Executives at Denver’s Liberty Oilfield Services Inc. have implemented a salary reduction plan—they’re taking a pay cut amidst the oil price war. Management members voluntarily requested a base salary reduction effective April 1, 2020.
“I am very proud of the dedication of our employees in this unprecedented environment. As leaders of this organization, the executive management team unanimously elected to reduce base salaries by 20% in addition to significant variable compensation reductions for the foreseeable future, as we evaluate all actions to preserve the quality of service for our customers, returns for our investors and maintain our commitment to Liberty culture, “said Chris Wright, Chief Executive Officer.
Liberty is an independent provider of hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America. Liberty was founded in 2011 with a relentless focus on improving tight-oil completions, and an emphasis on customer partnerships and technology to find innovative answers to frac optimization.
Source: Liberty Oilfield Services