Welcome to our dedicated page for ProFrac Holding news (Ticker: ACDC), a resource for investors and traders seeking the latest updates and insights on ProFrac Holding stock.
ProFrac Holding Corp. (NASDAQ: ACDC) is a technology-driven, vertically integrated energy services company specializing in hydraulic fracturing, completion services, and proppant production. Founded in 2016, ProFrac provides essential services to upstream oil and natural gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. The company's operations span key regions including West Texas, East Texas/Louisiana, South Texas, Oklahoma, Uinta, and Appalachian.
ProFrac operates through three primary segments: Stimulation Services, Manufacturing, and Proppant Production. The Stimulation Services segment, which generates the majority of the company's revenue, operates a fleet of mobile hydraulic fracturing units and auxiliary equipment to deliver high-performance stimulation services to its clients. The Proppant Production segment focuses on producing high-quality proppants to support fracturing operations, ensuring optimal fracture conductivity. The Manufacturing segment produces and supplies essential components and equipment, serving both internal and external needs.
In recent news, ProFrac reported third quarter 2023 financial results showing total revenue of $574.2 million and adjusted EBITDA of $149.3 million. Despite a net loss of $17.9 million, the company is taking strategic steps to optimize its fleet count, reduce costs, and enhance operational efficiency. ProFrac has also issued $50 million of perpetual preferred equity securities to strengthen its financial position.
ProFrac made significant strides in the refinancing of its debt, completing transactions totaling $885 million in December 2023 to extend debt maturities and maintain liquidity. The refinancing positions ProFrac to capitalize on expected increased activity in 2024. The company also continues to advance its proppant production capabilities, marketing all eight mines in an RFP process to secure more contracted volumes and reduce mining costs per ton.
Looking ahead, ProFrac aims to increase its fleet count and improve utilization rates. The company is focused on dedicated agreements with operators under contracted terms, which is expected to bolster financial performance in 2024. ProFrac is also investing in mine improvements and fleet upgrades to ensure sustained growth and profitability.
ProFrac is committed to reducing greenhouse gas emissions and enhancing efficiency through the adoption of new technologies. This focus on sustainability and operational excellence positions ProFrac as a leader in the oilfield services industry, ready to meet the challenging demands of its clients.
For more detailed information, visit ProFrac's website at www.pfholdingscorp.com.
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