ProPetro Announces Contract for a 4th FORCE® Electric Hydraulic Fracturing Fleet
19 December 2024 - 11:00PM
Business Wire
ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE:
PUMP) has entered into a term contract to provide electric
hydraulic fracturing services to a large independent
Permian-focused oil and gas operator.
ProPetro’s Chief Executive Officer, Sam Sledge, commented, “We
are pleased to announce another key strategic step for ProPetro as
we deploy another of our industry-leading FORCE® electric
frac fleets with a valued Permian operator. We now have four
FORCE® electric fleets on term contracts and continue to
experience industry-leading performance from our active fleets that
are delivering value to our customers through efficient completions
performance. Today's announcement reinforces our strategy's
validity and our drive to build an efficient and profitable
business here at ProPetro. Our four FORCE® fleets will now
require approximately 165 megawatts of mobile power generation
equipment in support of the operations called for in their current
term contracts. This announcement further supports our expectations
regarding the growth in mobile power demand for electric-powered
hydraulic fracturing fleets, among other oil and gas and industrial
projects. We believe our recently announced mobile power generation
solutions business, ProPWR℠, is well-positioned to
effectively provide services to support this growing demand and
will benefit from these favorable trends, which are accelerating
not only in the oil and gas industry but also for AI data centers
and other industrial purposes."
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based provider of
premium completion services to leading upstream oil and gas
companies engaged in the exploration and production of North
American unconventional oil and natural gas resources. We help
bring reliable energy to the world. For more information visit
www.propetroservices.com.
Forward-Looking Statements
Except for historical information contained herein, the
statements and information in this news release 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,” “will,” “should” and other expressions that are
predictions of, or indicate, future events and trends or that do
not relate to historical matters generally identify forward-looking
statements. Our forward-looking statements include, among other
matters, statements about the supply of and demand for
hydrocarbons, our business strategy, industry, projected financial
results and future financial performance, expected fleet
utilization, sustainability efforts, the future performance of
newly improved technology, expected capital expenditures, the
impact of such expenditures on our performance and capital
programs, our fleet conversion strategy, our share repurchase
program, and the anticipated commercial prospects of ProPWR℠,
including our ability to successfully commence operations, the
demand for its services and anticipated benefits of the new
business line. 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, changes in the supply of and demand
for mobile power generation, the risks associated with the
establishment of a new service line, including delays, lack of
customer acceptance and cost overruns, the global macroeconomic
uncertainty related to the conflict in the Israel-Gaza region and
the Russia-Ukraine war, general economic conditions, including the
impact of continued inflation, central bank policy actions, 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.
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.
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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 432-219-7620
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