Shares of oilfield services firm ProPetro Holding Corp fell as much as 10% on Th...
- 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.”
Culper, which said it was short ProPetro’s stock - meaning it will profit if shares fall - outlined a network of companies formed by senior managers, and questioned some directors’ independence.Shares fell were off 80 cents at $7.75 on Thursday. In early October, the firm’s audit committee released a report into its investigation that prompted it to reshuffle management and demote its co-founders. The committee said it was continuing to look at related-party real estate transactions.
ProPetro also purchased $10.3 million of frac sand last year from a mine located on the property of an oil and gas company in which Redman is a 44% owner, making him the indirect beneficiary of roughly $300,000 in royalties, the regulatory filing showed.
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