Basic Energy Services, Inc. (NYSE:BAS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 26, 2020, in connection with the consolidation of regional operations of Basic Energy Services, Inc., a Delaware corporation (“Basic” or the “Company”), and other changes to the organizational structure of the Company, the Board of Directors (the “Board”) of the Company approved the promotion of Adam Hurley to fill the newly-created position of Executive Vice President, Operations. Mr. Hurley will perform the functions of the Company’s principal operating officer. James Newman, the Company’s former Senior Vice President, Region Operations, will continue with the Company in the role of Senior Vice President, Agua Libre Midstream, effective as of May 26, 2020.

Mr. Hurley, age 39, joined the Company in July 2018 as Vice President of Strategy and Business Development and most recently served as Vice President and Chief Integration Officer. Prior to joining Basic, he was an investment banker focused on oil and gas M&A advisory at Intrepid Partners, an energy-focused merchant bank, from 2016 to 2018 and Goldman Sachs from 2013 to 2016. Before that, Mr. Hurley was an officer in the U.S. Army for eight years, most notably as a Special Forces team leader and an infantry platoon leader. Mr. Hurley graduated with a Bachelor of Science degree from the United States Military Academy at West Point and a Masters of Business Administration from Duke University. Mr. Hurley has 17 years of related industry experience.

Mr. Hurley has no family relationships with any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. Mr. Hurley is not a party to any transaction required to be disclosed to Item 404(a) of Regulation S-K.

In connection with Mr. Hurley’s appointment, the Compensation Committee of the Company’s Board approved an annual base salary of $400,000, an annual bonus target of 80% of base salary, and a long term incentive target multiple of base salary of 1.75.

Item 8.01. Other Events.

On May 27, 2020, the Company issued a press release announcing the consolidation of regional operations of the Company and other changes to the organizational structure of the Company. A copy of the press release is being filed as Exhibit 99.1 hereto and is incorporated into this Item 8.01 by reference.

Cautionary Note Regarding Forward-Looking Statements

Many of the statements included or incorporated in this Current Report on Form 8-K and the furnished exhibit constitute “forward-looking statements.” In particular, they include statements relating to future actions, strategies, future operating and financial performance, and Basic’s future financial results. These forward-looking statements are based on current expectations and projections about future events. Readers are cautioned that forward-looking statements are not guarantees of future operating and financial performance or results and involve substantial risks and uncertainties that cannot be predicted or quantified, and, consequently, the actual performance of Basic may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, factors described from time to time in Basic’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein).

Item 9.01 Financial Statements and Exhibits.

BASIC ENERGY SERVICES, INC. Exhibit
EX-99.1 2 a2020-05x26pressreleasereg.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 NEWS RELEASE                              Contact:David Schorlemer Executive Vice President,…
To view the full exhibit click here

About Basic Energy Services, Inc. (NYSE:BAS)

Basic Energy Services, Inc. provides a range of well site services in the United States to oil and natural gas drilling and producing companies, including completion and remedial services, fluid services, well servicing and contract drilling. The Company operates through the segment, which include Completion and Remedial Services, Fluid Services, Well Servicing and Contract Drilling. The Company’s operations are managed regionally and are concentrated in the United States onshore oil and natural gas producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, Colorado, Utah, Montana, West Virginia, California, Ohio and Pennsylvania. Its operations are focused on liquids-rich basins, as well as natural gas-focused shale plays characterized by prolific reserves. It has a presence in the Permian Basin and the Bakken, Eagle Ford, Haynesville and Marcellus shales.