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ProPetro, SEC regulates fees related to ex-CEO's secret benefits



(Reuters) – The US Securities and Exchange Commission said on Monday that Texas-based oil field company ProPetro Holding Corp. and its founder and former CEO Dale Redman have agreed to settle charges for failing to properly disclose any of Redman's executives. benefits and two share promises.

The SEC's order said that Mr. Redman charged ProPetro $ 380,594 in personal and travel expenses that were not related to the performance of his duties as CEO and that he did not disclose share promises for two private real estate transactions, the regulator said. in a statement.

Mr. Redman resigned from ProPetro last year less than three weeks after Reuters sent a letter to executives seeking comment on an investigation into stock promises and other aspects of his financial dealings.

The SEC investigation found that between January 201

7 and December In 2018, Mr. Redman and his family members used corporate credit cards for approximately $ 127,698 in paperless and personal expenses. The company also incurred $ 252,896 in fees related to Mr. Redman's personal use of an aircraft.

Mr. Redman has agreed to pay $ 195,046 as part of the deal. He is currently listed as the head of a company called Commander Downhole Technologies, which was formed on August 27, 2021, according to a company application in Texas.

ProPetro issued a statement on Monday stating that it had reached a settlement with the company. SEC and that it was not required to pay any monetary fee.

Toby Galloway, Dale Redman's attorney, said that his client cooperated with the investigation and was happy to have it resolved.


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