ProPetro's Q3 2024 results showed a slight increase in revenue, but a significant net loss due to a non-cash impairment expense. Adjusted EBITDA increased, and the company continued its share repurchase program.
Revenue increased by 1% to $361 million compared to the prior quarter.
Net loss was $137 million, including a $189 million noncash impairment expense.
Adjusted EBITDA increased 8% to $71 million, representing 20% of revenue.
The company repurchased 1.3 million shares during the quarter.
ProPetro anticipates some industry softness due to normal seasonality and budget exhaustion in Q4, but expects demand for its services to remain strong. The company is focused on cost management and capital discipline to deliver strong financial results.
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