Basic Energy (BAS -0.5%) expects Q3 sales to dip as much as 3% Q/Q, with daily rates falling for...

|About: Basic Energy Services, Inc. (BAS)|By:, SA News Editor

Basic Energy (BAS -0.5%) expects Q3 sales to dip as much as 3% Q/Q, with daily rates falling for several quarters as new rigs have entered the market and explorers have scaled back activity due to softer oil prices, CEO Ken Huseman said on a conference call after the oilfield service provider's Q2 results. A 3% drop would mean Q3 sales of ~$350M vs. consensus $369.6M.