Welcome to our dedicated page for Propetro Holding news (Ticker: PUMP), a resource for investors and traders seeking the latest updates and insights on Propetro Holding stock.
ProPetro Holding Corp (PUMP) delivers essential oilfield services including hydraulic fracturing, wireline operations, and cementing across North America's key energy regions. This page provides investors and industry professionals with direct access to the company's official announcements and strategic updates.
Track critical developments through curated press releases covering quarterly earnings, equipment fleet expansions, and strategic partnerships in the energy sector. Our repository ensures timely access to operational milestones and financial disclosures from the Permian Basin specialist.
Discover updates on ProPetro's sustainability initiatives, technology deployments, and market positioning within the competitive oil services landscape. All content is sourced from verified corporate communications to maintain accuracy and compliance.
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ProPetro Holding Corp. (NYSE: PUMP) has announced the acquisition of Aqua Prop for $35.6 million in cash, net of working capital. Aqua Prop is known for providing cost-effective wet sand solutions. This acquisition aligns with ProPetro's strategy to innovate and integrate its operations, enhancing value for stakeholders. ProPetro will manage sand storage and handling onsite and leverage strategic agreements for logistics and preferred access to wet sand supply. The deal includes future earnout incentives and potential growth capital expenditure considerations to support both companies' growth targets.
ProPetro Holding Corp. announced the appointment of Alex Volkov to its Board of Directors as ExxonMobil's designee. Volkov will bring his experience from ExxonMobil to enhance ProPetro's strategic decisions. Mark Berg, a current director, will remain on the Board as an independent director. The company looks forward to benefiting from Volkov and Berg's expertise.
ProPetro Holding Corp. (NYSE: PUMP) reported robust financial results for Q1 2024, with total revenue reaching $406 million, a 17% increase from the prior quarter. The company posted a net income of $20 million, compared to a net loss in the previous quarter, along with an adjusted EBITDA of $93 million, showing a 45% increase. ProPetro also secured a long-term contract with ExxonMobil for electric-powered hydraulic fracturing fleets, expanded its share repurchase program by $100 million, and repurchased 3.0 million shares. The company generated $75 million in net cash from operating activities and $41 million in Free Cash Flow. Additionally, ProPetro aims to maintain low-end guidance for capital expenditures in 2024 and expects strong demand for its services and equipment.
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