PUMP - ProPetro Holding Corp. (PUMP) Q1 2024 Earnings Call Transcript

2024-05-01 13:40:06 ET

ProPetro Holding Corp. (PUMP)

Q1 2024 Earnings Conference Call

May 01, 2024 9:00 AM ET

Company Participants

Matt Augustine – Director of Corporate Development and Investor Relations

Sam Sledge – Chief Executive Officer

David Schorlemer – Chief Financial Officer

Adam Munoz – President and Chief Operating Officer

Conference Call Participants

Luke Lemoine – Piper Sandler

Derek Podhaizer – Barclays

Kurt Hallead – Benchmark

Arun Jayaram – JPMorgan

Waqar Syed – ATB Capital Markets

Stephen Gengaro – Stifel

Scott Gruber – Citigroup

Jeffrey LeBlanc – TPH

Blake McLean – Daniel Energy Partners

Presentation

Operator

Good day, and welcome to the ProPetro Holding Corp First Quarter 2024 Conference Call. Please note, this event is being recorded.

I would now like to turn the call over to Matt Augustine, Director of Corporate Development and Investor Relations for ProPetro Holding Corp. Please go ahead.

Matt Augustine

Thank you and good morning. We appreciate your participation in today's call. With me today is Chief Executive Officer, Sam Sledge; Chief Financial Officer, David Schorlemer; and President and Chief Operating Officer, Adam Munoz. This morning, we released our earnings results for the first quarter of 2024.

Please note that any comments we make on today's call regarding projections or our expectations for future events are forward-looking statements covered by the Private Securities Litigation Reform Act. Forward-looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and risk factors discussed in our filings with the SEC. Also, during today’s call we will reference certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in our earnings release. Finally, after our prepared remarks, we will hold a question-and-answer session.

With that, I would like to turn the call over to Sam.

Sam Sledge

Thanks, Matt, and good morning everyone. First quarter of 2024 was an exciting start to the year for ProPetro. Before David walks you through our financial results, I'd like to begin by covering some important business highlights. As we mentioned last quarter, this year we expect to demonstrate that our strategy is and will continue working. To start off the year, we initiated strategic actions to build on our recent progress, and we're pleased to report that those actions coupled with recent investments are yielding strong returns. Let's walk through some of the specifics.

First, underpinning our strategy is our ongoing fleet transition from legacy equipment to next generation assets. Over the last two years, we have worked to create a next generation fleet to meet the needs of an evolving industry both today and into the future. We have invested approximately $1 billion to recapitalize our fleet with state-of-the-art technologies and services. Today, we have transitioned over two thirds of our fleet to next generation equipment, delivering premium value to our customers while lowering emissions through things like industry-leading natural gas substitution....

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