ProPetro Holding Corp 8-K, filed Apr 5, 2021
ProPetro Holding Corp. (PUMP)
About this 8-K
ProPetro Holding Corp filed this 8-K on April 5, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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| Item 5.02 | Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
President Appointment
On April 5, 2021, Samuel D. Sledge, currently the Chief Strategy and Administrative Officer of ProPetro Holding Corp. (the “Company”), was appointed as President of the Company, effective immediately. Although no modifications were made to Mr. Sledge’s compensation at the time of his appointment, Mr. Sledge’s compensation will be reviewed by the Compensation Committee of the Company’s board of directors (the “Committee”) at the Committee’s next regularly scheduled meeting.
Samuel D. Sledge has served as the Company’s Chief Strategy and Administrative Officer since March 2020. Mr. Sledge has significant experience with the Company, having joined the Company in 2011. Mr. Sledge has served in various capacities throughout his tenure such as a Frac Technical Specialist and Technical Operations Manager where his duties included quality control, planning and logistics, and the development of the engineering program. Prior to serving as Chief Strategy and Administrative Officer, Mr. Sledge served as the Vice President of Finance, Corporate Development, and Investor Relations where his responsibilities included financial planning and analysis, strategic initiatives and investor relations. Mr. Sledge received a Bachelor of Business Administration and a Masters of Business Administration from Baylor University.
There are no arrangements or understandings between Mr. Sledge and any other persons pursuant to which he was selected to serve as the Company’s President. There are no family relationships between Mr. Sledge and any director or executive officer of the Company. Information regarding Mr. Sledge required by Item 404(a) of Regulation S-K was previously disclosed in the Company’s proxy statement filed on March 26, 2021 and is incorporated by reference herein.
| Item 7.01 | Regulation FD Disclosure. |
On April 5, 2021, the Company issued a press release announcing the appointment of Mr. Sledge as President. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information furnished with this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description of Exhibit | |
| 99.1 | Press release, dated April 5, 2021. | |
| 104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101) |
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SIGNATURES
Pursuant to the requirements of the Exchange Act, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PROPETRO HOLDING CORP. | ||
| Date: April 5, 2021 | By: | /s/ Phillip A. Gobe |
| Phillip A. Gobe | ||
| Chief Executive Officer | ||
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Exhibit 99.1
ProPetro Provides Leadership Team Update
~ Appointment of Sam Sledge as President ~
MIDLAND, TX, April 5, 2021 (Businesswire) – ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) today announced that Sam Sledge, the Company’s Chief Strategy and Administrative Officer, has been named President effective immediately.
“We are pleased to have Sam take on this key role at ProPetro,” said Phillip Gobe, Chairman and Chief Executive Officer. “His promotion to President complements the recent naming of Adam Munoz as Chief Operating Officer and David Schorlemer as Chief Financial Officer, resulting from the Board of Directors’ comprehensive succession planning process. I look forward to the continued support and key leadership of this talented management team. Sam has been with the Company for ten years and held several positions of increasing responsibility in multiple key functions across the organization, including operations, finance, human resources, corporate development, administration and communications. His deep knowledge of the business and our culture of teamwork to drive safe, superior performance at the wellsite proved invaluable as we navigated the challenging market conditions of the past year, and will remain essential in his new role.”
Sam Sledge joined ProPetro in 2011 and has served in various capacities throughout his tenure, including Frac Technical Specialist and Technical Operations Manager where his duties included quality control, planning and logistics, and the development of the engineering program. He also served as Vice President of Finance, Corporate Development and Investor Relations before being named Chief Strategy and Administrative Officer. Sam earned a Bachelor of Business Administration and a Master of Business Administration from Baylor University.
Sam Sledge commented, “I appreciate the confidence and support of Phillip and the Board, and look forward to working closely with Adam, David and other members of executive management, as well as the full team at ProPetro, as we capitalize on opportunities to improve the business, while continuing to provide our customers unsurpassed and safe execution at the wellsite.”
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com.
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Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding growing the business and performance at the wellsite. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the operational disruption and market volatility resulting from the COVID-19 pandemic and other factors described in ProPetro’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission. In addition, ProPetro may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.
Contact: ProPetro Holding Corp
David Schorlemer, 432-688-0012
Chief Financial Officer
david.schorlemer@propetroservices.com
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