ProPetro : 2026 Q1 Earnings Presentation

Published: 2026-04-30 07:37:07 ET PUMP

Published on 04/30/2026 at 07:37 am EDT

April 2026

March 31,

December 31,

(in thousands) 2026

2025

2024

Net Cash provided by Operating

Activities $2,733

$81,044

$231,607

$252,295

Net Cash used in Investing

Activities (40,863)

(38,786)

(149,811)

(155,099)

Free Cash Flow (FCF) ($38,130)

$42,258

$81,796

$97,196

Net Cash used in Operating 8,308

Activities - PROPWR business

3,032

9,038

370

Net Cash used in Investing 26,714

Activities - PROPWR business

52,797

99,345

Free Cash Flow for Completions ($3,108)

$98,087

$190,179

$97,566

Three Months Ended Twelve Months Ended

March 31,

December 31,

(in thousands) 2026

2025

2024

This presentation references "Adjusted EBITDA," "Free Cash Flow," and "Free Cash Flow for Completions Business," which are not financial measures presented in accordance with GAAP. We define EBITDA as net income (loss) plus (i) interest expense, (ii) income tax expense (benefit) and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA plus (i) loss (gain) on disposal of assets and businesses, (ii) stock-based compensation, (iii) business acquisition contingent consideration adjustments, (iv) other expense (income), (v) other unusual or nonrecurring (income) expenses such as impairment expenses, costs related to asset acquisitions, insurance recoveries, one-time professional fees and legal settlements and (vi) retention bonus and severance expense. We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities. We define Free Cash Flow for Completions Business as net cash provided by operating activities less net cash used in investing activities plus net cash used in operating activities for PROPWR plus net cash used in investing activities for PROPWR.

We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, and net cash from operating activities is the GAAP measure most directly comparable to Free Cash Flow and Free Cash Flow for Completions Business. Non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider Adjusted EBITDA, Free Cash Flow or Free Cash Flow for Completions Business in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA, Free Cash Flow and Free Cash Flow for Completions Business may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Non-GAAP Reconciliation Three Months Ended

Non-GAAP Reconciliation Three Months Ended Twelve Months Ended

(in thousands)

March 31, 2026 December 31, 2025

Net (loss) income

($3,643)

$742

Depreciation and amortization

40,614

41,246

Interest expense

2,664

2,587

Income tax (benefit) expense

(5,672)

4,217

Loss (gain) on disposal of assets

(740)

(1,239)

Stock-based compensation

4,671

4,251

Capital Expenditures Paid (1) $43,364

$64,232

$186,316

$140,297

Less: Capital expenditures

included in accounts payable and (28,095) period

(50,509)

(14,695)

(21,604)

Add: Capital expenditures

included in accounts payable and 31,754

accrued liabilities - end of period

28,095

14,695

Add: Capital expenditures related

to financed equipment 38,005 purchases

29,280

81,130

Business

accrued liabilities - beginning of

Retention bonus and severance expense

385

391

landlord

Adjusted EBITDA

$36,393

$50,986

Capital Expenditures Incurred

$85,028

$71,098

$281,196

$133,388

Business acquisition contingent consideration adjustments

(500)

100

Other income, net

(1,386)

(1,464)

Other general and administrative expenses, net

155

Add: Capital expenditures financed by operating lease

-- -- 350 --

(1) This table reconciles cash basis capital expenditures reported in the condensed consolidated statements of cash flows to accrual

basis capital expenditures reported in the earnings release dated April 30, 2026.

ProPetro's Investment Thesis

Sustainable completions free cash flow and growing PROPWR℠ earnings

Over $1B invested since 2022 in a refreshed asset base, new technology, and diversified service offering

PROPWR business anchored by contracts - across data center, industrial, and oil and gas applications

Pure-play completions exposure to

the Permian Basin, one of the world's leading regions for hydrocarbon production

Superior field performance for blue-chip

E&P customers

Innovating to meet growing demand through FORCE® electric hydraulic fracturing fleets and PROPWR offering

ProPetro has built a proven business that is profitable through market cycles.

Leading energy services provider to blue-chip oil and gas producers in the Permian Basin

Provider of completions and power generation services

Innovating to meet the demand for FORCE® electric

hydraulic fracturing fleets

Expanding to meet various electricity needs with PROPWR, a comprehensive power generation solution

(1) Adjusted EBITDA is a non-GAAP financial measure; see the reconciliations on the "Non-GAAP Reconciliations" slide. M for millions.

NYSE

PUMP

1Q26 Revenue

1Q26 Adjusted EBITDA(1)

Headquartered in

Midland, Texas

Optimize

and industrialize

Fleet transition and innovative technologies

Power generation

opportunity

Strategic transactions

Strong financial foundation

Generate durable earnings and free cash flow

T H E P E R M I A N B A S I N

The Permian Basin is one of the most prolific areas for hydrocarbon production globally and is renowned for its vast reserves of oil and natural gas.

ProPetro is strategically located in and levered to the Permian, with 100% of its completions business revenue coming from this region.

Sources: EIA.

Midland, Texas

Corporate Headquarters and

primary operating facilities

PERMIAN BASIN

~40% of US oil production

~86,000 square miles

(In millions

except %'s

and per TOTAL

share data) REVENUE

NET INCOME (LOSS)

EARNINGS PER SHARE(1)

CASH FLOW ADJUSTED FROM EBITDA(2)(3) OPERATIONS

FREE CASH FLOW FOR COMPLETIONS BUSINESS(2)

TOTAL LIQUIDITY(4)

1Q26 $271

($4)

($0.03)

$36 $3

($3)

$289

4Q25 $290

$0.01

$51 $81

$98

$205

-7%

($5)

($0.4)

(29%) ($78)

($101)

$84

1Q26 working

Adjusted EBITDA(2)

capital headwinds

less incurred

consumed

completions capex

approximately $32

of $14 million was

million in cash,

$23 million in

whereas working

1Q26

capital tailwinds in

4Q25 were an

approximately $35

million source of

cash

A Strategy Yielding Results

ProPetro's first quarter results once again demonstrated the resiliency of our business model. Despite weather-related disruptions that impacted activity and profitability, we delivered positive financial results in our completions business, particularly when measured by Adjusted EBITDA less incurred capital expenditures. These results highlight the strength of our industrialized model, which is the result of strategic investments, disciplined asset deployment, and rigorous cost management.

Earnings per share metrics are calculated using a fully diluted share count of 106M and 117M for 4Q25 and 1Q26, respectively.

Adjusted EBITDA and Free Cash Flow for Completions Business are non-GAAP financial measures; see the reconciliations on the "Non-GAAP Reconciliation" slide.

Inclusive of operating lease expense related to FORCE® fleets of $17M and $16M for 4Q25 and 1Q26, respectively.

Inclusive of cash and available capacity (availability) under our revolving credit facility as of the period end. 8

Secured Strategic Framework Agreement with Caterpillar, Inc. This agreement enables PROPWR to acquire up to approximately 2.1 gigawatts of additional power generation capacity over the next five years. When combined with the approximately 550 megawatts previously ordered, and upon the successful delivery of assets under this agreement, PROPWR is positioned to have approximately 2.6 gigawatts of power generation capacity delivered by year-end 2031 and fully deployed in 2032.

In advanced contract negotiations for approximately 100 megawatts to support oil and gas microgrid projects, with deployments expected later this year.

Achieved major advancements representing several hundred megawatts of high-potential data center opportunities, in a select portion of our data center commercial pipeline.

Scaling up multiple project deployments in the first half of 2026, building on the strong operational efficiency and reliability demonstrated by the megawatts already in service.

Expect data center and industrial power opportunities will occupy a higher share of our overall capacity - characterized by higher-capacity deployments and longer-term contracts - as we actively negotiate additional agreements amid accelerating demand for reliable, low-emission power solutions.

Strengthened PROPWR funding through multiple sources - including completions free cash flow, our recent equity raise, and flexible financing facilities. Given the recent increase in orders, we continue to actively pursue low-cost, flexible financing to support PROPWR's growth and scalability.

I l l u s t r a t i v e P R O P W R D e p l o y e d G i g a w a t t G r o w t h

Gigawatts (GWs) already delivered, ordered or available under strategic framework agreement with Caterpillar

~1.7

~2.2

~2.6

~0.3

~0.5

~0.8

~1.2

2026 2027 2028 2029 2030 2031 2032

Illustrative Deployed GWs at Year End

Note: There is typically a 6- to 12-month delay between delivery and deployment of equipment to allow for thorough testing and ensure field readiness.

Fleet Transformation to

Match Customer Adoption

Majority of ProPetro's active hydraulic horsepower is

secured under contracts

Dual-fuel and electric technology differentiates

ProPetro's fleet in the industry

Lower capital intensity with higher operating efficiency

FORCE® electric fleets:

− Fuel savings through electrification

− Improved completions efficiency

− Extended asset life

Tier IV DGB dual-fuel fleets:

− Natural gas cost savings

− Lower emissions

Direct Drive gas frac units:

− Fuel savings through burning 100% natural gas

− Extended asset life

− Complementary to Tier IV DGB dual-fuel fleets

Note: "e" indicates management estimate.

Frac Fleet Configuration

Tier II Diesel Tier IV DGB Dual-Fuel Electric

2021 2022 2023 2024 2025 2026e(1)

(1) Targeted direct drive frac unit investments will be deployed to select Tier IV DGB dual-fuel fleets in 2026, reducing future capital needs for conventional fleet investments and refurbishments.

L E A D I N G T E C H N O L O G Y D E L I V E R I N G V A L U E

Four FORCE® fleets operating under contract

Lower emissions, quiet operations, and smaller operational footprint

Significant fuel savings and 100% diesel displacement

Extended equipment lifespan and reduced operating expenses

C O M P L E T I O N S B U S I N E S S F R E E C A S H F L O W V S . P E R M I A N R I G C O U N T

$220 340

Free Cash Flow for Completions Business $M

$180

320

Average Permian Basin Rig Count

$140

300

$100

280

$60

$20

260

-$20

2023 2024 2025

Free Cash Flow for Completions Business(1) Average Permian Basin Rig Count(2)

240

In a declining rig count environment, ProPetro's legacy completions business - hydraulic fracturing, cementing, and wireline - is generating sustainable free cash flow to support PROPWR's growth.

Free Cash Flow for Completions Business is a non-GAAP financial measure; see the reconciliations on the "Non-GAAP Reconciliation" slide.

Average Permian Basin rig count, sourced from Baker Hughes.

Customer focused and team driven

Based in the resource-rich Permian Basin

Transitioning to efficient and more capital-light frac fleets

Proven results

year-after-year

Disciplined capital allocation and asset deployment strategy

Reducing emissions and investing in longer-lived assets

Driving the next generation of sustainable solutions with PROPWR

O U R L E A D E R S H I P

Company Management Board of Directors

Sam Sledge

Chief Executive Officer & Director

Adam Muñoz

President and Chief Operating Officer

Phillip A. Gobe

Independent Chairman of the Board

Anthony Best

Independent Director, Audit Committee Chair

Caleb Weatherl

Chief Financial

Officer

Jody Mitchell

General Counsel

Shelby Fietz

Chief Commercial

Officer

Celina Davila

Chief Accounting Officer

Michele Vion

Independent Director, Compensation Committee Chair

G. Larry Lawrence

Independent Director

Mark Berg

Independent Director, Nominating & Corporate Governance Committee Chair

Spencer D. Armour III

Independent Director

Mary Ricciardello

Independent Director

Alex Volkov

Independent Director

Note: Spencer D. Armour III will retire from the Board of Directors at the end of his term concurrent with the Annual Meeting on May 19, 2026.

CORPORATE HEADQUARTERS

One Marienfeld Place

110 North Marienfeld, Suite 300

Midland, TX 79701

432.688.0012

https://www.propetroservices.com

INVESTOR RELATIONS

MATT AUGUSTINE

Vice President, Finance and Investor Relations [email protected] 432.219.7620

Disclaimer

ProPetro Holding Corp. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 11:32 UTC.