- Basic Energy Services (BAS +6.1%) maintains strong gains following news that it signed a $28.5M purchase agreement for a 74K horsepower hydraulic pump to be used in two frac spreads beginning in May.
- BAS says the purchase will bring its total frac hhp to 431,650 and total hhp to 517,445.
- CEO Roe Patterson says BAS has seen an increase in frac activity in its Permian Basin and Mid-Continent operating areas and expects to have all remaining stacked fleet activated by the end of March, and has improved its frac pricing by 5%-15% YTD.