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.
ProFrac Holding Corp. (NASDAQ: PFHC, ACDC) has scheduled its first quarter 2023 financial results announcement for May 10, 2023, at 11:00 a.m. Eastern / 10:00 a.m. Central. The call will be accessible via phone or online. For those unable to attend, a replay will be available until May 17, 2023. The company, founded in 2016, focuses on energy services, providing well stimulation and proppants production to the oil and gas sector. ProFrac aims to reduce greenhouse gas emissions through innovative technologies while meeting hydraulic fracturing needs. Investors can find more information on their official site.
The Wilks Family, the largest shareholder of ProFrac Holdings Corp. (NASDAQ: ACDC), released an open letter to shareholders on April 12, 2023. They express confidence in ProFrac's strategic vision and highlight the company's leadership in fleet profitability. The family announced their exchange of Class B shares for Class A shares, aimed at streamlining ProFrac's corporate structure by eliminating the Up-C structure. This change is expected to reduce compliance costs and enhance the company’s chances for index inclusion, potentially attracting more investors. Additionally, recent open market purchases by the Wilks family and Board members total 927,995 shares, reflecting their commitment to ProFrac's future. The family encourages ProFrac to present a plan for returning capital to shareholders and expresses optimism for the company’s growth and innovation.
ProFrac Holding Corp. (NASDAQ: ACDC) reported strong financial results for Q4 and FY 2022, achieving total revenue of $2.4 billion, a 216% year-over-year increase. Net income rose to $342.7 million, recovering from a loss of ($43.5) million in 2021. Adjusted EBITDA, excluding Flotek, surged 520% to $835.5 million. Q4 revenue was $794.1 million, up 14% sequentially, although net income declined 17% to $116 million. The company closed several acquisitions, including Producers Service Holdings. Challenges include lower commodity prices affecting operational efficiency in 2023.
ProFrac Holding Corp. (NASDAQ: ACDC) has announced that it will report its 2022 fourth quarter financial results on March 21, 2023, ahead of a live conference call scheduled for 11:30 a.m. Eastern. Investors can join the call via phone or online. A replay will be available until March 28, 2023. Founded in 2016, ProFrac specializes in hydraulic fracturing and aims to reduce greenhouse gas emissions through innovative technologies. The company serves leading upstream oil and gas firms in North America.
ProFrac Holding Corp. (NASDAQ: ACDC) has completed its acquisition of Performance Proppants for approximately $475 million, enhancing its vertical integration in the Haynesville region. This acquisition positions ProFrac as the largest in-basin proppant producer in North America, with four mines and a production capacity of 10.4 million tons per year. The company plans to improve operational efficiency and reduce completion costs for customers. Additionally, ProFrac has increased its ABL Credit Facility from $280 million to $400 million, borrowing $298 million for this acquisition while maintaining $79 million in availability.
ProFrac Holding Corp. (NASDAQ: ACDC) announced the completion of its acquisitions of REV Energy Holdings, LLC and Producers Services Holdings LLC for a total of approximately $175 million. The REV acquisition involves $140 million in transaction value, funded by $70 million in Class B shares and seller financing. The Producers deal is valued at $35 million, with half paid in Class A shares. These acquisitions enhance ProFrac's operational footprint in the Rockies, Bakken, and Northeast, adding six frac fleets capable of 404,500 hydraulic horsepower and expected to boost earnings and cash flow in 2023.
ProFrac Holding Corp. (NASDAQ: ACDC) has completed the acquisition of Monarch Silica's sand mining operations in the Eagle Ford and announced agreements to acquire REV Energy Holdings for $140 million and Performance Proppants for $475 million. These transactions aim to enhance ProFrac's pressure pumping capabilities and vertical integration strategy, potentially increasing capacity and efficiency. While the acquisitions are expected to be accretive to earnings, the company must navigate funding risks and regulatory approvals for successful completion.
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