Basic Energy Services Inc. is once again seeking voluntary bankruptcy protection and plans to sell off a substantial portion of its Lower 48 assets.

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Hit by the oil price rout in 2015 and 2016, the Fort Worth, TX-based oilfield services operator successfully emerged from voluntary bankruptcy five years ago. After Covid-19 bashed energy demand last year, Basic shrank its Lower 48 business to three segments from five.

The latest restructuring would give Basic the ability to sell assets in separate transactions to Axis Energy Services Holding LLC, Berry Corp. and Select Energy Services Inc. Basic filed for Chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas in Houston (No. 21-90006).

“We believe the asset purchase agreements will enable us to maximize the...