Propetro Holding Stock Price, News & Analysis

ProPetro Holding Corp. (NYSE: PUMP) has appointed Sam Sledge as President, effective immediately. This promotion follows the selection of Adam Munoz as Chief Operating Officer and David Schorlemer as Chief Financial Officer, part of a comprehensive succession planning process by the Board of Directors. Sledge, with ten years at ProPetro, brings extensive experience across key functions, including operations and finance. The management team aims to leverage their combined expertise to enhance business performance and ensure safe operations in a challenging market.

ProPetro Holding Corp. (NYSE: PUMP) has partnered with Fluid Energy Group Ltd. and Solnexus Chemical LLC to distribute Enviro-Syn® Modified Acid™ and Synthetic Acid™ in the West Texas and Permian Basin. This collaboration aims to enhance ProPetro's chemical service offerings with safer and eco-friendly alternatives to hydrochloric acid used in hydraulic fracturing. The new products promise reduced environmental impact, lower truck traffic, faster stage completion, and significant water savings per well.

ProPetro Holding Corp. (NYSE: PUMP) announced its 2020 financial results, reporting total revenue of $789 million, down from $2.1 billion in 2019. The company experienced a net loss of $107 million, compared to a net income of $163 million in the prior year. Despite the challenges, ProPetro achieved a safety record with a Total Recordable Incident Rate of 0.49. The company is transitioning to lower-emission equipment, committing to purchase electric and dual-fuel pumps. In Q4 2020, revenue rose to $154 million, while adjusted EBITDA increased to $24 million.

ProPetro Holding Corp. (NYSE: PUMP) has released preliminary unaudited financial highlights for Q4 2020, reporting total revenue between $151 million and $157 million. Costs of services are estimated at $112 million to $119 million. The company maintains a strong liquidity position with $121 million available, combining cash and credit. ProPetro plans to retire 150,000 hydraulic horsepower of Tier II diesel equipment and invest $37 million in cleaner technology. A conference call for full earnings is scheduled for February 24, 2021.

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) 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.

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.