ProPetro Holding Corp this month cut about 150 workers, people familiar with the...
FILE PHOTO: A piece of equipment stands in the ProPetro yard before being sent to a fracking site where it will be used to coax oil from underground, in Midland, Texas, U.S., on April 12, 2018. REUTERS/Ann Saphir
The job cuts reflect slowing shale activity due to weak prices for oil and gas, and producers exhausting their spending budgets for the year, one of the people said. The layoffs represent a roughly 9.5% reduction in staff, based on the company’s latest annual filing. No senior executives were affected by the job cuts, which were unrelated to the accounting probe, the person said.
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