--- schema_version: "secwatch.filing_event.v1" accession: "0001680247-22-000028" form_type: "8-K" ticker: "PUMP" cik: "0001680247" company_name: "ProPetro Holding Corp." filed_at: "2022-11-02T23:59:59+00:00" generated_at: "2026-06-22T14:27:33.480977+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 0.8 calibrated_materiality_score: 0.8 confidence: "high" source: SEC EDGAR --- # ProPetro acquires Silvertip for $150M; Q3 revenue $333M, net income $10M ## Summary - 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. ## SEC filing metadata - accession: 0001680247-22-000028 - form_type: 8-K - ticker: PUMP - cik: 0001680247 - company_name: ProPetro Holding Corp. - filed_at: 2022-11-02T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 0.8 - calibrated_materiality_score: 0.8 - confidence: high - sec_items: 1.01, 2.01, 2.02, 3.02, 3.03, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/0001680247-22-000028-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/pump-20221031.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001680247-22-000028 - JSON: https://secwatch.observer/filing/0001680247-22-000028.json - Plain text: https://secwatch.observer/filing/0001680247-22-000028.txt ## Key facts - Earnings Releases 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/0001680247-22-000028-index.htm - M&A Transactions 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/0001680247-22-000028-index.htm - Material Agreements 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/0001680247-22-000028-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/0001680247-22-000028-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/0001680247-22-000028-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1680247/000168024722000028/0001680247-22-000028-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.