Infrastructure Networks Inc. (INET) said June 2 that Nick Anderson will join INET as senior vice president and CFO.
Anderson currently serves as CFO at eFrac Well Services, a Houston-based well completions services company he co-founded in 2018.
“We are pleased to welcome Nick to the management team,” Mark Slaughter, INET’s CEO, said in a statement on June 2. “His skills and experience will prove invaluable as we navigate the twin challenges of a global pandemic and oil market rout.”
Prior to eFrac, Anderson had served as CFO at another oilfield service provider, BINGO Interests. He has also held various finance and corporate development related positions at Lime Instruments, Plains All American Pipeline LP and Vitol Inc., according to the release from INET.
INET is a wireless LTE solutions provider to the U.S. onshore energy industry, including major shale plays. In early 2020, the company completed a major expansion that upgraded its private LTE network to be 5G-ready.
In his statement, Slaughter also thanked Greg Smith, INET’s long-time CFO who returned in an interim CFO capacity earlier this year. Smith will now move into a special advisory role to assist with the transition of duties, the company said.
Steady production growth and a positive investment outlook is expected to restore production of the Permian Basin to pre-pandemic levels by next year, according to a latest report by GlobalData.
The widely anticipated move comes two months after U.S. President Joe Biden’s administration suspended the nine leases in the Arctic National Wildlife Refuge pending an environmental analysis.
Pioneer CEO Scott Sheffield anticipates output in the Permian Basin to grow roughly 5%—in line with his own company’s planned production increases—over the coming years.