U.S. Well Services, Inc. Announces Workforce Reduction and Cost-Cutting Initiatives
U.S. Well Services, Inc. - Class A (USWS)
Company Research
Source: GlobeNewswire
HOUSTON, March 20, 2020 (GLOBE NEWSWIRE) -- U.S. Well Services, Inc. (Nasdaq: USWS) today announces immediate actions in response to the recent sharp decline in oil prices and challenging industry outlook that is driving extraordinary reductions in customer activity. The Company is taking a number of corporate and operating cost-cutting measures to better align its expenses with client activity levels. The Company’s cost control plans include: 1) a reduction in workforce driven by fewer fleets in operation, 2) reductions in labor, materials and field overhead spend that will help rationalize the Company’s cost structure, and 3) a 20% reduction in annual base salary for our CEO, CFO and CAO. Joel Broussard, U.S. Well Services’ President and Chief Executive Officer, commented, “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 employ
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