Key points
- ProPetro Holding (PUMP) director G. Larry Lawrence sold 35,831 shares on August 4, 56% of his stake.
- That is the exact balance he carried before 28,181 restricted units vested in May. He kept the new block.
- President and COO Adam Munoz sold 70,696 shares the same afternoon for $789,674, 32% of his.
- Both left the Rule 10b5-1 box empty. Every other 2026 filing by either man was an automatic award or vesting.
I went digging through our insider tracker today and stopped on a share count. Two ProPetro Holding (PUMP) insiders had sold on Tuesday, and the number next to one of them looked familiar. Director G. Larry Lawrence sold 35,831 shares, and ten months earlier a different filing by the same man had ended on that exact number.
Here's his ledger, drawn from four Forms 4 filed with the SEC since last autumn.
| Date | What happened | Shares | Price | Common held after |
|---|---|---|---|---|
| Oct 31, 2025 | Sale | 27,000 | $10.84 | 35,831 |
| May 18, 2026 | Restricted units converted | 28,181 | vesting | 64,012 |
| May 20, 2026 | New restricted units granted | 9,101 | grant | 64,012 |
| Aug 4, 2026 | Sale | 35,831 | $11.16 | 28,181 |
The May conversion carried him from 35,831 shares to 64,012. On August 4 he sold 35,831 and kept 28,181. That's the vested block, exactly. He sold the stock he'd been sitting on since last October, and he held on to everything that arrived this spring. The 9,101 units granted two days after that vesting are still on their own schedule, sitting on top of the 28,181.
At $11.16 the block came to $399,874. His Form 144 went in the same day through Morgan Stanley's executive financial services desk, a day ahead of the Form 4. It records the stock as restricted shares he received in April 2024. The Rule 10b5-1 box on the Form 4 sits empty, so Lawrence picked the day himself.
The other seller is Adam Munoz, ProPetro's president and chief operating officer. He sold 70,696 shares that same afternoon for $789,674, at a weighted average of $11.17 across trades running from $11.08 to $11.28. His holding went from 219,387 shares to 148,691. It's 32 percent of what he had.
Munoz's year reads differently from Lawrence's and arrives at the same place. He'd sold 17,230 shares at $10.14 last November, and then came four filings that ran on their own schedule. An award of 113,332 shares on January 19 withheld 30,834 for taxes. Three more vestings in February and March withheld another 42,658 between them. Those withholding prices double as a record of where the stock traded that winter, reading $10.29 in January and $12.49 by early March. August 4 is the first day since November that he's made a decision about any of it.
Three days earlier the opposite kind of filing had landed. Chief financial officer Caleb Weatherl reported 33,494 restricted units converting to common stock on August 1. Another 8,156 shares went to cover the tax bill at $11.10 under transaction code F, which is payroll withholding. He finished with 27,338 shares and made zero decisions along the way. Director Phillip Gobe filed on August 5 for a gift of 15,000 shares at zero consideration, which left him 220,865.
The price they sold into
ProPetro touched $18.50 on April 29 for its high of the year and by July 22 it stood at $13.59. Over the five sessions after that it fell every day and reached $10.21 on July 29, with a low that morning of an even $10.00.
July 29 was the day the second quarter landed. Revenue came to $306 million against $271 million in the first quarter, a gain of 13 percent. The net loss widened to $8 million from $4 million the quarter before, or seven cents a diluted share. Adjusted EBITDA was $45 million. Chief executive Sam Sledge pointed to the cost of standing up a twelfth fleet, an out-of-basin deployment that hit heavy downtime and June storms across the Permian Basin.
From there the stock climbed back for four sessions and closed at $11.39 on Tuesday. Lawrence and Munoz sold into that recovery at $11.16 and $11.17, both a little under where the day finished. On Wednesday it gave most of the move back and traded at $11.00 into the close, down 3.4 percent.
Why a Midland frac company sits on this many fund lists
ProPetro runs hydraulic fracturing jobs in the Permian out of Midland, Texas, with 1,700 employees and a $1.4 billion market value. Its shareholder list reads like an AI conference, and the reason is a segment called PROPWR that sells power generation on contract.
PROPWR added 110 megawatts of contracted capacity during the quarter and now carries 350 megawatts committed. Sledge told investors its equipment is already running at a Midwest hyperscaler data center site. "We are no longer simply building a commercial pipeline," he said, "we now have assets successfully operating in the field and meeting performance obligations." Several hundred more megawatts of data center talks are described in the release as advanced.
Paying for that took real money, and ProPetro issued $690 million of convertible senior notes and raised $164 million in a stock offering, ending June with $784 million of cash and $905 million of liquidity. Situational Awareness, the fund Leopold Aschenbrenner runs, held 910,300 shares at the end of March with no put option against them. Eight of its other long lines came paired with puts on the same companies, so a long line in a 13F is a weaker signal than it looks. We read the whole book last week. D. E. Shaw and Millennium reported stakes as well.
The filings hand you the share counts and the prices and the empty plan boxes. They stay quiet on why, and the SEC doesn't ask for a reason. A director sells for a tax bill or a house or plain diversification when most of his money sits in one company, and Lawrence's filing would look identical in all three cases. What survives on the record is the size, the timing and the arithmetic. He sold the old block down to the share and kept the new one. We put the question of following filings like these to the data separately, and the gap between a scheduled plan and a sale like this one is here. Fresh ProPetro filings land on its filings page as they arrive.
Sources
- SEC Form 4 for G. Larry Lawrence, ProPetro Holding Corp., filed August 5, 2026 (accession 0001680247-26-000101), 35,831 shares at $11.16, 28,181 held after, Rule 10b5-1 box unchecked
- SEC Form 4 for Adam Munoz filed August 5, 2026 (accession 0001680247-26-000103), 70,696 shares at a weighted average $11.17 across a $11.08 to $11.28 range, 148,691 held after
- SEC Forms 4 for Lawrence dated October 31, 2025 and May 18 and May 20, 2026, and for Munoz dated November 14, 2025 and January 19, February 1, February 28 and March 4, 2026
- SEC Forms 144 for Lawrence and Munoz filed August 4, 2026 (accessions 0001950047-26-007597 and 0001950047-26-007596), both through Morgan Stanley Smith Barney executive financial services
- ProPetro Holding Corp. second quarter 2026 results, 8-K and Exhibit 99.1 filed July 29, 2026
