Basic Energy Services CEO Resigns

Basic Energy Services CEO Resigns
Basic Energy Services CEO T.M. "Roe" Patterson is leaving the company after 14 years.

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.

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Pat Schmid  |  September 18, 2019
It's about time, long overdue.