ProPetro Holding Corp. reported a decline in financial performance for the second quarter of 2026, with total revenue of $305.8 million, a decrease of 6.2% from $326.2 million in the same period last year. The company's service revenue for the first half of 2026 was $576.5 million, down 15.9% from $685.6 million in the first half of 2025. The decline in revenue was primarily driven by a 15.7% drop in the Hydraulic Fracturing segment, which accounted for approximately 67% of total revenue, attributed to decreased customer activity and pricing pressures. The Wireline segment, however, saw a 19.9% increase in revenue, reflecting improved customer engagement.
In terms of profitability, ProPetro reported a net loss of $8.1 million for the second quarter, compared to a loss of $7.2 million in the prior year. For the first half of 2026, the net loss widened to $11.8 million, contrasting sharply with a net income of $2.4 million in the same period of 2025. The company's Adjusted EBITDA for the second quarter was $44.8 million, down 9.8% from $49.6 million year-over-year, indicating a tightening margin amid rising operational costs.
Operationally, ProPetro has made significant strides in expanding its service offerings, particularly in the Power Generation segment, which generated $9.3 million in revenue during the second quarter. This segment began operations in the third quarter of 2025 and is expected to grow as demand for power solutions increases. The company has also committed to purchasing approximately 1.5 gigawatts of power generation assets under a framework agreement with Caterpillar Inc., with a minimum purchase obligation of approximately $1.1 billion.
ProPetro's balance sheet reflects a substantial increase in cash and cash equivalents, which rose to $784 million as of June 30, 2026, compared to $91.3 million at the end of 2025. This increase was bolstered by the issuance of $690 million in convertible senior notes and $163 million from a public equity offering. The company has also increased its total debt to $819.6 million, primarily due to the new convertible notes and equipment financing arrangements. Looking ahead, ProPetro anticipates capital expenditures between $525 million and $595 million for 2026, focusing on its PROPWR® business line and the transition to lower emissions equipment, which is becoming increasingly critical in the energy sector.
About ProPetro Holding Corp.
ProPetro Holding Corp. is an integrated energy services company specializing in hydraulic fracturing, wireline, cementing, and power generation services for North American oil and gas producers, primarily in the Permian Basin. It offers technologically advanced, lower-emission equipment and customized solutions to support unconventional well completions. The company serves major E&P clients, emphasizing operational efficiency, safety, and industry expertise within a highly cyclical and regulated energy market.
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