Published by Todd Bush on December 6, 2022
Placed Two Additional Electric Frac Fleet Orders
MIDLAND, Texas--(BUSINESS WIRE)-- ProPetro Holding Corp. ("ProPetro" or the “Company") (NYSE: PUMP) today announced it has executed a contract with a leading independent Permian operator for use of ProPetro’s first electric-powered hydraulic fracturing fleet (“e-fleet”). Under the agreement, ProPetro will provide committed services for a three-year period following the delivery of the e-fleet.
>> In Other News: Lowe's Sets Goal to Reach Net-Zero Emissions across Scopes 1, 2 and 3 by 2050
The contracted equipment will be deployed primarily to support simul-frac operations and will initially utilize Tier IV DGB ("Dynamic Gas Blending") dual-fuel equipment, and transition to an e-fleet upon delivery, which is expected in the third quarter of 2023.
Sam Sledge, Chief Executive Officer, commented, “With this agreement, we have entered the next phase of our fleet transition, and we are excited to help our customers substantially lower their completion costs and emissions. By transitioning our fleet to more electric-powered equipment while doing so through a capital-light and unique lease agreement with our equipment manufacturer, we are setting ProPetro on a path for enhanced competitiveness, lower operating costs, and therefore a more sustainable and durable earnings and cash flow profile, for the benefit of our stakeholders and shareholders alike. The agreement marks a major turning point for ProPetro and is another accomplishment in our defined long-term strategy to industrialize our business.”
The Company also announced it has executed orders for two additional electric frac fleets with expected delivery in the fourth quarter of 2023. This additional order brings a total of four electric frac fleets to ProPetro's hydraulic fracturing offering furthering the Company's fleet transition to next-generation equipment. These two orders announced today in addition to the two orders placed in August 2022 will be acquired under the long-term lease agreement previously announced.
Sledge commented, “As we have previously outlined, we are excited to equip our team with leading edge technologies for the job of the future. That said, we will continue to do so in a disciplined manner as we begin to pivot investment away from conventional diesel equipment and towards a more relevant natural gas burning offering. We will do this while remaining dedicated to a disciplined deployment of assets into the market where new electric fleets likely become replacement of legacy diesel burning fleets.”
ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing completions services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.
Source: ProPetro Holding Corp.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 💥 North America's $170B Hydrogen Surge: Why 2025 is the Tipping Point ⚙️ First Centrifugal on Board Carbon Capture System Launches 🌾 AgriCapture Rice Methane Reduction Project R...
Inside This Issue 🏭 Baker Hughes to Acquire Chart Industries, Accelerating Energy & Industrial Technology Strategy ⛽ Next Hydrogen Launches Ontario’s Largest Onsite Clean Hydrogen Refuelling S...
Inside This Issue 💰 Gevo Sells Carbon Credits from North Dakota Asset ⚡ US Companies CPS Energy, Modern Hydrogen Agree to Work on Clean Power Generation Project ✈️ ESAF Takes Flight: Power-to-Liqu...
RYAM and GranBio Sign MOU to Explore Cellulosic SAF Project at Jesup Facility
JACKSONVILLE, Fla. - Rayonier Advanced Materials Inc. (NYSE: RYAM) (the “Company” or “RYAM”), the global leader in cellulose specialty products, announced today the signing of a Memorandum of Under...
The following statement may be attributed to Jessie Stolark, executive director of the Carbon Capture Coalition (the Coalition), a non-partisan collaboration of companies, labor unions, and NGOs bu...
Asahi Kasei to Supply 1 MW-Class Alkaline-Water Electrolyzer to Hydrogen Project in Finland
DÜSSELDORF, Germany & TOKYO & NOVI, Mich. - Asahi Kasei will supply its Aqualyzer™-C3 containerized 1 MW-class alkaline-water electrolyzer to the Central Finland Mobility Foundation (Cefmof...
Montreal, Quebec--(Newsfile Corp. - July 30, 2025) -- Quebec Innovative Materials Corp. (CSE: QIMC) (OTCQB: QIMCF) (FSE: 7FJ) ("QIMC" or the "Company"), a leading innovator in clean natural hydroge...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.