|Over a week ago|
ProPetro Holding files formerly delinquent 2019 annual, quarterly reports » 06:1906/2206/22/20
ProPetro Holding announced the completion of its previously announced Audit Committee internal review process and the filing of its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2019 and September 30, 2019 and its Annual Report on Form 10-K for the year ended December 31, 2019. Consistent with prior disclosures, the company's audit committee and management did not identify any items that would require revision or restatement of the company's previously reported consolidated financial statements included in the 2018 Annual Report on Form 10-K or the Quarterly Report on Form 10-Q for the quarter ended March 31, 2019. The company continues to prepare its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and additional time will be required for management to complete its procedures to allow the company's independent registered public accounting firm to perform the required quarterly review of the financial statements as of and for the quarter ended March 31, 2020. The company cannot currently predict when it will complete and file the 2020 First Quarter 10-Q but continues to work diligently to become current in its filing obligations with the SEC as soon as reasonably practicable, and it currently expects to do so prior to the expiration of the additional trading period granted by the NYSE on July 15, 2020.
|Over a month ago|
ProPetro Holding price target lowered to $5.50 from $7.25 at B. Riley FBR » 08:0206/0306/03/20
B. Riley FBR analyst…
B. Riley FBR analyst Thomas Curran lowered the firm's price target on ProPetro Holding to $5.50 from $7.25 and keeps a Neutral rating on the shares following the company's Q1 results. While encouraged by the board's overhaul of management and recently implemented cost reductions, the analyst awaits more evidence of ProPetro's ability to successfully defend its Permian share, realize the full benefits of DuraStim technology, and advance toward complete audit resolution.
Fly Intel: After-Hours Movers » 19:0706/0106/01/20
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ProPetro reports preliminary Q1 EPS (8c), consensus 20c » 16:1606/0106/01/20
Reports preliminary Q1…
Reports preliminary Q1 revenue $394.1M, consnsus $390.56M. Phillip Gobe, Chief Executive Officer, commented, "Our proven through-cycle business model and performance on location by our best-in-class operating team drove strong financial results for the first ten weeks of the first quarter. The unprecedented drop in crude oil prices during the second week of March resulted in an extremely swift curtailment of well completions activity in all U.S. basins. As activity declined, we acted quickly to reduce our costs while continuing to provide safe and efficient service to our customers. We believe our early year success is a positive indicator of our ability to execute in the face of these uncertain times. Unfortunately, deteriorating market conditions resulted in necessary reductions to our workforce, and we are grateful to all of our impacted team members for their hard work and dedication in serving our customers over the years. While we found it prudent to make these reductions, we have retained the capability to deliver efficient and safe services while protecting our ability to respond to a market that we expect to eventually improve."
ProPetro Holding falls -14.0% » 10:0004/2004/20/20
ProPetro Holding is down…
ProPetro Holding is down -14.0%, or -49c to $3.01.
Fly Intel: Pre-market Movers » 09:0504/2004/20/20
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ProPetro Holding announces director, management compensation reductions » 07:3204/0904/09/20
ProPetro Holding announced compensation reductions for its board of directors as well as certain members of management. In response to recent developments that have negatively affected the outlook for activity, the company's board, executives and officers have voluntarily elected to reduce compensation at different levels up to 20%. The company also continues to evaluate additional strategic actions that will positively benefit the cost structure of ProPetro. Phillip Gobe, CEO, commented, "With the uncertainty that currently faces our company and our sector, our leadership team will continue to focus on taking actions to protect our capital structure while promoting safety and operational excellence. We believe our Permian focus coupled with our first in class operating team, blue-chip customer base, and strong financial position will allow ProPetro to manage through these volatile times."
Dan Wilks purchases 10% stake in ProPetro Holding, Reuters reports » 06:5304/0604/06/20
Billionaire Dan Wilks…
Billionaire Dan Wilks took a 10% stake in ProPetro Holding just days after his Wilks Brothers investment group acquired a frack sand provider, Liz Hampton of Reuters reported. U.S. shale producers this year have halted most drilling and fracking as oil prices fell below production costs. According to analysts, spending on fracking is expected to decrease 44% this year. One source said the acquisition of the shares could signify that Wilks Brothers LLC is seeking a deal. Reference Link
|Over a quarter ago|
ProPetro Holding rises 12.8% » 09:4704/0304/03/20
ProPetro Holding is up…
ProPetro Holding is up 12.8%, or 36c to $3.17.
ProPetro CEO says seeing 'severe' disruptions to business from COVID-19 » 16:5603/3103/31/20
CEO Gobe concluded,…
CEO Gobe concluded, "In recent weeks we have seen severe disruptions not only to our business but also to our global economy. The onset of the COVID-19 pandemic paired with an unprecedented oil price environment has caused significant changes to the activity of customers and therefore our own activity. These same dynamics are also having a severe negative impact on pricing for our services. As announced last week, we have implemented a number of strategic actions to align our cost structure to better reflect currently expected lower activity levels. In this volatile and unpredictable environment, our team will remain focused on serving our employees and customers in order to maintain or produce value for all of our stakeholders."