ProPetro plunges as it scales back frac activity amid market slowdown

ProPetro Holding

30/07/2025 13:21

** Shares of oilfield services provider ProPetro PUMP.N fall 17.2% at $5.31 in premarket trading

** PUMP CEO Sam Sledge says both the broader energy markets and, more specifically, the completions market in the Permian basin, continue to face challenges

** CEO says Permian frac fleets are likely to drop to 70, compared to almost 90-100 operating fleets at the start of the year

** PUMP will operate on 10-11 active in Q3 compared to 13-14 in Q2, owing to decline in oil prices influenced by tariffs and OPEC+ production increase

** "While we've had opportunities to keep virtually all of our fleets active, we have proactively chosen to idle certain fleets, rather than run our fleets at sub-economic levels, preserving them for more favorable market conditions," says Sledge

** PUMP posts a Q2 loss of $7.2 mln compared to last year's loss of $3.7 mln

** Up to last close, stock down 32% YTD

(Reporting by Pranav Mathur in Bengaluru)

((Pranav.Mathur@thomsonreuters.com;))