ProPetro Holding Corp. said on April 9 it will reduce compensation at different levels by up to 20%, the latest oilfield services provider looking to rein in costs to weather a steep drop in oil prices.
The Midland, Texas-based company said earlier this month it was experiencing a “severe, negative” impact on pricing for well-fracking services as customers clamor for discounts due to the slump in oil prices.
ProPetro’s larger rivals have already announced pay cuts for executives.
Top oilfield services provider Schlumberger said in March it would implement widespread salary and job cuts, while Halliburton Co. said this week it was cutting some employees and that its executives would reduce their salaries.
ProPetro has had a tumultuous six months after the company revealed an internal investigation into financial reporting and controls, as well as an investigation by the U.S. Securities and Exchange Commission.
“With the uncertainty that currently faces our company and our sector, our leadership team will continue to focus on taking actions to protect our capital structure while promoting safety and operational excellence. We believe our Permian focus coupled with our first in class operating team, blue-chip customer base, and strong financial position will allow ProPetro to manage through these volatile times,” Phillip Gobe, CEO, said.
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