ProPetro Reports Financial Results for the First Quarter of 2024
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.
Total revenue increased by 17% to $406 million in Q1 2024 compared to the prior quarter.
Net income was $20 million with an income per diluted share of $0.18, a significant improvement from the net loss in the previous quarter.
Adjusted EBITDA reached $93 million, up 45% from the prior quarter, with 50% incremental margins.
ProPetro secured a long-term contract with ExxonMobil for electric-powered hydraulic fracturing fleets and extended its share repurchase program by $100 million.
The company repurchased and retired 3.0 million shares during the quarter, totaling 8.8 million shares since the inception of the plan in May 2023, representing 8% of outstanding shares.
Cost of services increased by 11% to $289 million due to higher operational activity levels across hydraulic fracturing and wireline segments.
General and administrative expense remained at $28 million, but G&A expense excluding nonrecurring and noncash items was $24 million, or 6% of revenue.
Despite improvements, net cash provided by operating activities was $75 million, slightly up from $70 million in the previous quarter.
ProPetro expects to be on the low end of the guidance range for full-year 2024 capital expenditures of $200 million to $250 million.
Frac fleet effective utilization is projected to be between 14 to 15 fleets in the second quarter of 2024.
ProPetro's revenue growth and transition to next-generation assets, including the FORCESM electric-powered hydraulic fracturing fleets, highlight the company's strategic pivot towards sustainable and cost-effective operations. The reported
From an investment standpoint, the increase in Effective frac fleet utilization, from 12.9 to 15.0 fleets, is a strong operational metric that investors should monitor as it reflects higher demand for ProPetro's services. The long-term contract with ExxonMobil not only provides revenue stability but also enhances the company's industry reputation. Moreover, the substantial
The capital expenditure guidance, being at the lower end of the previously projected
The introduction of FORCESM electric-powered fleets is a forward-looking endeavor that positions ProPetro at the forefront of environmental sustainability within the oilfield services industry. As the sector faces increasing pressure to reduce carbon emissions, ProPetro's strategic alignment with these concerns through the deployment of electric fleets and dual-fuel technologies can improve the company's competitive edge. This transition is not only beneficial for the environment but could also lead to reduced operating costs due to higher fuel efficiency and potential tax incentives for green initiatives.
From the perspective of Environmental, Social and Governance (ESG) investing, ProPetro's initiatives may attract investors who prioritize sustainability. This could broaden the company's investor base and potentially increase the stock's appeal. The partnership with ExxonMobil further emphasizes the industry's acceptance of ProPetro's sustainable technologies, which could lead to new business opportunities and contribute positively to long-term shareholder value.
The strategic emphasis on industrializing the business model, as indicated by the continued investment in technology and service quality, reflects ProPetro's aim to drive efficiencies and optimize operations. The alignment with ExxonMobil through the long-term contract signals ProPetro's ability to secure strategic partnerships, which is critical for sustainable growth in a competitive market. Such strategic alliances are vital for maintaining a robust service demand even in a slow-growth macro environment and could further cement ProPetro's position within the industry.
Investors should appreciate the company's focus on maintaining a strong balance sheet and steady free cash flow generation, which are essential for executing strategic priorities and enhancing financial returns. ProPetro's approach to modernizing their fleet and potential opportunistic M&A activities can diversify and strengthen their service offerings. As the industry consolidates, being well-positioned with innovative technologies and cost-effective solutions can be a significant differentiator for ProPetro, potentially leading to enhanced market share and stronger profitability.
First Quarter 2024 Results and Highlights
-
Total revenue of
$406 million 17% compared to the prior quarter. -
Net Income was
$20 million $0.18 $17 million $0.16 -
Adjusted EBITDA(1) of
$93 million 23% of revenue and increased45% compared to the prior quarter with50% incremental margins.(2) -
Incurred capital expenditures were
$40 million - Awarded a long-term contract from ExxonMobil for two FORCESM electric-powered hydraulic fracturing fleets with the option for a third FORCESM fleet coupled with our Silvertip wireline and pumpdown services.
- Four FORCESM electric fleets are now under contract with leading customers with three FORCESM electric fleets currently operating.
-
Increased share repurchase program by
$100 million $200 million - Effective frac fleet utilization was 15.0 fleets compared to 12.9 fleets in the prior quarter.
-
Repurchased and retired 3.0 million shares during the quarter with total repurchases of 8.8 million shares representing approximately
8% of outstanding shares since plan inception in May 2023. -
Net cash provided by operating activities was
$75 million $41 million
(1) |
Adjusted EBITDA is a non-GAAP financial measure and is described and reconciled to net income (loss) in the table under “Non-GAAP Financial Measures.” |
|
(2) |
Incremental margins represent the sequential change in Adjusted EBITDA divided by the sequential change in revenues. |
|
(3) |
Free Cash Flow is a non-GAAP financial measure and is described and reconciled to cash from operating activities in the table under “Non-GAAP Financial Measures." |
Management Comments
Sam Sledge, Chief Executive Officer, commented, “We are excited to start off 2024 with strong financial results and positive momentum. Our results reflect a strategy that is working. Thanks to the dedication and discipline of our teams across our service lines, we continue to deliver strong performance and advance our strategic priorities toward industrializing our business. We are delighted to have entered into an agreement under which ProPetro will provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin, including introducing FORCESM electric fleets to our longstanding partnership. The FORCESM electric-powered fleets, along with our Tier IV DGB dual-fuel fleets, are part of our strategy to transition to next-generation assets, delivering premium value to our customers while lowering their completions costs and reducing their emissions. The long-term agreement with ExxonMobil, which includes FORCESM electric hydraulic fracturing fleets coupled with our Silvertip wireline and pumpdown services, is a significant milestone for ProPetro and underscores our dedication to delivering industry-leading services for customers while accelerating the efficiency and profitability of our business for shareholders."
Mr. Sledge continued, "We delivered strong financial results despite market pressures in the first quarter thanks to our disciplined operating strategy, operational density in the resilient Permian Basin and prudent investments in next-generation equipment. The strong free cash flow we generated, and our confidence in the continued growth and resiliency of our earnings, facilitates our commitment to returning capital to shareholders through our share repurchase program. We also recently announced that our board of directors approved a
David Schorlemer, Chief Financial Officer, said, "ProPetro's robust first quarter results reflect the strategy yielding results. As expected, revenues recovered as our customers reinitiated dedicated fleet operations and the business generated healthy
First Quarter 2024 Financial Summary
Revenue was
Cost of services, excluding depreciation and amortization of approximately
General and administrative expense of
Net income totaled
Adjusted EBITDA increased to
Net cash provided by operating activities was
Share Repurchase Program
On April 24, 2024, the Company announced a
Liquidity and Capital Spending
As of March 31, 2024, total cash was
Capital expenditures incurred during the first quarter of 2024 were
Guidance
The Company now expects to be on the low end of our prior guidance range for full-year 2024 incurred capital expenditures of
Outlook
Mr. Sledge added, “Looking ahead, we expect demand for our differentiated service quality and next generation equipment to remain strong. We believe the recent transition and investment in our fleet will contribute to industry-leading efficiencies and high customer satisfaction, as evidenced by our recently announced multi-year agreement to advance our partnership with ExxonMobil. Additionally, with our strong balance sheet and steady free cash flow generation, we continue to make excellent progress on our strategic priorities, and we will continue to evaluate opportunities to further enhance financial returns.”
Mr. Sledge concluded, “We are entering the second quarter with exciting momentum with our industrialization strategy, which is designed for the future of our sector and industry. In light of the market pressures that we and our peers face in a slow-to-no-growth environment, continued focus on our execution is paramount. With our strategic initiatives largely in place, we believe ProPetro is well-positioned to provide the reliable completion services, next-generation technologies and competitive costs that customers seek in the consolidating E&P space. As we further industrialize our business, optimize operations, modernize our fleet and remain opportunistic in value-accretive transactions and capital returns, aligned with our disciplined capital allocation framework, we are confident in ProPetro's ability to deliver increased shareholder value.”
Conference Call Information
The Company will host a conference call at 8:00 AM Central Time on Wednesday, May 1, 2024, to discuss financial and operating results for the first quarter of 2024. The call will also be webcast on ProPetro’s website at www.propetroservices.com. To access the conference call,
About ProPetro
ProPetro Holding Corp. is a
Forward-Looking Statements
Except for historical information contained herein, the statements and information in this news release and discussion in the scripted remarks described above are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words “may,” “could,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “will,” “should,” and other expressions that are predictions of, or indicate, future events and trends or that do not relate to historical matters generally identify forward‑looking statements. Our forward‑looking statements include, among other matters, statements about the supply of and demand for hydrocarbons, our business strategy, industry, projected financial results and future financial performance, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures, the impact of such expenditures on our performance and capital programs, our fleet conversion strategy and our share repurchase program. A forward‑looking statement may include a statement of the assumptions or bases underlying the forward‑looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.
Although forward‑looking statements reflect our good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, the global macroeconomic uncertainty related to the conflict in the
PROPETRO HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
||||||
REVENUE - Service revenue |
|
$ |
405,843 |
|
|
$ |
347,776 |
|
|
$ |
423,570 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
||||||
Cost of services (exclusive of depreciation and amortization) |
|
|
288,641 |
|
|
|
261,034 |
|
|
|
280,486 |
|
General and administrative (inclusive of stock-based compensation) |
|
|
28,226 |
|
|
|
27,990 |
|
|
|
28,746 |
|
Depreciation and amortization |
|
|
52,206 |
|
|
|
56,137 |
|
|
|
38,271 |
|
Loss on disposal of assets |
|
|
6,458 |
|
|
|
10,898 |
|
|
|
34,607 |
|
Total costs and expenses |
|
|
375,531 |
|
|
|
356,059 |
|
|
|
382,110 |
|
OPERATING INCOME (LOSS) |
|
|
30,312 |
|
|
|
(8,283 |
) |
|
|
41,460 |
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
||||||
Interest expense |
|
|
(2,029 |
) |
|
|
(2,292 |
) |
|
|
(667 |
) |
Other income (expense), net |
|
|
1,405 |
|
|
|
(7,784 |
) |
|
|
(3,704 |
) |
Total other (expense) income, net |
|
|
(624 |
) |
|
|
(10,076 |
) |
|
|
(4,371 |
) |
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
29,688 |
|
|
|
(18,359 |
) |
|
|
37,089 |
|
INCOME TAX (EXPENSE) BENEFIT |
|
|
(9,758 |
) |
|
|
1,250 |
|
|
|
(8,356 |
) |
NET INCOME (LOSS) |
|
$ |
19,930 |
|
|
$ |
(17,109 |
) |
|
$ |
28,733 |
|
|
|
|
|
|
|
|
||||||
NET INCOME (LOSS) PER COMMON SHARE: |
|
|
|
|
|
|
||||||
Basic |
|
$ |
0.18 |
|
|
$ |
(0.16 |
) |
|
$ |
0.25 |
|
Diluted |
|
$ |
0.18 |
|
|
$ |
(0.16 |
) |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
||||||
Basic |
|
|
108,540 |
|
|
|
110,164 |
|
|
|
114,881 |
|
Diluted |
|
|
108,989 |
|
|
|
110,164 |
|
|
|
115,331 |
|
NOTE: |
Certain reclassifications to loss on disposal of assets and depreciation and amortization have been made to the statement of operations and the statement of cash flows for the periods prior to 2024 to conform to the current period presentation. |
PROPETRO HOLDING CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) |
||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
||
ASSETS |
|
|
|
|
||
CURRENT ASSETS: |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
46,458 |
|
$ |
33,354 |
Accounts receivable - net of allowance for credit losses of |
|
|
273,709 |
|
|
237,012 |
Inventories |
|
|
19,447 |
|
|
17,705 |
Prepaid expenses |
|
|
13,124 |
|
|
14,640 |
Short-term investment, net |
|
|
7,143 |
|
|
7,745 |
Other current assets |
|
|
155 |
|
|
353 |
Total current assets |
|
|
360,036 |
|
|
310,809 |
PROPERTY AND EQUIPMENT - net of accumulated depreciation |
|
|
947,138 |
|
|
967,116 |
OPERATING LEASE RIGHT-OF-USE ASSETS |
|
|
109,362 |
|
|
78,583 |
FINANCE LEASE RIGHT-OF-USE ASSETS |
|
|
42,923 |
|
|
47,449 |
OTHER NONCURRENT ASSETS: |
|
|
|
|
||
Goodwill |
|
|
23,624 |
|
|
23,624 |
Intangible assets - net of amortization |
|
|
49,183 |
|
|
50,615 |
Other noncurrent assets |
|
|
1,994 |
|
|
2,116 |
Total other noncurrent assets |
|
|
74,801 |
|
|
76,355 |
TOTAL ASSETS |
|
$ |
1,534,260 |
|
$ |
1,480,312 |
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||
CURRENT LIABILITIES: |
|
|
|
|
||
Accounts payable |
|
$ |
189,216 |
|
$ |
161,441 |
Accrued and other current liabilities |
|
|
70,855 |
|
|
75,616 |
Operating lease liabilities |
|
|
26,534 |
|
|
17,029 |
Finance lease liabilities |
|
|
17,379 |
|
|
17,063 |
Total current liabilities |
|
|
303,984 |
|
|
271,149 |
DEFERRED INCOME TAXES |
|
|
101,045 |
|
|
93,105 |
LONG-TERM DEBT |
|
|
45,000 |
|
|
45,000 |
NONCURRENT OPERATING LEASE LIABILITIES |
|
|
56,481 |
|
|
38,600 |
NONCURRENT FINANCE LEASE LIABILITIES |
|
|
26,416 |
|
|
30,886 |
OTHER LONG-TERM LIABILITIES |
|
|
3,180 |
|
|
3,180 |
Total liabilities |
|
|
536,106 |
|
|
481,920 |
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||
SHAREHOLDERS’ EQUITY: |
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
— |
Common stock, |
|
|
107 |
|
|
109 |
Additional paid-in capital |
|
|
909,083 |
|
|
929,249 |
Retained earnings |
|
|
88,964 |
|
|
69,034 |
Total shareholders’ equity |
|
|
998,154 |
|
|
998,392 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,534,260 |
|
$ |
1,480,312 |
PROPETRO HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net income |
|
$ |
19,930 |
|
|
$ |
28,733 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
52,206 |
|
|
|
38,271 |
|
Deferred income tax expense |
|
|
7,940 |
|
|
|
7,807 |
|
Amortization of deferred debt issuance costs |
|
|
108 |
|
|
|
64 |
|
Stock-based compensation |
|
|
3,742 |
|
|
|
3,536 |
|
Loss on disposal of assets |
|
|
6,458 |
|
|
|
34,607 |
|
Unrealized loss on short-term investment |
|
|
602 |
|
|
|
3,794 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(36,697 |
) |
|
|
(74,199 |
) |
Other current assets |
|
|
430 |
|
|
|
(468 |
) |
Inventories |
|
|
(1,742 |
) |
|
|
(6,366 |
) |
Prepaid expenses |
|
|
1,530 |
|
|
|
(548 |
) |
Accounts payable |
|
|
21,191 |
|
|
|
29,823 |
|
Accrued and other current liabilities |
|
|
(876 |
) |
|
|
8,006 |
|
Net cash provided by operating activities |
|
|
74,822 |
|
|
|
73,060 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
||||
Capital expenditures |
|
|
(34,585 |
) |
|
|
(114,839 |
) |
Proceeds from sale of assets |
|
|
738 |
|
|
|
1,089 |
|
Net cash used in investing activities |
|
|
(33,847 |
) |
|
|
(113,750 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
||||
Payments on finance lease obligations |
|
|
(4,154 |
) |
|
|
— |
|
Tax withholdings paid for net settlement of equity awards |
|
|
(1,209 |
) |
|
|
(3,379 |
) |
Share repurchases |
|
|
(22,508 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(27,871 |
) |
|
|
(3,379 |
) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
|
13,104 |
|
|
|
(44,069 |
) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period |
|
|
33,354 |
|
|
|
88,862 |
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period |
|
$ |
46,458 |
|
|
$ |
44,793 |
|
Reportable Segment Information |
||||||||||||||||
|
Three Months Ended March 31, 2024 |
|||||||||||||||
(in thousands) |
Hydraulic
|
|
Wireline |
|
All Other |
|
Reconciling
|
|
Total |
|||||||
Service revenue |
$ |
309,300 |
|
$ |
60,805 |
|
$ |
35,738 |
|
$ |
— |
|
|
$ |
405,843 |
|
Adjusted EBITDA |
$ |
86,119 |
|
$ |
16,786 |
|
$ |
4,861 |
|
$ |
(14,371 |
) |
|
$ |
93,395 |
|
Depreciation and amortization |
$ |
44,995 |
|
$ |
4,915 |
|
$ |
2,271 |
|
$ |
25 |
|
|
$ |
52,206 |
|
Operating lease expense on FORCESM fleets (1) |
$ |
8,592 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
8,592 |
|
Capital expenditures incurred |
$ |
35,988 |
|
$ |
2,386 |
|
$ |
1,466 |
|
$ |
— |
|
|
$ |
39,840 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended December 31, 2023 |
|||||||||||||||
(in thousands) |
Hydraulic
|
|
Wireline |
|
All Other |
|
Reconciling
|
|
Total |
|||||||
Service revenue |
$ |
262,448 |
|
$ |
50,417 |
|
$ |
34,911 |
|
$ |
— |
|
|
$ |
347,776 |
|
Adjusted EBITDA |
$ |
58,360 |
|
$ |
11,261 |
|
$ |
7,805 |
|
$ |
(13,158 |
) |
|
$ |
64,268 |
|
Depreciation and amortization (2) |
$ |
49,471 |
|
$ |
4,900 |
|
$ |
1,741 |
|
$ |
25 |
|
|
$ |
56,137 |
|
Operating lease expense on FORCESM fleets (1) |
$ |
4,310 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
4,310 |
|
Capital expenditures incurred |
$ |
37,020 |
|
$ |
1,316 |
|
$ |
200 |
|
$ |
— |
|
|
$ |
38,536 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
| (1) | Represents lease cost related to operating leases on our FORCESM electric-powered hydraulic fracturing fleets. This cost is recorded within cost of services in our condensed consolidated statements of operations. |
|
| (2) |
The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets for the three months ended March 31, 2024. In order to conform to current period presentation, we have reclassified the corresponding amount of |
Non-GAAP Financial Measures
Adjusted EBITDA and Free Cash Flow are not financial measures presented in accordance with GAAP. We define EBITDA as net income (loss) plus (i) interest expense, (ii) income tax expense (benefit) and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA plus (i) loss (gain) on disposal of assets, (ii) stock-based compensation, (iii) other expense (income), (iv) other unusual or nonrecurring (income) expenses such as costs related to asset acquisitions, insurance recoveries, one-time professional fees and legal settlements and (v) retention bonus and severance expense. We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities.
We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, and net cash from operating activities is the GAAP measure most directly comparable to Free Cash Flow. Non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider Adjusted EBITDA or Free Cash Flow in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
|||||||
|
Three Months Ended |
||||||
(in thousands) |
March 31, 2024 |
|
December 31, 2023 |
||||
Net income (loss) |
$ |
19,930 |
|
|
$ |
(17,109 |
) |
Depreciation and amortization (1) |
|
52,206 |
|
|
|
56,137 |
|
Interest expense |
|
2,029 |
|
|
|
2,292 |
|
Income tax expense (benefit) |
|
9,758 |
|
|
|
(1,250 |
) |
Loss on disposal of assets (1) |
|
6,458 |
|
|
|
10,898 |
|
Stock-based compensation |
|
3,742 |
|
|
|
3,846 |
|
Other (income) expense, net (2) |
|
(1,405 |
) |
|
|
7,784 |
|
Other general and administrative expense, net |
|
59 |
|
|
|
1,310 |
|
Retention bonus and severance expense |
|
618 |
|
|
|
360 |
|
Adjusted EBITDA |
$ |
93,395 |
|
|
$ |
64,268 |
|
| (1) |
The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets for the three months ended March 31, 2024. In order to conform to current period presentation, we have reclassified the corresponding amount of |
|
| (2) |
Other income for the three months ended March 31, 2024 is primarily comprised of insurance reimbursements of |
Reconciliation of Cash from Operating Activities to Free Cash Flow |
||||||||
|
|
Three Months Ended |
||||||
(in thousands) |
|
March 31, 2024 |
|
December 31, 2023 |
||||
Cash from Operating Activities |
|
$ |
74,822 |
|
|
$ |
69,671 |
|
Cash used in Investing Activities |
|
|
(33,847 |
) |
|
|
(71,356 |
) |
Free Cash Flow |
|
$ |
40,975 |
|
|
$ |
(1,685 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501694892/en/
Investor Contacts:
David Schorlemer
Chief Financial Officer
david.schorlemer@propetroservices.com
432-227-0864
Matt Augustine
Director, Corporate Development and Investor Relations
matt.augustine@propetroservices.com
432-219-7620
Source: ProPetro Holding Corp.
FAQ
What was ProPetro Holding Corp.'s total revenue in Q1 2024?
In Q1 2024, ProPetro Holding Corp. reported total revenue of $406 million.
How much was ProPetro's net income in Q1 2024?
In Q1 2024, ProPetro's net income was $20 million with an income per diluted share of $0.18, a significant improvement from the prior quarter.
What contract did ProPetro secure in Q1 2024?
In Q1 2024, ProPetro secured a long-term contract with ExxonMobil for electric-powered hydraulic fracturing fleets.
How many shares did ProPetro repurchase during the quarter?
ProPetro repurchased and retired 3.0 million shares during the quarter, totaling 8.8 million shares since the inception of the plan in May 2023.
What is ProPetro's outlook for capital expenditures in 2024?
ProPetro expects to be on the low end of the guidance range for full-year 2024 capital expenditures of $200 million to $250 million.
