ProPetro Holding Shares Rise After New Subsidiary Gets Initial Order

Dow Jones

Dec 11, 2024

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)

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