By Chris Wack
ProPetro Holding shares were up 18% at $9.30 after the company said its ProPetro Energy Solutions subsidiary received an order for more than 110 megawatts of mobile natural gas-fueled power generation equipment.
Shares of the oil and gas exploration equipment company hit their 52-week low of $6.54 on Nov. 1, but are up 11% in the past 12 months.
The Midland, Texas, company said a growth capital investment of $122 million for its newest subsidiary will be funded through a combination of cash and external financing resources with equipment deliveries anticipated to take place between June 2025 and March 2026.
The cash investment will consist of up to $20 million in early 2025, with the remaining cost of the investment expected to be financed as progress payments become due and deliveries ultimately occur commencing mid-2025.
ProPetro expects to deploy the initial assets of this contract soon following their delivery, beginning in mid-2025 and early into 2026. The company said it is trying to build a diverse portfolio of mobile power generation and related equipment, expanding well beyond the initial 110 megawatts in this order.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
December 10, 2024 12:41 ET (17:41 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.