ProPetro Holding Co on Thursday said it had not lost customers and did not expect to restate prior results amid a board probe in financial disclosures and an investigation by the U.S. Securities Exchange Commission.
Oilfield services firm ProPetro Holding Corp on Wednesday said a board investigation had uncovered material weaknesses in its financial controls and an undisclosed related-party transaction with its former chief accountant.
The companies that provide sand for hydraulic fracturing operations are the latest casualties of shale industry cutbacks as low oil prices and demands for higher investor returns stunt drilling activity.
Nov 11 Shares of oilfield service supplier Carbo
Ceramics fell roughly 45% Monday after the company
issued a "going" concern warning to investors following the loss
of its largest frack sand customer.
Shares of shale producer EOG Resources Inc. rose as much as 5.6% on Thursday after the company topped its third-quarter oil production targets and pared its 2019 capital spending plan.
Shares of oilfield services firm ProPetro Holding Corp fell as much as 10% on Thursday after investment researcher Culper Research released a report outlining business dealings among its executives and board members, and criticized an internal audit into disclosures and related-party transactions as a "farce."
DENVER Liberty Oilfield Services on Wednesday said a seasonal slowdown in hydraulic fracturing has started early this year, indicating more pain for oilfield services providers facing cuts in customer spending.
Oct 30 Baker Hughes Co reported a 46%
jump in quarterly adjusted profit on Wednesday on stronger
performances in both oilfield services and turbomachinery,
sending its shares higher in early New York trading.
DENVER, Oct 30 Hydraulic fracturing company
Liberty Oilfield Services on Wednesday said a seasonal
slowdown in activity had started early this year, indicating
more pain for an industry already hampered by cuts in customer
Investors are bracing for weaker results from U.S. shale players in coming days as lower oil and natural gas prices and cost-cutting measures have weighed on third-quarter operations.