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) appointed John J. Mitchell as General Counsel and Corporate Secretary, effective January 1, 2023. Mitchell, previously Vice President and Deputy General Counsel, succeeds Newton W. Wilson III, retiring on December 31, 2022. CEO Sam Sledge expressed confidence in Mitchell's ability to lead and contribute to the company's direction. Mitchell brings over 15 years of legal experience in the oil and gas sector, having held senior roles at Concho Resources. The company is based in Midland, Texas, providing oilfield services to upstream operators in North America.
ProPetro Holding Corp. (NYSE: PUMP) has contracted for its first electric-powered hydraulic fracturing fleet with a leading independent Permian operator. This three-year agreement aims to lower completion costs and emissions. The e-fleet delivery is expected in the third quarter of 2023. Additionally, ProPetro has placed orders for two more electric frac fleets, bringing the total to four. The transition to electric equipment aligns with the company’s long-term strategy for enhanced competitiveness and sustainability in oilfield services.
ProPetro Holding Corp. (NYSE: PUMP) reported a strong third quarter in 2022, with total revenue rising 6% to $333 million compared to the second quarter. The company recorded net income of $10 million, or $0.10 per diluted share, reversing a loss of $33 million in Q2. Adjusted EBITDA surged 18% to $90 million, representing 27% of revenue. Despite a flat fleet utilization of 14.8, the company completed the acquisition of Silvertip Completion Services, enhancing its service capabilities. ProPetro anticipates capital expenditures of approximately $325 million for the full year, reflecting strategic growth efforts.
ProPetro Holding Corp. has acquired Silvertip Completion Services for $150 million, comprising 10.1 million shares of PUMP, $30 million in cash, and $7 million of debt assumption. The acquisition is expected to enhance ProPetro's Adjusted EBITDA by $65-$75 million in 2023, converting about 80% into free cash flow, significantly more than ProPetro's current rate. This strategic move focuses on expanding service offerings and improving margins by leveraging Silvertip's capabilities in wireline and pumpdown services within the Permian Basin.
ProPetro Holding Corp. (NYSE: PUMP) will release its third quarter 2022 earnings on November 1, 2022, after market close. A conference call is scheduled for November 2, 2022, at 8:00 AM Central Time to discuss the results. U.S. callers can join the call toll-free at 1-844-340-9046, while international participants can dial 1-412-858-5205. The call will also be available via webcast on the company’s website. A replay will be accessible for a week following the call. ProPetro provides pressure pumping and related services to leading oil and gas companies in North America.
ProPetro Holding Corp. (NYSE: PUMP) has announced the acquisition of its Coiled Tubing assets by STEP Energy Services (USA) Ltd. ProPetro opted for payment in cash and shares in STEP, reflecting confidence in STEP's growth potential. CEO Sam Sledge stated that this strategic move aims to optimize ProPetro's asset portfolio and enable the coiled tubing business to thrive under STEP's leadership. The company remains committed to driving sustainable long-term growth and enhancing shareholder value.
ProPetro Holding Corp. (NYSE: PUMP) has signed a long-term lease for two electric frac fleets, set to be delivered in Q3 2023. CEO Sam Sledge noted this move aligns with their fleet transition strategy and responds to rising demand for electric solutions in the Permian Basin. The new fleets aim to reduce costs and greenhouse gas emissions for clients while enhancing ProPetro's competitiveness. CFO David Schorlemer highlighted the agreement's capital-efficient financing and an option to purchase the fleets post-lease, anticipating significant free cash flow and lower capital expenditures in fiscal 2023.
ProPetro Holding Corp. (NYSE: PUMP) reported a 11% increase in second quarter 2022 revenue to $315 million, compared to $283 million in Q1 2022. However, the company faced a net loss of $33 million, or $0.32 per diluted share, mainly due to a $57 million impairment expense. Adjusted EBITDA rose 13% to $76 million, driven by improved operational performance. The company also achieved positive free cash flow of approximately $0.6 million, a significant recovery from negative free cash flow of $39 million in Q1. Looking ahead, ProPetro anticipates capital expenditures between $300 million and $350 million for 2022.
ProPetro Holding Corp. (NYSE: PUMP) will release its second quarter 2022 earnings on August 2, 2022, after trading closes. The company will host a conference call on August 3, 2022, at 8:00 AM CT to discuss the results. U.S. callers can reach the call at 1-844-340-9046, while international callers can dial 1-412-858-5205. A replay will be available for a week after the call. For more details, visit www.propetroservices.com.
ProPetro Holding Corp. (NYSE: PUMP) reported a 15% revenue increase to $283 million for Q1 2022, up from $246 million in Q4 2021. The company achieved net income of $12 million ($0.11 per diluted share), rebounding from a net loss of $20 million in the prior quarter. Adjusted EBITDA surged 81% to $67 million, reflecting improved fleet utilization and pricing. However, operational challenges persisted, with negative free cash flow of $39 million. CEO Sam Sledge highlighted margin improvements and a focus on capital-efficient growth despite tightening market conditions.