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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________________________________________________________ 
Form 10-Q
______________________________________________________________________________________________________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to             
Commission File Number 001-32693
______________________________________________________________________________________________________________________________________________  
Basic Energy Services, Inc.
(Exact name of registrant as specified in its charter)
 ______________________________________________________________________________________________________________________________________________ 
Delaware
54-2091194
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
801 Cherry Street, Suite 2100
Fort Worth, Texas
76102
(Address of principal executive offices)
(Zip code)
(817) 334-4100
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________________________________________________________ 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒   No  ☐ 
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer
Non-accelerated filer
☐   
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No   ☒ 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes  ☒    No   ☐ 
There were 26,561,124 shares of the registrant’s common stock outstanding as of November 5, 2018.  

i


BASIC ENERGY SERVICES, INC.
Index to Form 10-Q 
 

ii


CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, the risk factors discussed in this quarterly report, and in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and other factors, most of which are beyond our control.
The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “indicate” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this quarterly report are forward-looking statements. Although we believe that the forward-looking statements contained in this quarterly report are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this quarterly report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Important factors that may affect our expectations, estimates or projections include:
• a decline in, or substantial volatility of, oil or natural gas prices, and any related changes in expenditures by our customers;
• the effects of future acquisitions on our business;
• changes in customer requirements in markets or industries we serve;
• the ability to operate our business following emergence from bankruptcy;
• availability and cost of equipment;
• competition within our industry;
• general economic and market conditions;
• our access to current or future financing arrangements;
• operational hazards inherent in the oil and gas industry;
• our ability to replace or add workers at economic rates;
• liquidity, including our ability to satisfy our short or long-term liquidity needs;
• our borrowing capacity, covenant compliance under instruments governing any of our existing or future indebtedness and cash flows; and
• environmental and other governmental regulations.
Our forward-looking statements speak only as of the date of this quarterly report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements contained herein. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This quarterly report includes market share data, industry data and forecasts that we obtained from internal company surveys (including estimates based on our knowledge and experience in the industry in which we operate), market research, consultant surveys, publicly available information, industry publications and surveys. These sources include Baker Hughes Incorporated, the Association of Energy Service Companies, and the Energy Information Administration of the U.S. Department of Energy. Industry surveys and publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. Although we believe such information is accurate and reliable, we have not independently verified any of the data from third-party sources cited or used for our management’s industry estimates, nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our position relative to our competitors or as to market share refer to the most recent available data.


1


PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Basic Energy Services, Inc.
Consolidated Balance Sheets 
(in thousands, except share data)
September 30, 2018December 31, 2017
(Unaudited) 
ASSETS
Current assets: 
Cash and cash equivalents
$30,847 $38,520 
Restricted cash 44,997 47,703 
Trade accounts receivable, net of allowance of $1,801 and $1,523, respectively 156,165 148,444 
Accounts receivable - related parties
 22 
Income tax receivable
1,588 1,878 
Inventories
36,090 36,403 
Prepaid expenses
19,847 22,353 
Other current assets
5,688 4,292 
Total current assets
295,222 299,615 
Property and equipment, net 465,553 502,579 
Deferred debt costs, net of amortization 2,535 2,497 
Intangible assets, net of amortization 3,043 3,221 
Other assets 12,617 12,568 
Total assets
$778,970 $820,480 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: 
Accounts payable
$89,929 $80,518 
Accrued expenses
67,678 51,973 
Current portion of long-term debt, net of discounts of $658 and $1,657, respectively 39,419 55,997 
Other current liabilities
6,102 2,469 
Total current liabilities
203,128 190,957 
Long-term debt, net of discounts and deferred financing costs of $7,496 and $10,244, respectively 278,319 259,242 
Deferred tax liabilities  78 
Other long-term liabilities 36,513 31,550 
Stockholders' equity: 
Preferred stock; $0.01 par value; 5,000,000 shares authorized; none designated or issued at September 30, 2018 and December 31, 2017   
Common stock; $0.01 par value; 80,000,000 shares authorized; 26,765,089 shares issued and 26,547,471 shares outstanding at September 30, 2018; 26,371,572 shares issued and 26,219,129 shares outstanding at December 31, 2017 268 264 
Additional paid-in capital
459,477 439,517 
Accumulated deficit
(194,595)(96,674)
Treasury stock, at cost, 217,618 and 152,443 shares at September 30, 2018 and December 31, 2017, respectively (4,140)(4,454)
Total stockholders' equity
261,010 338,653 
Total liabilities and stockholders' equity
$778,970 $820,480 
See accompanying notes to unaudited consolidated financial statements.

2


Basic Energy Services, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
Revenues: 
Completion and remedial services
$115,978 $123,650 $360,523 $311,466 
Well servicing
67,246 54,629 189,188 156,302 
Water logistics
59,539 52,333 175,727 153,279 
Contract drilling
3,571 2,848 8,930 7,728 
Total revenues
246,334 233,460 734,368 628,775 
Expenses: 
Completion and remedial services
89,777 84,481 279,963 232,932 
Well servicing
55,106 43,219 152,977 125,931 
Water logistics
42,785 41,281 127,716 124,399 
Contract drilling
2,731 2,547 7,017 6,818 
General and administrative, including stock-based compensation of $5,570 and $5,891 in the three months ended September 30, 2018 and 2017 and $21,995 and $16,615 for the nine months ended September 30, 2018 and 2017, respectively 39,599 39,235 132,038 109,478 
Depreciation and amortization
32,754 29,478 94,150 80,846 
(Gain) loss on disposal of assets
191 26 3,891 (664)
Total expenses
262,943 240,267 797,752 679,740 
Operating loss
(16,609)(6,807)(63,384)(50,965)
Other income (expense): 
Interest expense
(10,896)(8,892)(34,985)(27,181)
Interest income
88 5 175 23 
Other income
81 109 492 344 
Loss before income taxes (27,336)(15,585)(97,702)(77,779)
Income tax benefit (expense)  1,740 (219)1,366 
Net loss $(27,336)$(13,845)$(97,921)$(76,413)
Loss per share of common stock: 
Basic
$(1.03)$(0.53)$(3.70)$(2.94)
Diluted
$(1.03)$(0.53)$(3.70)$(2.94)

See accompanying notes to unaudited consolidated financial statements.















3


Basic Energy Services, Inc.
Consolidated Statements of Stockholders’ Equity
(in thousands, except share data)
Common StockAdditionalTotal
OutstandingTreasuryCommonPaid-InTreasuryAccumulatedStockholders'
SharesSharesStockCapitalStockDeficitEquity
Balance - December 31, 201726,371,572 152,443 $264 $439,517 $(4,454)$(96,674)$338,653 
Issuances of restricted stock393,517 — 4 (2)— — 2 
Amortization of share-based compensation— — — 21,995 — — 21,995 
Treasury stock, net— 65,175 — (2,033)314 — (1,719)
Net loss— — — — — $(97,921)(97,921)
Balance - September 30, 2018 (unaudited)26,765,089 217,618 $268 $459,477 $(4,140)$(194,595)$261,010 



See accompanying notes to unaudited consolidated financial statements.

4


Basic Energy Services, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended September 30, 
20182017
Cash flows from operating activities: 
Net loss $(97,921)$(76,413)
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization
94,150 80,846 
Accretion on asset retirement obligation
115 119 
Change in allowance for doubtful accounts
278 1,907 
Amortization of deferred financing costs
586 14 
Amortization of debt discounts
3,708 5,649 
Non-cash compensation
21,995 16,615 
(Gain) loss on disposal of assets
3,891 (664)
Deferred income taxes
(78)389 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable
(7,977)(61,463)
Inventories
313 437 
Income tax receivable
291 (1,740)
Prepaid expenses and other current assets
7,010 (9,446)
Other assets
(49)(1,083)
Accounts payable
5,736 32,865 
Other liabilities
8,629 3,046 
Accrued expenses
15,705 10,747 
Net cash provided by operating activities
56,382 1,825 
Cash flows from investing activities: 
Purchase of property and equipment
(48,588)(48,295)
Proceeds from sale of assets
1,942 7,834 
Net cash used in investing activities
(46,646)(40,461)
Cash flows from financing activities: 
Payments of debt
(50,313)(33,649)
Proceeds from debt
32,500 64,000 
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock

(1,717)(38)
Deferred loan costs and other financing activities
(585)(2,133)
Net cash provided by (used in) financing activities
(20,115)28,180 
Net decrease in cash, cash equivalents and restricted cash
(10,379)(10,456)
Cash, cash equivalents and restricted cash - beginning of period 86,223 101,304 
Cash, cash equivalents and restricted cash - end of period $75,844 $90,848 
Noncash investing and financing activity: 
Capital leases and notes issued for equipment 16,565 61,040 
Change in accrued property and equipment 3,675 8,726 
See accompanying notes to unaudited consolidated financial statements.
5


BASIC ENERGY SERVICES, INC.
Notes to Consolidated Financial Statements
September 30, 2018 (unaudited) 
1. Basis of Presentation and Nature of Operations
Basis of Presentation
The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements.
Liquidity and Capital Resources
As of September 30, 2018, our primary capital resources were cash flows from operations, utilization of capital leases and borrowings under our accounts receivable securitization facility (the “Prior ABL Facility”) which had aggregate commitments of $150.0 million as of September 30, 2018. As of September 30, 2018, we had $90.0 million in borrowings under the Prior ABL Facility compared to $64.0 million at December 31, 2017. At September 30, 2018, we had unrestricted cash and cash equivalents of $30.8 million compared to $38.5 million as of December 31, 2017. An additional amount of $45.0 million of our cash was classified as restricted cash as of September 30, 2018. For further discussion see Note 5, "Long-Term Debt and Interest Expense". 
On October 2, 2018, the Company issued in a private placement offering $300.0 million aggregate principal amount of 10.75% senior secured notes due 2023 (the “Senior Notes”) at 99.042% of par and entered into a new $150.0 million senior secured revolving credit facility (the “New ABL Facility”). In connection with the closing of the Senior Notes, the Company repaid the balances outstanding under the Prior ABL Facility and our Amended and Restated Term Loan Credit Agreement ( the "Term Loan Agreement") in their entirety and terminated both facilities. The term loan repayment was made prior to the maturity date defined in the Term Loan Agreement, and the Company incurred repayment penalties of approximately $17.5 million associated with the term loan repayment. For additional information regarding our New ABL Facility and Senior Notes, see Note 5, “Long-Term Debt and Interest Expense”.
Nature of Operations  
Basic provides a wide range of well site services in the United States to oil and natural gas drilling and producing companies, including well servicing, water logistics, completion and remedial services and contract drilling. These services are primarily provided using Basic’s fleet of equipment. Basic’s operations are concentrated in the major United States onshore oil and gas producing regions in Texas, New Mexico, Oklahoma, North Dakota, Wyoming, Montana, Arkansas, Kansas, Louisiana, California and Colorado.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of our wholly owned subsidiaries and our variable interest entity for which we hold a majority voting interest. All intercompany transactions and balances have been eliminated.

Estimates, Risks and Uncertainties
Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue, and expenses. Critical accounting estimates are those in which significant judgment is used, and the impact of any changes in estimates would have a significant effect on our consolidated financial statements. Actual results and outcomes may vary from management's estimates and assumptions. Areas where critical accounting estimates are made by management include litigation and self-insured risk reserves.
6


2. Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows (in thousands):
September 30, 
20182017
Cash and cash equivalents $30,847 $43,168 
Restricted cash 44,997 47,680 
Total cash, cash equivalents and restricted cash $75,844 $90,848 
The Company’s restricted cash at September 30, 2018 and 2017, respectively, included cash balances which are legally or contractually restricted to use. The Company’s restricted cash is included in current assets as of September 30, 2018 and 2017, respectively, and includes primarily cash used to collateralize insurance reserves.
3. Property and Equipment
Property and equipment consisted of the following (in thousands):
September 30, 2018December 31, 2017
Land
$21,442 $21,217 
Buildings and improvements
40,524 40,043 
Well service units and equipment
120,424 113,657 
Frac equipment/test tanks
122,464 111,172 
Pumping equipment
101,539 116,127 
Water logistics equipment
78,888 79,711 
Disposal facilities
57,947 51,363 
Rental equipment
62,366 34,643 
Light vehicles
25,399 19,869 
Contract drilling equipment
11,508 10,967 
Other
4,986 4,092 
Construction equipment
355 2,338 
Brine and fresh water stations
3,107 2,704 
Software
831 817 
651,780 608,720 
Less accumulated depreciation and amortization
186,227 106,141 
Property and equipment, net
$465,553 $502,579 
  

Basic is obligated under various capital leases for certain vehicles and equipment that expire at various dates during the next five years. The gross amount of property and equipment and related accumulated amortization recorded under capital leases and included above consists of the following (in thousands):
September 30, 2018December 31, 2017
Pumping equipment
$53,979 $56,225 
Water logistics equipment
38,824 40,097 
Light vehicles
17,431 12,160 
Contract drilling equipment
323 783 
Well service units and equipment
233 262 
Construction and other equipment 667 378 
Rental equipment
978  
112,435 109,905 
Less accumulated amortization
32,812 18,445 
Property and equipment under capital lease, net
$79,623 $91,460 

7


 Amortization of assets held under capital leases is included in depreciation and amortization expense in the consolidated statements of operations. Amortization amounts consisted of the following (in thousands):
Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
Lease amortization expense
$7,287 $5,657 $21,649 $13,245 

4. Intangible Assets

Basic had trade names of $3.4 million as of September 30, 2018 and December 31, 2017. Trade names have a 15-year life and are tested for impairment when triggering events are identified.

Basic’s intangible assets were as follows (in thousands):
September 30, 2018December 31, 2017
Trade names
$3,410 $3,410 
Other intangible assets
48 48 
Intangible assets  3,458 3,458 
Less accumulated amortization
415 237 
Intangible assets subject to amortization, net
$3,043 $3,221 
 
Amortization expense of intangible assets for the three and nine months ended September 30, 2018 and 2017 was as follows (in thousands):
Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
Intangible amortization expense
$60 $60 $178 $178 

5. Long-Term Debt and Interest Expense
Long-term debt consisted of the following (in thousands): 
September 30, 2018December 31, 2017
Credit facilities: 
Term Loan $161,288 $162,525 
ABL Facility 90,000 64,000 
Capital leases and other notes 74,604 100,615 
Unamortized discounts, premiums, and deferred financing costs (8,154)(11,901)
Total principal amount of debt instruments, net 317,738 315,239 
Less current portion 39,419 55,997 
Long-term debt $278,319 $259,242 

Debt Discounts
The following discounts on debt represent the unamortized discount to fair value of the Term Loan Agreement and the short-term and long-term portions of the fair value discount of capital leases (in thousands):
September 30, 2018December 31, 2017
Unamortized discount on Term Loan
$7,369 $9,187 
Unamortized discount on Capital Leases - short-term
658 1,657 
Unamortized discount on Capital Leases - long-term
 891 
Unamortized deferred financing costs
127 166 
Total unamortized discounts and deferred financing costs $8,154 $11,901 

8


On April 11, 2018, the Company entered into Amendment No. 2 (“Amendment No. 2”) to the Prior ABL Facility. Among other things, Amendment No. 2 (i) increased the aggregate commitments under our Credit and Security Agreement (the "Credit Agreement") from $120 million to $150 million and (ii) added Morgan Stanley Senior Funding, Inc. as a lender and amended the commitment schedule to the Credit Agreement to reflect the same.
On May 14, 2018, the Company entered into Amendment No. 3 (“Amendment No. 3”) to the Prior ABL Facility. Among other things, Amendment No. 3 (i) revised the formula for calculation of the borrowing base and (ii) revised the timing of the Company’s delivery of borrowing base reports.
   On September 14, 2018, the Company entered into Amendment No. 4 (“Amendment No. 4”) to the Prior ABL Facility. Among other things, Amendment No. 4 (i) increased the Borrowing Base Availability Reserve (as defined in the Credit Agreement) to the greater of $12.5 million or 12.5% of the eligible amount, from $10.0 million and 10.0%, respectively, and (ii) revised the measurement period for calculation of the dilution volatility ratio, with respect to the period commencing on September 14, 2018 and ending on October 12, 2018, to be six months preceding the calculation date, rather than twelve months.
As of September 30, 2018, Basic had $39.8 million of letters of credit outstanding secured by restricted cash borrowed under the Prior ABL Facility. Basic had borrowings under the Prior ABL Facility of $90 million as of September 30, 2018.

Basic’s interest expense for the three and nine months ended September 30, 2018 and 2017, consisted of the following (in thousands):
Three Months Ended September 30, Nine Months Ended September 30, 
2018201720182017
Cash payments for interest
$8,266 $7,611 $24,408 $16,919 
Commitment and other fees paid
1,338  3,141 187 
Amortization of debt issuance costs and discounts
1,181 1,850 4,295 5,731 
Change in accrued interest
56 57 3,046 4,934 
Capitalized interest
 (660) (660)
Other
55 34 95 70 
Total interest expense $10,896 $8,892 $34,985 $27,181 

Senior Secured Notes
On October 2, 2018, the Company issued $300.0 million aggregate principal amount of 10.75% senior secured notes due 2023 (the “Senior Notes”) in an offering exempt from registration under the Securities Act. The Senior Notes were issued at a price of 99.042% of par to yield 11.0%. The Senior Notes will initially be secured by a first-priority lien on substantially all of the assets of the Company and the subsidiary guarantors other than accounts receivable, inventory and certain related assets. Net proceeds from the offering of approximately $290.0 million were used to repay the Company’s existing indebtedness under the Term Loan Agreement, to repay the Company’s outstanding borrowings under the Prior ABL Facility, and for general corporate purposes.
New ABL Facility
On October 2, 2018, the Company terminated the Prior ABL Facility and Term Loan Agreement and entered into an ABL Credit Agreement (the “New ABL Credit Agreement”) among the Company, as borrower (in such capacity, the “Borrower”), Bank of America, N.A., as administrative agent (the “Administrative Agent”), swing line lender and letter of credit issuer, UBS Securities LLC, as syndication agent, PNC Bank National Association, as documentation agent and letter of credit issuer, and the other lenders from time to time party thereto (collectively, the “New ABL Lenders”). Pursuant to the New ABL Credit Agreement, the New ABL Lenders have extended to the Borrower a revolving credit facility in the maximum aggregate principal amount of $150.0 million, subject to borrowing base capacity (the “New ABL Facility”). The New ABL Facility includes a sublimit for letters of credit of up to $50.0 million in the aggregate, and for borrowings on same-day notice under swingline loans subject to a sublimit of the lesser of (a) $15.0 million and (b) the aggregate commitments of the New ABL Lenders. The New ABL Facility also provides capacity for base rate protective advances up to $10.0 million at the discretion of the Administrative Agent and provisions relating to overadvances. The New ABL Facility contains no restricted cash requirements.
Borrowings under the New ABL Facility bear interest at a rate per annum equal to an applicable rate, plus, at Borrower’s option, either (a) a base rate or (b) a LIBOR rate. The applicable rate is fixed from the closing date to April 1, 2019. After April
9


1, 2019, the applicable rate is determined by reference to the average daily availability as a percentage of the borrowing base during the fiscal quarter immediately preceding such applicable quarter.
Principal amounts outstanding under the New ABL Facility will be due and payable in full on the maturity date, which is five years from the closing of the facility; provided that if the Senior Notes have not been redeemed by July 3, 2023, then the maturity date shall be July 3, 2023.
Substantially all of the domestic subsidiaries of the Company guarantee the borrowings under the New ABL Facility, and Borrower guarantees the payment and performance by each specified loan party of its obligations under its guaranty with respect to swap obligations. All obligations under the New ABL Facility and the related guarantees are secured by a perfected first-priority security interest in substantially all accounts receivable, inventory, and certain other assets, not including equity interests.

6. Fair Value Measurements
The following is a summary of the carrying amounts, net of discounts, and estimated fair values of our financial instruments as of September 30, 2018 and December 31, 2017:
Fair Value
September 30, 2018December 31, 2017 
Hierarchy Level
Carrying Amount
Fair Value
Carrying Amount
Fair Value
(In thousands)
Term Loan 3$153,918 $154,236 $153,338 $162,052 
 
The fair value of the Term Loan Agreement is based upon our discounted cash flows model using a third-party discount rate. The carrying amount of our Prior ABL Facility approximates fair value due to its variable-rate characteristics.
The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts receivable-related parties, capital leases, accounts payable and accrued expenses approximate fair value due to the short maturities of these instruments. 

7. Commitments and Contingencies
Environmental
Basic is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. Basic cannot predict the future impact of such standards and requirements, which are subject to change and can have retroactive effectiveness. Basic continues to monitor the status of these laws and regulations. Management believes that the likelihood of any of these items resulting in a material adverse impact to Basic’s financial position, liquidity, capital resources or future results of operations is remote.
Currently, Basic has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management does recognize that by the very nature of its business, material costs could be incurred in the near term to bring Basic into total compliance with the laws and regulations. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible contamination, the unknown timing and extent of the corrective actions which may be required, the determination of Basic’s liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification.
Litigation
From time to time, Basic is a party to litigation or other legal proceedings that Basic considers to be a part of the ordinary course of business. Basic is not currently involved in any legal proceedings that it considers probable or reasonably possible, individually or in the aggregate, to result in a material adverse effect on its financial condition, results of operations or liquidity.
Sales and Use Tax Audit
In 2014, Basic was notified by the Texas State Comptroller’s office that a sales and use tax audit for the period from 2010 through 2013 would be conducted. A preliminary report has been issued in the second quarter of 2018 for this audit, and Basic will appeal the preliminary report through the redetermination process. Based on our analysis, the potential liability associated with this audit ranges from $6.0 million to $24.0 million. An accrual for the estimated liability of $6.0 million has been recorded in Basic’s financial statements as general and administrative expense and the related interest associated with the taxes of $1.5 million is included in interest expense for the nine months ended September 30, 2018. This range could potentially change in future periods as the appeals and redetermination process progresses.
10


Self-Insured Risk Accruals
Basic is self-insured up to retention limits as it relates to workers’ compensation, general liability claims, and medical and dental coverage of its employees. Basic generally maintains no physical property damage coverage on its workover rig fleet, with the exception of certain of its 24-hour workover rigs and newly manufactured rigs. Basic has deductibles per occurrence for workers’ compensation, general liability claims, automobile liability and medical coverage of $4.0 million, $1.0 million, $1.0 million, and $425,000, respectively. Basic maintains accruals in the accompanying consolidated balance sheets related to self-insurance retentions based upon third-party acturial data and claims history.
At September 30, 2018 and December 31, 2017, self-insured risk accruals totaled approximately $31.5 million, net of $29,000 receivable for medical and dental coverage, and $30.3 million, net of $971,000 receivable for medical and dental coverage, respectively.
8. Stockholders’ Equity
Common Stock
In February 2018, Basic granted certain members of management 203,625 performance-based restricted stock units and 203,625 restricted stock units, which each vest over a three-year period. In July and August 2018, Basic granted certain members of management 81,000 performance-based restricted stock units and 15,000 restricted stock units, which vest over a three-year period.
9. Incentive Plan
The following table reflects compensation activity related to the management incentive plan for the three and nine-month periods ended September 30, 2018 (dollar amounts in thousands):
Compensation expense for three months ended September 30, 2018 Compensation expense for nine months ended September 30, 2018 Unrecognized compensation expense Weighted average remaining life (years) Fair value of share based awards vested 
Restricted stock awards and restricted stock units $4,775 $18,533 $18,465 1.5$5,842 
Stock options 795 3,462 4,247 8.3 
Total compensation expense $5,570 $21,995 $22,712 $5,842 

Stock Option Awards

The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Stock options granted under the Company's management incentive plan expire ten years from the date they are granted, and vest over a three-year service period.
11


The following table reflects changes during the nine-month period and a summary of stock options outstanding at September 30, 2018:
Weighted 
Average 
Weighted Remaining Aggregate 
Number of Average Contractual Intrinsic 
Options Exercise Term Value 
Granted Price (Years) (000's) 
Non-statutory stock options: 
Outstanding, beginning of period 654,016 $39.23 
Options granted