Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ProPetro Holding Corp. terminated Pressure Pumping Services Agreement – Fleet Two with Pioneer Natural Resources USA, Inc. valued at The Agreement will be terminated as of May 12, 2023, upon completion of operations on the pad where (effective 2023-02-09).
- Action
- termination
- Counterparty
- Pioneer Natural Resources USA, Inc.
- Value
- The Agreement will be terminated as of May 12, 2023, upon completion of operations on the pad where
- Effective
- 2023-02-09
Exact text from the filing
On February 9, 2023, ProPetro Holding Corp. (the “Company”), through its wholly owned subsidiary, ProPetro Services, Inc. (“ProPetro Services”), received notice from Pioneer Natural Resources USA, Inc., (“Pioneer”) (i) stating that Pioneer intends to release the hydraulic fracturing fleet contracted to Pioneer pursuant to that certain Pressure Pumping Services Agreement – Fleet Two, dated as of October 31, 2022, between Pioneer and ProPetro Services (the “Agreement”), effective upon the completion of operations on the pad where the performance of Services (as defined in the Agreement) is in progress on May 12, 2023 (the “Release Date”) and (ii) requesting that ProPetro Services agree to the termination of the Agreement as of the Release Date. ProPetro agreed with such request, and, as a result, the Agreement will be terminated as of the Release Date.
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