secwatch.observer — SEC 8-K summary
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Issuer:     ProPetro Holding Corp. (PUMP)
CIK:        0001680247
Form:       8-K
Filed at:   2023-05-03T23:59:59+00:00
Accession:  0001680247-23-000031
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ProPetro Q1 revenue jumps 21% sequentially to $424M; net income $29M
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- Net income $29M ($0.25/diluted share) vs $13M ($0.12) prior quarter; revenue $424M (+21% QoQ).
- Adjusted EBITDA $119M (28% of revenue), up 42% sequentially; margin expanded >400 bps.
- Effective frac fleet utilization 15.5 fleets; seven Tier IV DGB dual-fuel fleets operating, four electric fleets coming in 2023.
- Net operating cash flow $73M; free cash flow negative $41M due to capex on electric fleet builds.
- Plan to scrap ~140,000 HHP of Tier II diesel equipment; transitioning to lower-emission fleets.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1680247/000168024723000031/0001680247-23-000031-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1680247/000168024723000031/pump-20230503.htm
  HTML page:      https://secwatch.observer/filing/0001680247-23-000031

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