David Schorlemer will exit his role as CFO in order to pursue other interests, Basic Energy Services said on Sept. 30. He will remain as the executive vice president, CFO, treasurer and secretary of the company until Oct. 9.
“On behalf of the board of directors and the entire company, I'd like to express our thanks to David for his leadership during a very challenging period for the industry,” Keith L. Schilling, president and CEO, said. “David was instrumental during a transformative era for the company, playing a key role in the acquisition and integration of C&J Well Services as well as assisting in a successful and significant cost reduction effort that leaves the company in a stronger position to be the trusted production services provider in the United States. The team and I would like to wish David the greatest success in his next endeavor.”
Following Schorlemer’s notification of his resignation, on Sept. 29, the board of the company approved the appointment of Adam Hurley to serve as executive vice president, CFO, treasurer and secretary of the company, effective as of Oct. 10. Hurley will perform the functions of the company’s principal financial officer and principal accounting officer. Hurley will no longer serve as executive vice president, operations or as the company’s principal operating officer.
The board of the company has also approved the appointment of James F. Newman to serve as executive vice president, operations of the company, effective as of Oct. 10. Newman will perform the function of the company’s principal operating officer.
In addition, the compensation committee of the board and the board approved the terms of a key executive employee retention plan for certain senior-level employees. The committee and the board approved the executive retention plan in recognition of the significant benefits to the company in retaining such employees to continue their respective employment with the company and assisting the company by performing their respective duties.
Separately, the EIA projected U.S. natural gas output would decline for a third month in a row to 81.8 Bcf/d in November. That would be down over 600 MMcf/d from its forecast for October.
U.S. energy firms last week added oil and natural gas rigs for a third week in a row for the first time since October 2018 after price increases in recent months prompted some producers to start drilling again.
The crude oil production decline was the second consecutive slip, following a fall in January, according to data from the U.S. Energy Information Administration.