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Report: ProPetro sheds nearly 150 jobs amid slow shale activity

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Report: ProPetro sheds nearly 150 jobs amid slow shale activity

ProPetro Holding Corp. has laid off roughly 150 employees this month amid a slowing shale activity caused by weak oil and gas prices, Reuters reported Oct. 14, citing people familiar with the matter.

The job reduction, which represents about 9.5% of ProPetro's workforce, came amid a fact-finding review of the oilfield services firm's past accounting practices, the report said.

The review is said to have triggered changes to the company's executive team. However, senior executives were not affected by the layoffs, which were not related to the accounting review, according to a source.

Texas-based ProPetro serves upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.