U.S. Well Services Inc. on March 20 revealed immediate actions in response to the recent sharp decline in oil prices and challenging industry outlook that is driving extraordinary reductions in customer activity. The company is taking a number of corporate and operating cost-cutting measures to better align its expenses with client activity levels.
The company’s cost control plans include: a reduction in workforce driven by fewer fleets in operation, reductions in labor, materials and field overhead spend that will help rationalize the company’s cost structure, and a 20% reduction in annual base salary for its CEO, CFO and CAO.
“These are difficult times for the oil and gas industry that demand decisive actions and continuing adjustments to successfully navigate the challenges we face. We appreciate the dedication of all our employees and thank those that are departing the company for their hard work and wish them well in their endeavors,” Joel Broussard, U.S. Well Services’ president and CEO, said.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.