Q2 2024 ProPetro Holding Corp Earnings Call Transcript
Key Points
- ProPetro Holding Corp (PUMP) demonstrated resilience and effectiveness in its strategy despite a softer market environment.
- The company generated strong free cash flow, with a fifth consecutive quarter of impressive free cash flow, achieving $48 million.
- ProPetro Holding Corp (PUMP) successfully deployed its third force electric frac fleet and has plans for further expansion.
- The company completed the acquisition of Aqua, enhancing its innovation and integration capabilities.
- ProPetro Holding Corp (PUMP) has a strong balance sheet and liquidity, with total liquidity at the end of the quarter being $145 million.
- Revenues decreased by 12% versus the first quarter to $357 million.
- Net loss was $4 million, and adjusted EBITDA decreased 29% sequentially to $66 million.
- The company experienced unexpected activity disruptions and softness across its conventional diesel equipment and wireline offerings.
- Significant weather impacts in the Permian Basin affected operations during the quarter.
- Pricing pressures were noted in the Tier two diesel assets, making the market more competitive.
Good day, and welcome to the ProPetro Holding Corp Second Quarter 2024 conference call. Please note, this event is being recorded.
I would now like to turn the call over to Matt Augustine, Director of Corporate Development and Investor Relations for ProPetro Holding Corp.
Please go ahead.
Thank you, and good morning. We appreciate your participation in today's call. With me today is Chief Executive Officer, Sam Sledge, Chief Financial Officer, David Schwimmer, and President and Chief Operating Officer, Adam new news.
This morning we released our earnings results for the second quarter of 2024.
Please note that any comments we make on today's call regarding projections or our expectations for future events are forward-looking statements covered by the Private Securities Litigation Reform Act forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and
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