow Group Announces Promotion of Elizabeth Brumley to Chief Financial Officer

    Reuters - 8/10/09 - View Story

  • Bristow Group Announces Promotion of Elizabeth Brumley to Chief Financial Officer

    PR Newswire via Yahoo! - 8/10/09 - View Story

  • Bristow Group's Posts Fiscal 2010 First Quarter Results

    Rigzone - 8/08/09 - View Story

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     BAS $6.75 -0.34 (-4.80% )
Average Volume 255,266
Shares Outstanding 40.69M
Market Cap 274.6M
Year High 15.18
Year Low 5.3
Earnings Per Share -5.65
P/E Ratio -1.19
Dividend N/A
Yield N/A
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