Liberty Oilfield Services lays off another 153

DENVER — Liberty Oilfield Services Inc. will begin a layoff of an additional 153 staffers this week, bringing its total workforce reduction in April to 336 people.

The Denver-based oilfield equipment maker said the ongoing degradation of oil prices caused by a coronavirus-led drop in demand required the second round of layoffs at its facility near Brighton, according to a letter sent to the Colorado Department of Labor and Employment Monday morning.

Liberty previously laid off 183 people on April 2, along with cutting its capital expenditure budget for the year in half. That’s roughly in line with the capital budget cuts that several oil well operators in Weld County have made in the past several weeks as oil prices plummeted.

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Competing oilfield services provider DMC Global Inc. (Nasdaq: BOOM) also laid off 264 employees and cut its capital expenditures by half in early April. In an earnings call last week, the Broomfield-based DMC said it expects well completions across the country to decline by 60%, vastly reducing the revenue opportunity for oilfield services.

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Ken Amundson

Ken Amundson is managing editor of BizWest. He has lived in Loveland and reported on issues in the region since 1987. Prior to Colorado, he reported and edited for news organizations in Minnesota and Iowa. He's a parent of two and grandparent of four, all of whom make their homes on the Front Range. A news junkie at heart, he also enjoys competitive sports, especially the Rapids.