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ProPetro Cuts Workforce as Activity Slows; Down To 19 Fleets
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ProPetro Holding Corp. has reduced its workforce as operators slow completions in the face of low commodity prices, according to a report by Reuters.
The cuts affected approximately 150 workers (~9.5% of its total employees). ProPetro and its operations are focused in the Permian Basin of West Texas.
ProPetro is not the first company to enact cuts due to slowed activity - earlier this year, service giant Halliburton reduced its North America-based staff by approximately 8%. Halliburton also made further cuts to its workforce at its Grand Junction, Colorado office earlier this month.
Operational Update
The Company’s effectively utilized fleet count was approximately 25.1 fleets during the third quarter of 2019. Due to customer budget exhaustion, seasonality and overall softening industry demand, ProPetro currently estimates effective utilization in the fourth quarter will be 18 – 20 fleets
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