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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to             
Commission File Number 001-32693
____________________________________________________________________________________________________
BASIC ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________

Delaware54-2091194
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
801 Cherry Street, Suite 2100, Fort Worth, Texas
76102
(Address of principal executive offices)(Zip code)
(817) 334-4100
(Registrant’s telephone number, including area code)
______________________________________________________________________________________________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, par value $0.01 per shareBASX*The OTCQX Best Market*
* Until December 2, 2019, Basic Energy Services, Inc.’s common stock traded on the New York Stock Exchange under the symbol “BAS”. On December 3, 2019, Basic Energy Service, Inc.’s common stock began trading on the OTCQX® Best Market tier of the OTC Markets Group Inc. Deregistration under Section 12(b) of the Act became effective on March 16, 2020.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes No ☒ 
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒No☐
There were 24,899,932 shares of the registrant’s common stock outstanding as of November 2, 2020.




BASIC ENERGY SERVICES, INC.
Index to Form 10-Q 
 
Item 5. Other Information 
Item 6. Exhibits 

i


CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are subject to risks and uncertainties. These statements may relate to, but are not limited to, information or assumptions about us, our capital and other expenditures, dividends, financing plans, capital structure, cash flows, pending legal or regulatory proceedings and claims, future economic performance, operating income, costs savings and management's plans, strategies, goals and objectives for future operations and goals. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, the risk factors discussed in this quarterly report, and in our most recent Annual Report on Form 10-K and other factors, most of which are beyond our control.

The words “believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,” “plan,” “seek,” “could,” “should,” “may,” “potential” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this quarterly report are forward-looking statements. Although we believe that the forward-looking statements contained in this quarterly report are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this quarterly report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.
Important factors that may affect our expectations, estimates or projections include:
the sustained decline in, or substantial volatility of, oil and natural gas prices, and any related changes in expenditures by our customers;
our ability to successfully execute, manage and integrate acquisitions, including the recent acquisition of C&J Well Services, Inc.;
our ability to satisfy our liquidity needs, including our ability to generate sufficient liquidity or cash flow or to obtain sufficient financing to fund our operations or otherwise meet our obligations as they come due in the future;
local and global impacts of the COVID-19 pandemic;
negative impacts of the delisting of our common stock from the New York Stock Exchange;
competition within our industry;
the effects of future acquisitions or dispositions on our business;
uncertainties about our ability to successfully execute our business and financial plans and strategies;
our access to current or future financing arrangements, including ability to raise funds in the capital market or from other financing sources;
changes in customer requirements in markets or industries we serve;
availability and cost of equipment;
our ability to maintain acceptable pricing for our services;
our ability to reduce administrative and capital expenses;
general economic and market conditions;
operating hazards and other risks incidental to our services;
energy efficiency and technology trends;
our ability to replace or add workers at economic rates;
our borrowing capacity, covenant compliance under instruments governing any of our existing or future indebtedness and cash flows; and
environmental and other governmental regulations.
Our forward-looking statements speak only as of the date of this quarterly report. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements included herein are expressly qualified in their entirety by the cautionary statements contained or referred to in this section.
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PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Basic Energy Services, Inc.
Consolidated Balance Sheets 
(in thousands, except share and per share data)
September 30, 2020December 31, 2019
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents$6,806 $36,217 
Restricted cash7,430  
Trade accounts receivable, net of allowances of $4,755 and $2,208, at September 30, 2020, and December 31, 2019, respectively
69,920 99,626 
Inventories, net8,997 20,262 
Prepaid expenses11,403 6,407 
Assets held for sale10,918 55,149 
Other current assets2,717 2,727 
Total current assets118,191 220,388 
Property and equipment, net236,539 297,113 
Operating lease right of use assets10,584 14,540 
Deferred debt costs, net of amortization1,045 2,198 
Goodwill8,320  
Intangible assets, net of amortization6,301 2,603 
Other assets15,725 13,632 
Total assets$396,705 $550,474 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$63,954 $58,022 
Accrued expenses65,178 41,962 
Current portion of long-term debt7,609 18,738 
Derivative liability5,797  
Accrued short-term insurance reserves 17,860 15,002 
Operating lease right-of-use liabilities, current portion2,125 4,906 
Liabilities associated with assets held for sale 869 5,248 
Other current liabilities6,716 4,306 
Total current liabilities170,108 148,184 
Long-term debt, net of discounts and deferred financing costs of $23,412 and $8,795, at September 30, 2020, and December 31, 2019, respectively
304,050 308,365 
Accrued long-term insurance reserves26,685 20,204 
Deferred compensation7,063 10,838 
Operating lease right-of-use liabilities, long-term portion9,046 9,634 
Asset retirement obligations10,871 9,044 
Deferred tax liability666  
Other long-term liabilities2,281 3,082 
Total liabilities530,770 509,351 
Series A Participating Preferred Stock; $0.01 par value; 5,000,000 authorized and 118,805 and zero shares outstanding at September 30, 2020, and December 31, 2019, respectively
22,000  
Stockholders' equity (deficit):
Common stock; $0.01 par value; 198,805,000 and 80,000,000 shares authorized at September 30, 2020, and December 31, 2019, respectively; 27,912,059 and 27,912,059 shares issued and 24,899,932 and 24,904,485 shares outstanding at September 30, 2020, and December 31, 2019, respectively
279 279 
Additional paid-in capital493,717 472,594 
Retained deficit(644,727)(423,169)
Treasury stock, at cost, 3,012,127 and 3,007,574 shares at September 30, 2020, and December 31, 2019, respectively
(5,334)(8,581)
 Total stockholders' equity (deficit)(156,065)41,123 
Total liabilities and stockholders' equity (deficit)$396,705 $550,474 
See accompanying notes to unaudited consolidated financial statements.
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Basic Energy Services, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues:
Well Servicing$53,211 $57,439 $158,670 $177,941 
Water Logistics30,705 48,451 108,340 155,083 
Completion & Remedial Services11,484 38,273 46,430 112,304 
Total revenues95,400 144,163 313,440 445,328 
Expenses:
Well Servicing44,766 48,111 134,968 143,081 
Water Logistics28,506 34,783 87,207 107,611 
Completion & Remedial Services11,503 25,685 42,331 78,070 
General and administrative, including stock-based compensation of $68 and $1,165 in the three months ended September 30, 2020 and 2019, respectively, and $1,482 and $7,767 in the nine months ended September 30, 2020 and 2019, respectively
25,451 28,529 90,958 90,471 
Impairments1,830  101,458  
Depreciation and amortization12,976 17,819 40,593 51,297 
(Gain) loss on disposal of assets(5,190)738 (5,700)2,014 
Total expenses119,842 155,665 491,815 472,544 
Operating loss(24,442)(11,502)(178,375)(27,216)
Other income (expense):
Interest expense(11,683)(11,584)(35,077)(32,556)
Interest income 113 63 472 
Gain on derivative6,966  3,916  
Other income46 212 107 558 
Loss from continuing operations before income taxes(29,113)(22,761)(209,366)(58,742)
Income tax (expense) benefit(40)(2,016)4,058 (137)
Loss from continuing operations(29,153)(24,777)(205,308)(58,879)
Loss from discontinued operations(2,926)(14,100)(16,250)(35,251)
Net loss$(32,079)$(38,877)$(221,558)$(94,130)
Net loss from continuing operations per share, basic and diluted$(1.17)$(0.97)$(8.23)$(2.22)
Net loss from discontinued operations per share, basic and diluted$(0.12)$(0.55)$(0.65)$(1.33)
Net loss per share of common stock, basic and diluted$(1.29)$(1.52)$(8.88)$(3.55)

See accompanying notes to unaudited consolidated financial statements.




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Basic Energy Services, Inc.
Consolidated Statements of Stockholders’ Equity (Deficit)
(in thousands, except share data)
Common StockAdditionalTreasuryTotal
IssuedCommon Paid-InTreasuryTreasuryRetainedStockholders'
SharesStockCapitalSharesStockDeficitEquity (Deficit)
Balance - December 31, 201927,912,059 $279 $472,594 3,007,574 $(8,581)$(423,169)$41,123 
Issuances of restricted stock— — — — — —  
Amortization of equity-classified share-based compensation— — 1,336 — — — 1,336 
Treasury stock, net— — (3,263)(72,879)3,256 — (7)
Capital contribution— — 22,904 — — — 22,904 
Net loss— — — — — (144,881)(144,881)
Balance - March 31, 2020 (unaudited)27,912,059 $279 $493,571 2,934,695 $(5,325)$(568,050)$(79,525)
Issuances of restricted stock— — — — — —  
Amortization of equity-classified share-based compensation— — 78 — — — 78 
Treasury stock, net— — — 38,664 (9)— (9)
Net loss— — — — — (44,598)(44,598)
Balance - June 30, 2020 (unaudited)27,912,059 $279 $493,649 2,973,359 $(5,333)$(612,648)$(124,053)
Issuances of restricted stock— — — — — —  
Amortization of equity-classified share-based compensation— — 68 — — — 68 
Treasury stock, net— — — 38,768 (1)— (1)
Net loss— — — — — (32,079)(32,079)
Balance - September 30, 2020 (unaudited)27,912,059 $279 $493,717 3,012,127 $(5,334)$(644,727)$(156,065)
Common StockAdditionalTreasuryTotal
IssuedCommonPaid-InTreasuryTreasuryRetainedStockholders'
SharesStockCapitalSharesStockDeficitEquity
Balance - December 31, 201826,990,034 $270 $464,264 242,322 $(3,835)$(241,271)$219,428 
Issuances of restricted stock277,865 3 (3)— — —  
Amortization of equity-classified share-based compensation— — 3,275 — — — 3,275 
Treasury stock, net— — (163)68,227 (180)— (343)
Net loss— — — — — (27,476)(27,476)
Balance - March 31, 2019 (unaudited)27,267,899 $273 $467,373 310,549 $(4,015)$(268,747)$194,884 
Issuances of restricted stock644,160 6 (6)— — —  
Amortization of equity-classified share-based compensation— — 3,329 — — — 3,329 
Treasury stock, net— — — 596,194 (1,340)— (1,340)
Net loss— — — — — (27,777)(27,777)
Balance - June 30, 2019 (unaudited)27,912,059 $279 $470,696 906,743 $(5,355)$(296,524)$169,096 
Issuances of restricted stock— — — — — —  
Amortization of equity-classified share-based compensation— — 1,165 — — — 1,165 
Treasury stock, net— — (213)2,058,631 (3,226)— (3,439)
Net loss— — — — — (38,877)(38,877)
Balance - September 30, 2019 (unaudited)27,912,059 $279 $471,648 2,965,374 $(8,581)$(335,401)$127,945 
See accompanying notes to unaudited consolidated financial statements.
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Basic Energy Services, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Nine Months Ended September 30,
20202019
Cash flows from operating activities:
Net loss$(221,558)$(94,130)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation and amortization40,593 85,668 
Asset impairment98,943  
Inventory and other write-downs4,846 7,080 
(Gain) on derivative(3,916) 
Accretion on asset retirement obligation1,445 607 
Change in allowance for doubtful accounts2,547 711 
Amortization of deferred financing costs2,794 1,745 
Amortization of debt discount 3,837 789 
Non-cash compensation1,216 8,237 
(Gain) / Loss on disposal of assets(2,868)2,634 
Deferred income taxes(3,946) 
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable65,844 20,401 
Inventories4,077 4,546 
Prepaid expenses and other current assets(3,212)2,404 
Other assets895 (8)
Accounts payable(3,160)(31,617)
Income tax receivable 1,574 
Other liabilities(1,955)131 
Accrued expenses13,800 17,740 
Net cash provided by operating activities222 28,512 
Cash flows from investing activities:
Purchase of property and equipment(6,872)(46,263)
Proceeds from sale of assets51,412 7,122 
Payments for other long-term assets(1,144)(411)
Payments for businesses, net of cash acquired(59,350) 
Net cash used in investing activities(15,954)(39,552)
Cash flows from financing activities:
Proceeds from debt38,000  
Repayments of debt(42,407)(23,209)
Change in treasury stock including restricted stock issuances(15)(5,122)
Deferred loan costs and other financing activities(1,827)(469)
Net cash (used in) financing activities(6,249)(28,800)
Net decrease in cash, cash equivalents and restricted cash(21,981)(39,840)
Cash, cash equivalents and restricted cash - beginning of period36,217 90,300 
Cash, cash equivalents and restricted cash - end of period$14,236 $50,460 
Noncash investing and financing activity:
Capital leases and notes issued for equipment$498 $7,943 
Change in accrued property and equipment88 310 
Issuance of Series A Participating Preferred Stock22,000  
Issuance of derivative liability9,713  
Change in asset retirement obligations$8 $6,420 
See accompanying notes to unaudited consolidated financial statements.
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BASIC ENERGY SERVICES, INC.
Notes to Consolidated Financial Statements
September 30, 2020 (unaudited) 
1. Basis of Presentation and Nature of Operations
Basis of Presentation
The accompanying unaudited consolidated financial statements of Basic Energy Services, Inc. and subsidiaries (“Basic” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. Certain information relating to the Company's organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q in accordance with GAAP and financial statement requirements promulgated by the U.S. Securities and Exchange Commission (“SEC”). The notes to the consolidated financial statements (unaudited) should be read in conjunction with the notes to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments which are of a normal recurring nature considered necessary for a fair presentation have been made in the accompanying unaudited financial statements.
Nature of Operations  
The Company provides a wide range of wellsite services to oil and natural gas drilling and producing companies, including Well Servicing, Water Logistics and Completion & Remedial Services. These services are primarily provided by the Company's fleet of equipment. The Company’s operations are concentrated in major United States onshore oil and natural gas producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota and Colorado. The Company's scope of operations was expanded effective beginning March 9, 2020, with the acquisition of C&J Well Services, Inc. See Note 3. Acquisition, for further discussion.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company's subsidiaries, for which the Company holds a majority voting interest. All intercompany transactions and balances have been eliminated.
Other Reclassifications
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. A majority of the reclassifications were related to discontinued operations. These reclassifications do not impact net loss and do not reflect a material change to the information previously presented in our consolidated financial statements. See Note 4. Discontinued Operations for further discussion on amounts included in loss from discontinued operations.
Estimates, Risks and Uncertainties
Preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from those estimates. Areas where critical accounting estimates are made by management include impairments of long-lived assets, certain financial instruments, acquisition purchase price allocation, litigation, and self-insured risk reserves. For further discussion of impairments of long-lived assets, see Note 14. Impairments.
Inventories
For rental and fishing tools, inventories consisting mainly of grapples and controls are stated at lower of cost or net realizable value. Other inventories, consisting mainly of manufacturing raw materials, rig components, repair parts, drilling and completion materials and gravel, are held for use in the operations of the Company and are stated at lower of cost or net realizable value, with cost being determined on the first-in, first-out method.
In addition to comparing the carrying amount of inventory to its market value, the Company also makes a comparison between volume of inventory and demand for the ultimate production into which inventory will be
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converted and increases reserves for excess and obsolete inventory. For further discussion on impairments of inventory see Note 14. Impairments.
Assets Held for Sale
Assets are classified as held for sale when, among other factors, they are identified and marketed for sale in their present condition, management is committed to their disposal, and the sale of the asset is probable within one year. During 2020, the Company classified to assets held for sale $3.9 million of certain rig construction assets, associated with our Taylor manufacturing facility, the majority of which are expected to be sold in the fourth quarter of 2020. Also included in assets classified as held for sale were certain property, plant and equipment assets of our pressure pumping operations and contract drilling operations that were classified as discontinued operations beginning in late 2019. For further discussion on the pressure pumping and contract drilling assets, see Note 4. Discontinued Operations.
COVID-19 and Commodity Price Collapse Impact on Company Liquidity; Going Concern
Beginning in March 2020, as a result of multiple significant factors impacting supply and demand in the global oil and natural gas markets, including a global outbreak of coronavirus (“COVID-19”), and actions by members of the Organization of the Petroleum Exporting Countries (“OPEC”) and other foreign countries, including Russia, the posted price for West Texas Intermediate oil declined sharply. Oil demand has significantly deteriorated through the first nine months of 2020 compared to prior year periods, in part, as a result of outbreak of COVID-19 and corresponding preventative measures taken to mitigate the spread of the virus. The initial decline in demand coincided with the announcement of price reductions and possible production increases by members of OPEC and other oil exporting nations. Although OPEC and other oil exporting nations ultimately agreed to cut production, and commodity prices improved during the third quarter of 2020, the downward pressure on commodity prices has remained and could continue in the foreseeable future.
Oil and natural gas commodity prices are expected to continue to be volatile. Despite improvements in early third quarter of 2020, the collapse in the demand for oil caused by the unprecedented global health and economic crisis, coupled with oil oversupply, has had a material adverse impact on the demand for our services and the prices we can charge for our services.
The decline in our customers’ demand for our services has also had a material adverse impact on our financial condition, results of operations and cash flows during the first nine months of 2020. Demand for our products and services will further decline if our customers further revise their capital budgets downward and adjust their operations in response to lower oil prices. We cannot predict the duration or effects of these current conditions, but if the price of oil further declines or remains at current levels for a lengthy period, our business, financial condition, results of operations, cash flows, and prospects will continue to be materially and adversely affected. The impact of these conditions on our estimates of future operating cash flows resulted in additional impairments of long-lived and intangible assets as of March 31, 2020. For further discussion of impairments of long-lived assets, see Note 14. Impairments.
Based on our current operating and commodity price forecasts and capital structure, we believe that if certain financial ratios or cash dominion covenants were to come into effect under our debt instruments, we will have difficulty complying with certain of such obligations. Certain covenants, such as consolidated fixed charge coverage ratio and cash dominion provisions in the revolving credit facility (the "ABL Facility") spring into effect under certain triggers defined in the ABL Credit Agreement, as amended, for so long as such applicable trigger period is in effect. Additionally, certain triggers in the ABL Facility increase certain financial and borrowing base reporting requirements for so long as such applicable trigger period is in effect. Failure to comply, for example, with a “springing” consolidated fixed charge coverage ratio requirement under the ABL Facility would result in an event of default under the ABL Facility, which would result in a cross-default under the Senior Notes. If an event of default were to occur, our lenders could, in addition to other remedies such as charging default interest, accelerate the maturity of the outstanding indebtedness, making it immediately due and payable, and we may not have sufficient liquidity to repay those amounts.
We had $16.3 million of Availability, as defined under the ABL Facility, subject to borrowing restrictions that are in place as of September 30, 2020. To maintain compliance with certain of the minimum availability covenant requirements, in early July 2020 we repaid the $2.6 million amount of borrowings that was previously outstanding as of June 30, 2020, and during the third quarter of 2020, we advanced $7.4 million, net, of our available cash balance to the Administrative Agent to maintain compliance with the minimum availability covenant requirements. Also beginning during the third quarter of 2020, we are currently subject to increased financial and borrowing base information reporting. The amount of net advances of our available cash balance to the Administrative Agent as of September 30, 2020 is reflected as restricted cash in the accompanying consolidating balance sheet. As of
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November 2, 2020, the amount of cumulative net advances of our available cash balance to the Administrative Agent has been reduced to $3.4 million.
Management has taken several steps to generate additional liquidity, including through reducing operating and administrative costs through employee headcount reductions, closing operating locations, employee furloughs and other cost reduction measures, and the suspension of growth capital expenditures in our continuing business operations with the goal of preserving margins and improving working capital. Management may implement further similar cost and capital expenditure reductions, as necessary.
Due to the uncertainty of future oil and natural gas prices and the effects the outbreak of COVID-19 will have on our future results of operations, operating cash flows and financial condition, there is substantial doubt as to the ability of the Company to continue as a going concern. Additional steps management would implement to alleviate this substantial doubt would include additional sales of non-strategic assets, obtaining waivers of debt covenant requirements from our lenders, restructuring or refinancing our debt agreements, or obtaining equity financing. There can be no assurances that, if required, the Company would be able to successfully sell assets, obtain waivers, restructure its indebtedness, or complete any strategic transactions in the current environment. On October 15, 2020, the Company entered into a Second Lien Delayed Draw Promissory Note in favor of Ascribe Investments III LLC, a Delaware limited liability company (“Ascribe”), in an aggregate principal amount equal to $15,000,000. An Initial Advance (as defined in the Second Lien Delayed Draw Promissory Note) in an amount of $7,500,000 was drawn on October 15, 2020. For further discussion of the Second Lien Delayed Draw Promissory Note, see Note 7. Long-Term Debt and Interest Expense.
Management has prepared these consolidated financial statements in accordance with U.S. generally accepted accounting principles applicable to a going concern, which contemplates that assets will be realized and liabilities will be discharged in the normal course of business as they become due. These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported revenues and expenses and balance sheet classifications that would be necessary if the Company was unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material and adverse to the financial results of the Company.
2. Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows (in thousands):
September 30,
20202019
Cash and cash equivalents$6,806 $50,460 
Restricted cash7,430  
Total cash, cash equivalents and restricted cash$14,236 $50,460 
The Company’s restricted cash at September 30, 2020 consists of net advances made to the Administrative Agent under our ABL Credit Facility. See Note 7. Long-Term Debt, for further discussion of the ABL Credit Facility. The Company’s restricted cash is included in current assets as of September 30, 2020.
3. Acquisition
On March 9, 2020, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Ascribe, NexTier Holding Co., a Delaware corporation (“Seller”) and C&J Well Services, Inc., a Delaware corporation, and wholly owned subsidiary of Seller (“CJWS”), whereby the Company acquired all of the issued and outstanding shares of capital stock of CJWS, such that CJWS became a wholly-owned subsidiary of the Company. CJWS is the third largest rig servicing provider in the U.S., with a leading footprint in California and a strong customer base. Following the acquisition of CJWS, the Company has expanded its footprint in the Permian, California and other key oil basins.
Pursuant to the Purchase Agreement, among other things, (i) Seller transferred and delivered to the Company and the Company purchased and acquired from Seller, all of the issued and outstanding shares of capital stock of CJWS held by Seller (the "Stock Purchase"); (ii) as a portion of the consideration for the Stock Purchase, Ascribe, on behalf of the Company, conveyed to Seller certain 10.75% senior secured notes due October 2023 (the "Senior Notes") issued by the Company to Ascribe in an aggregate par value amount equal to $34.4 million (the "Ascribe Senior Notes"); and (iii) Ascribe entered into an Exchange Agreement, dated March 9, 2020, with the Company (the
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"Exchange Agreement") pursuant to which, among other things, Ascribe exchanged the Ascribe Senior Notes for (a) 118,805 shares of newly issued preferred stock, designated as "Series A Participating Preferred Stock," par value $0.01 per share, of the Company (the "Series A Preferred Stock") and, (b) an amount in cash for accrued interest on the Ascribe Senior Notes approximately equal to $1.5 million (the "Exchange Transaction" and, together with the Stock Purchase and the other transactions contemplated by the Purchase Agreement, the "CJWS Transaction"). For further discussion of the Series A Preferred Stock, see Note 10. Series A Participating Preferred Stock.
Pursuant to the Purchase Agreement, at closing Seller received consideration in the aggregate amount of $95.7 million comprised of (a) cash consideration equal to $59.4 million (subject to customary reductions for indebtedness and transaction expenses, as well as post-closing working capital adjustments) and (b) the Ascribe Senior Notes transferred to Seller by Ascribe (on behalf of the Company) as described above. In connection with the CJWS Transaction, pursuant to the Purchase Agreement, Ascribe has certain contingent obligations to the Seller to make Seller whole on the par value of the Ascribe Senior Notes as of the earlier of the first anniversary of the closing of the Stock Purchase, a bankruptcy of the Company, or a change of control of the Company (the "Make-Whole Payment"). Considering this contingent Make-Whole Payment by Ascribe to the Seller, the fair value of the Ascribe Senior Notes issued to the Seller on March 9, 2020, was $36.3 million. If Ascribe is required to pay the Make-Whole Payment to Seller pursuant to the Purchase Agreement, the Company will be required to reimburse to Ascribe the amount of such Make-Whole Payment (such amount, the "Make-Whole Reimbursement Amount") either (i) in cash (a) to the extent the Company has available cash (as determined by an independent committee of the Company's board of directors) and (b) subject to satisfaction of certain "Payment Conditions" set forth in the ABL Credit Agreement (as defined below) or (ii) if the Company is unable to pay the full Make-Whole Reimbursement Amount in cash pursuant to clause "(i)" of this paragraph, in additional Senior Notes as permitted under the Indenture. In consideration of providing the Make-Whole Payment to Seller, the Company paid Ascribe $1 million in cash at the closing of the CJWS Transaction. The Company's obligation to Ascribe associated with the Make-Whole Reimbursement Amount is reflected as a derivative instrument in accordance with Accounting Standards Codification ("ASC") No. 815 "Derivatives and Hedging" ("ASC 815") with an initial fair value of approximately $9.7 million based on a risk-adjusted market differential between the fair value of the Ascribe Senior Notes and their $34.4 million par value as of the March 9, 2020, closing date. Changes in fair value of the Make-Whole Reimbursement Amount each period are "marked to market" and charged or credited to Gain (Loss) on Derivative in the accompanying consolidated statements of operations. The fair value of the Make-Whole Reimbursement Amount liability as of September 30, 2020, is approximately $5.8 million and results in $3.9 million of derivative gain during the nine months ended September 30, 2020. The Make-Whole Reimbursement Amount liability is classified as a derivative liability, a current liability in the accompanying balance sheet.
Of the cash consideration paid to the Seller, $15 million was funded from a Senior Secured Promissory Note to Ascribe. For a further discussion of the Exchange Agreement and the Senior Secured Promissory Note, see Note 7. Long-Term Debt and Interest Expense.
The CJWS Transaction was considered an acquisition of a business in accordance with ASC 805 "Business Combinations" and the Company applied the acquisition method of accounting. The Company's preliminary allocation of the purchase price, including preliminary working capital adjustments, to the estimated fair value of the CJWS net assets is as follows (in thousands):
March 9, 2020
Current assets$42,050 
Property and equipment63,418 
Operating lease right of use asset734 
Other assets1,859 
Intangible asset4,000 
Goodwill18,885 
     Total assets acquired 130,946 
Current liabilities24,742 
Long-term liabilities12,051 
     Total liabilities assumed36,793 
     Net assets acquired$94,153 
The allocation of the purchase price to CJWS's net tangible assets and liabilities and identifiable intangible assets as of March 9, 2020, is preliminary and subject to revisions to the fair value calculations for the identifiable
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assets and liabilities. The final purchase price allocation could differ from the preliminary allocation noted in the summary above. The preliminary allocation of purchase price includes approximately $18.9 million allocated to nondeductible goodwill recorded to our well servicing and water logistics segments based on relative fair values of these acquired lines of business. The acquired property and equipment is stated at fair value, and depreciation on the acquired property and equipment is computed using the straight-line method over the estimated useful lives of each asset. We depreciate our assets over the following depreciable lives:
Buildings
20 to 30 years
Machinery and equipment
3 to 15 years
Automobiles and trucks
3 to 7 years
The acquired intangible assets represent approximately $4 million for the CJWS trade name that is stated at estimated fair value and is amortized on a straight-line basis over the estimated useful life of 15 years.
For the nine month period ended September 30, 2020, our revenues and pretax earnings included $112.0 million and $10.4 million (excluding the impact of asset impairments of $35.2 million), respectively, associated with the CJWS acquired operations after the closing on March 9, 2020. In addition, CJWS Transaction-related costs of approximately $9 million were incurred during the nine month period ended September 30, 2020, consisting of external legal and consulting fees and due diligence costs. These costs have been recognized in general and administrative expense in the consolidated statements of operations.
The pro forma information presented below has been prepared to give effect to the CJWS Transaction as if it had occurred at the beginning of the periods presented. The pro forma information includes the impact from the allocation of the acquisition purchase price on depreciation and amortization and the impact on interest expense associated with acquisition financing. It also excludes the impact of the CJWS Transaction acquisition costs charged to earnings during the 2020 period. The pro forma information is presented for illustration purposes only and is based on estimates and assumptions the Company deemed appropriate. The following pro forma information is not necessarily indicative of the results that would have been achieved if the CJWS Transaction had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the transaction had occurred at the beginning of the periods presented, and our operating results, or the future results that we will achieve, may be different from those reflected in the pro forma information below (in thousands, except per share and average share outstanding information).
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues$95,400 $242,500 $371,245 $606,334 
Loss from continuing operations(29,153)(28,178)$(190,381)$(57,788)
Net loss from continuing operations per
Net loss from continuing operations per share, basic and diluted$(1.17)$(1.10)$(7.64)$(2.18)
Weighted average shares outstanding, basic and diluted24,927,36925,606,26424,932,90026,551,592

4. Discontinued Operations
During the third and fourth quarters of 2019, the Company's management decided to divest all of its contract drilling rigs, and a majority of pressure pumping equipment and related ancillary equipment, respectively, assets having a combined net book value of $91.8 million. The majority of the real estate and equipment was sold during late 2019 and the first half of 2020, with the remaining pumping and related assets classified as Assets Held for Sale on our Consolidated Balance Sheet. The Company is pursuing additional transactions to divest the remainder of these non-strategic assets later during 2020, however the Company recorded an impairment on the remaining assets of $2.3 million at March 31, 2020. A complete summary of our discontinued operations is included in Note 2. Discontinued Operations of the Financial Statements and Supplementary Data in our most recent Annual Report on Form 10-K.
The operating results of the pressure pumping operations and contract drilling operations, which were historically included in the Completions & Remedial Services and Other Services segments, respectively, have been reclassified as discontinued operations in the Consolidated Statement of Operations for the three and nine month periods ended September 30, 2020 and 2019, and are detailed in the table below (in thousands):
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Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues$ $34,202 $120 $120,086 
Direct expenses2,304 29,886 4,714 104,710 
General and administrative400 3,605 6,567 11,994 
Depreciation and amortization 14,576  37,586 
Impairment expense  2,330  
Loss (gain) on disposal of assets24 99 2,833 620 
Total expenses2,728 48,166 16,444 154,910 
Operating loss(2,728)(13,964)(16,324)(34,824)
Other income (expense):
Interest expense(201)(146)(64)(448)
Other income3 10 138 21