ProPetro Holding Corp.

ProPetro Holding Corp. reported a decrease in service revenue to $305.8 million for Q2 2026, alongside an increased net loss of $8.1 million compared to the same period last year. For the first six months of 2026, the company recorded a net loss of $11.8 million, a significant shift from net income in the prior year. Despite the operational losses, the company substantially strengthened its financial position by issuing $690.0 million in convertible senior notes and raising $164.3 million through a public equity offering, leading to a significant increase in cash and total assets.

ProPetro Holding Corp. reported second quarter 2026 financial results, with total revenue increasing 13% to $306 million and Adjusted EBITDA rising 23% to $45 million. However, the company's net loss widened to $8 million. The PROPWR® division demonstrated significant growth, increasing committed power generation capacity to approximately 350 megawatts and successfully deploying assets at a hyperscaler data center site. Despite operational disruptions from weather and an out-of-basin deployment, the company expressed confidence in improving market conditions and reduced its full-year capital expenditure guidance for the completions business.

ProPetro Holding Corp. announced the resignation of Alex V. Volkov from its Board of Directors on May 28, 2026. This led to a reduction in the Board's size from eight to seven directors. Mr. Volkov's departure was a direct result of Pioneer Natural Resources Pumping Services LLC, an indirect wholly owned subsidiary of Exxon Mobil Corporation, selling all its remaining shares in ProPetro, thereby losing its right to designate board nominees. The company clarified that the resignation was not due to any disagreement with management or the Board.

ProPetro Holding Corp. announced that its stockholders approved the Third Amended and Restated 2020 Long Term Incentive Plan (A&R LTIP) at the Annual Meeting on May 19, 2026. This plan increases the number of shares available for issuance by 3,540,000, bringing the total to 14,060,000, and extends the plan's term. Additionally, stockholders elected eight director nominees, approved executive compensation on an advisory basis, and ratified the appointment of RSM US LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026.

ProPetro Holding Corp. announced the issuance of $690 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031, which included the full exercise of the initial purchasers' option. The net proceeds, estimated at $668.6 million after the option exercise, will be used for capped call transactions and general corporate purposes, including growth capital for additional power generation equipment. Concurrently, the company amended its credit agreement to extend the maturity date of its Revolving Credit Commitments, with non-consenting lenders transferring their positions to a replacement lender.

ProPetro Holding Corp. announced its intention to offer $500 million in Convertible Senior Notes due 2031 in a private placement, with an option for initial purchasers to buy an additional $75 million. A portion of the net proceeds will fund capped call transactions to reduce potential dilution, and the remainder will be used for general corporate purposes, including growth capital for additional power generation equipment. Concurrently, the company amended its ABL Credit Facility, extending its maturity to May 2031 and increasing revolving credit commitments to $350 million, alongside adding a new $690 million basket for convertible indebtedness. As of May 1, 2026, ProPetro had $154 million in cash and cash equivalents.

ProPetro Holding Corp. reported a significant decline in its first quarter 2026 financial results, with service revenue decreasing to $270.7 million from $359.4 million year-over-year, and a net loss of $3.6 million compared to a net income of $9.6 million in the prior year. Basic EPS also turned negative to $(0.03). Despite the operational downturn, the company's cash and cash equivalents saw a substantial increase to $156.6 million, primarily driven by $164.3 million in proceeds from a public equity offering.

ProPetro's subsidiary, PROPWR, entered a Global Framework Agreement with Caterpillar Inc. to secure up to 2.1 gigawatts of power generation equipment, with a minimum purchase obligation of $1.1 billion through 2031, significantly expanding its PROPWR business. Concurrently, the company reported Q1 2026 financial results, with total revenue of $271 million and a net loss of $4 million, impacted by weather disruptions. The company anticipates full-year 2026 capital expenditures to increase to $540-$610 million, largely driven by the PROPWR expansion.