Layoffs – ProPetro cuts almost 150 workers

According to Reuters workers at ProPetro are on the chopping block and more could follow if crude oil prices don’t stabilize. Crude prices have been heading downward and have shown no signs of recovering. Traders have blamed Trump’s trade war with China and the slowing world economy.

ProPetro Holding Corp (PUMP.N) this month cut about 150 workers, people familiar with the matter said on Monday, the latest sign of growing trouble in the oilfield services sector as U.S. shale producers reduce drilling.