Basic Energy Services, Inc. (BAS) 2009年年度报告「NYSE」.pdf

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1、ST A YING POWER2009 ANNUAL REPORTL E T T E R F R O M T H E P R E S I D E N TTo Our Shareholders,During 2009,demand for oilfield services dropped significantly as E&P customers dramatically curtailed drilling and even routine well maintenance work in response to the collapse of commodity prices and t

2、urmoil in the financial markets.With the experience gained in previous cycles,our management team responded by streamlining our operations,cutting costs across the board,reducing capital spending and aggressively setting our rates to remain competitive as customers reduced the number of vendors they

3、 employed.Despite the uncertainty the down portion of the business cycle causes,our employees reduced our OSHA-recordable incidents for the fifth consecutive year with a frequency rate 22%below the rate achieved in 2008.Although we strive for an incident-free workplace,that reduction in a difficult

4、business environment was a great achievement!S t r o n g b alan c e S he e t p r o vi de S o p p o rt u n i t y Certainly the year was challenging for the entire industry,but our focus on providing services,which are required throughout the life of the well,and our footprint across the most producti

5、ve oil and gas basins placed the company in a position to withstand the downturn.Because of the uncertainty of the general economy and the timing of a recovery,we took steps to further improve our liquidity and ensure our ability to survive,and ultimately thrive as the cycle turns,by issuing a senio

6、r note offering in July.The offering raised$213 million,allowing us to pay down our revolving credit facility and eliminate principal payments until 2014.The additional liquidity increased our cash reserves in the third quarter to more than$140 million and provided us indefinite staying power and th