ProPetro Holding reports Q2 EPS 34c, consensus 41c

Reports Q2 revenue $435.25M , consensus $440.67M .Adjusted EBITDA(1) for the quarter decreased 5% sequentially to $113 million or 26% of revenue. Sam Sledge, Chief Executive Officer, commented, “Building on the year’s momentum and the dedication of the ProPetro team, we are pleased to report solid results for the second quarter. All of our service lines exhibited strong performance, particularly wireline and cementing that both had record performance, contributing to our highest quarterly net income in over four years. We’re also making significant headway in our fleet modernization, a strategic priority, with the recent addition of our seventh Tier IV DGB dual-fuel hydraulic fracturing fleet. These next generation fleets are highly valued by our customers, as they not only reduce completion costs but also reduce GHG emissions by offering industry-leading diesel displacement. I’d also like to note that toward the end of the second quarter, we voluntarily opted to idle one of our frac fleets that was experiencing pricing pressure that could have put us below our financial return threshold. This should serve as an example that we are dedicated to a margin over market share asset deployment strategy.”