Nuverra Announces Cost Reduction Initiatives in Response to Current Market Conditions
Nuverra Environmental Solutions, Inc. (NES)
NASDAQ:AMEX Investor Relations:
ir.nuverra.com
Company Research
Source: Business Wire
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra” or the “Company”) today announced that in response to the market uncertainty created by the COVID-19 virus and the recent decline in crude oil prices, the Company has implemented a number of initiatives to adjust the Company’s cost structure in anticipation of reduced revenue for the remainder of 2020, including:Reduced Board and CEO compensation by 25%Reduced select other executive salaries by 20%Adjusted all other exempt and non-exempt non-contracted salaries by between 10% and 20%Effected headcount reduction, including changes made earlier in the first quarter, of approximately 100 employeesMaterially scaled back operations in two completions-related businesses and closed one locationReduced other non-critical operating expensesThese changes will save the company approximately $11 million in annual costs and allow Nuverra to be more competitive across its business lines.In
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