ProPetro cuts FY24 capital expenditures view to $175M-$200M from $200M-$250M

The company said, “The Company is now reducing our full-year 2024 capital expenditure guidance to be between $175 million to $200 million, down from our prior guidance of $200 million to $250 million. Our effective frac fleet utilization for the second quarter was 15.5 fleets, which was above the guidance range we had provided. Thanks to efficiencies exceeding our expectations from previous years, we are shifting away from reporting on fleet utilization based on days worked. Instead, we’ll focus on guiding and reporting the number of active frac fleets, which we believe better represents asset utilization in our hydraulic fracturing business. During the second quarter, 14 hydraulic fracturing fleets were active and we expect to run approximately 14 active frac fleets in the third quarter of 2024.”