📈 Price History

Ratio Health

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About

ProPetro Holding Corp. operates as an integrated energy services company. It offers hydraulic fracturing, wireline and cementing, other complementary energy completion services, and power generation services to oil and gas producers and non-oil and gas applications, such as general industrial projects and data centers located primarily in Texas and New Mexico. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.

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📈 Growth Pattern

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	652.4K	$9.4M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ~ Volatile 3 quarters analysed

Q2 2025

Cautious

Management acknowledged market uncertainty and reduced activity outlook ('visibility into our activity outlook remains somewhat limited', 'we expect a reduction in activity'), but expressed confidence in long-term strategy and resilience. Language was measured and forward-looking with emphasis on control over what they can control.

Q4 2025

Mixed

Management expressed confidence in long-term strategy and ProPower growth, but was cautious about near-term market headwinds, saying 'near-term outlook remains uncertain' and 'headwinds appear likely to persist into 2026'. They stressed controlling what they can and highlighted cost actions, but acknowledged challenging conditions.

Q1 2026 latest

Confident Specific

Management emphasized resilience and strategic execution, citing specific operational metrics like 12 fleets expected in Q2 and 75% next-gen fleet composition. Language such as 'resilience of our business model' and 'well-positioned to navigate this volatility' conveys confidence, but they also acknowledge weather and geopolitical uncertainties.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for ProPetro appears stronger after this call. The completions business is displaying earnings resilience and is positioned to benefit from tightening supply and improving pricing, particularly for next-gen gas-burning fleets. ProPWR gains significant momentum with the Caterpillar agreement, providing clarity on capacity and supply chain access. However, the Iran war introduces near-term volatility that could affect activity timing. The company's disciplined capital approach and improving cash flow from completions are positive. Next quarter, watch for ProPWR contract announcements in data centers, progress on FORCE fleet buyouts, and evidence of pricing inflection in the completions segment.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ~ Volatile 3 quarters Full tone analysis in Intelligence →

📊 MIXED ProPetro reports resilient Q1 despite weather; ProPWR secures up to 2.1 GW Caterpillar agreement

Revenue & Profitability

First quarter 2026 total revenue was $271 million, down 7% sequentially. Net loss was $4 million ($0.03 loss per diluted share) compared to net income of $1 million in Q4 2025. Adjusted EBITDA totaled $36 million (13% of revenue), a 29% decrease from the prior quarter driven by weather-related utilization declines. Net cash from operations was $3 million.

Outlook

Management sees strengthening commodity tailwinds and structural tightening in the completions market due to attrition of smaller competitors and limited spare frac capacity. The Iran war has raised the crude price floor but creates near-term uncertainty. Early pricing increases are being observed, and ProPetro expects to run approximately 12 fleets in Q2 2026, up from 11 in Q1.

Growth Drivers

ProPWR is the primary growth driver, targeting data center and industrial sectors with larger load requirements. Advanced negotiations cover several hundred megawatts of data center opportunities and approximately 100 MW of oil and gas microgrid projects. Completions growth is supported by tightening supply, improving pricing dynamics, and demand for next-generation natural gas burning fleets.

Balance Sheet & CapEx

Full year 2026 capital expenditures incurred are expected between $540 million and $610 million, up from prior guidance of $390-$435 million. Completions business accounts for $140-$160 million (including lease buyouts for FORCE electric fleets), while ProPWR accounts for $400-$450 million (primarily down payments for Caterpillar framework orders). Financing arrangements are expected to reduce near-term cash outflows.

Margins

Adjusted EBITDA margin was 13% of revenue in Q1 2026. The completions business continues to generate positive financial results even with lower revenue, highlighting operating leverage and cost discipline. ProPWR is expected to deliver increasing returns over time as it scales. Management did not provide explicit margin guidance but noted that disciplined asset deployment and rigorous cost management are key.

Key Risks

Key risks include weather-related disruptions, as experienced in Q1 2026, and ongoing volatility from the Iran war impacting global supply and demand dynamics. Availability of qualified personnel is a risk as activity increases. Uncertainty in the Middle East and broader market conditions could affect pricing and utilization.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Q2 2026 saw strong free cash flow and revenue growth, despite operational headwinds. PROPWR expanded contracted capacity and achieved positive EBITDA, while the completions business activated a 13th fleet amid tightening market conditions. Liquidity remains robust, supporting disciplined growth.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw resilient completions results despite weather impacts, with ProPWR gaining momentum through a major Caterpillar agreement and a robust pipeline in data centers and oil & gas. Capital discipline and strong liquidity support growth amid market volatility and tightening supply.

Q4 2025 Q4 2025 2026-02-18

Despite a challenging 2025 with reduced completions activity and market headwinds, strong free cash flow and disciplined capital allocation supported growth in PROPWR, which now has 550 MW of capacity delivered or on order and targets 1 GW by 2030. Q4 revenue was $290 million, with $1 million net income and $51 million adjusted EBITDA.

Q3 2025 Q3 2025 2025-10-29

Q3 saw resilient free cash flow in completions despite a 10% revenue drop and market headwinds. PROPWR expanded with new long-term contracts, including a 60 MW data center deal, and secured a $350M lease facility to fund growth. Liquidity remains strong, with 2025 CapEx guidance lowered.

Q2 2025 Q2 2025 2025-07-30

Revenue fell 9% sequentially to $326M, with a net loss of $7M and adjusted EBITDA down 32%. Despite market headwinds, next-gen fleets and ProPower growth drove resilient cash flow, and a major 10-year power contract was secured. Liquidity and capital discipline remain strong.

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