U.S. oilfield services provider ProPetro Holding Corp. said Feb. 24 a board committee had found multiple material weaknesses related to its financial reporting and disclosures.
The audit, which was first disclosed in August, was initially focused on disclosures related to purchases of electric hydraulic fracturing fleets. It was later expanded to include expense reimbursements by executives and transactions involving related parties and potential conflicts of interest.
Although the internal committee has wrapped up fact-finding associated with its audit, the Midland, Texas-based company remains the subject of an investigation by the U.S. Securities and Exchange Commission (SEC), which Reuters first reported in October. An independent accounting firm also continues to examine the board's findings and remediation plan.
The audit committee has not found any items that would require a restatement of previously disclosed financial reports, the company said Feb. 24.
ProPetro released preliminary fourth-quarter results on Feb. 24, estimating revenue of between $431 million and $437 million, up slightly from $425.4 million last year.
The company was recently granted an extension to file its second and third-quarter earnings reports with the U.S. SEC.
On Feb. 24, the company said it will not be able to file its annual report on time.
The firm, which provides hydraulic fracturing services, said it averaged 19.2 frac fleets during the quarter. It also began operations on its first electric frac fleet, which is fueled by natural gas rather than diesel.
Shares were flat in after-hours trading at $9.25.
Recommended Reading
Russia Orders Companies to Cut Oil Output to Meet OPEC+ Target
2024-03-25 - Russia plans to gradually ease the export cuts and focus on only reducing output.
BP Starts Oil Production at New Offshore Platform in Azerbaijan
2024-04-16 - Azeri Central East offshore platform is the seventh oil platform installed in the Azeri-Chirag-Gunashli field in the Caspian Sea.
Exxon’s Payara Hits 220,000 bbl/d Ceiling in Just Three Months
2024-02-05 - ExxonMobil Corp.’s third development offshore Guyana in the Stabroek Block — the Payara project— reached its nameplate production capacity of 220,000 bbl/d in January 2024, less than three months after commencing production and ahead of schedule.
Venture Global, Grain LNG Ink Deal to Provide LNG to UK
2024-02-05 - Under the agreement, Venture Global will have the ability to access 3 million tonnes per annum of LNG storage and regasification capacity at the Isle of Grain LNG terminal.
What's Affecting Oil Prices This Week? (Feb. 5, 2024)
2024-02-05 - Stratas Advisors says the U.S.’ response (so far) to the recent attack on U.S. troops has been measured without direct confrontation of Iran, which reduces the possibility of oil flows being disrupted.