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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) reported a significant increase in financial performance for Q2 2021, with total revenue rising 34% to $217 million, up from $161 million in Q1. The net loss narrowed to $9 million ($0.08 per diluted share) from $20 million ($0.20 per diluted share) in the previous quarter. Adjusted EBITDA surged 78% to $36 million. Effective fleet utilization improved to 13.1 from 10.3 fleets. The company generated positive free cash flow of $16 million, compared to a negative $5 million prior. ProPetro remains focused on ESG-friendly technologies and plans to mitigate global supply chain risks.
ProPetro Holding Corp. (NYSE: PUMP) announced a transition in executive leadership effective August 31, 2021. Phillip Gobe will become Executive Chairman, while Sam Sledge is promoted from President to Chief Executive Officer, and Adam Muñoz expands his role to President and Chief Operating Officer. This leadership change follows a comprehensive succession planning process by the Board, aimed at ensuring continuity and focusing on ProPetro’s customer and shareholder needs. The company continues to prioritize capital discipline and enhancing service quality amid ongoing industry challenges.
ProPetro Holding Corp. (NYSE: PUMP) is set to release its second quarter 2021 earnings on August 3, 2021, after market close. A conference call will follow on August 4, 2021, at 8:00 AM Central Time, to discuss the results. U.S. callers can access the call at 1-877-879-1183, while international callers should dial 1-412-902-6703. The call will also be available via webcast on ProPetro's website. A replay of the conference call will be available for one week.
ProPetro Holding Corp. (NYSE: PUMP) reported first-quarter financial results with revenues of $161 million, up from $154 million in Q4 2020. The company incurred a net loss of $20 million ($0.20 per share), significantly better than the $44 million loss in the previous quarter. Adjusted EBITDA fell to $20 million from $24 million due to operational disruptions from severe winter weather. Effective fleet utilization rose to 10.3 fleets. ProPetro remains debt-free with a liquidity of $114 million as of March 31, 2021.
ProPetro Holding Corp. (NYSE: PUMP) announced it will release its first quarter 2021 earnings on May 4, 2021, following market close. A conference call is scheduled for May 5, 2021, at 8:00 AM CT to discuss these results. Interested parties can access the call via U.S. toll-free number 1-844-340-9046 or internationally at 1-412-858-5205. The call will also be available on the company’s website. A replay will be accessible for one week post-call. ProPetro specializes in pressure pumping services for North American oil and gas exploration and production.
ProPetro Holding Corp. (NYSE: PUMP) has appointed Sam Sledge as President, effective immediately. This promotion follows the selection of Adam Munoz as Chief Operating Officer and David Schorlemer as Chief Financial Officer, part of a comprehensive succession planning process by the Board of Directors. Sledge, with ten years at ProPetro, brings extensive experience across key functions, including operations and finance. The management team aims to leverage their combined expertise to enhance business performance and ensure safe operations in a challenging market.
ProPetro Holding Corp. (NYSE: PUMP) has partnered with Fluid Energy Group Ltd. and Solnexus Chemical LLC to distribute Enviro-Syn® Modified Acid™ and Synthetic Acid™ in the West Texas and Permian Basin. This collaboration aims to enhance ProPetro's chemical service offerings with safer and eco-friendly alternatives to hydrochloric acid used in hydraulic fracturing. The new products promise reduced environmental impact, lower truck traffic, faster stage completion, and significant water savings per well.
ProPetro Holding Corp. (NYSE: PUMP) announced its 2020 financial results, reporting total revenue of $789 million, down from $2.1 billion in 2019. The company experienced a net loss of $107 million, compared to a net income of $163 million in the prior year. Despite the challenges, ProPetro achieved a safety record with a Total Recordable Incident Rate of 0.49. The company is transitioning to lower-emission equipment, committing to purchase electric and dual-fuel pumps. In Q4 2020, revenue rose to $154 million, while adjusted EBITDA increased to $24 million.
ProPetro Holding Corp. (NYSE: PUMP) has released preliminary unaudited financial highlights for Q4 2020, reporting total revenue between $151 million and $157 million. Costs of services are estimated at $112 million to $119 million. The company maintains a strong liquidity position with $121 million available, combining cash and credit. ProPetro plans to retire 150,000 hydraulic horsepower of Tier II diesel equipment and invest $37 million in cleaner technology. A conference call for full earnings is scheduled for February 24, 2021.
ProPetro Holding Corp. (NYSE: PUMP) announced that David Sledge, its Chief Operating Officer, will retire at the end of 2020, succeeded by Adam Muñoz. Sledge has contributed significantly to ProPetro's growth, overseeing an increase from one to 27 hydraulic fracturing fleets during his nine-year tenure. Muñoz, who joined in 2010, has held key operational roles and will continue to enhance operational efficiency as COO. ProPetro provides pressure pumping services to North American oil and gas companies.
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