Basic Energy Services Inc. announced that T.M. “Roe” Patterson, the company’s president and chief executive officer and a member of its board of directors, has notified the company that he plans to transition away from the company to pursue other business opportunities.
The company has begun an executive search for a new CEO. Patterson will continue to serve during the search and will remain with Basic in an advisory capacity for a period of time after his replacement is chosen to facilitate an orderly transition, the company said.
Basic also announced Julio Quintana, a current independent director of the company, took on the additional role of chairman of the board Sept. 13. Timothy Day, who has served as a member of the board and chairman since 2016, will continue to serve as a director of the company and as chair of the Compensation Committee of the Board.
Basic Energy Services provides well site services essential to maintaining production from the oil and gas wells within its operating areas concentrated in major United States onshore oil producing regions in Texas, New Mexico, Oklahoma, Arkansas, Kansas, Louisiana, Wyoming, North Dakota, California and Colorado.