ProPetro Holding Corp. said on Oct. 26 it had tapped David Schorlemer, formerly with rival oilfield service provider Basic Energy Services Inc., to serve as its next CFO.

Schorlemer assumed all duties of CFO effective Oct. 23 as part of the planned departure of the company’s former CFO, Darin Holderness. 

Holderness had taken over as interim CFO of ProPetro in October 2019 following a management shakeup related to an accounting probe. He had previously served as CFO of Concho Resources Inc. prior to joining ProPetro.

Schorlemer brings more than 25 years of experience in senior-level positions with public and private companies spanning such areas as finance, technology, business process integration, strategic and organizational planning, M&A and capital markets transactions, a company release said.

Most recently, Schorlemer served as executive vice president, CFO and secretary of Fort Worth, Texas-based Basic Energy Services. He had played a key role in the company’s acquisition and integration of C&J Well Services, according to a Sept. 30 release from Basic announcing his resignation.

In a statement welcoming Schorlemer to the ProPetro team, CEO Phillip Gobe said: “With David’s talent and experience in our sector and in public company governance, we will have a key player at a critical role going forward to help us remain competitive in a dynamic environment.”

Based in Midland, Texas, ProPetro focuses on providing pressure pumping and other hydraulic fracturing services services to E&P companies in North America. In his role as CFO, Schorlemer will be responsible for overseeing and managing ProPetro’s finance, technology and accounting responsibilities, the release said.

In his statement, Gobe also thanked the company’s former CFO, Holderness, for his work “as he helped the company navigate through some trying times.”

“Darin’s efforts throughout his tenure have laid a strong foundation for our finance and accounting operations moving forward and we will always be grateful for those contributions,” he added.