When COVID-19 hit in 2020, companies such as Liberty Oilfield Services were forced to drastically cut their spending and lay-off almost half of their employees.
This decision was not made lightly, as CEO Chris Wright committed to keeping over 600 workers employed during the oil and gas downturn that saw prices drop significantly between 2014 and 2016.
Despite the massive lay-off due to the economical turmoil caused by the Coronavirus, Wright has stated that things are looking up as Liberty has rehired many of its laid-off workers.
The company has also seen an increase in its revenue.
Wright is optimistic about the future of the oil and gas industry, despite the economical turmoil caused by the pandemic.
Liberty’s layoffs in April of 2020 were a first in the company’s history, forced by the slowing or stopping of drilling. In fact, fracturing services had dropped by 85% within two months and layoffs were necessary to ensure the survival of the company.
However, nearly all of Liberty’s employees have been rehired in Texas and operations have picked up in North Dakota.
While CEO Chris Wright admits that Liberty Oilfield Services is not in the best place right now, they are definitely headed in the right direction.
Continued Growth for Liberty Oilfield Services
Along with the rehiring of many laid-off employees, Liberty Oilfield Services is getting ready to acquire Schlumberger’s North American hydraulic fracturing unit.
This will position Liberty as North America’s second-biggest fracking provider - and they one day hope to overtake Halliburton to reach number one.
This is a significant advance for Liberty who, less than three years ago, didn’t even make the top ten.
Now, after nine years of business, Liberty continues to grow despite the struggles of the oil and gas industry.
Learn more about Liberty Oilfield Services’ rehiring and acquisition here.
Job Opportunities for Liberty Oilfield Services
You can learn more about Liberty’s job openings by checking out their career page here.
For job opportunities as a frac operator, check out Energy Job Shop’s job listings here!