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BRIEF-Essential Energy Services Reduces 2020 Capital Forecast

Published 2020-04-16, 06:07 p/m
Updated 2020-04-16, 06:12 p/m

April 16 (Reuters) - Essential Energy Services Ltd ESN.TO :

* ESSENTIAL ENERGY SERVICES PROVIDES A BUSINESS UPDATE AND REDUCES THE 2020 CAPITAL FORECAST

* ESSENTIAL ENERGY SERVICES LTD - 50% REDUCTION IN BOARD OF DIRECTOR COMPENSATION

* ESSENTIAL ENERGY SERVICES LTD - 50% REDUCTION IN SALARY OF PRESIDENT & CHIEF EXECUTIVE OFFICER

* ESSENTIAL ENERGY SERVICES LTD - SALARY AND WAGE REDUCTIONS THROUGH MOST LEVELS OF ORGANIZATION

* ESSENTIAL ENERGY SERVICES LTD - BONUS PROGRAMS AND MOST INCENTIVE AND ACTIVITY-BASED COMPENSATION WILL BE SUSPENDED

* ESSENTIAL ENERGY SERVICES LTD - REDUCTION OF CERTAIN EMPLOYEE BENEFIT PLANS

* ESSENTIAL ENERGY SERVICES LTD - OTHER COST SAVING INITIATIVES THROUGHOUT ORGANIZATION

* ESSENTIAL ENERGY SERVICES LTD - REDUCED ITS 2020 CAPITAL SPENDING FORECAST FROM $5 MILLION TO $2 MILLION.

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