ProPetro rises after launching power generation business

ProPetro Holding

10/12/2024 13:14

** Oilfield services firm ProPetro's  PUMP.N  shares rise
5.6% to $8.32 premarket
    ** Co launches unit, ProPetro Energy Solutions (ProPWR), to
provide power generation solutions
    ** PUMP says growth capital investment of ~$122 mln will be
funded through cash and external financing and expects equipment
deliveries between June 2025 and March 2026
    ** CEO Sam Sledge says new unit aims to meet growing power
demand across the Permian Basin for oil and gas 
    ** Up till last close, stock down 6% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))