Based in Midland, Texas, ProPetro is an oilfield services company that provides pressure pumping and other services to upstream oil and gas companies. (Source: William Potter / Shutterstock.com)
ProPetro Holding Corp. recently entered into a binding term sheet to fully resolve the Logan Lawsuit, the company's name for a putative class action litigation filed in the U.S. District Court for the Western District of Texas, according to a press release on Aug. 23.
The case, referred to as Case No. 7:19-CV-00217 in the court, was originally filed on Sept. 16, 2019.
The term sheet provides for the "complete dismissal with prejudice" of the lawsuit and a release of all claims against the defendants in exchange for a settlement payment of $30 million, the release stated. The defendants needn't admit any fault or wrongdoing per the agreement.
Subject to court approval, ProPetro's directors' and officers' insurance providers are to pay the proposed settlement in full under the company's insurance policies.
“This resolution is in the best interest of ProPetro and all of our valued stakeholders, and we are working diligently to obtain the necessary court approvals to put this matter behind us," ProPetro CEO Sam Sledge commented in the release.
"Moving forward, we are focused on operating safely, delivering quality service to our customers, advancing our strategic priorities and driving value for shareholders,” he continued.
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