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Sep 30, 2023
ProPetro Q3 2023 Earnings Report
Reported strong financial results driven by solid execution and strategic priorities.
Key Takeaways
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.
Forward Guidance
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.
Positive Outlook
- On track to deploy second FORCESM electric frac fleet in 2023
- Deployment of the third and fourth fleets planned for the first half of 2024
- Electric equipment will play a significant role in the future of ProPetro
- Strong demand for FORCESM electric frac fleets
- Continue to make excellent progress on our strategic initiatives
Challenges Ahead
- Recent market slowdown
- Market inconsistency seen in other basins and in the spot market
- Volatility of oil prices
- Global macroeconomic uncertainty related to the conflict in the Israel-Gaza region and the Russia-Ukraine war
Historical Earnings Impact
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Avg. Return Before/After Earnings
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