In July 2018, oilfield service executive Dale Redman took out a loan to buy the ...
Fracking work involves pumping water, chemicals and sand into underground rock formations at high pressure to break up rocks and free deposits of oil and gas inside.
A Reuters examination of other public records revealed that the sand-mining company was named Covia Holdings Corp. , and the oil exploration and production company that leased Covia the land was Redman’s Red Hogg LLC. Redman also rented out his private jet to ProPetro for business trips, receiving nearly $400,000 in 2018 and at least $451,278 in the prior two years combined, ProPetro SEC filings show.
Redman’s son-in-law, for example, worked in sales for ProPetro, and brought home $530,500 in 2018. Former CFO Smith’s daughter was the controller, and pulled in $338,800. And the son of the chief operating officer, David Sledge, was its head of investor relations, with compensation of $717,000, according to ProPetro filings.In the middle of last year, ProPetro said in an SEC filing it had begun an internal audit of financial controls.
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