ProPetro to delay filing of annual report on internal control deficiency (updated)

ProPetro Holding

01/03/2024 22:30

(Adds details from filing and background from paragraph 2
onwards)
       March 1 (Reuters) - ProPetro  PUMP.N  will delay the
filing of its 2023 annual report as it is still evaluating a
potential deficiency related to internal controls over financial
reporting, the oilfield services firm said on Friday.
    The company's management is evaluating the potential impact
on controls and its auditors would undertake their own process
subsequently, ProPetro said in a filing with the U.S. Securities
and Exchange Commission. 
    ProPetro said it expects the results of operations for the
fourth-quarter and the full-year to be consistent with the
numbers it published on Feb. 21. 
        The Midland, Texas-based company was subject to an SEC
investigation in 2019 when its board has uncovered material
weaknesses in its financial controls and an undisclosed
related-party transaction with its former chief accountant. 

 (Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh
Kuber)
 ((Sourasis.Bose@thomsonreuters.com;))