MIDLAND, Texas - ProPetro Holding Corp. (NYSE:PUMP), a Midland-based oilfield services provider, announced the appointment of ExxonMobil (NYSE:XOM) executive Alex Volkov to its Board of Directors, effective last Monday. The move comes as part of an Investor Rights Agreement with Pioneer Natural Resources Pumping Services LLC, a subsidiary of ExxonMobil.
Volkov, who has been with ExxonMobil since 1997, currently oversees the integration of Pioneer Natural Resources Company (NYSE:PXD) with ExxonMobil's Unconventional business. He brings a wealth of global energy experience to the board, including previous roles in marketing, business development, and strategy.
His tenure at ExxonMobil includes leadership positions in Russia and the United Kingdom, and most recently as Vice President, Strategy and Business Development.
ProPetro's CEO, Sam Sledge, welcomed Volkov, highlighting his leadership and industry expertise as valuable assets for the company's strategic execution and stakeholder value delivery. The Chairman of ProPetro's Board, Phillip Gobe, also expressed enthusiasm for Volkov's strategic insights and global energy understanding.
Mark Berg, who has been on ProPetro's Board since February 2019 and was Pioneer's designee, will continue as an independent director. Both Sledge and Gobe recognized Berg's significant contributions and look forward to his ongoing involvement.
ProPetro provides completion services to upstream oil and gas companies focused on North American unconventional oil and natural gas resources. The company aims to deliver reliable energy and has a track record of deploying advanced technologies in its services.
The announcement is based on a press release statement.
InvestingPro Insights
As ProPetro Holding Corp. (NYSE:PUMP) strengthens its board with the appointment of Alex Volkov, the company's financial health and market performance continue to be of interest to investors. According to real-time data from InvestingPro, ProPetro boasts a market capitalization of $989.04 million, reflecting its standing in the oilfield services industry. The company's Price/Earnings (P/E) Ratio stands at an attractive 13.35, which is further enhanced when looking at the adjusted P/E ratio for the last twelve months as of Q1 2024, which is 7.43. This lower P/E ratio indicates a potentially undervalued stock, especially when considering the company's growth prospects.
InvestingPro data also reveals a robust Revenue Growth of 13.52% for the last twelve months as of Q1 2024, which is a testament to ProPetro's ability to expand its operations effectively. However, it's noteworthy that the company experienced a slight dip in quarterly revenue growth by -4.19% in Q1 2024, suggesting some short-term challenges. Despite this, the company's Gross Profit Margin remains strong at 29.31%, indicating healthy profitability from its core operations.
Investors may find it encouraging that management has been aggressively buying back shares, as per one of the InvestingPro Tips, signaling confidence in the company's value and future performance. Additionally, analysts have revised their earnings upwards for the upcoming period, which could suggest an optimistic outlook for the company's financial trajectory.
For those seeking a deeper dive into ProPetro's financials and strategic positioning, InvestingPro offers additional insights. There are currently 8 more InvestingPro Tips available for ProPetro, ranging from cash flow stability to profitability predictions. These tips can provide a more nuanced understanding of the company's financial health and strategic direction. To access these insights and enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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