US SEC Charges Oilfield Services Firm, Former Executive With Disclosure Failures: Statement

By Reuters
Reuters
Reuters
November 22, 2021 Updated: November 22, 2021

WASHINGTON— The U.S. Securities and Exchange Commission (SEC) on Monday said Texas-based oilfield services company ProPetro Holding Corp. and its founder and former chief executive officer have agreed to settle charges they failed to properly disclose some of his executive perks and two stock pledges.

Without admitting or denying the SEC’s findings, ProPetro and former CEO Dale Redman agreed to cease-and-desist from further violations, and Redman agreed to pay a $195,046 penalty, the agency said in a statement.

By Chris Prentice

Reuters