Barnett Shale

Basic Energy Services CEO Huseman to retire at year's end

Ken Huseman, CEO of Fort Worth-based Basic Energy Services, intends to retire at the end of 2013, the company announced today. The board intends to appoint Roe Patterson, currently senior vice president and chief operating officer, to succeed Huseman, who is expected to remain a director. Patterson is expected to be named a director when he assumes the CEO post, on or about Jan. 1.

Huseman has led the company, which relocated its headquarters from Midland last fall, for more than 14 years. Patterson joined Basic in 2006 and has held his current post since March 2011.

-- Jim Fuquay

Basic Energy Services updates operating activity

Basic Energy Services, INc., which moved its headquarters to Fort Worth this year, said Tuesday that activity declined in its drilling and well servicing operations slowed in September, and revenues for the third quarter are expected to fall 5 to 6 percent from the previous quarter. CEO Ken Huseman said revenue is expected to be down 3 to 5 percent in the fourth quarter. "We expect a gradual reduction in activity and pricing into the first part of 2013," Huseman said. In a prepared release, Basic said its 431 well servicing rigs had a utilization rate of 71 percent, down from 74 percent the previous quarter, and 12 drilling rigs stayed busy 80 percent of the time, down from 91 percent the previous quarter, party due to the use of one rig on an internal project.

-- Jim Fuquay

Basic Energy Services relocates HQ to Fort Worth

Midland-based Basic Energy Services, a contract drilling and well-servicing company with more than 5,700 employees around the country, said last week it will move its corporate headquarters to Fort Worth. "Fort Worth provides a broader pool of experienced potential employees in the areas of human resources, accounting, finance and information technology," CEO Ken Huseman said in a prepared release. "While we will retain a significant operating presence with more than 30 service points and 2,300 employees in the Permian Basin, the move of our corporate headquarters to Fort Worth will facilitate the future growth and expansion of our company." It  expects to complete the move by year's end.

Basic Energy Services (ticker: BAS) last year earned $47.2 million on revenues of $1.2 billion. It earned $19.6 million in 2011's first quarter on revenues of $371 million.

-- Jim Fuquay