Basic Energy Services, Inc. announced that its Board of Directors recently approved an increase of $50 million in its 2014 capital expenditure plan for the purchase of approximately 60,000 hydraulic horsepower (HHP) of frac equipment. The total 2014 capital expenditure plan including this increase now stands at $285 million, which includes $155 million for expansion projects.

Roe Patterson, Basic's President and Chief Executive Officer, stated, "Due to the improving environment of completion activity and the increase in customer demand, we decided to take advantage of these positive trends to expand our pumping services fleet.

Tags: Basic Energy Services