The following is a summary of the ProPetro Holding Corp. (PUMP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ProPetro's Q1 2024 revenues increased by 17% to $406 million, generating a net income of $20 million.

• Adjusted EBITDA increased by 45% to $93 million, reflecting their strong operational performance and efficiency gains.

• The company ended Q1 with $46 million in total cash and a total liquidity of $202 million.

• Capital spending for the year is expected to be on the low end of the $200-250 million range, indicating potential for increased free cash flow in 2024.

Business Progress:

• The company has invested $1 billion over the past two years in transitioning over two-thirds of their fleet to next-generation equipment to capitalize on customer demand and emission reduction goals.

• A three-year agreement with ExxonMobil to provide electric-powered hydraulic fracturing services has been signed.

• ProPetro acquired Par Five Cementing, which is expected to yield accretive earnings and potential revenue synergies.

• The company also plans to transition their Tier II diesel equipment to FORCE electric equipment over time to secure long-term earnings stability.

• ProPetro reported an adjusted EBITDA of $86.1 million in hydraulic fracturing and an additional fleet is planned for their operations. Further, the company is evolving its strategic approach to asset acquisition, shifting from leasing to buying.

More details: ProPetro Holding IR

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