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ProPetro Holding Corp. (symbol: PUMP) is a premier oilfield services company headquartered in Midland, Texas. The company specializes in providing essential services to the oil and gas industry, including hydraulic fracturing, wireline, cementing, and coiled tubing operations. ProPetro is primarily focused on the Permian Basin but also serves other significant oil-producing areas such as the Uintah-Piceance and Anadarko Basins.
Core Business and Services:
- Hydraulic Fracturing: This is ProPetro's primary revenue-generating service, which involves high-pressure injection of fluids to create fractures in rock formations, enhancing oil and gas extraction.
- Wireline Services: These services include the deployment of a wireline cable into wells for various tasks, such as logging and perforating, essential for evaluating and optimizing well performance.
- Cementing: ProPetro provides cementing services to ensure well integrity and zonal isolation during drilling and completion operations.
- Coiled Tubing: These services are used for well intervention and maintenance, offering flexibility and efficiency in various downhole operations.
Strategic Focus and Recent Achievements:
ProPetro's strategic focus lies in leveraging its advanced technology and experienced workforce to enhance operational efficiency and maximize client value. Recent achievements include expanding their hydraulic fracturing fleet with state-of-the-art equipment and forming strategic partnerships with leading exploration and production companies to deliver customized solutions.
Financial Condition:
The company maintains a robust financial position backed by consistent revenue streams from its diversified service offerings. It continues to invest in technology and equipment upgrades to stay competitive in the evolving oilfield services market.
Current Projects:
ProPetro is actively involved in multiple high-profile projects across its service areas, aiming to support sustainable and efficient oil and gas extraction. The company's commitment to safety, environmental stewardship, and community engagement underscores its operations.
For investors and stakeholders, ProPetro Holding Corp. represents a dynamic and reliable entity in the oilfield services industry, dedicated to driving growth and innovation in the sector.
ProPetro Holding Corp. (NYSE: PUMP) has entered into a term contract to provide electric hydraulic fracturing services for a major Permian-focused oil and gas operator. CEO Sam Sledge announced that this contract marks the deployment of their fourth FORCE® electric frac fleet. ProPetro currently has four such fleets on term contracts, which require around 165 megawatts of mobile power generation equipment. The company emphasizes the efficiency and value delivered by these fleets to their customers. The announcement underscores ProPetro's strategy to build a profitable business and highlights the expected growth in mobile power demand for electric-powered hydraulic fracturing fleets. The company’s mobile power generation solutions business, ProPWR℠, is set to capitalize on these trends, benefiting from increased demand in the oil and gas sector and other industries, including AI data centers.
ProPetro (NYSE: PUMP) has announced the launch of ProPWR, a new subsidiary focused on mobile natural gas-fueled power generation. The company has placed an initial order for over 110 megawatts of power generation equipment, representing a $122 million investment. The equipment will serve multiple oilfield and industrial applications across the Permian Basin.
The investment will be funded through a combination of cash (up to $20 million in early 2025) and external financing. Equipment deliveries are scheduled between June 2025 and March 2026. ProPWR aims to support ProPetro's FORCE® electric-powered hydraulic fracturing fleets, which currently utilize approximately 140 megawatts of mobile power generation capacity, and plans to expand into non-oil and gas applications such as industrial projects and data centers.
ProPetro reported Q3 2024 financial results with total revenue of $361 million, up 1% from previous quarter. The company recorded a net loss of $137 million ($1.32 per diluted share), including a $189 million noncash impairment expense related to Tier II diesel-only equipment. Adjusted EBITDA was $71 million, representing 20% of revenue. The company repurchased 1.3 million shares during Q3, with total repurchases of 12.6 million shares since May 2023. Three FORCE® electric-powered hydraulic fracturing fleets are operational, with fourth and fifth deployments planned for year-end 2024 and early 2025.
ProPetro Holding Corp. (NYSE: PUMP) has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its earnings report on Wednesday, October 30, 2024, before the market opens. Following this, ProPetro will host a conference call at 8:00 AM Central Time on the same day to discuss the results.
Interested parties can access the call through various means:
- U.S. callers: Toll-free at 1-844-340-9046
- International callers: 1-412-858-5205
- Webcast: Available on ProPetro's website (www.propetroservices.com)
A replay of the call will be accessible for one week after the event, with the following dial-in numbers:
- U.S. callers: 1-877-344-7529
- Canadian callers: 1-855-669-9658
- International callers: 1-412-317-0088
- Replay access code: 6437367
ProPetro Holding Corp. (NYSE: PUMP) reported second quarter 2024 results. Revenue decreased 12% to $357 million from the previous quarter. The company posted a net loss of $4 million ($0.03 per diluted share) compared to a net income of $20 million in the prior quarter. Adjusted EBITDA fell 29% to $66 million. Net cash from operations was $105 million with Free Cash Flow at $48 million. ProPetro's capital expenditure guidance for 2024 has been reduced to $175-$200 million.
ProPetro continues to transition to FORCESM electric fleets, now operating four with a fifth on order. The company acquired Aqua Prop and repurchased 2.5 million shares, retiring a total of 11.3 million shares since May 2023. Challenges included pricing pressures and customer delays. Despite this, ProPetro remains confident in its long-term strategy and strong free cash flow generation.
ProPetro Holding Corp. (NYSE: PUMP) will release its second quarter 2024 earnings on Wednesday, July 31, 2024, before the market opens. Following the release, the company will host a conference call at 8:00 AM Central Time to discuss the results. U.S. participants can dial 1-844-340-9046, while international participants can dial 1-412-858-5205 to join the call. A webcast will also be available on ProPetro’s website, www.propetroservices.com. A replay of the call will be accessible for one week using the access code 9918646, with different toll-free numbers provided for U.S., Canadian, and international callers.
ProPetro Holding Corp. (NYSE: PUMP) has announced the acquisition of Aqua Prop for $35.6 million in cash, net of working capital. Aqua Prop is known for providing cost-effective wet sand solutions. This acquisition aligns with ProPetro's strategy to innovate and integrate its operations, enhancing value for stakeholders. ProPetro will manage sand storage and handling onsite and leverage strategic agreements for logistics and preferred access to wet sand supply. The deal includes future earnout incentives and potential growth capital expenditure considerations to support both companies' growth targets.
ProPetro Holding Corp. announced the appointment of Alex Volkov to its Board of Directors as ExxonMobil's designee. Volkov will bring his experience from ExxonMobil to enhance ProPetro's strategic decisions. Mark Berg, a current director, will remain on the Board as an independent director. The company looks forward to benefiting from Volkov and Berg's expertise.
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.
ProPetro Holding Corp. (NYSE: PUMP) has signed a three-year Agreement to provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin. The Agreement includes the deployment of FORCESM electric fleets, emphasizing sustainability and operational excellence. ProPetro aims to deliver innovative, cost-effective, and environmentally friendly energy solutions, showcasing a commitment to high-quality, low-emission services.
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