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.