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.
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