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ProPetro to delay filing of annual report on internal control deficiency

Reuters
·1-min read
A general view of an equipment yard of ProPetro in Midland, Texas

(Reuters) - ProPetro 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)