BASX - Basic Energy Services: Fleet Grows But Is Not Out Of The Woods
BASX Grows In Size, But Is Yet To Be Stable
Basic Energy Services (BASX) has partially transformed its business and is now oriented toward energy production and midstream servicing. However, it is not fully insulated from the vagaries of the completions activity and the effects of COVID-19. The reduced utilization of the well-servicing rigs, which is still the company's dominant business, remains its primary concern. Unless the completions activity improves dramatically, I do not see the company turning around swiftly.
BASX's rig count received a fillip after the C&J acquisition, while various