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ProPetro Holding Corp. Fourth Quarter 2019 Results

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ProPetro Holding Corp. reported financial and operational highlights for the fourth quarter of 2019 as well as other updates.

Preliminary Fourth Quarter 2019 Results and Highlights

• Total revenue of $431 million to $437 million.
• Costs of services of $302 million to $308 million, exclusive of depreciation and amortization (approximately $39 million).
• General and administrative costs of $18 million to $20 million, exclusive of stock-based compensation (approximately $2.5 million) and other non-recurring items (approximately $10 million).
• As of December 31, 2019, the Company had total cash of approximately $149 million and total debt of approximately $130 million.
• Effective utilization during the period was 19.2 fleets.
• ProPetro commenced operations with its first electrically powered DuraStim®⁽¹⁾frac fleet on January 5, 2020.

Dale Redman, Chief Executive Officer, commented, “Our team executed at a high level for another quarter. We remain very proud of our team for serving a best in class customer base with truly differentiated service quality. Although our industry is currently challenged on multiple fronts, we continue to believe that the operational efficiencies underlying our differentiated service offering will enable us to succeed in the future.”

Operations and DuraStim Update

Effective utilization of the Company’s fracturing assets during the fourth quarter of 2019 was 19.2 fleets. ProPetro currently expects effective utilization in the first quarter of 2020 to be 19-20 fleets.

The Company’s first electrically powered DuraStim® frac fleet was deployed on January 5, 2020 to a previously announced dedicated customer. Since deployment, ProPetro has been working diligently with its first customer, supply chain partners and equipment providers to evaluate the in-field performance of the new technology.

NYSE Extension

On February 14, 2020, the Company received a five-month additional trading period for continued listing on the New York Stock Exchange (“NYSE”). The additional trading period, which is subject to review by the NYSE on an ongoing basis, provides the Company until July 15, 2020 to become current in its filing obligations with the Securities and Exchange Commission (“SEC”). During the additional trading period, trading in the Company’s common stock will remain unaffected.