ProPetro Holding Corp. recently entered into a binding term sheet to fully resolve the Logan Lawsuit, the company's name for a putative class action litigation filed in the U.S. District Court for the Western District of Texas, according to a press release on Aug. 23.
The case, referred to as Case No. 7:19-CV-00217 in the court, was originally filed on Sept. 16, 2019.
The term sheet provides for the "complete dismissal with prejudice" of the lawsuit and a release of all claims against the defendants in exchange for a settlement payment of $30 million, the release stated. The defendants needn't admit any fault or wrongdoing per the agreement.
Subject to court approval, ProPetro's directors' and officers' insurance providers are to pay the proposed settlement in full under the company's insurance policies.
“This resolution is in the best interest of ProPetro and all of our valued stakeholders, and we are working diligently to obtain the necessary court approvals to put this matter behind us," ProPetro CEO Sam Sledge commented in the release.
"Moving forward, we are focused on operating safely, delivering quality service to our customers, advancing our strategic priorities and driving value for shareholders,” he continued.
Recommended Reading
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.