ProPetro Announces Electric Fleet Orders and Lease Agreement
22 August 2022 - 2:00PM
Business Wire
ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE:
PUMP) today announced it has executed a long-term lease agreement
for two electric frac fleets with expected delivery in the third
quarter of 2023.
Sam Sledge, Chief Executive Officer, commented, “As part of our
fleet transition strategy initiated last year, we have executed an
order to acquire two electric frac fleets from a leading
manufacturer. These new electric fleets utilize conventional
pumping equipment and proven technologies that are well-known
across our industry. As demand for electric solutions continues to
gain momentum, ProPetro is playing a significant role in bringing
new technologies and more efficient, environmentally responsible
solutions to the Permian Basin.”
Sledge added, “We are in discussions with several customers
regarding multi-year projects that will use these electric fleets
starting as early as the third quarter of 2023. With these more
efficient fleets, we will help advance our customers’ efforts to
reduce costs and greenhouse gas emissions, while enhancing our
company’s competitiveness and free cash flow profile. We are also
excited to bolster our services and capabilities for the benefit of
our customers while equipping our ProPetro teammates with the best
tools to drive sustainable value creation through the ongoing
multi-year upcycle."
David Schorlemer, Chief Financial Officer, commented, "This
agreement is another important step in our strategic plan of
transitioning to emissions-friendly services using capital
efficient financing terms. Further, we are pleased that this
long-term lease agreement includes an option to purchase each fleet
at the end of its respective lease term. As we look ahead to fiscal
year 2023 where we will couple these next generation assets with
our first class services, we expect significant free cash flow
supported by a decreased capital expenditure plan and at least nine
natural gas burning lower-emissions fleets operating in the second
half of next year.”
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based oilfield
services company providing pressure pumping and other complementary
services to leading upstream oil and gas companies engaged in the
exploration and production of North American unconventional oil and
natural gas resources. For more information visit
www.propetroservices.com.
Forward-Looking Statements
Except for historical information contained herein, the
statements and information in this news release are forward-looking
statements that are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. Statements
that are predictive in nature, that depend upon or refer to future
events or conditions or that include the words “may,” “could,”
“plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,”
“objective,” “believe,” “expect,” “anticipate,” “intend,”
“estimate,” and other expressions that are predictions of, or
indicate, future events and trends and that do not relate to
historical matters identify forward-looking statements. Our
forward-looking statements include, among other matters, statements
about our business strategy, industry, future profitability,
expected fleet utilization, sustainability efforts, the future
performance of newly improved technology, expected capital
expenditures and the impact of such expenditures on our performance
and capital programs. A forward-looking statement may include a
statement of the assumptions or bases underlying the
forward-looking statement. We believe that we have chosen these
assumptions or bases in good faith and that they are
reasonable.
Although forward-looking statements reflect our good faith
beliefs at the time they are made, forward-looking statements are
subject to a number of risks and uncertainties that may cause
actual events and results to differ materially from the
forward-looking statements. Such risks and uncertainties include
the volatility of oil prices, the operational disruption and market
volatility resulting from the COVID-19 pandemic, the global
macroeconomic uncertainty related to the Russia-Ukraine war, and
other factors described in the Company's Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q, particularly the “Risk Factors”
sections of such filings, and other filings with the Securities and
Exchange Commission (the “SEC”). In addition, the Company may be
subject to currently unforeseen risks that may have a materially
adverse impact on it, including matters related to shareholder
litigation. Accordingly, no assurances can be given that the actual
events and results will not be materially different than the
anticipated results described in the forward-looking statements.
Readers are cautioned not to place undue reliance on such
forward-looking statements and are urged to carefully review and
consider the various disclosures made in the Company’s Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other
filings made with the SEC from time to time that disclose risks and
uncertainties that may affect the Company’s business. The
forward-looking statements in this news release are made as of the
date of this news release. ProPetro does not undertake, and
expressly disclaims, any duty to publicly update these statements,
whether as a result of new information, new developments or
otherwise, except to the extent that disclosure is required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220822005137/en/
Investor Contacts:
David Schorlemer Chief Financial Officer
david.schorlemer@propetroservices.com 432-688-0012
Matt Augustine Senior Manager - Corporate Development &
Investor Relations matt.augustine@propetroservices.com
432-848-0871
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