ProPetro returns to profit driven by power services expansion

ProPetro Holding Corp. reported a return to profitability for the quarter ended September 30, posting a net income of US$13 million. This follows a second-quarter loss of US$8 million. Revenue for the period rose to US$355 million, up from US$306 million in the previous quarter, fueled by increased completions utilization and incremental power deployments.

The company’s power business, PROPWR, saw significant capital investment of US$128 million during the quarter. As of October 28, ProPetro has approximately 510 megawatts committed under contract, including long-term agreements with a subsidiary of Targa Resources Corp. to support natural gas processing infrastructure in the Permian Basin. Management has set a subsequent deployment target of 250 to 275 megawatts by the end of 2026.

Adjusted EBITDA increased to US$60 million from US$45 million in the second quarter, with PROPWR contributing approximately $8 million to that figure. While operating cash flow declined to US$46 million from US$66 million in the preceding quarter due to working capital changes, the company's overall financial position showed a reversal from previous quarterly losses.