BUZZ-ProPetro rises after launching power generation business

Reuters

2024-12-10

BUZZ-ProPetro rises after launching power generation business

** Oilfield services firm ProPetro's PUMP.N shares rise 5.6% to $8.32 premarket

** Co launches unit, ProPetro Energy Solutions (ProPWR), to provide power generation solutions

** PUMP says growth capital investment of ~$122 mln will be funded through cash and external financing and expects equipment deliveries between June 2025 and March 2026

** CEO Sam Sledge says new unit aims to meet growing power demand across the Permian Basin for oil and gas

** Up till last close, stock down 6% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))

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