ProPetro flags material weakness in internal control over financial reporting (updated)

ProPetro Holding

13/03/2024 21:53

(Adds details on financial statement and background in
paragraphs 2-3)
       March 13 (Reuters) - Oilfield services firm ProPetro
 PUMP.N  said on Wednesday it has identified material weakness
in its internal control over financial reporting.
    After the weakness in access to its accounting systems was
identified, the company said it had found that there was no
material misstatement in its consolidated financial statements
for the year ended Dec. 31, 2023.
    Midland, Texas-based ProPetro was subject to a U.S.
Securities and Exchange Commission investigation in 2019 when
the company's board uncovered material weaknesses in its
financial controls and an undisclosed related-party transaction
with its former chief accountant.

 (Reporting by Kabir Dweit in Bengaluru; Editing by Shounak
Dasgupta)
 ((Kabir.Dweit@thomsonreuters.com))