ProPetro reported a resilient Q3 2023 with a revenue of $424 million and a net income of $35 million ($0.31 per diluted share). The company successfully commissioned its first FORCESM electric-powered hydraulic fracturing fleet and continued to execute its share repurchase program.
Achieved total revenue of $424 million.
Reported net income of $35 million, or $0.31 per diluted share.
Generated adjusted EBITDA of $108 million, representing 25% of revenue.
Successfully commissioned the first FORCESM electric-powered hydraulic fracturing fleet.
ProPetro is on track to deploy its second FORCESM electric frac fleet in 2023. The company expects full-year 2023 incurred capital expenditures to be slightly above $300 million and frac fleet effective utilization is expected to be between 13 to 14 fleets during the fourth quarter.
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