Basic Energy Services' (NYSE:BAS) rig utilization rate increased on a month-over-month basis in February. The figure advanced to 71% against 67% in January. The number of rigs serviced by Basic remained the same at 425.
Several other operating metrics were released by the company. It also said that its fluid service truck count dropped by two, to 962. Fluid service truck hours also declined, landing at 177,600, compared to January's number of 186,500.
February was a busy month for Basic in terms of acquisitions. The firm made two purchases of "substantially all of the operating assets" of Atlas Equipment and Petroleum Water Solutions. The price of the former acquisition was $13 million in cash, and an additional $9 million in conditional earn-out considerations, while it spent $3.3 million with the potential of an additional $3.3 million in similar considerations for the latter.
Fool contributor Eric Volkman has no position in Basic Energy Services. The Motley Fool has no position in Basic Energy Services. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Why Bonanza Creek Energy, Basic Energy Services, and Matrix Service Company All Jumped This Week
A closer look at the key catalysts that fueled a rally in Bonanza Creek Energy, Basic Energy Services, and Matrix Service Company this week.
This Is What's Fueling Basic Energy Services, Inc's 12% Surge Today
Basic Energy Services, Inc's stock jumped double digits after it reported earnings.
Why Basic Energy Services, Inc.'s Stock is Down Today
Basic Energy Services, Inc reported more bad operations news and the market isn't happy. Here's what you need to know.