ProPetro rejigs management after internal probe into accounting disclosures
Reuters
Published Oct 09, 2019 05:45PM ET
ProPetro rejigs management after internal probe into accounting disclosures
By Liz Hampton
(Reuters) - Hydraulic fracturing firm ProPetro Holding Corp (N:PUMP) on Wednesday announced a management shakeup, following an internal investigation into disclosure of electric frac equipment purchases and executive spending.
Dale Redman will no longer be the principal executive, but will remain on as chief executive officer. Phillip Gobe, currently board chairman, will take over as the company's executive chairman and serve as the principal executive officer, responsible for its annual and quarterly reports.
Gobe will also partly oversee the remediation of control deficiencies identified in the internal review, the company said.
ProPetro said its chief accounting officer had resigned, while chief financial officer moved to the role of chief administrative officer.
The Midland, Texas-based company said in August it would delay its second-quarter results due to an audit into disclosures related to purchases of DuraStim hydraulic fracturing fleets from AFGlobal.
The audit, which pointed to weakness related to internal controls, was then expanded to include expense reimbursements and transactions involving key executives that may have been in conflict of interest.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.