Basic Energy Services Inc. said T.M. “Roe” Patterson, the company’s president and CEO and a member of its board of directors, notified the company on Sept. 13 that he plans to transition away from the company to pursue other business opportunities.
The company has begun an executive search for a new CEO. Patterson will continue to serve as president and CEO of Basic, and as a member of the board, while the company conducts a search for his successor, and will remain with Basic in an advisory capacity for a period of time after his replacement is chosen to facilitate an orderly transition. Once his successor is chosen, Patterson will resign from his position on the board as well.
Additionally, the company announced that Julio Quintana, a current independent director of the company, will take on the additional role of chairman of the board, effective Sept. 13. Quintana became a member of the board in 2016. Timothy Day, who has served as a member of the board and chairman since 2016, will continue to serve as a director of the company and as chair of the Compensation Committee of the Board.
“I have thoroughly enjoyed working with the members of the Basic team, and, as a significant continuing stockholder, look forward to this next chapter in the Basic story,” Patterson said.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Fifth Week in Six, Baker Hughes Says
2024-09-20 - U.S. energy firms this week resumed cutting the number of oil and natural gas rigs after adding rigs last week.
Western Haynesville Wildcats’ Output Up as Comstock Loosens Chokes
2024-09-19 - Comstock Resources reported this summer that it is gaining a better understanding of the formations’ pressure regime and how best to produce its “Waynesville” wells.
August Well Permits Rebound in August, led by the Permian Basin
2024-09-18 - Analysis by Evercore ISI shows approved well permits in the Permian Basin, Marcellus and Eagle Ford shales and the Bakken were up month-over-month and compared to 2023.
Kolibri Global Drills First Three SCOOP Wells in Tishomingo Field
2024-09-18 - Kolibri Global Energy reported drilling the three wells in an average 14 days, beating its estimated 20-day drilling schedule.
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.