The Company has begun an executive search for a new Chief Executive Officer. Mr. Patterson will continue to serve as President and Chief Executive Officer of Basic, and as a member of the Board, while the Company conducts a search for his successor, and will remain with Basic in an advisory capacity for a period of time after his replacement is chosen to facilitate an orderly transition. Once his successor is chosen, Mr. Patterson will resign from his position on the Board as well.
Additionally, the Company announced that
Mr. Patterson stated, “My past fourteen years with Basic have been both personally and professionally rewarding. Having successfully guided the Company through a successful restructuring and putting together a terrific management team, I feel that I’m leaving Basic in good hands while I pursue other interests. I have thoroughly enjoyed working with the members of the Basic team, and, as a significant continuing stockholder, look forward to this next chapter in the Basic story.”
“On behalf of the entire Board, I want to thank Roe for his many years of dedicated service to Basic,” said Mr. Quintana. “I also want to thank Tim for his service and contributions as Chairman of the Board, and I look forward to continuing to work with him and the rest of the Board to guide the Company in the future.”
Safe Harbor Statement
This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “anticipate,” “project,” “intend,” “seek,” “could,” “should,” “may,” “potential” and similar expressions are intended to identify forward-looking statements. Basic has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including (i) changes in demand for our services and any related material impact on our pricing and utilizations rates, (ii) Basic’s ability to execute, manage and integrate acquisitions successfully, (iii) changes in our expenses, including labor or fuel costs and financing costs, (iv) continued volatility of oil or natural gas prices, and any related changes in expenditures by our customers, and (v) competition within our industry. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Basic’s Form 10-K for the year ended
Director, Investor Relations
Basic Energy Services, Inc.