ProPetro Holding Corp
F:2PG
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ProPetro Holding Corp
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ProPetro Holding Corp
ProPetro Holding Corp. is an oilfield services company that helps shale producers complete new wells after drilling. Its core business is pressure pumping, especially hydraulic fracturing, where high-pressure fluid is used to crack rock and let oil and gas flow more easily. It also provides related completion services that support that same stage of well development. Its main customers are exploration and production companies, especially operators working in the Permian Basin. ProPetro makes money by sending crews, equipment, and technical services to customer well sites and charging for that work under service contracts or job-based arrangements. In simple terms, it sells the field labor and specialized equipment needed to finish wells, not the oil or gas itself. What makes the business different is that it sits in a narrow and highly cyclical part of the energy supply chain. ProPetro does not own producing assets; it earns fees when customers are drilling and completing wells and needs large, specialized pumping fleets to do the work. That makes it a service provider closely tied to U.S. shale activity, with value built around equipment, logistics, and execution in tough field conditions.
ProPetro Holding Corp. is an oilfield services company that helps shale producers complete new wells after drilling. Its core business is pressure pumping, especially hydraulic fracturing, where high-pressure fluid is used to crack rock and let oil and gas flow more easily. It also provides related completion services that support that same stage of well development.
Its main customers are exploration and production companies, especially operators working in the Permian Basin. ProPetro makes money by sending crews, equipment, and technical services to customer well sites and charging for that work under service contracts or job-based arrangements. In simple terms, it sells the field labor and specialized equipment needed to finish wells, not the oil or gas itself.
What makes the business different is that it sits in a narrow and highly cyclical part of the energy supply chain. ProPetro does not own producing assets; it earns fees when customers are drilling and completing wells and needs large, specialized pumping fleets to do the work. That makes it a service provider closely tied to U.S. shale activity, with value built around equipment, logistics, and execution in tough field conditions.
Quarter: ProPetro reported first-quarter revenue of $271 million, down 7% sequentially, with adjusted EBITDA of $36 million and a net loss of $4 million as weather hit completions activity hard.
Completions: Management said the completions market is tightening, with stronger pricing and activity tailwinds emerging as older and smaller competitors leave the market and demand for natural-gas-powered fleets rises.
PROPWER: The company announced a new strategic framework agreement with Caterpillar that could add up to about 2.1 gigawatts of power generation capacity over five years, significantly expanding PROPOWR’s growth runway.
Fleet mix: ProPetro said about 75% of its fleet is now next generation, and it is sold out in its Tier 4 DGB dual-fuel and FORCE electric fleets, with second-quarter fleet count expected to rise to about 12 from about 11 in the first quarter.
Capital plan: Full-year 2026 capital spending guidance was raised sharply to $540 million to $610 million, mostly because of PROPWER equipment orders and planned FORCE fleet buyouts.
Funding: Management emphasized it expects to fund growth with cash flow, balance-sheet capacity, and flexible financing rather than relying on dilution, while saying it is actively pursuing additional low-cost capital.
