Business Context and Reporting Period
This Form 8-K was filed by ProPetro Holding Corp. on May 24, 2018, reporting events that occurred on May 18, 2018. The filing addresses corporate governance changes involving the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
Effective May 18, 2018, Schuyler Coppedge and Peter Labbat resigned as directors of the Company. This action was taken consistent with the Stockholders Agreement between the Company and Energy Capital Partners. The resignations were not the result of any disagreement with the Company regarding operations, policies, or practices.
Outlook and Management Commentary
Neither Mr. Coppedge nor Mr. Labbat will stand for reelection to the Board of Directors at the Company's Annual Meeting of Shareholders scheduled for June 15, 2018. Any votes received for these individuals will be disregarded. The filing contains no guidance, risk factors, or unusual items beyond the director departures.
Key Facts for Investor Verification
- Two directors, Schuyler Coppedge and Peter Labbat, resigned effective May 18, 2018.
- The resignations were voluntary and consistent with the Stockholders Agreement with Energy Capital Partners.
- The resignations were not due to disagreements with the Company.
- The Annual Meeting of Shareholders is scheduled for June 15, 2018, where the resigned directors will not be on the ballot.