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Stock impact report

Oil billionaire Dan Wilks acquiring stakes in hard-hit U.S. service firms [Reuters]

ProPetro Holding Corp. (PUMP) 
Last propetro holding corp. earnings: 3/31 04:54 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.propetroservices.com
Company Research Source: Reuters
Oil billionaire Dan Wilks acquiring stakes in hard-hit U.S. service firms April 3 (Reuters) - Oil billionaire Dan Wilks this week took a large stake in a struggling U.S. shale fracking company days after his Wilks Brothers investment group took over a frack sand provider. U.S. shale producers this year have stopped most drilling and fracking as oil prices fell below the cost of production. Spending on fracking is expected to fall 44% this year, say analysts, as Saudi Arabia and Russia last month vowed to pump full bore to grab market share, accelerating a glut brought on by the coronavirus pandemic. Wilks personally took a 10% stake in ProPetro Holding Corp , a once fast-growing Texas oilfield firm that fracks and completes shale wells, according to a regulatory filing. It was the fracking mogul’s second bet on the distressed oilfield services sector in less than a week. One Wall Street analyst who declined to be named said the acquisition of the shares could be a signal that Wilks Br Show less Read more
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