US Well Services Cutting Costs and Reducing Staff
U.S. Well Services Inc. is taking several corporate and operating cost-cutting measures to better align its expenses with client activity levels.
The company’s plans include:
- A reduction in workforce driven by fewer fleets in operation
- Reductions in labor, materials and field overhead spend, and
- a 20% reduction in annual base salary for its CEO, CFO and CAO.
Joel Broussard, President and Chief Executive Officer, said, “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….Despite the announced staff reductions, we are confident in our ability to continue to deliver outstanding results for our customers.”
“Over the long term, we believe U.S. Well Services’ combination of top-tier efficiency and leading-edge technology offers customers a unique value proposition. Our electric frac technology provides the optimal combination of fuel cost savings for customers, emissions reductions and reduced ownership costs. In the current market environment, we believe demand for these next-generation fleets will significantly outpace demand for conventional diesel-powered equipment,” Broussard added.
U.S. Well Services provides hydraulic fracturing services for the oil and gas industry. The company’s patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally supplied natural gas, including field gas sourced directly from the wellhead.
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