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Basic Energy to divest pressure pumping assets
2019-12-13 01:23
Basic Energy Services (NYSE:BAS) says it will sell its pressure pumping services assets in several deals totaling $30M-$45M.
"Despite the recent repositioning and restructuring in the pumping business, activity and pricing remain difficult, inhibiting the potential for positive free cash flow in the near- to medium-term," the company says.
Basic says the sales will fund its projected 2020-21 capital budget for its Agua Libre Midstream business.
The company says its coiled tubing business complements its well servicing operations and will not be affected by the sales.
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