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2019-10-10 00:27:54

ProPetro (NYSE:PUMP) +1.9% after-hours, saying its internal review of electric fracking equipment purchases and executive spending has not identified any items that would require restatement of previously reported financial statements.

PUMP expects its review of internal control deficiencies will result in one or more material weaknesses that may relate to past periods; it cannot yet predict when the evaluation process will be completed but take appropriate corrective actions and make necessary filings as soon as reasonably practicable.

In a management shakeup, PUMP says Dale Redman will remain CEO but current Board Chairman Phillip Gobe will take over as Executive Chairman and serve as the company's principal executive officer.

Also, Ian Denholm has resigned as Chief Accounting Officer, former CFO Jeffrey Smith moves to the role of Chief Administrative Officer, and former Concho Resources CFO Darin Holderness will serve as interim CFO.

seekingalpha.com Sa Editor Carl Surran
internal propetro management shakeup seekingalpha unveils probe after executive pump https officer

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