ProPetro Reports Financial Results for the Fourth Quarter and Full Year of 2022

Rhea-AI Summary

ProPetro Holding Corp. (NYSE: PUMP) reported a 46% revenue increase to $1.3 billion for the full year 2022, with net income rising to $2 million, contrasting a $54 million loss in 2021. Adjusted EBITDA soared by 134% to $317 million, with margins improving from 15% to 25%. In Q4 2022, revenues rose 5% to $349 million, while net income reached $13 million ($0.12 per diluted share). However, Q4 Adjusted EBITDA declined 7% to $84 million, impacted by fleet repositioning and seasonal factors. ProPetro acquired Silvertip Completion Services and expects 2023 capital expenditures between $250 million and $300 million while aiming for robust service demand.

Positive

• 2022 revenue increased by 46% to $1.3 billion.
• Net income improved to $2 million in 2022 from a $54 million loss in 2021.
• Adjusted EBITDA rose 134% to $317 million with margin increase to 25%.
• Q4 revenue increased 5% to $349 million.
• Q4 net income rose to $13 million ($0.12 per diluted share).
• Completed acquisition of Silvertip, enhancing service capabilities.

Negative

• Q4 Adjusted EBITDA decreased 7% to $84 million.
• Utilization slightly decreased from 14.8 to 14.5 fleets.

MIDLAND, Texas--(BUSINESS WIRE)-- ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced financial and operational results for the fourth quarter and full year of 2022.

Full Year 2022 Results

• Full year 2022 revenue of $1.3 billion, a 46% increase versus 2021.
• Net income of $2 million for the full year 2022, as compared to a net loss of $54 million in 2021.
• Full year 2022 Adjusted EBITDA⁽¹⁾ of $317 million, an increase of 134% versus 2021, with Adjusted EBITDA margins increasing from 15% to 25%.

Fourth Quarter 2022 Results and Highlights

• Fourth quarter revenue increased 5% to $349 million compared to $333 million for the prior quarter.
• Fourth quarter net income of $13 million, or $0.12 per diluted share, compared to net income of $10 million, or $0.10 per diluted share, for the prior quarter.
• Fourth quarter Adjusted EBITDA⁽¹⁾ decreased 7% to $84 million or 24% of revenues, compared to $90 million or 27% of revenues for the prior quarter.
• Fourth quarter effective utilization was 14.5 fleets compared to 14.8 fleets for the prior quarter.
• Fourth quarter net cash provided by operating activities of $125 million as compared to $72 million for the prior quarter.
• Fourth quarter Free Cash Flow⁽²⁾ was approximately $15 million as compared to negative Free Cash Flow of approximately $26 million for the prior quarter.
• Completed the acquisition of Silvertip Completion Services Operating, LLC ("Silvertip"), a Permian Basin-focused provider of wireline perforating and pumpdown services, on November 1, 2022.
• During the quarter, the Company ordered two additional electric hydraulic fracturing fleets (for a total of four fleets to be delivered in 2023) and completed its first long-term contract for the new electric offering.

(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 is a Non-GAAP financial measure and is described and reconciled to cash from operating activities in the table under “Non-GAAP Financial Measures".

Sam Sledge, Chief Executive Officer, commented, “The fourth quarter was an exciting end to a transformational year for ProPetro. Thanks to the hard work of our team throughout 2022, we improved profitability, executed a disciplined approach to asset deployment, and successfully pursued accretive growth, strengthening our business and positioning the Company for more sustained, long-term success. We have significantly advanced our strategy to industrialize the business, and are confident that ProPetro is well-positioned to execute on the many value-enhancing opportunities ahead in 2023 and beyond.”

David Schorlemer, Chief Financial Officer, commented, “2022 was a significant investment year for ProPetro in which we recapitalized our fleet, made important progress in transitioning to over 35% natural gas-burning equipment and executed an accretive transaction with Silvertip, all while protecting our liquidity. Despite a fourth quarter impacted by weather, holiday-related seasonality and the strategic repositioning of certain fleets, for the full year we were proud to deliver a revenue increase of 46%, an Adjusted EBITDA increase of 134% and an Adjusted EBITDA margin increase of 930 basis points as compared to the prior year.”

Fourth Quarter 2022 Financial Summary

Revenue was $349 million, compared to $333 million for the third quarter of 2022. Despite the Company's slight decrease in utilization, the increase in revenue is attributable to pricing increases and added revenue from Silvertip.

Cost of services, excluding depreciation and amortization of approximately $34 million, increased to $243 million from $224 million during the third quarter of 2022. The increase was also attributable to the Silvertip acquisition, additional strategic supply chain purchases, and cost inflation across all of our service lines in the fourth quarter of 2022.

General and administrative expense of $27 million decreased from $28 million in the third quarter of 2022. General and administrative expense excluding non-recurring expense (net) of $5 million relating to legal settlement and expenses (net of insurance recovery), stock-based compensation of $4 million, and other non-recurring expenses of $1 million was $22 million, or 6% of revenue, which is flat compared to the third quarter of 2022.

Net income totaled $13 million, or $0.12 per diluted share, compared to net income of $10 million, or $0.10 per diluted share, for the third quarter of 2022.

Adjusted EBITDA decreased to $84 million from $90 million for the third quarter of 2022. The decrease in Adjusted EBITDA was primarily attributable to our decreased utilization caused by our fleet repositioning efforts, and the combination of holiday seasonality and weather impacts, and the costs of activating our 15th fleet.

Liquidity and Capital Spending

As of December 31, 2022, we had cash and cash equivalents of $89 million and borrowings under our ABL Credit Facility were $30 million. Total liquidity at the end of the fourth quarter of 2022 was $155 million, which included cash and cash equivalents and available borrowing capacity under our ABL Credit Facility.

As of February 20, 2023, borrowings under the Company's ABL Credit Facility were $30 million and our total liquidity was approximately $143 million, consisting of cash and cash equivalents of $35 million and $107 million of availability under our ABL Credit Facility.

Capital expenditures incurred during the fourth quarter of 2022 were $89 million, the majority of which related to maintenance expenditures, our previously announced Tier IV DGB conversions, and approximately $18 million in strategic supply chain purchases of fixed asset inventory items. Net cash used in investing activities during the fourth quarter of 2022 was $110 million.

Guidance and Recent Results

ProPetro’s outlook for full year 2023 cash capital expenditures is expected to be between $250 million and $300 million, a reduction compared to 2022. The Company anticipates that ongoing fleet revitalization and strategic investments will continue to provide value for ProPetro’s shareholders.

Additionally, based on its current outlook for the first quarter of 2023, ProPetro anticipates frac fleet utilization ranging between 14.5 to 15.5 fleets.

In January of 2023, despite some weather impacts and running only 14 fleets for the majority of the month, the Company generated revenues of $136 million and incurred cost of services of $88 million, and general and administrative costs of $8 million, exclusive of stock-based compensation and other non-recurring items of approximately $2 million. Importantly, we now have our 15th frac fleet operational today and expect full year utilization to average between 15 and 16 fleets.

These preliminary results are subject to the completion of the customary quarterly and year-end closing and review process and may be subject to change after completion of the year-end audit. See Cautionary Statement Regarding Preliminary Financial Information below.

Outlook

Mr. Schorlemer added, “As we proceed in 2023, we expect that demand for our services will remain robust. Thanks to the work undertaken in the fourth quarter to reposition and reprice our assets, we began 2023 strong. We believe our January performance is a strong baseline and expect to build upon that momentum as we move through the balance of 2023.”

Mr. Sledge concluded, “We are encouraged by our early 2023 results and the opportunities ahead for ProPetro. We continue to transition our fleet and remain disciplined with regard to capital deployment, both of which will allow us to advance our position as a leading completions-focused oilfield services company. At the same time, we are taking actions to ensure that ProPetro is positioned to meet head-on any broader industry headwinds that may arise. Moving forward, we are confident ProPetro is well-positioned to capitalize on a large and attractive market opportunity within the Permian Basin and drive enhanced returns for our shareholders in what we believe should be a multi-year up-cycle. We remain focused on the pillars of our strategy: optimizing our businesses, transitioning our fleet and executing strategic transactions to accelerate Free Cash Flow.”

Conference Call and Other Information

The Company will host a conference call at 8:00 AM Central Time on February 22, 2023, to discuss financial and operating results for the fourth quarter of 2022. The call will also be webcast on ProPetro’s website at www.propetroservices.com. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 8212202. The Company has also posted the scripted remarks on its website.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing innovative completion services to leading upstream oil and gas companies engaged in the exploration and production of North American oil and natural gas resources. For more information visit www.propetroservices.com.

Forward-Looking Statements

Except for historical information contained herein, the statements and information in this news release and discussion in the conference call described above 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,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” and other expressions that are predictions of, or indicate, future events and trends and that do not relate to historical matters identify forward‑looking statements. Our forward‑looking statements include, among other matters, statements about our business strategy, industry, future profitability, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures and the impact of such expenditures on our performance and capital programs. 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, the operational disruption and market volatility resulting from the global macroeconomic uncertainty related to the Russia-Ukraine war, general economic conditions, including the impact of continued inflation and the risk of a global recession, and other factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission (the “SEC”). In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it, including matters related to shareholder litigation. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company’s business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

Cautionary Statement Regarding Preliminary Financial Information

The financial information for the month of January 2023 contained in this news release and discussed in the conference call described above is based upon information available to the Company as of the date hereof and is not a comprehensive statement of the Company’s financial results. Such information is preliminary and unaudited. The Company’s completed results to be reported for the full three months ended March 31, 2023 may differ materially from these preliminary results. Moreover, during the course of the preparation of the Company’s condensed consolidated financial statements and related notes to be included in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2023, adjustments related to the preliminary financial information presented herein may be identified. Any such adjustments may be material.

PROPETRO HOLDING CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
		Three Months Ended												Years Ended
		December 31, 2022				September 30, 2022				December 31, 2021				December 31, 2022				December 31, 2021
REVENUE - Service revenue		$	348,924			$	333,014			$	246,070			$	1,279,701			$	874,514
COSTS AND EXPENSES
Cost of services (exclusive of depreciation and amortization)			242,618				224,118				187,361				882,820				662,266
General and administrative (inclusive of stock-based compensation)			26,728				28,190				23,843				111,760				82,921
Depreciation and amortization			34,375				30,417				33,124				128,108				133,377
Impairment expense			—				—				—				57,454				—
Loss on disposal of assets			26,912				36,636				24,145				102,150				64,646
Total costs and expenses			330,633				319,361				268,473				1,282,292				943,210
OPERATING INCOME (LOSS)			18,291				13,653				(22,403	)			(2,591	)			(68,696	)
OTHER INCOME (EXPENSE):
Interest expense			(565	)			(237	)			(137	)			(1,605	)			(614	)
Other income (expense)			1,835				(616	)			(305	)			11,582				873
Total other income (expense)			1,270				(853	)			(442	)			9,977				259
INCOME (LOSS) BEFORE INCOME TAXES			19,561				12,800				(22,845	)			7,386				(68,437	)
INCOME TAX (EXPENSE) BENEFIT			(6,520	)			(2,768	)			2,613				(5,356	)			14,252
NET INCOME (LOSS)		$	13,041			$	10,032			$	(20,232	)		$	2,030			$	(54,185	)
NET INCOME (LOSS) PER COMMON SHARE:
Basic		$	0.12			$	0.10			$	(0.20	)		$	0.02			$	(0.53	)
Diluted		$	0.12			$	0.10			$	(0.20	)		$	0.02			$	(0.53	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic			111,118				104,372				103,390				105,868				102,655
Diluted			111,988				105,070				103,390				106,939				102,655

PROPETRO HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
		December 31, 2022				December 31, 2021
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and restricted cash		$	88,862			$	111,918
Accounts receivable - net of allowance for credit losses of $419 and $217, respectively			215,925				128,148
Inventories			5,034				3,949
Prepaid expenses			8,643				6,752
Short-term investment, net			10,283				—
Other current assets			38				297
Total current assets			328,785				251,064
PROPERTY AND EQUIPMENT - net of accumulated depreciation			922,735				808,494
OPERATING LEASE RIGHT-OF-USE ASSETS			3,147				409
OTHER NONCURRENT ASSETS:
Goodwill			23,624				—
Intangible assets - net of amortization			56,345				—
Other noncurrent assets			1,150				1,269
Total other noncurrent assets			81,119				1,269
TOTAL ASSETS		$	1,335,786			$	1,061,236
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	234,299			$	152,649
Operating lease liabilities			854				369
Accrued and other current liabilities			49,027				20,767
Total current liabilities			284,180				173,785
DEFERRED INCOME TAXES			65,265				61,052
LONG-TERM DEBT			30,000				—
NONCURRENT OPERATING LEASE LIABILITIES			2,308				97
Total liabilities			381,753				234,934
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.001 par value, 30,000,000 shares authorized, none issued, respectively			—				—
Common stock, $0.001 par value, 200,000,000 shares authorized, 114,515,008 and 103,437,177 shares issued, respectively			114				103
Additional paid-in capital			970,519				844,829
Accumulated deficit			(16,600	)			(18,630	)
Total shareholders’ equity			954,033				826,302
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	1,335,786			$	1,061,236

PROPETRO HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
		Years Ended December 31,
		2022				2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	2,030			$	(54,185	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			128,108				133,377
Impairment expense			57,454				—
Deferred income tax expense (benefit)			4,213				(14,288	)
Amortization of deferred debt issuance costs			785				542
Stock‑based compensation			21,881				11,519
Provision for credit losses			202				282
Loss on disposal of assets			102,150				64,646
Unrealized loss on short-term investment			1,570				—
Non-cash income from settlement with equipment manufacturer			(2,668	)			—
Changes in operating assets and liabilities:
Accounts receivable			(66,900	)			(43,742	)
Other current assets			354				310
Inventories			124				(1,220	)
Prepaid expenses			743				4,463
Accounts payable			27,428				51,764
Accrued and other current liabilities			22,602				1,246
Accrued interest			353				—
Net cash provided by operating activities			300,429				154,714
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures			(319,683	)			(143,523	)
Silvertip Acquisition, net of cash acquired			(38,639	)			—
Proceeds from sale of assets			8,577				39,231
Net cash used in investing activities			(349,745	)			(104,292	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings			30,000				—
Repayments of insurance financing			—				(5,473	)
Payment of debt issuance costs			(824	)			—
Proceeds from exercise of equity awards			963				4,017
Tax withholdings paid for net settlement of equity awards			(3,879	)			(5,820	)
Net cash provided by (used in) financing activities			26,260				(7,276	)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(23,056	)			43,146
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of year			111,918				68,772
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of year		$	88,862			$	111,918

Reportable Segment Information

	Three Months Ended
	December 31, 2022										September 30, 2022
(in thousands)	Completion Services			All Other				Total			Completion Services			All Other				Total
Service revenue	$	348,924		$	—			$	348,924		$	330,780		$	2,234			$	333,014
Adjusted EBITDA	$	84,228		$	(118	)		$	84,110		$	92,009		$	(2,009	)		$	90,000
Depreciation and amortization	$	34,375		$	—			$	34,375		$	29,856		$	561			$	30,417
Capital expenditures	$	89,158		$	226			$	89,384		$	112,865		$	2,258			$	115,123

	Years Ended
	December 31, 2022										December 31, 2021
(in thousands)	Completion Services			All Other				Total			Completion Services			All Other			Total
Service revenue	$	1,266,261		$	13,440			$	1,279,701		$	857,642		$	16,872		$	874,514
Adjusted EBITDA	$	318,051		$	(1,461	)		$	316,590		$	134,309		$	698		$	135,007
Depreciation and amortization	$	125,867		$	2,241			$	128,108		$	129,780		$	3,597		$	133,377
Capital expenditures	$	362,467		$	2,849			$	365,316		$	162,222		$	2,936		$	165,158

Non-GAAP Financial Measures

We define EBITDA as net income (loss) less (i) depreciation and amortization, (ii) interest expense and (iii) income tax expense (benefit). We define Adjusted EBITDA as EBITDA, plus (i) loss (gain) on disposal of assets, (ii) stock-based compensation, (iii) other expense (income), (iv) other general and administrative expense (net) and (v) severance expense. We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities. Adjusted EBITDA and Free Cash Flow are not financial measures presented in accordance with GAAP. 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 provided by operating activities is the GAAP measure most directly comparable to Free Cash Flow. 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 or Free Cash Flow in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA and Free Cash Flow 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 Income (Loss) to Adjusted EBITDA

		Three Months Ended
		December 31, 2022												September 30, 2022
(in thousands)		Completion Services				All Other				Total				Completion Services			All Other				Total
Net income (loss)		$	13,386			$	(345	)		$	13,041			$	26,404		$	(16,372	)		$	10,032
Depreciation and amortization			34,375				—				34,375				29,856			561				30,417
Interest expense			565				—				565				237			—				237
Income tax expense			6,520				—				6,520				2,768			—				2,768
Loss on disposal of assets			26,685				227				26,912				22,850			13,786				36,636
Stock-based compensation			3,754				—				3,754				3,306			—				3,306
Other expense (income)(2)(3)			(1,835	)			—				(1,835	)			616			—				616
Other general and administrative expense, (net) (1)			748				—				748				4,920			—				4,920
Severance expense			30				—				30				1,052			16				1,068
Adjusted EBITDA		$	84,228			$	(118	)		$	84,110			$	92,009		$	(2,009	)		$	90,000

		Year Ended
		December 31, 2022												December 31, 2021
(in thousands)		Completion Services				All Other				Total				Completion Services				All Other				Total
Net income (loss)		$	19,754			$	(17,724	)		$	2,030			$	(51,189	)		$	(2,996	)		$	(54,185	)
Depreciation and amortization			125,867				2,241				128,108				129,780				3,597				133,377
Interest expense			1,605				—				1,605				614				—				614
Income tax (benefit) expense			5,356				—				5,356				(14,252	)			—				(14,252	)
Loss on disposal of assets			88,145				14,005				102,150				64,549				97				64,646
Impairment expense			57,454				—				57,454				—				—				—
Stock-based compensation			21,881				—				21,881				11,519				—				11,519
Other (income) expense (3)			(11,582	)			—				(11,582	)			(873	)			—				(873	)
Other general and administrative expense (1)			8,460				—				8,460				(6,471	)			—				(6,471	)
Severance expense			1,111				17				1,128				632				—				632
Adjusted EBITDA		$	318,051			$	(1,461	)		$	316,590			$	134,309			$	698			$	135,007

(1)		Other general and administrative expense, (net of reimbursement from insurance carriers) primarily relates to nonrecurring professional fees paid to external consultants in connection with the Company's audit committee review, SEC investigation, shareholder litigation, legal settlement to a vendor and other legal matters, net of insurance recoveries. During the three months ended December 31, 2022 and September 30, 2022, we received approximately $3.5 million and $3.4 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. During the years ended December 31, 2022 and December 31, 2021, we received approximately $10.4 million and $9.8 million respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation.
(2)		Includes $10.7 million net tax refund (net of advisory fees) received in March 2022 from the Texas Comptroller of Public Accounts in connection with limited sales, excise and use audit of the period July 1, 2015 through December 31, 2018.
(3)		Includes $2.7 million non-cash income from fixed asset inventory received as part of a settlement of warranty claims with an equipment manufacturer and a $1.6 million unrealized loss on short-term investment.

Reconciliation of Cash from Operating Activities to Free Cash Flow

		Three Months Ended
(in thousands)		December 31, 2022				September 30, 2022
Cash from Operating Activities		$	125,478			$	71,643
Cash used in Investing Activities			(109,788	)			(98,389	)
Free Cash Flow		$	15,690			$	(26,746	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005860/en/

Investor Contacts:

David Schorlemer

Chief Financial Officer

david.schorlemer@propetroservices.com

432-227-0864

Matt Augustine

Director, Corporate Development and Investor Relations

matt.augustine@propetroservices.com

432-848-0871

Source: ProPetro Holding Corp.

FAQ

What were ProPetro's fourth quarter 2022 earnings?

ProPetro reported a Q4 net income of $13 million, or $0.12 per diluted share.

How much did ProPetro's revenue grow in 2022?

ProPetro's revenue grew by 46% in 2022, totaling $1.3 billion.

What is ProPetro's outlook for capital expenditures in 2023?

ProPetro expects cash capital expenditures between $250 million and $300 million for 2023.

What caused the decrease in ProPetro's Adjusted EBITDA in Q4 2022?

The decrease was primarily due to fleet repositioning and seasonal impacts.

What acquisition did ProPetro complete in 2022?

ProPetro completed the acquisition of Silvertip Completion Services in November 2022.