ProPetro Holding reports Q4 EPS (16c), consensus 9c

Reports Q4 revenue $348M, consensus $359.44M… Adjusted EBITDA of $64M compared to $108M in the prior quarter…Reports Net loss of $17M , or 16c per diluted share, compared to net income of $35 M , or 31c per diluted share, for the prior quarter…Deployed our second FORCESM electric hydraulic fracturing fleet under contract. Sam Sledge, Chief Executive Officer, commented, “The fourth quarter proved to be more challenging than we had originally anticipated, largely due to additional deferred activity late in the quarter. However, despite the white space, which we attribute primarily to seasonality and customer budget exhaustion, we were able to continue to execute on our strategy through the acquisition of Par Five, the deployment of an additional FORCESM electric fleet under contract, and continued capital returns through our share repurchase program. Thanks to the hard work of our team throughout 2023, we improved profitability, executed a disciplined approach to asset deployment, successfully pursued accretive growth, and employed a sustainable capital allocation plan. We have transformed ProPetro into a leading dual-fuel and electric frac provider with a complement of premium completion services, primarily offered in the Permian Basin. We have advanced our strategy to industrialize our business, and are confident that ProPetro is well-positioned to continue to execute on value-creating opportunities in 2024 and beyond.” David Schorlemer, Chief Financial Officer, commented, “2023 was a remarkable year of progress for the Company. As we have previously noted, over the last two years, we invested over $1 billion to bring state-of-the-art technologies and completion services to ProPetro. These investments in dual-fuel conversions, electric frac technology, and the tremendous progress in our optimization program will lead to a sizeable decrease in capital spending and an improved operating expense profile going forward. We made these investments while repurchasing almost 6 million shares and protecting our liquidity and solid balance sheet. Our strategic execution coupled with the financial and operational discipline at ProPetro is working to create meaningful value for our customers and shareholders.”