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Dec 31, 2022
ProPetro Q4 2022 Earnings Report
Reported financial results for the fourth quarter and full year of 2022.
Key Takeaways
ProPetro reported a revenue increase of 5% to $349 million compared to the prior quarter and a net income of $13 million, or $0.12 per diluted share. The company completed the acquisition of Silvertip Completion Services Operating, LLC and ordered two additional electric hydraulic fracturing fleets. The company's outlook for full year 2023 cash capital expenditures is expected to be between $250 million and $300 million.
Fourth quarter revenue increased 5% to $349 million compared to the prior quarter.
Fourth quarter net income of $13 million, or $0.12 per diluted share, compared to net income for the prior quarter of $10 million, or $0.10 per diluted share.
Fourth quarter Free Cash Flow was approximately $15 million as compared to negative Free Cash Flow of approximately $26 million for the prior quarter.
Completed the acquisition of Silvertip Completion Services Operating, LLC on November 1, 2022.
Forward Guidance
ProPetro’s outlook for full year 2023 cash capital expenditures is expected to be between $250 million and $300 million. Additionally, based on its current outlook for the first quarter of 2023, ProPetro anticipates frac fleet utilization ranging between 14.5 to 15.5 fleets.
Positive Outlook
- Demand for services is expected to remain robust in 2023.
- January performance is a strong baseline and expect to build upon that momentum as we move through the balance of 2023.
- Transitioning fleet and remaining disciplined with regard to capital deployment.
- Confident ProPetro is well-positioned to capitalize on a large and attractive market opportunity within the Permian Basin.
- Focused on optimizing businesses, transitioning fleet and executing strategic transactions to accelerate Free Cash Flow.
Challenges Ahead
- Subject to the completion of the customary quarterly and year-end closing and review process and may be subject to change after completion of the year-end audit.
- Broader industry headwinds may arise.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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