Liberty Oilfield Services Executes Salary Reduction Plan

Denver-based Liberty Oilfield Services Inc. has executed a salary reduction plan for the executive management team in response to current energy market conditions. All members of the executive team voluntarily requested a base salary reduction in the amount of 20% effective April 1.

 “I am very proud of the dedication of our employees in this unprecedented environment,” Chris Wright, Chief Executive Officer, said in a statement.

“As leaders of this organization, the executive management team unanimously elected to reduce base salaries by 20% in addition to significant variable compensation reductions for the foreseeable future, as we evaluate all actions to preserve the quality of service for our customers, returns for our investors and maintain our commitment to Liberty culture.”

“We have the best talent who lead the industry in execution, and our team is working diligently with our partners to help them manage their businesses in an uncertain environment. We believe the focus, dedication and hard work of our employees, combined with deep relationships with our partners, a prudent approach to investment and a strong balance sheet, will allow us to navigate the current environment and position us favorably as conditions improve,” Wright added.

Liberty is an independent provider of hydraulic fracturing services to onshore oil and gas exploration and production companies in North America. The company was founded in 2011 with a focus on improving tight-oil completions, and an emphasis on technology for frac optimization.

To contact the author, email bertie.taylor@rigzone.com.