ProPetro Holding reports Q2 EPS (3c), consensus 8c

Reports Q2 revenue $357.02M, consensus $366.71M. Sam Sledge, CEO, commented, “In the second quarter of 2024, despite industry challenges, ProPetro’s strategic focus on industrializing our business and creating long term value remains strong. We continue to generate strong free cash flow, showcasing the effectiveness of our strategy. Our ongoing transition from diesel equipment to FORCESM electric equipment remains on track, bolstering our competitive edge both commercially and operationally. Our recent acquisitions, including AquaPropSM, highlight our disciplined approach to value accretive M&A and in the face of a challenging energy services landscape, ProPetro’s strategic initiatives are delivering. Our transformational efforts, including fleet optimization, share repurchases, and opportunistic acquisitions, have bolstered our financial resilience and positioned us favorably amidst industry headwinds. Demand for our bifurcated services remains strong, underscored by our commitment to operational excellence and the deployment of innovative technologies like our FORCESM electric equipment. With a clear focus on industrialization and disciplined capital allocation, we are confident in our ability to sustain strong free cash flow and drive long-term value for our stakeholders.”