MIDLAND, Texas — Texas-based Propetro Holding Corp. laid off 150 workers over the past month.
The company plans to cut up to 28% of its hydraulic fracturing fleets in operation this quarter. These layoffs will be a 9.5% reduction of its staff.
The company plans to reduce fleet activity and internalize some support services that are normally outsourced. On March 30, they submitted a notice to the Texas Work Commission stating that 388 employees would be affected.
In early April, Propetro announced compensation reductions up to 20% for its board of directors as well as some of its management.
"With the uncertainty that currently faces our company and our sector, our leadership team will continue to focus on taking actions to protect our capital structure while promoting safety and operational excellence," Phillip Gobe, Chief Executive Officer, said.
The board of directors also approved a short-term stock-holder rights plan.
The plan would allow for stockholders to realize the long-term value of their investment and ensure that all stockholders receive fair and equal treatment in the event of any. proposed takeover of the company according to a Propetro press release.
The Rights Plan has a term of less than one year, expiring on March 31, 2021, but can be can be redeemed or terminated anytime before the end date.
Propetro is an oilfield services company providing hydraulic fracturing and other service to upstream oil and gas companies.