ProPetro Holding Corp. reports news about its completion-services business and the expansion of its PROPWR power generation division. The company provides premium completion services to upstream oil and gas operators developing North American unconventional resources, with a history of hydraulic fracturing activity centered on the Permian Basin.
Recurring updates include quarterly operating results, fleet utilization, FORCE electric fleet execution, gas-to-power solutions for oil and gas, data center and industrial customers, equipment purchases, lease and debt financing, convertible note activity, and supplier or customer agreements supporting power generation capacity.
ProPetro Holding Corp. (NYSE: PUMP) announced that David Sledge, its Chief Operating Officer, will retire at the end of 2020, succeeded by Adam Muñoz. Sledge has contributed significantly to ProPetro's growth, overseeing an increase from one to 27 hydraulic fracturing fleets during his nine-year tenure. Muñoz, who joined in 2010, has held key operational roles and will continue to enhance operational efficiency as COO. ProPetro provides pressure pumping services to North American oil and gas companies.
ProPetro Holding Corp. (NYSE: PUMP) has appointed G. Larry Lawrence to its Board of Directors, effective December 17, 2020. Lawrence, an experienced oilfield leader with a strong background in finance and accounting, aims to enhance governance at ProPetro. CEO Phillip Gobe emphasized that his expertise will bolster key functions within the company. Lawrence has previously held senior financial roles in various energy companies and is recognized for his commitment to effective oversight and governance practices.
ProPetro Holding Corp. (NYSE: PUMP) reported third quarter 2020 financial results, showing revenue of $133.7 million, up from $106.1 million in Q2. However, net loss increased to $29.2 million or $0.29 per diluted share, compared to a loss of $25.9 million in the prior quarter. Adjusted EBITDA fell to $17.4 million from $25.4 million. Effective utilization improved to 8.5 fleets from 4.0 fleets. Free cash flow was $16.9 million, while liquidity reached $85.9 million.
ProPetro Holding Corp. (NYSE: PUMP) announced the appointment of David Schorlemer as Chief Financial Officer effective October 23, 2020. Schorlemer brings over 25 years of experience in finance and management from his previous role at Basic Energy Services. CEO Phillip Gobe welcomed Schorlemer, emphasizing his expertise in public company governance as essential for maintaining competitiveness. The Company also acknowledged the contributions of former CFO Darin Holderness in navigating challenging times, establishing a strong financial foundation.
ProPetro Holding Corp. (NYSE: PUMP) will release its third quarter 2020 earnings on November 2, 2020, after market close. A conference call is scheduled for November 3, 2020, at 8:00 AM CT to discuss these results. U.S. callers can dial 1-844-340-9046, while international callers may use 1-412-858-5205. The call will also be available via webcast at www.propetroservices.com. A replay will be accessible for a week post-call, using access code 10147385.