Willow Park, Texas-based ProFrac Services, an energy services company that provides hydraulic fracturing and well completion services to oil and gas companies, has announced a mass reduction in force at its Vernal, Utah location.
The reduction in force has affected 157 employees in Vernal, Utah.
According to the company, "These cuts are due to a 'significant downturn in the local market' and 'loss of business revenue.' ProFrac Services will attempt to continue the operation of its facilities by obtaining additional contracts or new business. If these efforts are successful, some employees may be retained or recalled to work.”
The company is responding to market uncertainty and wildly fluctuating oil prices by attempting to cut costs and shore up its finances. ProFrac reduced labor expenses, trimmed overhead by cutting jobs and other costs, and looked for additional ways to run more efficiently while also lowering spending on operations and equipment.
Change is constant, and it's coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?