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UPDATE 1-ProPetro flags material weakness in internal control over financial reporting

Reuters
·1 min read

(Adds details on financial statement and background in paragraphs 2-3)

March 13 (Reuters) - Oilfield services firm ProPetro said on Wednesday it has identified material weakness in its internal control over financial reporting.

After the weakness in access to its accounting systems was identified, the company said it had found that there was no material misstatement in its consolidated financial statements for the year ended Dec. 31, 2023.

Midland, Texas-based ProPetro was subject to a U.S. Securities and Exchange Commission investigation in 2019 when the company's board uncovered material weaknesses in its financial controls and an undisclosed related-party transaction with its former chief accountant. (Reporting by Kabir Dweit in Bengaluru; Editing by Shounak Dasgupta)