Basic Energy Services CEO Resigns
Basic Energy Services, Inc.’s CEO T.M. “Roe” Patterson is leaving the company to “pursue other business opportunities.”
Patterson, who serves as the company’s president and CEO and is a member of the board of directors, is transitioning away from the oilfield services company after 14 years.
Basic Energy Services has already begun its search for Patterson’s successor. In the interim, Patterson will continue to serve in his roles as president and CEO and as a member of the board. He will also remain in an advisory capacity for “a period of time” after his replacement is selected to help with an orderly transition. After this happens, he’ll also resign from his board position.
“My past 14 years with Basic have been both personally and professionally rewarding,” said Patterson. “Having successfully guided the company through a successful restructuring and putting together a terrific management team, I feel that I’m leaving Basic in good hands while I pursue other interests. I have thoroughly enjoyed working with the members of the Basic team, and as a significant continuing stockholder, look forward to this next chapter in the Basic story.”
Basic Energy Services also announced that independent director of the company, Julio Quintana, will also become chairman of the board, effective Sept. 13, 2019. Current chairman Timothy Day will continue to serve as director of the company and as chair of the compensation committee of the board.
Basic Energy Services, with headquarters in Fort Worth, Texas, operates in major U.S. onshore oil producing regions located in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, California and Colorado. The company has a strong presence in the Permian Basin and the Bakken, Eagle Ford and Denver-Julesburg shales.
To contact the author, email Valerie.Jones@Rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call