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CM - Oilfield Services Briefs - June 21, 2019
Wellsite services company Basic Energy Services announced a program to repurchase up to $5 million in outstanding common stock from time to time in open market or private transactions through June 4, 2020. At a ceiling of $5 million, Basic would acquire close to 10% of its shares outstanding if all shares were purchased at the June 14 NYSE market close price of $1.93. CEO Roe Patterson said Basic would not need to draw on its ABL credit facility and should exit 2019 with a $55-60 million......
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