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Sep 30, 2022
ProPetro Q3 2022 Earnings Report
ProPetro's financial performance improved with increased revenue and net income, driven by effective fleet utilization and strategic acquisitions.
Key Takeaways
ProPetro reported a 6% increase in revenue to $333 million and a net income of $10 million for Q3 2022, a significant improvement from the previous quarter's net loss of $33 million. The company's Adjusted EBITDA also increased by 18% to $90 million. ProPetro completed the acquisition of Silvertip Completion Services Operating, LLC, expanding its service offerings.
Total revenue increased 6% to $333 million compared to the second quarter of 2022.
Net income was $10 million, or $0.10 per diluted share, compared to a net loss of $33 million, or $(0.32) per diluted share, for the second quarter of 2022.
Adjusted EBITDA increased 18% to $90 million, representing 27% of revenues.
The company completed the acquisition of Silvertip Completion Services Operating, LLC on November 1, 2022.
Forward Guidance
ProPetro anticipates steady-to-flat activity through the end of the fiscal year and into the first quarter of 2023, with strong pricing momentum in the top half of the market. The company expects capital expenditures to decrease next year and focuses on delivering returns to shareholders.
Positive Outlook
- Crude oil market expected to remain structurally undersupplied.
- Strong pricing momentum in the top half of the market.
- Sense of urgency among customers remains intense.
- Opportunities will continue to surface to expand margins.
- Focused on enhancing value for shareholders and accelerating ability to explore value-sharing and value-distribution strategies.
Challenges Ahead
- Limited visibility due to the overhang of a potential global recession.
- Anticipating steady-to-flat activity through the end of this fiscal year and into the first quarter of 2023.
- Capital expenditures are expected to be slightly above the top end of the prior range of $350 million due to timing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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