Texas-based Basic Energy Services, Inc. announced the resignation of CFO David Schorlemer in order to pursue other interests. He will remain as the company’s Executive Vice President, Chief Financial Officer, Treasurer and Secretary until October 9, 2020.
“On behalf of the Board of Directors and the entire Company, I’d like to express our thanks to David for his leadership during a very challenging period for the industry,” said Keith Schilling, President and Chief Executive Officer.
The Board approved the appointment of Adam Hurley to serve as Executive Vice President, Chief Financial Officer, Treasurer and Secretary effective as of October 10, 2020. Hurley will perform the functions of Basic’s principal financial officer and principal accounting officer. He will no longer serve as Executive Vice President, Operations or as Basic’s principal operating officer.
The Board also approved the appointment of James F. Newman to serve as Executive Vice President, Operations effective October 10, 2020. Newman will perform the function of Basic’s principal operating officer.
In addition, the Compensation Committee and full Board of the Fort Worth company approved the terms of a key executive employee retention plan for certain senior level employees. The Committee and Board approved the Executive Retention Plan in recognition of the significant benefits to Basic in retaining such employees to continue their respective employment with Basic and assisting the company by performing their respective duties.
Basic provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. The company’s operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota and Colorado. Basic Energy operations are focused in the San Joaquin Basin, Permian Basin, Powder River Basin, and the Bakken, Eagle Ford and Denver–Julesburg shales.