ProPetro Expands Earnings as Completions and Power Gain
Second-quarter revenue reached $305.8 million as completions utilization and PROPWR deployments increased.
ProPetro Holding (PUMP), an energy-services company, increased adjusted EBITDA 23% sequentially to $44.8 million as stronger completions activity and power deployments lifted results.
The quarter marked a sequential improvement across most operations, while revenue remained 6.2% below the year-earlier period. Revenue rose 13% from the first quarter, and adjusted EBITDA margin widened to about 14.6% from 13.4%.
The net loss widened to $8.1 million, or $0.07 a share, from $3.6 million, or $0.03 a share, in the prior quarter and $7.2 million a year earlier. Operating performance moved in the opposite direction: the operating loss narrowed to $3.2 million from $8.0 million, improving the operating margin to roughly negative 1.0% from negative 3.0%.
Hydraulic-fracturing revenue increased 15.6% sequentially to $207.2 million, while segment adjusted EBITDA rose 19.3% to $44.2 million. Cementing revenue gained 15.2%, and its adjusted EBITDA more than doubled to $5.5 million. Wireline weakened, with revenue falling 6.9% and adjusted EBITDA declining 16.2%.
PROPWR provided another lift as power-generation revenue more than quadrupled to $9.3 million and its adjusted EBITDA loss narrowed to $0.7 million from $5.3 million. ProPetro added about 110 megawatts of contracted capacity since its prior update, bringing the total to approximately 350 megawatts, and deployed operating assets at a Midwest hyperscaler data-center site.
ProPetro now expects 2026 capital expenditures of $525 million to $595 million, lowering both ends of its previous range by $15 million. The company cut completions spending guidance to $125 million to $145 million after shifting a planned FORCE electric-fleet purchase into early 2027, while reiterating PROPWR spending of $400 million to $450 million.
Operating cash flow climbed to $66.0 million from $2.7 million as working capital became a source of cash, and total free cash flow swung to positive $7.7 million from negative $38.1 million. Liquidity reached $905 million after the company issued $690 million of 0% convertible notes, giving ProPetro funding as it plans to activate a thirteenth frac fleet late in the third quarter.