ProPetro reported a 3% sequential increase in revenue to $435 million and the highest quarterly net income in over four years at $39 million, or $0.34 per diluted share. The company's strategic initiatives, including the newly acquired wireline business, Silvertip, and fleet modernization efforts, contributed to the positive results. ProPetro also repurchased 2.3 million shares during the quarter and paid down its ABL Credit Facility by $15 million after the quarter end, reflecting a strong balance sheet and liquidity.
Total revenue increased 3% sequentially to $435 million.
Net income reached $39 million, or $0.34 per diluted share, the highest in over four years.
Adjusted EBITDA decreased 5% sequentially to $113 million, representing 26% of revenue.
Free Cash Flow was approximately $6 million.
The Company expects frac fleet utilization for the second half of 2023 to be between 14 to 15 fleets with 14 fleets active today. The Company continues to expect full-year 2023 cash capital expenditures to be in the range of $250 million to $300 million, with a bias toward the upper end of the range.
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