Basic Energy Services, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenues of $234,665,000 against $182,019,000 a year ago. Operating loss was $19,643,000 against $29,246,000 a year ago. Loss before income taxes was $30,590,000 against $38,251,000 a year ago. Net loss was $30,531,000 against $38,626,000 a year ago. Loss per basic and diluted share of common stock was $1.16 against $1.49 a year ago. EBITDA was $10,901,000 against loss of $3,741,000 a year ago. Adjusted EBITDA was $22,835,000 against $3,218,000 a year ago. Capital expenditures on property and equipment was $15,412,000 against $25,930,000 a year ago. Excluding the impact of the special items, net loss was $23.0 million, or a loss of $0.87 per basic and diluted share against net loss of $22.6 million, or a loss of $0.87 per basic and diluted share in the first quarter of 2017. Total capital expenditures were approximately $21.3 million (including capital leases and other financing of $3.3 million), comprised of $3.8 million for expansion projects, $17.0 million for sustaining and replacement projects and $432,000 for other projects. Expansion capital spending included $2.6 million for the completion and remedial services segment, $1.1 million for the well servicing segment, and $79,000 for the fluid services segment. Other capital expenditures were mainly for facilities and information technology infrastructure.

The company currently anticipates 2018 capital expenditures of $80.0 million, including $40.0 million of capital leases and other financings. The company expects full year tax benefit rate for 2018 will be around 20%.

The company expects G&A expense in the second quarter of 2018 to be around $38 million. The company anticipates depreciation and amortization expense in the second quarter will be around $31 million to $32 million. The company expects quarterly net interest expense to remain at $11 million for the remainder of 2018.