
PUMPProPetro Holding Corp.
Industry Energy materials Updated 25 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$7.29 → $14.34
Promises vs. what happened
14 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2024 capex $150-175M | Q3 '24 | held: $133.4M incurred | Held |
| A fourth FORCE fleet by end '24 | Q3 '24 | held | Held |
| The buyback is extended past May '25 | Q1 '25 | held — then unused | Held |
| ~75 MW of LOIs become contracts | Q1 '25 | held: 80 MW first contract | Held |
| ~220 MW under contract by end '25 | Q2 '25 | held: ~240 MW | Held |
| A $350M lease facility signed | Q3 '25 | held | Held |
| Completions cash funds PROPWR's growth | Q2 '25 | partly: group FCF -$30.4M in H1 '26 | Late |
| A fifth FORCE fleet in early '25 | Q3 '24 | gone from the slides after Q1 '25 | Dropped |
| All ~220 MW delivered by mid-'26 | Q1 '25 | the date left the slides | Dropped |
| ~$275,000 of EBITDA per MW | Q3 '25 | chart dropped Q1 '26; reaffirmed on the Q2 '26 call | Dropped |
| 150-200 MW delivered in '25 | Q4 '24 | open | Open |
| 1 GW+ installed by 2030 | Q3 '25 | open; the newer plan says 2.6 GW by 2031 | Open |
| Direct-drive units cut future capex | Q4 '25 | open | Open |
| $200M of buybacks by May '25 | Q3 '24 | stopped at $111M | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Free cash flowPage one since Q3 '24
The fleetOff page one Q1 '25
PROPWROff page one Q2 '26
BuybacksFirst seen Q3 '24
The rerateOff page one Q4 '25
PermianPage one since Q1 '26
M&AFirst seen Q3 '24
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Free cash flow from lower capex
“Increasing free cash flows from reduced capex and targeted M&A”
Deck 3Q24 Investor Presentation · p. 4 ·
Free cash flow from lower capex
“Strong free cash flows from reduced capex and targeted”
Deck 4Q24 Investor Presentation · p. 4 ·
Free cash flow from lower capex
“Strong free cash flows from reduced capex and targeted”
Deck 1Q25 Investor Presentation · p. 4 ·
Free cash flow from lower capex
“Sustainable free cash flows from reduced capex and targeted M&A”
Deck 2Q25 Investor Presentation · p. 4 ·
Free cash flow from lower capex
“Sustainable completions free cash flow from reduced capex and targeted M&A”
Deck 3Q25 Investor Presentation · p. 4 ·
Free cash flow from lower capex
“Sustainable completions free cash flow from reduced capex and targeted M&A”
Deck 4Q25 Investor Presentation · p. 4 ·
Free cash flow from lower capex
“Sustainable completions free cash flow and growing PROPWR℠ earnings”
Deck 1Q26 Investor Presentation · p. 4 ·
Free cash flow from lower capex
“Sustainable completions free cash flow and growing PROPWR earnings”
Deck 2Q26 Investor Presentation · p. 4 ·
FORCE electric and dual-fuel fleet transition
“FORCE® electric hydraulic fracturing fleets with four fleets under contract”
Deck 3Q24 Investor Presentation · p. 4 ·
FORCE electric and dual-fuel fleet transition
“Innovating to meet growing demand through FORCE® electric hydraulic fracturing fleets and PROPWRSM offering”
Deck 4Q24 Investor Presentation · p. 4 ·
FORCE electric and dual-fuel fleet transition
“Four FORCE® fleets operating under contract, with a fifth to be deployed in 2025”
Deck 1Q25 Investor Presentation · p. 16 ·
FORCE electric and dual-fuel fleet transition
“Seven Tier IV DGB dual-fuel fleets active, with two operating under contract 0% 20% 40% 60% 80% 2022 2023 2024”
Deck 2Q25 Investor Presentation · p. 16 ·
FORCE electric and dual-fuel fleet transition
“Approximately 70% of ProPetro’s active hydraulic horsepower is now secured under long-term contracts”
Deck 3Q25 Investor Presentation · p. 14 ·
FORCE electric and dual-fuel fleet transition
“Direct Drive gas frac units:”
Deck 4Q25 Investor Presentation · p. 11 ·
FORCE electric and dual-fuel fleet transition
“Majority of ProPetro’s active hydraulic horsepower is secured under contracts”
Deck 1Q26 Investor Presentation · p. 11 ·
FORCE electric and dual-fuel fleet transition
“(1) Includes one large fleet that operates with two fleets worth of equipment.”
Deck 2Q26 Investor Presentation · p. 12 ·
PROPWR power generation
“Expanding to meet all electricity needs with PROPWR, a comprehensive power generation solution”
Deck 4Q24 Investor Presentation · p. 5 ·
PROPWR power generation
“PROPWR is strategically positioned to meet the increasing and underserved electricity demand in the Permian Basin • ~220 MW currently ordered, split evenly between turbines and natural gas reciprocating generators”
Deck 1Q25 Investor Presentation · p. 18 ·
PROPWR power generation
“Secured inaugural 10-year midstream-like contract in 2Q25, which was executed in collaboration with a”
Deck 2Q25 Investor Presentation · p. 19 ·
PROPWR power generation
“Secured long-term contract to commit 60 megawatts of power capacity to a leading data center, marking PROPWR’s entry into the data center power market.”
Deck 3Q25 Investor Presentation · p. 11 ·
PROPWR power generation
“PROPWR℠ business anchored by contracts — across both oilfield and data center applications”
Deck 4Q25 Investor Presentation · p. 4 ·
PROPWR power generation
“PROPWR business anchored by contracts — across data center, industrial, and oil and gas applications”
Deck 1Q26 Investor Presentation · p. 4 ·
PROPWR power generation
“Assets successfully deployed and operating at a Midwest hyperscaler data center site, one of the first behind-the-meter power providers servicing a data center project at scale providing prime power.”
Deck 2Q26 Investor Presentation · p. 8 ·
Share repurchases
“✓ Repurchased and retired 1.3 million shares during the quarter and 12.6 million shares or 11% of shares outstanding since May 2023”
Deck 3Q24 Investor Presentation · p. 7 ·
Share repurchases
“Retired 13M shares (11%) outstanding since inception through December 31, 2024”
Deck 4Q24 Investor Presentation · p. 9 ·
Share repurchases
“Intend to extend the share repurchase program before it expires next month, subject to Board approval”
Deck 1Q25 Investor Presentation · p. 11 ·
Share repurchases
“ProPetro did not repurchase any shares in 2Q25, as it prioritized the launch and scaling of its PROPWR business 11”
Deck 2Q25 Investor Presentation · p. 11 ·
Share repurchases
“ProPetro again did not repurchase any shares in 3Q25, as it prioritized the launch and scaling of its PROPWR business 16”
Deck 3Q25 Investor Presentation · p. 16 ·
Valuation discount and industrial rerate
“Discounted valuation multiple relative to peers with no net debt (1)”
Deck 3Q24 Investor Presentation · p. 4 ·
Valuation discount and industrial rerate
“Discounted valuation multiple relative to peers with a strong balance sheet”
Deck 4Q24 Investor Presentation · p. 4 ·
Valuation discount and industrial rerate
“Discounted valuation multiple relative to peers with a strong balance sheet”
Deck 1Q25 Investor Presentation · p. 4 ·
Valuation discount and industrial rerate
“Discounted valuation multiple relative to peers with a strong balance sheet”
Deck 2Q25 Investor Presentation · p. 4 ·
Valuation discount and industrial rerate
“Discounted valuation multiple relative to peers with a strong balance sheet”
Deck 3Q25 Investor Presentation · p. 4 ·
Valuation discount and industrial rerate
“Completions Business Transforming to an Industrialized Model”
Deck 4Q25 Investor Presentation · p. 15 ·
Permian pure play
“Pure play exposure in the world’s leading basin for hydrocarbon production”
Deck 3Q24 Investor Presentation · p. 4 ·
Permian pure play
“ProPetro is strategically located in and levered to the Permian, with 100% of revenue coming from this region.”
Deck 4Q24 Investor Presentation · p. 8 ·
Permian pure play
“ProPetro is strategically located in and levered to the Permian, with 100% of its completions business revenue coming from this region.”
Deck 3Q25 Investor Presentation · p. 8 ·
Permian pure play
“Pure-play completions exposure to the Permian Basin, one of the world’s leading regions for hydrocarbon production”
Deck 1Q26 Investor Presentation · p. 4 ·
Permian pure play
“Pure-play completions exposure to the Permian Basin, one of the world’s leading regions for hydrocarbon production”
Deck 2Q26 Investor Presentation · p. 4 ·
Targeted M&A in completions
“Wet Sand Solutions business acquired in 2024”
Deck 3Q24 Investor Presentation · p. 13 ·
Targeted M&A in completions
“Advancing Growth Strategy Through Targeted M&A”
Deck 4Q24 Investor Presentation · p. 11 ·
Targeted M&A in completions
“Advancing Growth Strategy Through Targeted M&A”
Deck 2Q25 Investor Presentation · p. 10 ·
Targeted M&A in completions
“Advancing Growth Strategy Through Targeted M&A”
Deck 4Q25 Investor Presentation · p. 13 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Free cash flow
- The 2024 headline: lower capital intensity, cash returned. Now presented for the completions business alone, which adds the power build's spending back.
- The fleet
- FORCE electric and Tier IV dual-fuel, in every deck. Four FORCE fleets under contract — the fifth, promised for early 2025, left the slides.
- PROPWR
- From a new idea to the whole story: ~350 MW committed under contract, a Caterpillar framework for up to 2.1 GW more, and an illustrative 2.6 GW deployed by 2032.
- Buybacks
- A standing commitment through 2024 that stopped at $111m of a $200m authorisation — and has not restarted while the share count rose 18%.
- The rerate
- The peer-discount slide: a Permian frac company arguing it should trade as an industrial. The power business is now the argument, and the share count is the cost of it.
- Permian
- In every deck as the moat — one basin, the best customers. The first data-centre deployment is in the Midwest.
- M&A
- Targeted completions acquisitions, in the early decks and quiet since: the capital goes to megawatts now.
- New
- Q2 '26: assets live at a Midwest hyperscaler data centre, one of the first behind-the-meter providers at scale, and a Caterpillar framework agreement for up to ~2.1 GW over five years.
- Quiet
- The per-megawatt EBITDA chart went after Q1 '26. The ~220 MW mid-2026 delivery date went. The fifth FORCE fleet went. And the buyback stopped being mentioned as a use of cash.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 29 Jul 2026
- Q1 2026 release · 8-K 30 Apr 2026
- Q4 2025 release · 8-K 18 Feb 2026
- Q3 2025 release · 8-K 29 Oct 2025
- Q2 2025 release · 8-K 30 Jul 2025
- Q1 2025 release · 8-K 29 Apr 2025
- Q4 2024 release · 8-K 19 Feb 2025
- Q3 2024 release · 8-K 30 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 6% | · | 22% | 42% | 56% | 54% | 37% | 39% |
| Growth & sales | 19% | 17% | · | 5% | 11% | · | · | · |
| Pricing & margins | 12% | 33% | 17% | 37% | 33% | 31% | 21% | 22% |
| Guidance & outlook | 19% | 17% | 6% | 26% | 11% | 15% | · | 11% |
| Capacity & supply | · | 17% | 28% | 32% | 72% | 46% | 26% | 33% |
| Capital & financing | 19% | 50% | 17% | · | 17% | 15% | 16% | 11% |
| Competition | 19% | · | · | 11% | 11% | · | 5% | · |
| Products & technology | · | · | · | 16% | 11% | · | · | 6% |
| Macro & regulation | · | · | · | 5% | · | · | 5% | · |
| Other | 44% | 17% | 44% | 21% | 11% | 31% | 37% | 33% |
| Questions | 16 | 6 | 18 | 19 | 18 | 13 | 19 | 18 |
| How much the CEO talked | 79% | 58% | 98% | 100% | 75% | 79% | 78% | 66% |
How these calls run. On the Q4 24 call, investors send questions in advance and investor relations reads them out, sometimes rephrased, and picks who answers. No analyst is heard live and nobody gets a follow-up, so this table shows the questions the company chose to read.
Who’s in charge, who’s selling
read from the filings · 2 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · worsening
$1.5bn raised in eighteen months, the count up 18% in six months, and 29.78m shares behind the converts
15,000,000 shares at $10.00 in January 2026 and $690m of zero-coupon converts in May at a $23.17 conversion price, with capped calls to $29.49 bought for $36.8m. Shares issued 104,310,266 to 122,823,917 in six months; debt from about $122m to about $797m. The 2026 capital budget is $525-595m, $400-450m of it PROPWR, against H1 adjusted EBITDA of $81.2m — down 34% — and free cash flow of -$30.4m. The buyback stopped at $111m of $200m, and the incentive pool was enlarged twice, 8,050,000 to 14,060,000 shares.
Tier 1 · live
Exxon Mobil sold its whole stake at $16.66 and its board seat went with it
Pioneer Natural Resources Pumping Services, an indirect Exxon Mobil subsidiary, sold its remaining 16,600,000 shares at $16.66 on 2026-05-20 — about $276.6m — and on 2026-05-28 its nominee resigned under the Investor Rights Agreement, taking the board from eight to seven and ending the nomination right. By 2026-08-04 the stock was $11.16, where the president and chief operating officer sold 70,696 shares and a director 35,831, neither under a pre-set plan.
Tier 2 · worsening
The cash headline has been redefined twice in three years, each time around the spending
"Free Cash Flow adjusted for Acquisition Consideration" in 2023-24 became "Free Cash Flow for Completions Business" in 2025, which adds PROPWR's operating and investing cash flows back: $190.2m against group free cash flow of $81.8m. Capex is presented as incurred rather than paid — FY2025 $281.2m against $186.3m of cash. And the per-megawatt EBITDA chart, the economics the entire build rests on, was dropped from the decks after Q1 2026, though the chief executive reaffirmed the figures on the Q2 2026 call.
Tier 2 · stable
Thirteen directors and officers own 1.55%, and the chief financial officer owns 2,000 shares
1,894,695 shares in total, of which the chief executive holds 649,336 and the president 219,387 before his August sale; the chief financial officer, in post since July 2025, holds 2,000. The equity pool grew 75% in two years. Against that, the pay practices are unusually clean: no employment agreements with executive officers, no single-trigger change-in-control payments, no tax gross-ups, no repricing or backdating, and hedging, derivatives and pledging all prohibited. Say-on-pay drew 1.4% against in 2026.
Tier 3 · stable
The accounting officer leaves on 30 October and the chief financial officer takes both jobs
Celina Davila gave notice on 2026-09-16, effective 2026-10-30, with the standard statement that it was not the result of any disagreement over accounting principles, disclosure or internal control. Caleb Weatherl, the chief financial officer, becomes interim principal accounting officer with no change to his compensation. The audit file is clean: RSM US LLP billed $1,627,607 of audit fees and $244,386 of audit-related fees for 2025 and nothing else, ratification carried with 0.03% against, and there is no restatement, comment letter or late filing. Separately, 16.0% of votes were withheld from the governance committee's chair in 2026, after 10.8% in 2025.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Berg (chairs nominating and governance)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 10.05M withheld | 16.57M withheld | 10.8% → 16.0% |
| Volkov (Exxon/Pioneer's nominee)A board seat. | 1.92M withheld | 9.40M withheld | 2.1% → 9.1% |
| Armour (did not stand in '26)A board seat. | 10.44M withheld | — | 11.2% in '25 |
| Gobe (chairman, chief executive 2020-21)A board seat. | 0.75M withheld | 2.36M withheld | 0.8% → 2.3% |
| Sledge (chief executive)A board seat. | 0.64M withheld | 1.08M withheld | 0.7% → 1.0% |
| Advisory vote on executive compensationExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 4.82M against | 1.43M against | 5.2% → 1.4% |
| Enlarge the incentive planStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | 6.30M against | 2.87M against | 6.8% → 2.8% |
| Ratify RSM US LLPThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 0.60M against | 0.04M against | 0.03% in '26 |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Mar-Sep 2026 | Sold | Note |
|---|---|---|
| Exxon Mobil (via Pioneer) | $276.6M | 16,600,000 shares on 20 May at $16.66 — the entire remaining stake, nothing held after |
| Muñoz, president and chief operating officer | $0.79M | 70,696 shares on 4 Aug at $11.17, not under a plan; 148,691 held after |
| Lawrence, director and audit committee | $0.40M | 35,831 shares on 4 Aug at $11.16, not under a plan; 28,181 held after |
| Sledge and Weatherl | none | the chief executive and chief financial officer sold nothing in the window |