I took a small dip into BAS today for $13.03. The earnings report came out and after glancing over the transcript of the call, I’m pleased with the management. They’re vigilant about maintaining cash flow positive operations. They’re controlling costs and margins. More importantly, they took advantage of the bloodbath that soaked through the industry last year, and dropped tens of billions on acquisitions.

Even after the acquisitions, they’re still easily the most cash rich company in the drilling and fluids space that I’ve come across so far. Feel free to chime in with other companies that are similar or better.

The company is steering carefully around their customers, and I think they’re doing a great job. Honestly, I believe the company could sell off again, especially if we get the market correction I’m looking for. But, I sold off some shares at $14, so adding a couple percent here won’t hurt me and locks in that opportunity.

I still have 30%+ in cash and hedging in SCO and EUO. If we get a deeper selloff, I can still take advantage of it. BAS is firmly on my radar.

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