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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 Phillip Gobe will transition from Executive Chairman to Non-Executive Chairman of the Board effective March 31, 2022. Gobe has been a Board member since July 2019, previously serving as CEO until August 2021. His leadership during challenging times, including the COVID-19 pandemic, positioned ProPetro for future success. Lead Independent Director Tony Best acknowledged Gobe's contributions and emphasized the company's strong executive team moving forward.
ProPetro Holding Corp. (NYSE: PUMP) is set to release its fourth quarter earnings on February 22, 2022, after market close. A conference call will occur on February 23, 2022, at 8:00 AM Central Time to discuss the results. U.S. participants can join via toll-free number 1-844-340-9046, while international callers should dial 1-412-858-5205. For those unable to attend, a replay will be available for one week. ProPetro operates in the oilfield services industry, catering to North American oil and gas exploration and production firms.
ProPetro Holding Corp. (NYSE: PUMP) has settled its SEC investigation without any monetary penalty. The settlement requires the company to cease and desist from specified violations of federal securities laws related to financial controls and disclosures. ProPetro emphasized its full cooperation with the SEC and highlighted remedial actions taken to improve internal policies and governance. All previously identified material weaknesses have been addressed, reinforcing the company's operational integrity. This resolution aims to strengthen ProPetro's corporate culture moving forward.
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ProPetro Holding Corp. (NYSE: PUMP) reported a 15% increase in revenue for Q3 2021, totaling $250 million, compared to $217 million in Q2 2021. The net loss improved to $5 million or $0.05 per diluted share, from $9 million or $0.08 per diluted share in Q2. Adjusted EBITDA rose 18% to $42 million. Operating cash flow was $65 million, with a positive free cash flow of approximately $8 million. ProPetro is expanding its ESG initiatives with an order of 50 Tier IV dual-fuel units for $74 million.
ProPetro Holding Corp. (NYSE: PUMP) will release its third quarter 2021 earnings on November 2, 2021, after trading hours. A conference call will take place on November 3, 2021, at 8:00 AM Central Time to discuss the results. U.S. callers can dial 1-844-340-9046 for access, while international callers can use 1-412-858-5205. The call will also be available via webcast on their website. A replay of the call will be available for one week thereafter.
ProPetro Holding Corp. (NYSE: PUMP) has confirmed an order for 50 Tier IV Dynamic Gas Blending pumping unit conversions, totaling approximately $74 million. Deliveries are set to commence in December 2021. This investment not only enhances ProPetro's operational efficiency and ESG compliance but also responds to increasing demand amid a recovering market. Approximately $30 million of this amount will be paid in 2021, with the balance allocated for 2022. ProPetro anticipates full-year capital expenditures in the range of $145 million to $160 million.
ProPetro Holding Corp. (NYSE: PUMP) reported a significant increase in financial performance for Q2 2021, with total revenue rising 34% to $217 million, up from $161 million in Q1. The net loss narrowed to $9 million ($0.08 per diluted share) from $20 million ($0.20 per diluted share) in the previous quarter. Adjusted EBITDA surged 78% to $36 million. Effective fleet utilization improved to 13.1 from 10.3 fleets. The company generated positive free cash flow of $16 million, compared to a negative $5 million prior. ProPetro remains focused on ESG-friendly technologies and plans to mitigate global supply chain risks.
ProPetro Holding Corp. (NYSE: PUMP) announced a transition in executive leadership effective August 31, 2021. Phillip Gobe will become Executive Chairman, while Sam Sledge is promoted from President to Chief Executive Officer, and Adam Muñoz expands his role to President and Chief Operating Officer. This leadership change follows a comprehensive succession planning process by the Board, aimed at ensuring continuity and focusing on ProPetro’s customer and shareholder needs. The company continues to prioritize capital discipline and enhancing service quality amid ongoing industry challenges.
ProPetro Holding Corp. (NYSE: PUMP) is set to release its second quarter 2021 earnings on August 3, 2021, after market close. A conference call will follow on August 4, 2021, at 8:00 AM Central Time, to discuss the results. U.S. callers can access the call at 1-877-879-1183, while international callers should dial 1-412-902-6703. The call will also be available via webcast on ProPetro's website. A replay of the conference call will be available for one week.