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MIDLAND, Texas - ProPetro Holding Corp. (NYSE:PUMP), a provider of completion services to the oil and gas industry, announced the resignation of its Chief Financial Officer, David Schorlemer, effective as of Monday. The company’s Chief Accounting Officer, Celina A. Davila, will fill the role on an interim basis while the search for a permanent replacement is underway. The announcement comes as the company’s stock has experienced significant volatility, with shares down about 18% year-to-date and trading near $7.67.InvestingPro data reveals management has been actively buying back shares, demonstrating confidence in the company’s future despite recent market challenges. Subscribers can access 8 additional exclusive insights about PUMP’s market position and outlook.
CEO Sam Sledge expressed gratitude for Schorlemer’s contributions over his tenure, highlighting the stability and commercial acumen he brought to the executive team. Sledge credited Schorlemer with executing accretive transactions, instituting a share repurchase program, and developing strong finance, accounting, and technology functions within ProPetro. The company maintains a moderate debt level with a debt-to-equity ratio of 0.21 and a healthy current ratio of 1.31.
Davila, who has been with ProPetro since November 2023, will assume the additional responsibilities as the principal financial officer immediately. Sledge voiced confidence in Davila’s leadership and the team’s ability to maintain high-level execution during the transition.
ProPetro, based in Midland, Texas, specializes in completion services for upstream oil and gas companies focused on unconventional resources in North America. The company’s mission includes delivering reliable energy to the world.
This management change comes at a time when the oil and gas industry continues to navigate the complexities of energy production and market demands. ProPetro’s announcement is based on a press release statement. The company has initiated the process to find a new CFO to guide its financial strategies moving forward.
In other recent news, ProPetro Holding Corp reported a net loss for the fourth quarter of 2024, falling short of analysts’ expectations. The company’s earnings per share came in at -$0.17, significantly missing the forecasted $0.01, while revenue was $320.6 million, below the anticipated $327.72 million. Despite these financial setbacks, ProPetro’s stock showed resilience, indicating investor optimism about the company’s strategic direction. The company has significantly increased its free cash flow, boosting liquidity, and is heavily investing in next-generation technology through its Pro Power business. ProPetro anticipates flat market activity for 2025 but remains optimistic about its strategic initiatives, particularly in power generation. The company aims to generate significant EBITDA per megawatt annually, targeting 150-200 megawatts of power generation capacity by early 2026. Analyst firms have not reported any recent upgrades or downgrades for the company.
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