ProPetro Reports Financial Results for the Second Quarter of 2025
Second Quarter 2025 Results and Highlights
-
Total revenue of
$326 million 9% compared to$359 million -
Net loss was
$7 million $0.07 $10 million $0.09 -
Adjusted EBITDA(1) of
$50 million 15% of revenue and decreased32% compared to the prior quarter. -
Capital expenditures paid were
$37 million $73 million -
Net cash provided by operating activities and net cash used in investing activities were
$54 million $36 million -
Free Cash Flow for Completions Business(2) was
$26 million - Secured inaugural 10-year contract for approximately 80 megawatts of long-term PROPWR℠ service capacity with a leading E&P operator in the Permian Basin.
-
Over
50% of ProPetro's active hydraulic horsepower is under long-term contracts. This is inclusive of two Tier IV DGB dual-fuel and four FORCE® electric-powered hydraulic fracturing fleets.
(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)
Free Cash Flow for Completions Business is a non-GAAP financial measure and is described and reconciled to net cash from operating activities in the table under “Non-GAAP Financial Measures.”
Management Comments
Sam Sledge, Chief Executive Officer, commented, “In what proved to be a challenging quarter, we maintained operational and financial stability and continued to advance our strategy. Free cash flow for our completions business remained intact, supported by our capital-light investment strategy, cost control, and the consistent performance of the ProPetro team.
“With regard to the current operating environment, both the broader energy markets and, more specifically, the completions market in the Permian Basin, continue to face challenges. We believe Permian frac fleet counts are likely approaching 70, compared to approximately 90 to 100 fleets operating at the start of the year. Increased market uncertainty – driven by tariffs and rising OPEC+ production – has resulted in more idle frac capacity than anticipated. Furthermore, price discipline has weakened at the lower end of the market, particularly among subscale frac providers. While we’ve had opportunities to keep virtually all of our fleets active, we have proactively chosen to idle certain fleets, rather than run our fleets at sub-economic levels, preserving them for more favorable market conditions. That said, we are prepared to navigate this market by controlling what we can control – our everyday behaviors inside of ProPetro. Our strategic investments, including past M&A activity, PROPWR growth and the FORCE® electric fleet transition, have strengthened the Company’s foundation, so that we can withstand market turbulence. ProPetro is a strong business, led and operated by an experienced team, with low debt, and first-class customers in one of the world’s leading regions for hydrocarbon production, the Permian Basin. Regardless of market conditions, we are confident that these strengths – and our resilient, capital light, cash flow generative business model – will enable us to continue delivering shareholder value.”
Second Quarter 2025 Financial Summary
Revenue was
Cost of services, excluding depreciation and amortization of approximately
General and administrative (“G&A”) expense of
Net loss totaled
Adjusted EBITDA decreased to
Net cash provided by operating activities was
Share Repurchase Program
In May 2025, the Company extended its
PROPWR Update
Mr. Sledge added, “We currently have approximately 220 megawatts on order, with deliveries that began recently and are expected to be completed by mid-year 2026. We were especially proud to announce our inaugural contract during the quarter, which was executed in collaboration with a Permian-focused E&P operator and commits 80 megawatts of power generation capacity to deliver turnkey power to a distributed microgrid installation. Asset deployment is scheduled to begin in the third quarter of this year and continue through 2026. This 10-year midstream-like agreement marks a major milestone for PROPWR and serves as a future blueprint and a testament to our commitment to innovation and long-term growth.
“Furthermore, over the coming weeks and months, we anticipate announcing multiple long-term contracts with oil and gas customers to meet their in-field power requirements. Based on our ongoing discussions, we are confident that we will secure long-term agreements for all 220 megawatts of currently ordered equipment by the end of 2025. Additionally, we are actively engaging with our power generation suppliers regarding our next equipment order. While these developments are exciting, we believe this is still just the beginning for the business. We will continue to align our actions with our PROPWR mission to ‘Rethink The Grid,’ unlocking more exciting opportunities to serve our existing and prospective clients both in oil and gas, and other industries, to create long-term value for ProPetro shareholders.”
Liquidity and Capital Spending
As of June 30, 2025, total cash was
During the second quarter of 2025, capital expenditures paid were
Guidance
Given the recent decline in activity and the anticipated utilization forecast, the Company now anticipates full-year 2025 capital expenditures incurred to be between
During the second quarter, 13 to 14 hydraulic fracturing fleets were active. Due to the recent decline in oil prices, influenced by tariffs and OPEC+ production increases, along with a disciplined asset deployment strategy, the Company anticipates operating on average approximately 10 to 11 active hydraulic fracturing fleets in the third quarter of 2025.
Outlook
Mr. Sledge concluded, “Market cycles like this create opportunity, as changes in the environment can offer up new ways for companies like ProPetro to profitably grow and better serve our clients, allowing us to emerge on the other side of the cycle healthier than before and well positioned to operate in a market that has improved with respect to both supply and demand. In contrast, many smaller peers – often the less disciplined competitors in the market and those who have not invested in next-generation technology – may struggle to withstand a downturn for as long, given their limited ability to earn returns on their deployed assets.
“As we look to the second half of the year and into 2026, we remain confident in ProPetro’s ability to navigate market uncertainty and capitalize on long-term opportunities. We’re building a business that sustains through cycles, backed by a strong balance sheet, durable customer relationships, and a growing platform in PROPWR. With over half of our active frac horsepower on long-term contracts, and continued demand for our next-generation fleets and reliable power infrastructure, our company is well-positioned to emerge from this volatile period stronger than ever. We’re committed to staying disciplined in capital deployment, dynamic in strategy, and focused on delivering value for customers and shareholders alike.”
Conference Call Information
The Company will host a conference call at 8:00 AM Central Time on Wednesday, July 30, 2025, to discuss financial and operating results for the second quarter of 2025. 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 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,” “confident,” “plan,” “project,” “budget,” “design,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “will,” “should,” “continue,” 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, industry trends and activity levels, our business strategy, 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, our share repurchase program, and the anticipated commercial prospects of PROPWR, including the demand for its services and the ability to secure long-term contracts and anticipated benefits of the new business line. 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, changes in the supply of and demand for power generation, the risks associated with the establishment of a new service line, including delays, lack of customer acceptance and cost overruns, 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 |
||||||||||
|
|
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2024 |
||||||
REVENUE - Service revenue |
|
$ |
326,151 |
|
|
$ |
359,416 |
|
|
$ |
357,021 |
|
COSTS AND EXPENSES |
|
|
|
|
|
|
||||||
Cost of services (exclusive of depreciation and amortization) |
|
|
253,173 |
|
|
|
263,856 |
|
|
|
265,845 |
|
General and administrative (inclusive of stock-based compensation) |
|
|
28,490 |
|
|
|
27,632 |
|
|
|
30,910 |
|
Depreciation and amortization |
|
|
43,309 |
|
|
|
48,681 |
|
|
|
60,405 |
|
Loss on disposal of assets |
|
|
4,346 |
|
|
|
9,746 |
|
|
|
394 |
|
Total costs and expenses |
|
|
329,318 |
|
|
|
349,915 |
|
|
|
357,554 |
|
OPERATING (LOSS) INCOME |
|
|
(3,167 |
) |
|
|
9,501 |
|
|
|
(533 |
) |
OTHER (EXPENSES) INCOME: |
|
|
|
|
|
|
||||||
Interest expense |
|
|
(1,811 |
) |
|
|
(1,730 |
) |
|
|
(1,965 |
) |
Other income, net |
|
|
195 |
|
|
|
2,943 |
|
|
|
2,403 |
|
Total other (expense) income, net |
|
|
(1,616 |
) |
|
|
1,213 |
|
|
|
438 |
|
(LOSS) INCOME BEFORE INCOME TAXES |
|
|
(4,783 |
) |
|
|
10,714 |
|
|
|
(95 |
) |
INCOME TAX EXPENSE |
|
|
(2,372 |
) |
|
|
(1,112 |
) |
|
|
(3,565 |
) |
NET (LOSS) INCOME |
|
$ |
(7,155 |
) |
|
$ |
9,602 |
|
|
$ |
(3,660 |
) |
|
|
|
|
|
|
|
||||||
NET (LOSS) INCOME PER COMMON SHARE: |
|
|
|
|
|
|
||||||
Basic |
|
$ |
(0.07 |
) |
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
Diluted |
|
$ |
(0.07 |
) |
|
$ |
0.09 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
||||||
Basic |
|
|
103,900 |
|
|
|
103,319 |
|
|
|
106,303 |
|
Diluted |
|
|
103,900 |
|
|
|
105,118 |
|
|
|
106,303 |
|
NOTE: |
Certain reclassifications to depreciation and amortization and loss on disposal of assets have been made to the statements of operations and the statement of cash flows for the periods prior to 2025 to conform to the current period presentation. |
|
PROPETRO HOLDING CORP. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except share data) |
||||||||
(Unaudited) |
||||||||
|
|
June 30, 2025 |
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
74,840 |
|
|
$ |
50,443 |
|
Accounts receivable - net of allowance for credit losses of |
|
|
210,725 |
|
|
|
195,994 |
|
Inventories |
|
|
16,382 |
|
|
|
16,162 |
|
Prepaid expenses |
|
|
11,528 |
|
|
|
17,719 |
|
Short-term investment, net |
|
|
8,163 |
|
|
|
7,849 |
|
Other current assets |
|
|
5,825 |
|
|
|
4,054 |
|
Total current assets |
|
|
327,463 |
|
|
|
292,221 |
|
PROPERTY AND EQUIPMENT - net of accumulated depreciation |
|
|
698,995 |
|
|
|
688,225 |
|
OPERATING LEASE RIGHT-OF-USE ASSETS |
|
|
108,891 |
|
|
|
132,294 |
|
FINANCE LEASE RIGHT-OF-USE ASSETS |
|
|
19,755 |
|
|
|
30,713 |
|
OTHER NONCURRENT ASSETS: |
|
|
|
|
||||
Goodwill |
|
|
920 |
|
|
|
920 |
|
Intangible assets - net of amortization |
|
|
60,202 |
|
|
|
64,905 |
|
Other noncurrent assets |
|
|
12,921 |
|
|
|
14,367 |
|
Total other noncurrent assets |
|
|
74,043 |
|
|
|
80,192 |
|
TOTAL ASSETS |
|
$ |
1,229,147 |
|
|
$ |
1,223,645 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Accounts payable |
|
$ |
110,153 |
|
|
$ |
92,963 |
|
Accrued and other current liabilities |
|
|
56,395 |
|
|
|
70,923 |
|
Interim debt - net of debt issuance costs |
|
|
2,114 |
|
|
|
— |
|
Current maturities of long-term debt - net of debt issuance costs |
|
|
3,757 |
|
|
|
— |
|
Operating lease liabilities |
|
|
39,717 |
|
|
|
39,063 |
|
Finance lease liabilities |
|
|
18,914 |
|
|
|
19,317 |
|
Total current liabilities |
|
|
231,050 |
|
|
|
222,266 |
|
DEFERRED INCOME TAXES |
|
|
63,300 |
|
|
|
59,770 |
|
LONG-TERM DEBT - net of debt issuance costs and current maturities |
|
|
57,614 |
|
|
|
45,000 |
|
NONCURRENT OPERATING LEASE LIABILITIES |
|
|
42,501 |
|
|
|
58,849 |
|
NONCURRENT FINANCE LEASE LIABILITIES |
|
|
2,809 |
|
|
|
13,187 |
|
OTHER LONG-TERM LIABILITIES |
|
|
7,900 |
|
|
|
8,300 |
|
Total liabilities |
|
|
405,174 |
|
|
|
407,372 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
||||
SHAREHOLDERS’ EQUITY: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
104 |
|
|
|
103 |
|
Additional paid-in capital |
|
|
890,247 |
|
|
|
884,995 |
|
Accumulated deficit |
|
|
(66,378 |
) |
|
|
(68,825 |
) |
Total shareholders’ equity |
|
|
823,973 |
|
|
|
816,273 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
$ |
1,229,147 |
|
|
$ |
1,223,645 |
|
PROPETRO HOLDING CORP. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2025 |
|
2024 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
||||
Net income |
|
$ |
2,447 |
|
|
$ |
16,270 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization |
|
|
91,990 |
|
|
|
119,065 |
|
Deferred income tax expense |
|
|
3,531 |
|
|
|
10,357 |
|
Amortization of deferred debt issuance costs |
|
|
216 |
|
|
|
217 |
|
Stock-based compensation |
|
|
8,070 |
|
|
|
8,360 |
|
Loss on disposal of assets |
|
|
14,092 |
|
|
|
398 |
|
Unrealized gain on short-term investment |
|
|
(314 |
) |
|
|
(52 |
) |
Business acquisition contingent consideration adjustments |
|
|
(400 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(14,731 |
) |
|
|
26,641 |
|
Other current assets |
|
|
(1,903 |
) |
|
|
(568 |
) |
Inventories |
|
|
(220 |
) |
|
|
(1,036 |
) |
Prepaid expenses |
|
|
6,191 |
|
|
|
2,797 |
|
Accounts payable |
|
|
2,461 |
|
|
|
(5,254 |
) |
Accrued and other current liabilities |
|
|
(2,527 |
) |
|
|
2,568 |
|
Net cash provided by operating activities |
|
|
108,903 |
|
|
|
179,763 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: (1) |
|
|
|
|
||||
Capital expenditures |
|
|
(78,044 |
) |
|
|
(71,805 |
) |
Business acquisition, net of cash acquired |
|
|
— |
|
|
|
(21,038 |
) |
Proceeds from sale of assets |
|
|
8,676 |
|
|
|
1,920 |
|
Proceeds from note receivable from sale of business |
|
|
844 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(68,524 |
) |
|
|
(90,923 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: (1) |
|
|
|
|
||||
Payments of finance lease obligations |
|
|
(9,231 |
) |
|
|
(8,542 |
) |
Repayments of insurance financing |
|
|
(2,979 |
) |
|
|
— |
|
Payment of debt issuance costs |
|
|
(425 |
) |
|
|
— |
|
Tax withholdings paid for net settlement of equity awards |
|
|
(2,816 |
) |
|
|
(1,270 |
) |
Share repurchases |
|
|
— |
|
|
|
(45,496 |
) |
Payment of excise tax on share repurchases |
|
|
(531 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(15,982 |
) |
|
|
(55,308 |
) |
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
24,397 |
|
|
|
33,532 |
|
CASH AND CASH EQUIVALENTS - Beginning of period |
|
|
50,443 |
|
|
|
33,354 |
|
CASH AND CASH EQUIVALENTS - End of period |
|
$ |
74,840 |
|
|
$ |
66,886 |
|
| (1) | Cash flows from investing activities exclude capital expenditures related to certain financed equipment purchases and cash flows from financing activities exclude corresponding issuances of loans since the lender is an affiliate of the equipment manufacturer. These activities are presented as non-cash investing and financing activities. |
|
Reconciliation of Capital Expenditures Paid to Capital Expenditures Incurred
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
(in thousands) |
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2025 |
|
June 30, 2024 |
|||||||||
Capital Expenditures Paid (1) |
$ |
37,131 |
|
|
$ |
40,913 |
|
|
$ |
78,044 |
|
|
$ |
71,805 |
|
|
Less: Capital expenditures included in accounts payable and accrued liabilities - beginning of period |
|
(12,435 |
) |
|
|
(14,695 |
) |
|
|
(14,695 |
) |
|
|
(21,603 |
) |
|
Add: Capital expenditures included in accounts payable and accrued liabilities - end of period |
|
29,136 |
|
|
|
12,435 |
|
|
|
29,136 |
|
|
|
21,588 |
|
|
Add: Capital expenditures related to financed equipment purchases - end of period |
|
18,910 |
|
|
|
— |
|
|
|
18,910 |
|
|
|
— |
|
|
Add: Capital expenditures financed by operating lease landlord - end of period |
|
350 |
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
|
Capital Expenditures Incurred (1) |
$ |
73,092 |
|
|
$ |
38,653 |
|
|
$ |
111,745 |
|
|
$ |
71,790 |
|
|
| (1) | This table reconciles cash basis capital expenditures reported in the condensed consolidated statements of cash flows to accrual basis capital expenditures reported in the reportable segment information section below. |
Reportable Segment Information
|
Three Months Ended June 30, 2025 |
|||||||||||||||||||
(in thousands) |
Hydraulic Fracturing |
|
Wireline |
|
Cementing |
|
All Other (1) |
|
Reconciling Items |
|
Total |
|||||||||
Service revenue |
$ |
245,741 |
|
$ |
47,995 |
|
$ |
32,443 |
|
$ |
— |
|
|
$ |
(28 |
) |
|
$ |
326,151 |
|
Adjusted EBITDA |
$ |
51,983 |
|
$ |
7,855 |
|
$ |
4,651 |
|
$ |
(2,231 |
) |
|
$ |
(12,651 |
) |
|
$ |
49,607 |
|
Depreciation and amortization |
$ |
35,634 |
|
$ |
5,608 |
|
$ |
2,030 |
|
$ |
17 |
|
|
$ |
20 |
|
|
$ |
43,309 |
|
Operating lease expense on FORCE® fleets (2) |
$ |
14,462 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,462 |
|
Capital expenditures incurred |
$ |
25,064 |
|
$ |
2,331 |
|
$ |
3,083 |
|
$ |
42,614 |
|
|
$ |
— |
|
|
$ |
73,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended March 31, 2025 |
|||||||||||||||||||
(in thousands) |
Hydraulic Fracturing |
|
Wireline |
|
Cementing |
|
All Other (1) |
|
Reconciling Items |
|
Total |
|||||||||
Service revenue |
$ |
269,399 |
|
$ |
53,442 |
|
$ |
36,633 |
|
$ |
— |
|
|
$ |
(58 |
) |
|
$ |
359,416 |
|
Adjusted EBITDA |
$ |
68,340 |
|
$ |
10,473 |
|
$ |
8,066 |
|
$ |
(710 |
) |
|
$ |
(13,483 |
) |
|
$ |
72,686 |
|
Depreciation and amortization |
$ |
41,301 |
|
$ |
5,427 |
|
$ |
1,930 |
|
$ |
— |
|
|
$ |
23 |
|
|
$ |
48,681 |
|
Operating lease expense on FORCE® fleets (2) |
$ |
15,339 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,339 |
|
Capital expenditures incurred |
$ |
16,338 |
|
$ |
2,184 |
|
$ |
1,831 |
|
$ |
18,300 |
|
|
$ |
— |
|
|
$ |
38,653 |
|
| (1) | Represents our power generation services business. |
|
| (2) | Represents lease cost related to operating leases on our FORCE® electric-powered hydraulic fracturing fleets. This cost is recorded within cost of services in our condensed consolidated statements of operations and is included in Adjusted EBITDA. |
Non-GAAP Financial Measures
Adjusted EBITDA, Free Cash Flow and Free Cash Flow for Completions Business 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) business acquisition contingent consideration adjustments, (iv) other expense (income), (v) other unusual or nonrecurring (income) expenses such as impairment expenses, costs related to asset acquisitions, insurance recoveries, one-time professional fees and legal settlements and (vi) 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 define Free Cash Flow for Completions Business as net cash provided by operating activities less net cash used in investing activities plus net cash used in operating activities for PROPWR plus net cash used in investing activities for PROPWR.
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 and Free Cash Flow for Completions Business. 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, Free Cash Flow or Free Cash Flow for Completions Business in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA, Free Cash Flow and Free Cash Flow for Completions Business 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 (Loss) Income to Adjusted EBITDA
|
Three Months Ended |
|||||||
(in thousands) |
June 30, 2025 |
|
March 31, 2025 |
|||||
Net (loss) income |
$ |
(7,155 |
) |
|
$ |
9,602 |
|
|
Depreciation and amortization |
|
43,309 |
|
|
|
48,681 |
|
|
Interest expense |
|
1,811 |
|
|
|
1,730 |
|
|
Income tax expense |
|
2,372 |
|
|
|
1,112 |
|
|
Loss on disposal of assets |
|
4,346 |
|
|
|
9,746 |
|
|
Stock-based compensation |
|
4,733 |
|
|
|
3,337 |
|
|
Business acquisition contingent consideration adjustments |
|
(100 |
) |
|
|
(300 |
) |
|
Other income, net (1) |
|
(195 |
) |
|
|
(2,943 |
) |
|
Other general and administrative expense, net |
|
159 |
|
|
|
6 |
|
|
Retention bonus and severance expense |
|
327 |
|
|
|
1,715 |
|
|
Adjusted EBITDA |
$ |
49,607 |
|
|
$ |
72,686 |
|
|
| (1) |
Other income for the three months ended March 31, 2025 is primarily comprised of adjustments to workers' compensation and general liability insurance premiums of |
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Free Cash Flow for Completions Business
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
(in thousands) |
June 30, 2025 |
|
March 31, 2025 |
|
June 30, 2025 |
|
June 30, 2024 |
|||||||||
Net Cash provided by Operating Activities |
$ |
54,214 |
|
|
$ |
54,689 |
|
|
$ |
108,903 |
|
|
$ |
179,763 |
|
|
Net Cash used in Investing Activities |
|
(35,688 |
) |
|
|
(32,836 |
) |
|
|
(68,524 |
) |
|
|
(90,923 |
) |
|
Free Cash Flow |
|
18,526 |
|
|
|
21,853 |
|
|
|
40,379 |
|
|
|
88,840 |
|
|
Net Cash used in Operating Activities - PROPWR business |
|
1,679 |
|
|
|
528 |
|
|
|
2,207 |
|
|
|
— |
|
|
Net Cash used in Investing Activities - PROPWR business |
|
6,001 |
|
|
|
18,300 |
|
|
|
24,301 |
|
|
|
— |
|
|
Free Cash Flow for Completions Business |
$ |
26,206 |
|
|
$ |
40,681 |
|
|
$ |
66,887 |
|
|
$ |
88,840 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250730765774/en/
Investor Contacts:
Matt Augustine
Vice President, Finance and Investor Relations
matt.augustine@propetroservices.com
432-219-7620
Source: ProPetro Holding Corp.
