ProPetro Q2 revenue rises 13%, slightly beats estimates

Overview

• U.S. oilfield services firm's Q2 revenue rose 13%, slightly beating analyst expectations

• Adjusted EBITDA for Q2 missed analyst estimates

• Results impacted by new fleet startup costs, deployment downtime, and severe weather

Outlook

• Company expects 2026 capital expenditures of $525 mln to $595 mln, down from prior $540 mln-$610 mln range

• Completions business 2026 capex seen at $125 mln-$145 mln, down from $140 mln-$160 mln prior guidance

• Company expects to activate thirteenth frac fleet later in Q3 2026 amid rising customer demand

Result Drivers

• HIGHER UTILIZATION - Co said Q2 revenue growth was primarily driven by increased utilization in the completions business and incremental deployments in PROPWR

• OPERATIONAL DISRUPTIONS - Upfront costs for new fleet, unexpected downtime, and severe weather negatively impacted results

• PROPWR COMMERCIAL PROGRESS - Co reported increased contracted power generation capacity and ongoing expansion in data center, oil and gas, and industrial markets

Company press release: ID:nBw77cqwa

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)