8-K
filed November 2, 2022, 7:59 PM ET
ticker PUMP
CIK 0001680247
M&A
confidence high
sentiment positive
materiality 0.80
ProPetro Holding Corp. (PUMP): M&A transaction — ProPetro acquires Silvertip for $150M; Q3 revenue $333M, net income $10M
ProPetro Holding Corp.
- Acquired Silvertip for $150M (10.1M shares + $30M cash + $7M debt) on Nov 1, 2022.
- Q3 revenue $333M (+6% QoQ), net income $10M ($0.10/sh), vs net loss of $33M in Q2.
- Adjusted EBITDA $90M (27% of revenue) up 18% QoQ.
- Entered two pressure pumping service agreements with Pioneer for two fleets starting Jan 1, 2023.
- Silvertip expected to add $65-75M to 2023 Adjusted EBITDA with ~80% conversion to FCF.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
ProPetro Holding Corp. reported the third quarter of 2022 results: revenue $333 million, net income $10 million, EPS $0.10 pe r diluted share.
- Period
- the third quarter of 2022
- Revenue
- $333 million
- Net income
- $10 million
- EPS
- $0.10 pe r diluted share
- Result
- reported results
Exact text from the filing
Total revenue increased 6% to $333 million compared to $315 million for the second quarter of 2022. • Net income of $10 million, or $0.10 pe r diluted share, compared to net loss of $33 million, or $(0.32) per diluted share, for the second quarter of 2022.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
ProPetro Holding Corp. completed an acquisition involving New Silvertip Holdco, LLC for $150 million (closed 2022-11-01).
- Action
- acquisition
- Counterparty
- New Silvertip Holdco, LLC
- Consideration
- $150 million
- Closing
- 2022-11-01
Exact text from the filing
of cash, the payoff of approximately $7 million of assumed debt, and certain other transaction costs, subject to customary post-closing adjustments, which implies a value of $150 million based upon a 15-day volume weighted average price ("VWAP") of ProPetro’s stock price as of October 27, 2022. The foregoing description of the Purchase Agreement is not complete
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ProPetro Holding Corp. entered into Purchase Agreement with New Silvertip Holdco, LLC valued at $150 million (effective 2022-11-01).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- New Silvertip Holdco, LLC
- Value
- $150 million
- Effective
- 2022-11-01
Exact text from the filing
On November 1, 2022, ProPetro Holding Corp. (the "ProPetro" or "Company") completed the acquisition (the "Silvertip Acquisition") of all of the outstanding limited liability company interests of Silvertip Completion Services Operating, LLC, a wireline services company, pursuant to that certain purchase and sale agreement (the “Purchase Agreement”) dated November 1, 2022, between the Company and New Silvertip Holdco, LLC (the “Seller”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ProPetro Holding Corp. entered into Registration Rights and Lock-Up Agreement with New Silvertip Holdco, LLC (effective 2022-11-01).
- Action
- entry
- Counterparty
- New Silvertip Holdco, LLC
- Effective
- 2022-11-01
Exact text from the filing
In connection with the Silvertip Acquisition, the Company entered into a Registration Rights and Lock-Up Agreement, dated as of November 1, 2022 (the “Registration Rights Agreement”), with the Seller, pursuant to which the Company must file a shelf registration statement as soon as practicable, but in any event within three business days after the closing of the Silvertip Acquisition.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ProPetro Holding Corp. entered into Fleet Two Pressure Pumping Services Agreement with Pioneer Natural Resources USA, Inc. (effective 2022-10-31).
- Action
- entry
- Counterparty
- Pioneer Natural Resources USA, Inc.
- Effective
- 2022-10-31
Exact text from the filing
On October 31, 2022, Pro Petro Services, Inc. (“ProPetro Services”), a wholly owned subsidiary of the Company, entered into (i) a certain Pressure Pumping Services Agreement – Fleet One Simulfrac (the “Fleet One Pressure Pumping Services Agreement”) and (ii) a certain Pressure Pumping Services Agreement – Fleet Two (the “Fleet Two Pressure Pumping Services Agreement” and, together with the Fleet One Pressure Pumping Services Agreement, the “Pressure Pumping Services Agreements”) with Pioneer Natural Resources USA, Inc. (“Pioneer”), pursuant to which ProPetro Services will provide pressure pumping services to Pioneer.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ProPetro Holding Corp. entered into Fleet One Pressure Pumping Services Agreement with Pioneer Natural Resources USA, Inc. (effective 2022-10-31).
- Action
- entry
- Counterparty
- Pioneer Natural Resources USA, Inc.
- Effective
- 2022-10-31
Exact text from the filing
On October 31, 2022, Pro Petro Services, Inc. (“ProPetro Services”), a wholly owned subsidiary of the Company, entered into (i) a certain Pressure Pumping Services Agreement – Fleet One Simulfrac (the “Fleet One Pressure Pumping Services Agreement”) and (ii) a certain Pressure Pumping Services Agreement – Fleet Two (the “Fleet Two Pressure Pumping Services Agreement” and, together with the Fleet One Pressure Pumping Services Agreement, the “Pressure Pumping Services Agreements”) with Pioneer Natural Resources USA, Inc. (“Pioneer”), pursuant to which ProPetro Services will provide pressure pumping services to Pioneer.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.