Propetro Holding ( (PUMP) ) has realeased its Q3 earnings. Here is a breakdown of the information Propetro Holding presented to its investors.
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ProPetro Holding Corp. is a Midland, Texas-based company providing premium completion services to upstream oil and gas companies, primarily focusing on hydraulic fracturing in the North American unconventional oil and gas sector.
In its third-quarter 2024 earnings report, ProPetro reported a slight increase in total revenue to $361 million but faced a net loss of $137 million, largely due to a noncash impairment expense. The company highlighted its strategic transition towards electric-powered hydraulic fracturing fleets, signaling a shift in their operational focus.
Despite the net loss, ProPetro’s Adjusted Net Income stood at $13 million, and Adjusted EBITDA increased to $71 million, reflecting improved cost management. The company continued its share repurchase initiative, retiring 1.3 million shares during the quarter. It also reported strong liquidity with a total of $127 million available.
ProPetro is advancing its strategy by deploying electric-powered fleets, with three already in operation and more planned. The company is focused on meeting the growing demand for sustainable energy solutions in the Permian Basin, aiming for approximately 75% of its fleet to consist of next-generation equipment by the end of 2024.
Looking ahead, ProPetro remains optimistic despite expected industry softness in the fourth quarter due to seasonality and budgetary constraints. The company is poised to leverage its strategic positioning and strong financial discipline to capture future opportunities and deliver value to shareholders.
