ProPetro (US:PUMP)2023-11-01 15:42Financial Performance & Strategy - ProPetro's 3Q 2023 revenue was $424 million, with a net income of $35 million and an adjusted EBITDA of $108 million[52, 89] - The company has repurchased and retired 42 million shares since May 2023, representing approximately 4% of outstanding shares[54, 92] - ProPetro is investing nearly $1 billion from 2022 through 2023 in its future, including capital expenditures, the Silvertip acquisition, and leased electric fleets[74] Fleet Transition & Technology - ProPetro aims to transition 65% of its frac fleet to Next-Generation Tier IV DGB dual-fuel and FORCESM electric by the first half of 2024[56, 100] - The company's Tier IV DGB dual-fuel fleets are regularly delivering 60-70% natural gas substitution rates when utilizing CNG[103] - In 3Q23, ProPetro displaced 66 million gallons of diesel, compared to 61 million gallons in 2Q23[61] Market Position & Outlook - ProPetro is strategically located in the Permian Basin, with approximately 98% of its revenue derived from this region[22] - The Permian Basin holds approximately 60 billion barrels of oil equivalent[24] - Upstream E&P spending is 27% below the average spend from 2010-14, indicating a constrained supply environment[38]