ProPetro Announces Settlement of Previously Disclosed Securities and Exchange Commission Matter

Rhea-AI Summary

ProPetro Holding Corp. (NYSE: PUMP) has settled its SEC investigation without any monetary penalty. The settlement requires the company to cease and desist from specified violations of federal securities laws related to financial controls and disclosures. ProPetro emphasized its full cooperation with the SEC and highlighted remedial actions taken to improve internal policies and governance. All previously identified material weaknesses have been addressed, reinforcing the company's operational integrity. This resolution aims to strengthen ProPetro's corporate culture moving forward.

Positive

• Settlement with the SEC without any monetary penalty.
• Full cooperation with the SEC during the investigation.
• Remedial actions strengthened internal policies and governance.
• All previously identified material weaknesses fully remediated.

Negative

• None.

MIDLAND, Texas--(BUSINESS WIRE)-- ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) today announced that it has entered into a settlement with the U.S. Securities and Exchange Commission (the “SEC”), resolving the previously disclosed SEC investigation relating to the Company. The Company was not required to pay any monetary penalty and has no ongoing undertakings in connection with the settlement.

Under the terms of the settlement, the Company, without admitting or denying the findings in the administrative order issued by the SEC, has agreed to cease and desist from violations of specified provisions of the federal securities laws and rules promulgated thereunder relating to the books and records, internal control and proxy disclosure provisions of the securities laws and rules.

Phillip Gobe, Executive Chairman, commented, “The Company fully cooperated with the SEC over the course of its investigation. The SEC’s administrative order recognizes not only the significant value of the Company’s cooperation but also the considerable remedial actions taken by the Company to strengthen its internal policies, governance and internal control over financial reporting and to embed those improvements into the Company’s culture. All material weaknesses previously identified have been fully remediated, and ProPetro is a stronger company today as a result of the actions we have taken to enhance our culture.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211122006649/en/

ProPetro Holding Corp

David Schorlemer, 432-227-0864

Chief Financial Officer

David.Schorlemer@propetroservices.com



ProPetro Holding Corp

Josh Jones, 432-276-3389

Director of Finance

Josh.Jones@propetroservices.com

Source: ProPetro Holding Corp.

FAQ

What did ProPetro Holding Corp. settle with the SEC?

ProPetro settled its SEC investigation without any monetary penalty, agreeing to cease specified violations of federal securities laws.

What are the implications of the SEC settlement for ProPetro's stock (PUMP)?

The settlement may enhance investor confidence, as it indicates regulatory compliance without financial penalties.

When was the SEC investigation of ProPetro announced?

The specific date of the announcement regarding the SEC investigation is not provided in the press release.

How has ProPetro improved its internal practices after the SEC investigation?

ProPetro has taken considerable remedial actions to enhance governance and internal controls over financial reporting.