ProPetro Holding reports Q1 EPS 18c, consensus 5c

Reports Q1 revenue $406M, consensus $392.12M.Sam Sledge, Chief Executive Officer, commented, “We are excited to start off 2024 with strong financial results and positive momentum. Our results reflect a strategy that is working. Thanks to the dedication and discipline of our teams across our service lines, we continue to deliver strong performance and advance our strategic priorities toward industrializing our business. We are delighted to have entered into an agreement under which ProPetro will provide electric hydraulic fracturing services to ExxonMobil in the Permian Basin, including introducing FORCESM electric fleets to our longstanding partnership. The FORCESM electric-powered fleets, along with our Tier IV DGB dual-fuel fleets, are part of our strategy to transition to next-generation assets, delivering premium value to our customers while lowering their completions costs and reducing their emissions. The long-term agreement with ExxonMobil, which includes FORCESM electric hydraulic fracturing fleets coupled with our Silvertip wireline and pumpdown services, is a significant milestone for ProPetro and underscores our dedication to delivering industry-leading services for customers while accelerating the efficiency and profitability of our business for shareholders.” Mr. Sledge continued, “We delivered strong financial results despite market pressures in the first quarter thanks to our disciplined operating strategy, operational density in the resilient Permian Basin and prudent investments in next-generation equipment. The strong free cash flow we generated, and our confidence in the continued growth and resiliency of our earnings, facilitates our commitment to returning capital to shareholders through our share repurchase program. We also recently announced that our board of directors approved a $100 million increase to our share repurchase program, bringing that program to $200 million, and extending the program to May 2025. With the larger capital requirements behind us following the recent upgrading of our fleet, we are beginning to showcase the results of our superior assets and industrialized business model. We’re excited to continue delivering differentiated services to our customers and strong financial returns for all our stakeholders.”