Basic Energy Services to cut nearly 500 Texas jobs following bankruptcy

Select Water Solutions

30/08/2021 15:14

By Liz Hampton
    Aug 30 (Reuters) - Oilfield services provider Basic Energy
Services will cut about 500 jobs in Texas, according to a filing
with the state's workforce commission, as the company works
through Chapter 11 restructuring that includes asset sales. 
    The job cuts are focused throughout Texas, with 135
positions eliminated in Howard county in west Texas and 120 in
Tarrant County, where its headquarters are located, according to
the filing. 
    The Fort Worth, Texas-based company this month filed for
bankruptcy and said it had entered into asset purchase
agreements with rivals Axis Energy Services Holdings, Berry
Corporation and Select Energy Services.
    “We believe the asset purchase agreements will enable us to
maximize the value of our businesses and create the best path
forward for our customers, partners, employees and the
communities we serve,” said Keith Schilling, chief executive
officer, in a statement earlier this month. He added that the
company faced "extraordinary challenges as a result of the
COVID-19 pandemic."
    A representative from the company did not immediately
respond to a request for comment. 

 (Reporting by Liz Hampton in Denver
Editing by Mark Potter)
 ((Liz.Hampton@thomsonreuters.com; +1 832 571 81115; Reuters
Messaging: Reuters Messaging: liz.hampton.reuters@reuters.net))