ProPetro Holding (PUMP) 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	ProPetro Holding Corp.
Entity Central Index Key	1,680,247
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		83,543,646

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 27,103	$ 23,949
Accounts receivable - net of allowance for doubtful accounts of $457 and $443, respectively	316,498	199,656
Inventories	7,744	6,184
Prepaid expenses	3,451	5,123
Other current assets	1,131	748
Total current assets	355,927	235,660
PROPERTY AND EQUIPMENT - Net of accumulated depreciation	551,253	470,910
OTHER NONCURRENT ASSETS:
Goodwill	9,425	9,425
Intangible assets - net of amortization	157	301
Deferred revenue rebate - net of amortization	0	615
Other noncurrent assets	2,253	2,121
Total other noncurrent assets	11,835	12,462
TOTAL ASSETS	919,015	719,032
CURRENT LIABILITIES:
Accounts payable	268,562	211,149
Accrued and other current liabilities	26,329	16,607
Current portion of long-term debt	10,716	15,764
Accrued interest payable	506	76
Total current liabilities	306,113	243,596
DEFERRED INCOME TAXES	26,473	4,881
LONG-TERM DEBT	95,000	57,178
OTHER LONG-TERM LIABILITIES	126	125
Total liabilities	427,712	305,780
COMMITMENTS AND CONTINGENCIES (Note 9)
SHAREHOLDERS’ EQUITY:
Common stock, $0.001 par value, 200,000,000 shares authorized, 83,543,646 and 83,039,854 shares issued, respectively	84	83
Additional paid-in capital	609,717	607,466
Accumulated deficit	(118,498)	(194,297)
Total shareholders’ equity	491,303	413,252
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 919,015	$ 719,032

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 457	$ 443
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	83,543,646	83,039,854
Common stock, outstanding (in shares)	83,543,646	83,039,854

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
REVENUE - Service revenue	$ 459,888	$ 213,492	$ 845,107	$ 385,423
COSTS AND EXPENSES
Cost of services (exclusive of depreciation and amortization)	351,888	176,777	650,010	326,342
General and administrative (inclusive of stock-based compensation)	14,178	7,916	26,122	27,776
Depreciation and amortization	21,276	12,706	40,211	23,857
Loss on disposal of assets	18,990	9,787	26,655	20,229
Total costs and expenses	406,332	207,186	742,998	398,204
OPERATING INCOME (LOSS)	53,556	6,306	102,109	(12,781)
OTHER INCOME (EXPENSE):
Interest expense	(2,231)	(650)	(3,492)	(5,825)
Other income (expense)	(182)	(627)	(412)	(602)
Total other income (expense)	(2,413)	(1,277)	(3,904)	(6,427)
INCOME (LOSS) BEFORE INCOME TAXES	51,143	5,029	98,205	(19,208)
INCOME TAX EXPENSE	(12,052)	(108)	(22,406)	(223)
NET INCOME (LOSS)	$ 39,091	$ 4,921	$ 75,799	$ (19,431)
NET INCOME (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 0.47	$ 0.06	$ 0.91	$ (0.28)
Diluted (in dollars per share)	$ 0.45	$ 0.06	$ 0.87	$ (0.28)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	83,447	83,040	83,265	69,593
Diluted (in shares)	86,878	86,279	87,124	69,593

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
BALANCE at Dec. 31, 2017	$ 413,252	$ 83	$ 607,466	$ (194,297)
Balance (in shares) at Dec. 31, 2017		83,040
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	2,201		2,201
Issuance of equity awards, net (in shares)		504
Issuance of equity awards, net	51	$ 1	50
Net income	75,799			75,799
Balance (in shares) at Jun. 30, 2018		83,544
BALANCE at Jun. 30, 2018	$ 491,303	$ 84	$ 609,717	$ (118,498)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 75,799	$ (19,431)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	40,211	23,857
Deferred income tax expense	21,592	111
Amortization of deferred revenue rebate	615	923
Amortization of deferred debt issuance costs	191	3,240
Stock-based compensation	2,201	7,978
Loss on disposal of fixed assets	27,804	20,229
Gain on interest rate swap	0	(199)
Changes in operating assets and liabilities:
Accounts receivable	(116,843)	(32,641)
Other current assets	(383)	3,423
Inventories	(1,559)	(107)
Prepaid expenses	1,708	(2,321)
Accounts payable	59,109	(2,812)
Accrued and other current liabilities	12,941	(2,605)
Accrued interest	1,056	(108)
Net cash provided by (used in) operating activities	124,442	(463)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(152,191)	(112,630)
Proceeds from sale of assets	2,282	1,229
Net cash used in investing activities	(149,909)	(111,401)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	57,378	232
Repayments of borrowings	(25,230)	(163,128)
Repayments of insurance financing	(3,218)	(2,476)
Payment of debt issuance costs	(360)	(1,653)
Proceeds from exercise of equity awards	51	0
Proceeds from IPO	0	185,500
Payment of IPO costs	0	(15,099)
Net cash provided by financing activities	28,621	3,376
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3,154	(108,488)
CASH AND CASH EQUIVALENTS - Beginning of period	23,949	133,596
CASH AND CASH EQUIVALENTS - End of period	$ 27,103	$ 25,108

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of ProPetro Holding Corp. and its subsidiary (the "Company," "we," "us" or "our") have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission ("SEC") for interim financial information and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for annual financial statements. Those adjustments (which consisted of normal recurring accruals) that are, in the opinion of management, necessary for a fair presentation of the results of the interim periods have been made. Results of operations for such interim periods are not necessarily indicative of the results of operations for a full year due to changes in market conditions and other factors. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2017 included in our Form 10-K filed with the SEC ("Form 10-K"). Revenue Recognition The Company’s services are sold based upon contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The following is a description of the principal activities, separated by reportable segment and all other, from which the Company generates its revenue. Pressure Pumping — Pressure pumping consists of downhole pumping services, which includes hydraulic fracturing (inclusive of acidizing services) and cementing. Hydraulic fracturing is a well-stimulation technique intended to optimize hydrocarbon flow paths during the completion phase of shale wellbores. The process involves the injection of water, sand and chemicals under high pressure into shale formations. Hydraulic fracturing contracts with our customer have one performance obligation, which is the contracted total stages, satisfied over time. We recognize revenue over time using a progress output method, unit-of-work performed method, which is based on the agreed fixed transaction price and actual stages completed. We believe that recognizing revenue based on actual stages completed faithfully depicts how our hydraulic fracturing services are transferred to our customers over time. Acidizing, which is part of our hydraulic fracturing operating segment, involves a well-stimulation technique where acid is injected under pressure into formations to form or expand fissures. Acidizing provides downhole solutions, and contracts with customers have one performance obligation, which is satisfied at a point-in-time upon completion of the contracted service when control is transferred to the customer. Jobs for these services are typically short term in nature, with most jobs completed in less than a day. We recognize acidizing revenue at a point-in-time, upon completion of the performance obligation. Our cementing services use pressure pumping equipment to deliver a slurry of liquid cement that is pumped down a well between the casing and the borehole. Cementing involves well bonding solutions, and contracts with customers have one performance obligation, which is satisfied at a point-in-time upon completion of the contracted service when control is transferred to the customer. Jobs for these services are typically short term in nature, with most jobs completed in less than a day. We recognize cementing revenue at a point-in-time, upon completion of the performance obligation. The transaction price for each performance obligation for all our pressure pumping services are fixed per our contract with customer. All Other — All other services consist of our surface air drilling, drilling, coil tubing and flowback, which are all downhole well simulation and completion/remedial services. The performance obligation for each of the services has a fixed transaction price which is satisfied at a point-in-time upon completion of the service when control is transferred to the customer. Accordingly, we recognize revenue at a point-in-time, upon completion of the service and transfer of control to the customer. Accounts Receivable Accounts receivables are stated at the amount billed and billable to customers. At June 30, 2018 and December 31, 2017 , accrued revenue (unbilled receivable) included as part of our accounts receivable was $43.4 million and $24.8 million , respectively. At June 30, 2018 , the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing operations was $36.9 million , which is expected to be completed and recognized in the two months following the current period balance sheet date, in our pressure pumping reportable segment. Initial Public Offering On March 22, 2017, we consummated our initial public offering ("IPO"), in which 25,000,000 shares of our common stock, par value $0.001 per share, were sold at a public offering price of $14.00 per share, with 13,250,000 shares issued and sold by the Company and 11,750,000 shares sold by selling stockholders. We received net proceeds of approximately $170.1 million after deducting $10.9 million of underwriting discounts and commissions, and $4.5 million of other offering expenses. At closing, we used the proceeds (i) to repay $71.8 million in outstanding borrowings under our term loan, (ii) $86.8 million to fund the purchase of additional hydraulic fracturing units and other equipment, and (iii) the remaining for general corporate purposes. In connection with the IPO, we executed a stock split, such that each holder of common stock of the Company received 1.45 shares of common stock for every one share of previous common stock, and all 16,999,990 shares of our previously outstanding Series A preferred stock converted to common stock on a 1 :1 basis.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU No. 2014-09 requires entities to recognize revenue to depict transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 requires entities to disclose both qualitative and quantitative information that enables users of the consolidated financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including disclosure of significant judgments affecting the recognition of revenue. ASU No. 2014-09 was effective for annual periods beginning after December 15, 2017, using either the full retrospective or modified retrospective method. We adopted ASU No. 2014-09 effective January 1, 2018, using the modified retrospective method. The adoption of this guidance had a nil impact on our prior period consolidated financial statements. This is because prior to the effective date of the new revenue guidance, substantially all of our performance obligations per our contracts with customers, except for hydraulic fracturing, were completed at a point-in-time and revenue recognized when control was transferred to the customers, which is consistent with ASU No. 2014-09. Our hydraulic fracturing segment performance obligation is satisfied over time. Prior to the effective date of the new revenue standards, our hydraulic fracturing segment revenue was recognized based on actual stages completed, i.e. using the output method, which faithfully depicts how our services are transferred over time to our customers, and is consistent with the requirements of the new guidance, ASU No. 2014-09. Accordingly, no adjustments to our consolidated financial statements were required, other than the additional disclosures included as part of Note 1 in these condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . This ASU introduces a lessee model that brings most leases on the balance sheet. This new standard increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as Right of Use ("ROU") Assets and Lease Liabilities. Leases will be classified as either finance or operating, which will impact the pattern of expense recognition on the income statement. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative and quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. This ASU is effective for annual reporting periods beginning after December 15, 2018, using a modified retrospective approach. Early adoption is permitted. We are in the process of finalizing the impact this guidance will have on our consolidated financial statements. Per our analysis thus far, we do not expect this new guidance to have a material impact on our consolidated financial statements. However, we will record the balance sheet impact associated with ROU assets and lease liabilities on our leases. Additionally, we intend to adopt the modified retrospective approach with an election to implement the guidance only in our 2019 consolidated financial statements, which is the year it becomes effective for us. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which removes the requirement to compare the implied fair value of goodwill with its carrying amount as part of step two of the goodwill impairment test. As a result, under this ASU, an entity would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This pronouncement is effective for impairment tests in fiscal years beginning after December 15, 2019, on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We believe that the adoption of this guidance will not materially affect our consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used, when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions other market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis Our financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of our financial instruments — cash and cash equivalents, accounts receivable and accounts payable at June 30, 2018 and December 31, 2017 approximates their carrying value as reflected in our condensed consolidated balance sheets due to their short-term nature. Assets Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis at June 30, 2018 and December 31, 2017 , respectively, are set forth below: Estimated fair value measurements Balance Quoted prices in active market (Level 1) Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains (losses) ($ in thousands) June 30, 2018: Property and equipment, net $ — $ — $ — $ — $ — Goodwill $ — $ — $ — $ — $ — December 31, 2017: Property and equipment, net $ — $ — $ — $ — $ — Goodwill $ — $ — $ — $ — $ — No impairment of property and equipment was recorded during the six months ended June 30, 2018 and 2017 . We generally apply fair value techniques to our reporting units on a nonrecurring basis associated with valuing potential impairment loss related to goodwill. Our estimate of the reporting unit fair value is based on a combination of income and market approaches, Level 1 and 3, respectively, in the fair value hierarchy. The income approach involves the use of a discounted cash flow method, with the cash flow projections discounted at an appropriate discount rate. The market approach involves the use of comparable public companies market multiples in estimating the fair value. Significant assumptions include projected revenue growth, capital expenditures, utilization, gross margins, discount rates, terminal growth rates, and weight allocation between income and market approaches. If the reporting unit's carrying amount exceeds its fair value, we consider goodwill impaired, and the impairment loss is calculated and recorded. There were no additions to, or disposal of, goodwill during the six months ended June 30, 2018 and 2017 . At December 31, 2017 , we determined our goodwill balance not to be impaired as per our annual impairment test.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt ABL Credit Facility On March 22, 2017, we entered into a new revolving credit facility with a $150.0 million borrowing capacity ("ABL Credit Facility"). Borrowings under the ABL Credit Facility accrue interest based on a three-tier pricing grid tied to availability, and we may elect for loans to be based on either LIBOR or base rate, plus the applicable margin, which ranges from 1.75% to 2.25% for LIBOR loans and 0.75% to 1.25% for base rate loans, with no LIBOR floor. Borrowings under the ABL Credit Facility are secured by a first priority lien and security interest in substantially all assets of the Company. The ABL Credit Facility has a tenor of 5 years and a borrowing base of 85% of eligible accounts receivable less customary reserves. Under this facility we are required to comply, subject to certain exceptions and materiality qualifiers, with certain customary affirmative and negative covenants, including, but not limited to, covenants pertaining to our ability to incur liens, indebtedness, changes in the nature of our business, mergers and other fundamental changes, disposal of assets, investments and restricted payments, amendments to our organizational documents or accounting policies, prepayments of certain debt, dividends, transactions with affiliates, and certain other activities. In addition, the ABL Credit Facility includes a Springing Fixed Charge Coverage Ratio of 1.0 x when excess availability is less than the greater of (i) 10% of the lesser of the facility size and the Borrowing Base and (ii) $12.0 million . The ABL has a commitment fee of 0.375% , which reduces to 0.25% if utilization is greater than 50% of the borrowing base. On February 22, 2018, we entered into an amendment with our lenders to increase the capacity of the ABL Credit Facility. The amendment increased total capacity under the facility from $150.0 million to $200.0 million . The amended ABL Credit Facility includes a Springing Fixed Charge Coverage Ratio of 1.0 x when excess availability is less than the greater of (i) 10% of the lesser of the facility size and the Borrowing Base and (ii) $15 million . Total debt consisted of the following at June 30, 2018 and December 31, 2017 , respectively: ($ in thousands) 2018 2017 ABL Credit Facility $ 95,000 $ 55,000 Equipment financing 10,716 17,942 Total debt 105,716 72,942 Less deferred loan costs, net of amortization — — Subtotal 105,716 72,942 Less current portion of long-term debt 10,716 15,764 Total long-term debt, net of deferred loan costs $ 95,000 $ 57,178 The loan origination costs relating to the ABL Credit Facility are classified as an asset in the balance sheet. Annual Maturities — Scheduled remaining annual maturities of total debt are as follows at June 30, 2018 : ($ in thousands) 2018 $ 10,716 2019 — 2020 — 2021 — 2022 and thereafter 95,000 Total $ 105,716

Reportable Segment Information

Reportable Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Reportable Segment Information	The Company has six operating segments for which discreet financial information is readily available: hydraulic fracturing (inclusive of acidizing), cementing, coil tubing, flowback, surface drilling, and drilling. These segments represent how the Chief Operating Decision Maker (CODM) evaluates performance and allocates resources. During the fourth quarter of 2017, our acidizing operation was consolidated into our hydraulic fracturing operating segment, and we no longer maintain discreet financial information for acidizing, resulting in a reduction in the number of our operating segments from seven previously reported in 2017 to six operating segments. The change in the number of our operating segments did not impact our reportable segment information reported during the three and six months ended June 30, 2018 and 2017 . In accordance with Accounting Standards Codification 280— Segment Reporting , the Company has one reportable segment (pressure pumping) comprised of the hydraulic fracturing and cementing operating segments. All other operating segments and corporate administrative expenses are included in the ‘‘all other’’ category in the table below. Inter-segment revenues are not material and are not shown separately in the table below. The Company manages and assesses the performance of the reportable segment by its adjusted EBITDA (earnings before other income (expense), interest, taxes, depreciation & amortization, stock-based compensation expense, impairment expense, (gain)/loss on disposal of assets and other unusual or nonrecurring expenses or income). A reconciliation from segment level financial information to the consolidated statement of operations is provided in the table below. Three Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 445,805 $ 14,083 $ 459,888 Adjusted EBITDA $ 97,818 $ (1,850 ) $ 95,968 Depreciation and amortization $ 20,042 $ 1,234 $ 21,276 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 68,106 $ 2,437 $ 70,543 Total assets $ 881,347 $ 37,668 $ 919,015 Three Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 203,591 $ 9,901 $ 213,492 Adjusted EBITDA $ 31,362 $ (706 ) $ 30,656 Depreciation and amortization $ 11,596 $ 1,110 $ 12,706 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 86,302 $ 1,047 $ 87,349 Total assets at December 31, 2017 $ 688,279 $ 30,753 $ 719,032 Six Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 820,850 $ 24,257 $ 845,107 Adjusted EBITDA $ 176,881 $ (4,169 ) $ 172,712 Depreciation and amortization $ 37,805 $ 2,406 $ 40,211 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 145,540 $ 4,956 $ 150,496 Total assets $ 881,347 $ 37,668 $ 919,015 Six Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 367,431 $ 17,992 $ 385,423 Adjusted EBITDA $ 48,283 $ (1,399 ) $ 46,884 Depreciation and amortization $ 21,591 $ 2,266 $ 23,857 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 141,345 $ 2,466 $ 143,811 Total assets at December 31, 2017 $ 688,279 $ 30,753 $ 719,032 Reconciliation of net income (loss) to adjusted EBITDA: Three Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 57,524 $ (18,433 ) $ 39,091 Depreciation and amortization 20,042 1,234 21,276 Interest expense — 2,231 2,231 Income tax expense — 12,052 12,052 Loss/(gain) on disposal of assets 19,823 (833 ) 18,990 Stock-based compensation — 1,443 1,443 Other expense — 182 182 Other general and administrative expense (1) 2 16 18 Deferred IPO bonus expense 427 258 685 Adjusted EBITDA $ 97,818 $ (1,850 ) $ 95,968 Three Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 9,633 $ (4,712 ) $ 4,921 Depreciation and amortization 11,596 1,110 12,706 Interest expense — 650 650 Income tax expense — 108 108 Loss/(gain) on disposal of assets 9,681 106 9,787 Stock-based compensation — 609 609 Other expense — 627 627 Other general and administrative expense (1) — 572 572 Deferred IPO bonus expense 452 224 676 Adjusted EBITDA $ 31,362 $ (706 ) $ 30,656 (1) Other general and administrative expense relates to legal settlement expense. Six Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 110,458 $ (34,659 ) $ 75,799 Depreciation and amortization 37,805 2,406 40,211 Interest expense — 3,492 3,492 Income tax expense — 22,406 22,406 Loss/(gain) on disposal of assets 27,651 (996 ) 26,655 Stock-based compensation — 2,201 2,201 Other expense — 412 412 Other general and administrative expense (1) 2 18 20 Deferred IPO bonus expense 965 551 1,516 Adjusted EBITDA $ 176,881 $ (4,169 ) $ 172,712 Six Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 1,715 $ (21,146 ) $ (19,431 ) Depreciation and amortization 21,591 2,266 23,857 Interest expense — 5,825 5,825 Income tax expense — 223 223 Loss/(gain) on disposal of assets 20,391 (162 ) 20,229 Stock-based compensation — 7,978 7,978 Other expense — 602 602 Other general and administrative expense (1) — 572 572 Deferred IPO bonus expense 4,586 2,443 7,029 Adjusted EBITDA $ 48,283 $ (1,399 ) $ 46,884 (1) Other general and administrative expense relates to legal settlement expense.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) relevant to the common stockholders by the weighted-average number of shares outstanding during the period. Diluted net income (loss) per common share uses the same net income (loss) divided by the sum of the weighted-average number of shares of common stock outstanding during the period, plus dilutive effects of options, performance and restricted stocks units outstanding during the period calculated using the treasury method and the potential dilutive effects of preferred stocks (if any) calculated using the if-converted method. The table below shows the calculations for the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, Six Months Ended June 30, (In thousands, except for per share data) 2018 2017 2018 2017 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ 39,091 $ 4,921 $ 75,799 $ (19,431 ) Denominator Denominator for basic income (loss) per share 83,447 83,040 83,265 69,593 Dilutive effect of stock options 3,124 2,867 3,379 — Dilutive effect of performance stock units 172 — 169 — Dilutive effect of non-vested restricted stock 135 372 311 — Denominator for diluted income (loss) per share 86,878 86,279 87,124 69,593 Basic income (loss) per common share $ 0.47 $ 0.06 $ 0.91 $ (0.28 ) Diluted income (loss) per common share $ 0.45 $ 0.06 $ 0.87 $ (0.28 ) As shown in the table below, the following stock options, performance stock units and non-vested restricted stocks have not been included in the calculation of diluted income (loss) per share as they will be anti-dilutive to the calculation above. (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Stock options — 793 — 4,640 Performance stock units — 170 — 170 Non-vested restricted stock — 319 — 692 Total — 1,282 — 5,502

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock Options A summary of the stock option activity for the six months ended June 30, 2018 is presented below. Number Weighted Outstanding at January 1, 2018 4,636,353 $ 5.20 Granted — $ — Exercised (3,625 ) $ 14.00 Forfeited (10,875 ) $ 14.00 Expired — $ — Canceled — $ — Outstanding at June 30, 2018 4,621,853 $ 5.17 Exercisable at June 30, 2018 4,041,277 $ 3.90 The weighted average grant-date fair value of stock options granted during the six months ended June 30, 2018 and 2017 was $0 and $3.35 , respectively. As of June 30, 2018 , the aggregate intrinsic value for our outstanding stock options was $48.6 million , and the aggregate intrinsic value for our exercisable stock options was $47.6 million . The aggregate intrinsic value for the exercised stock options during the six months ended June 30, 2018 was $0.02 million . The remaining contractual term for the outstanding and exercisable stock options as of June 30, 2018 , was 6.4 years and 6.1 years , respectively. For the six months ended June 30, 2018 and 2017 , we recognized $0.3 million and $2.6 million , in stock compensation expense related to these stock option awards. Restricted Stock Units (Non-Vested Stock) and Performance Stock Units During the six months ended June 30, 2018 , we granted a total of 319,250 restricted stock units ("RSUs") to employees, directors and executives pursuant to our Incentive Award Plan ("IAP"). Each RSU represents the right to receive one share of common stock. The fair value of the RSUs is based on the closing share price of our common stock on the date of grant. During the six months ended June 30, 2018 and 2017 , the recorded stock compensation expense for all RSUs was $1.2 million and $5.3 million , respectively. As of June 30, 2018 the total unrecognized compensation expense for all RSUs was approximately $7.5 million , and is expected to be recognized over a weighted-average period of approximately 2.6 years . The following table summarizes RSUs activity during the six months ended June 30, 2018 : Number of Weighted Outstanding at January 1, 2018 688,744 $ 13.66 Granted 319,250 $ 18.49 Vested (500,360 ) $ 13.87 Forfeited (5,657 ) $ 13.25 Expired — $ — Canceled — $ — Outstanding at June 30, 2018 501,977 $ 16.52 Effective April 18, 2018, our Board of Directors authorized and granted performance stock units ("PSUs") to certain key employees under the IAP. The actual number of shares that may be issued under the PSUs ranges from zero up to a maximum of twice the target number of performance stock unit awards granted to the participant, based on our total shareholder return relative to a designated peer group from January 1, 2018 through December 31, 2020. Compensation expense is recorded ratably over the corresponding requisite service period. The fair value of PSUs is determined using a Monte Carlo probability model. Grant recipients do not have any shareholder rights until performance relative to the peer group has been determined following the completion of the performance period and shares have been issued. During the six months ended June 30, 2018 and 2017 , the recorded stock compensation expense for the PSUs was $0.7 million and $0.1 million , respectively. The following table summarizes information about the PSUs that were outstanding at June 30, 2018 : Period Target Shares Target Target Shares Vested Target Target Shares Weighted 2017 169,635 — — — 169,635 $ 10.73 2018 — 178,975 — — 178,975 $ 27.51 Total 169,635 178,975 — — 348,610 $ 19.34 The total stock compensation expense for the six months ended June 30, 2018 and 2017 for all stock awards was $2.2 million and $8.0 million , respectively. The total unrecognized compensation expense as of June 30, 2018 is approximately $14.9 million , and is expected to be recognized over a weighted-average period of approximately 2.5 years.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company leases its corporate offices from a related party pursuant to a five -year lease agreement with a five -year extension option requiring a base rent of $0.1 million per year. The Company also leases five properties adjacent to the corporate office from related parties with annual base rents of $0.03 million , $0.03 million , $0.1 million , $0.1 million , and $0.2 million . For the six months ended June 30, 2018 and 2017 , the Company paid approximately $0.06 million and $0.12 million , respectively, for the use of transportation services from a related party. The Company also rents equipment in Elk City, Oklahoma from a related party. For the six months ended June 30, 2018 and 2017 , the Company paid $0.1 million and $0.1 million , respectively. At June 30, 2018 and December 31, 2017 , the Company had $0.03 million and $0.02 million in payables, respectively, and approximately $0 and $0 in receivables, respectively, for services provided by related parties. All agreements pertaining to real property and equipment were entered into during periods where the Company had limited liquidity and related parties secured them on behalf of the Company. All related party transactions are immaterial and have not been separately shown on the face of the financial statements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease We have various operating leases for office space and certain property and equipment. For the six months ended June 30, 2018 and 2017 , we recorded operating lease expense of $ 0.8 million and $ 0.7 million , respectively. Required remaining lease payments for each fiscal year are as follows: ($ in thousands) 2018 $ 316 2019 391 2020 344 2021 344 2022 and thereafter 430 Total $ 1,825 Contingent Liabilities We may be subject to various legal actions, claims, and liabilities arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a materially adverse effect on our financial position, results of operations, or liquidity.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements of ProPetro Holding Corp. and its subsidiary (the "Company," "we," "us" or "our") have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission ("SEC") for interim financial information and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for annual financial statements. Those adjustments (which consisted of normal recurring accruals) that are, in the opinion of management, necessary for a fair presentation of the results of the interim periods have been made. Results of operations for such interim periods are not necessarily indicative of the results of operations for a full year due to changes in market conditions and other factors. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2017 included in our Form 10-K filed with the SEC ("Form 10-K").
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used, when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions other market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis Our financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The estimated fair value of our financial instruments — cash and cash equivalents, accounts receivable and accounts payable at June 30, 2018 and December 31, 2017 approximates their carrying value as reflected in our condensed consolidated balance sheets due to their short-term nature.
Revenue Recognition	Revenue Recognition The Company’s services are sold based upon contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. The following is a description of the principal activities, separated by reportable segment and all other, from which the Company generates its revenue. Pressure Pumping — Pressure pumping consists of downhole pumping services, which includes hydraulic fracturing (inclusive of acidizing services) and cementing. Hydraulic fracturing is a well-stimulation technique intended to optimize hydrocarbon flow paths during the completion phase of shale wellbores. The process involves the injection of water, sand and chemicals under high pressure into shale formations. Hydraulic fracturing contracts with our customer have one performance obligation, which is the contracted total stages, satisfied over time. We recognize revenue over time using a progress output method, unit-of-work performed method, which is based on the agreed fixed transaction price and actual stages completed. We believe that recognizing revenue based on actual stages completed faithfully depicts how our hydraulic fracturing services are transferred to our customers over time. Acidizing, which is part of our hydraulic fracturing operating segment, involves a well-stimulation technique where acid is injected under pressure into formations to form or expand fissures. Acidizing provides downhole solutions, and contracts with customers have one performance obligation, which is satisfied at a point-in-time upon completion of the contracted service when control is transferred to the customer. Jobs for these services are typically short term in nature, with most jobs completed in less than a day. We recognize acidizing revenue at a point-in-time, upon completion of the performance obligation. Our cementing services use pressure pumping equipment to deliver a slurry of liquid cement that is pumped down a well between the casing and the borehole. Cementing involves well bonding solutions, and contracts with customers have one performance obligation, which is satisfied at a point-in-time upon completion of the contracted service when control is transferred to the customer. Jobs for these services are typically short term in nature, with most jobs completed in less than a day. We recognize cementing revenue at a point-in-time, upon completion of the performance obligation. The transaction price for each performance obligation for all our pressure pumping services are fixed per our contract with customer. All Other — All other services consist of our surface air drilling, drilling, coil tubing and flowback, which are all downhole well simulation and completion/remedial services. The performance obligation for each of the services has a fixed transaction price which is satisfied at a point-in-time upon completion of the service when control is transferred to the customer. Accordingly, we recognize revenue at a point-in-time, upon completion of the service and transfer of control to the customer.
Accounts Receivable	Accounts Receivable Accounts receivables are stated at the amount billed and billable to customers.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Assets measured at fair value on a nonrecurring basis	Assets measured at fair value on a nonrecurring basis at June 30, 2018 and December 31, 2017 , respectively, are set forth below: Estimated fair value measurements Balance Quoted prices in active market (Level 1) Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains (losses) ($ in thousands) June 30, 2018: Property and equipment, net $ — $ — $ — $ — $ — Goodwill $ — $ — $ — $ — $ — December 31, 2017: Property and equipment, net $ — $ — $ — $ — $ — Goodwill $ — $ — $ — $ — $ —

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Schedule of debt	Total debt consisted of the following at June 30, 2018 and December 31, 2017 , respectively: ($ in thousands) 2018 2017 ABL Credit Facility $ 95,000 $ 55,000 Equipment financing 10,716 17,942 Total debt 105,716 72,942 Less deferred loan costs, net of amortization — — Subtotal 105,716 72,942 Less current portion of long-term debt 10,716 15,764 Total long-term debt, net of deferred loan costs $ 95,000 $ 57,178
Annual maturities of debt	Scheduled remaining annual maturities of total debt are as follows at June 30, 2018 : ($ in thousands) 2018 $ 10,716 2019 — 2020 — 2021 — 2022 and thereafter 95,000 Total $ 105,716

Reportable Segment Information

Reportable Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Reconciliation of segment information	A reconciliation from segment level financial information to the consolidated statement of operations is provided in the table below. Three Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 445,805 $ 14,083 $ 459,888 Adjusted EBITDA $ 97,818 $ (1,850 ) $ 95,968 Depreciation and amortization $ 20,042 $ 1,234 $ 21,276 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 68,106 $ 2,437 $ 70,543 Total assets $ 881,347 $ 37,668 $ 919,015 Three Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 203,591 $ 9,901 $ 213,492 Adjusted EBITDA $ 31,362 $ (706 ) $ 30,656 Depreciation and amortization $ 11,596 $ 1,110 $ 12,706 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 86,302 $ 1,047 $ 87,349 Total assets at December 31, 2017 $ 688,279 $ 30,753 $ 719,032 Six Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 820,850 $ 24,257 $ 845,107 Adjusted EBITDA $ 176,881 $ (4,169 ) $ 172,712 Depreciation and amortization $ 37,805 $ 2,406 $ 40,211 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 145,540 $ 4,956 $ 150,496 Total assets $ 881,347 $ 37,668 $ 919,015 Six Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 367,431 $ 17,992 $ 385,423 Adjusted EBITDA $ 48,283 $ (1,399 ) $ 46,884 Depreciation and amortization $ 21,591 $ 2,266 $ 23,857 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 141,345 $ 2,466 $ 143,811 Total assets at December 31, 2017 $ 688,279 $ 30,753 $ 719,032 Reconciliation of net income (loss) to adjusted EBITDA: Three Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 57,524 $ (18,433 ) $ 39,091 Depreciation and amortization 20,042 1,234 21,276 Interest expense — 2,231 2,231 Income tax expense — 12,052 12,052 Loss/(gain) on disposal of assets 19,823 (833 ) 18,990 Stock-based compensation — 1,443 1,443 Other expense — 182 182 Other general and administrative expense (1) 2 16 18 Deferred IPO bonus expense 427 258 685 Adjusted EBITDA $ 97,818 $ (1,850 ) $ 95,968 Three Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 9,633 $ (4,712 ) $ 4,921 Depreciation and amortization 11,596 1,110 12,706 Interest expense — 650 650 Income tax expense — 108 108 Loss/(gain) on disposal of assets 9,681 106 9,787 Stock-based compensation — 609 609 Other expense — 627 627 Other general and administrative expense (1) — 572 572 Deferred IPO bonus expense 452 224 676 Adjusted EBITDA $ 31,362 $ (706 ) $ 30,656 (1) Other general and administrative expense relates to legal settlement expense. Six Months Ended June 30, 2018 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 110,458 $ (34,659 ) $ 75,799 Depreciation and amortization 37,805 2,406 40,211 Interest expense — 3,492 3,492 Income tax expense — 22,406 22,406 Loss/(gain) on disposal of assets 27,651 (996 ) 26,655 Stock-based compensation — 2,201 2,201 Other expense — 412 412 Other general and administrative expense (1) 2 18 20 Deferred IPO bonus expense 965 551 1,516 Adjusted EBITDA $ 176,881 $ (4,169 ) $ 172,712 Six Months Ended June 30, 2017 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 1,715 $ (21,146 ) $ (19,431 ) Depreciation and amortization 21,591 2,266 23,857 Interest expense — 5,825 5,825 Income tax expense — 223 223 Loss/(gain) on disposal of assets 20,391 (162 ) 20,229 Stock-based compensation — 7,978 7,978 Other expense — 602 602 Other general and administrative expense (1) — 572 572 Deferred IPO bonus expense 4,586 2,443 7,029 Adjusted EBITDA $ 48,283 $ (1,399 ) $ 46,884 (1) Other general and administrative expense relates to legal settlement expense.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Calculations of net income (loss) per share	The table below shows the calculations for the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, Six Months Ended June 30, (In thousands, except for per share data) 2018 2017 2018 2017 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ 39,091 $ 4,921 $ 75,799 $ (19,431 ) Denominator Denominator for basic income (loss) per share 83,447 83,040 83,265 69,593 Dilutive effect of stock options 3,124 2,867 3,379 — Dilutive effect of performance stock units 172 — 169 — Dilutive effect of non-vested restricted stock 135 372 311 — Denominator for diluted income (loss) per share 86,878 86,279 87,124 69,593 Basic income (loss) per common share $ 0.47 $ 0.06 $ 0.91 $ (0.28 ) Diluted income (loss) per common share $ 0.45 $ 0.06 $ 0.87 $ (0.28 )
Anti-dilutive shares excluded from diluted earnings (loss) per share calculation	As shown in the table below, the following stock options, performance stock units and non-vested restricted stocks have not been included in the calculation of diluted income (loss) per share as they will be anti-dilutive to the calculation above. (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Stock options — 793 — 4,640 Performance stock units — 170 — 170 Non-vested restricted stock — 319 — 692 Total — 1,282 — 5,502

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock options, activity	A summary of the stock option activity for the six months ended June 30, 2018 is presented below. Number Weighted Outstanding at January 1, 2018 4,636,353 $ 5.20 Granted — $ — Exercised (3,625 ) $ 14.00 Forfeited (10,875 ) $ 14.00 Expired — $ — Canceled — $ — Outstanding at June 30, 2018 4,621,853 $ 5.17 Exercisable at June 30, 2018 4,041,277 $ 3.90
Schedule of RSUs, activity	The following table summarizes RSUs activity during the six months ended June 30, 2018 : Number of Weighted Outstanding at January 1, 2018 688,744 $ 13.66 Granted 319,250 $ 18.49 Vested (500,360 ) $ 13.87 Forfeited (5,657 ) $ 13.25 Expired — $ — Canceled — $ — Outstanding at June 30, 2018 501,977 $ 16.52
Schedule of performance shares, activity	The following table summarizes information about the PSUs that were outstanding at June 30, 2018 : Period Target Shares Target Target Shares Vested Target Target Shares Weighted 2017 169,635 — — — 169,635 $ 10.73 2018 — 178,975 — — 178,975 $ 27.51 Total 169,635 178,975 — — 348,610 $ 19.34

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments for operating leases	Required remaining lease payments for each fiscal year are as follows: ($ in thousands) 2018 $ 316 2019 391 2020 344 2021 344 2022 and thereafter 430 Total $ 1,825

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands	Mar. 22, 2017USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)$ / shares
Subsidiary, Sale of Stock [Line Items]
Contract with customer, asset, net		$ 43,400		$ 24,800
Common stock, par value (in dollars per share) | $ / shares		$ 0.001		$ 0.001
Proceeds from issuance of common stock		$ 0	$ 185,500
Repayment of outstanding borrowings	$ 71,800	25,230	163,128
Capital expenditures	$ 86,800	$ 152,191	$ 112,630
IPO
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold, including shares sold by third parties (in shares) | shares	25,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Stock price (in dollars per share) | $ / shares	$ 14
Proceeds from issuance of common stock	$ 170,100
Payment of underwriting discounts and commissions	10,900
Payments of stock issuance costs, other	$ 4,500
IPO Sold By Company
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold, including shares sold by third parties (in shares) | shares	13,250,000
IPO - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Shares of common stock sold, including shares sold by third parties (in shares) | shares	11,750,000
March 2017 Stock Split | IPO
Subsidiary, Sale of Stock [Line Items]
Stock split ratio	1.45
Performance stock units | IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares of outstanding stock converted (in shares) | shares	16,999,990
Performance stock units | Series A Preferred Stock Converted To Common Stock | IPO
Subsidiary, Sale of Stock [Line Items]
Stock split ratio	1

Basis of Presentation - Account

Basis of Presentation - Accounts Receivable (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 $ in Millions	Jun. 30, 2018USD ($)
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation	$ 36.9
Expected timing of satisfaction, period	2 months

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Property and equipment impairment expense	$ 0	$ 0
Additions or disposals of Goodwill	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured on Nonrecurring Basis (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gains (losses)	$ 0	$ 0
Nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gains (losses)		0	$ 0
Total gains (losses)		0	0
Balance | Nonrecurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net		0	0
Goodwill		0	0
Estimated fair value measurements | Nonrecurring basis | Quoted prices in active market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net		0	0
Goodwill		0	0
Estimated fair value measurements | Nonrecurring basis | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net		0	0
Goodwill		0	0
Estimated fair value measurements | Nonrecurring basis | Significant other unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net		0	0
Goodwill		$ 0	$ 0

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - ABL Facility - Revolving Credit Facility - Line of Credit	Feb. 22, 2018USD ($)	Mar. 22, 2017USD ($)	Feb. 21, 2018USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 200,000,000	$ 150,000,000	$ 150,000,000
Line of credit facility, expiration period		5 years
Line of credit facility, borrowing base, accounts receivable percentage		85.00%
Line of credit, springing fixed charge coverage ratio	1
Line of credit facility, coverage ratio establishing threshold, option one, percentage of facility size and borrowing base	10.00%
Line of credit facility, coverage ratio establishing threshold, option two, amount	$ 15,000,000	$ 12,000,000
Line of credit facility, commitment fee, utilization percentage, threshold		50.00%
Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.25%
Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.375%
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.25%
Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.75%
Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.25%

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 105,716	$ 72,942
Less deferred loan costs, net of amortization	0	0
Subtotal	105,716	72,942
Less current portion of long-term debt	10,716	15,764
Total long-term debt, net of deferred loan costs	95,000	57,178
Equipment financing | Equipment financing
Debt Instrument [Line Items]
Total debt	10,716	17,942
Revolving Credit Facility | Line of Credit | ABL Facility
Debt Instrument [Line Items]
Total debt	$ 95,000	$ 55,000

Long-Term Debt - Maturities of

Long-Term Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,018	$ 10,716
2,019	0
2,020	0
2,021	0
2022 and thereafter	95,000
Total	$ 105,716	$ 72,942

Reportable Segment Informatio30

Reportable Segment Information - Additional Information (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Segment Reporting [Abstract]
Number of operating segments	6	7
Number of reportable segments	1

Reportable Segment Informatio31

Reportable Segment Information - Reconciliation of segment information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Service revenue	$ 459,888	$ 213,492	$ 845,107	$ 385,423
Adjusted EBITDA	95,968	30,656	172,712	46,884
Depreciation and amortization	21,276	12,706	40,211	23,857
Goodwill	9,425	9,425	9,425	9,425	$ 9,425
Capital expenditures	70,543	87,349	150,496	143,811
Total assets	919,015		919,015		719,032
Pressure Pumping
Segment Reporting Information [Line Items]
Service revenue	445,805	203,591	820,850	367,431
Adjusted EBITDA	97,818	31,362	176,881	48,283
Depreciation and amortization	20,042	11,596	37,805	21,591
Goodwill	9,425	9,425	9,425	9,425
Capital expenditures	68,106	86,302	145,540	141,345
Total assets	881,347		881,347		688,279
All Other
Segment Reporting Information [Line Items]
Service revenue	14,083	9,901	24,257	17,992
Adjusted EBITDA	(1,850)	(706)	(4,169)	(1,399)
Depreciation and amortization	1,234	1,110	2,406	2,266
Goodwill	0	0	0	0
Capital expenditures	2,437	$ 1,047	4,956	$ 2,466
Total assets	$ 37,668		$ 37,668		$ 30,753

Reportable Segment Informatio32

Reportable Segment Information - Reconciliation of segment information EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Net income (loss)	$ 39,091	$ 4,921	$ 75,799	$ (19,431)
Depreciation and amortization	21,276	12,706	40,211	23,857
Interest expense	2,231	650	3,492	5,825
Income tax expense	12,052	108	22,406	223
Loss/(gain) on disposal of assets	18,990	9,787	26,655	20,229
Stock-based compensation	1,443	609	2,201	7,978
Other expense	182	627	412	602
Other general and administrative expense	18	572	20	572
Deferred IPO bonus expense	685	676	1,516	7,029
Adjusted EBITDA	95,968	30,656	172,712	46,884
Pressure Pumping
Segment Reporting Information [Line Items]
Net income (loss)	57,524	9,633	110,458	1,715
Depreciation and amortization	20,042	11,596	37,805	21,591
Interest expense	0	0	0	0
Income tax expense	0	0	0	0
Loss/(gain) on disposal of assets	19,823	9,681	27,651	20,391
Stock-based compensation	0	0	0	0
Other expense	0	0	0	0
Other general and administrative expense	2	0	2	0
Deferred IPO bonus expense	427	452	965	4,586
Adjusted EBITDA	97,818	31,362	176,881	48,283
All Other
Segment Reporting Information [Line Items]
Net income (loss)	(18,433)	(4,712)	(34,659)	(21,146)
Depreciation and amortization	1,234	1,110	2,406	2,266
Interest expense	2,231	650	3,492	5,825
Income tax expense	12,052	108	22,406	223
Loss/(gain) on disposal of assets	(833)	106	(996)	(162)
Stock-based compensation	1,443	609	2,201	7,978
Other expense	182	627	412	602
Other general and administrative expense	16	572	18	572
Deferred IPO bonus expense	258	224	551	2,443
Adjusted EBITDA	$ (1,850)	$ (706)	$ (4,169)	$ (1,399)

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Calculation of net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator (both basic and diluted)
Net income (loss) relevant to common stockholders	$ 39,091	$ 4,921	$ 75,799	$ (19,431)
Denominator
Denominator for basic earnings (loss) per share (in shares)	83,447	83,040	83,265	69,593
Denominator for diluted income (loss) per share (in shares)	86,878	86,279	87,124	69,593
Basic income (loss) per common share (in dollars per share)	$ 0.47	$ 0.06	$ 0.91	$ (0.28)
Diluted income (loss) per common share (in dollars per share)	$ 0.45	$ 0.06	$ 0.87	$ (0.28)
Stock options
Denominator
Dilutive effect of share based payment (in shares)	3,124	2,867	3,379	0
Performance stock units
Denominator
Dilutive effect of share based payment (in shares)	172	0	169	0
Non-vested restricted stock
Denominator
Dilutive effect of share based payment (in shares)	135	372	311	0

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Anti-dilutive Shares (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	1,282	0	5,502
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	793	0	4,640
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	170	0	170
Non-vested restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	319	0	692

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary Of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Number of Shares
Outstanding beginning balance (in shares) | shares	4,636,353
Granted (in shares) | shares	0
Exercised (in shares) | shares	(3,625)
Forfeited (in shares) | shares	(10,875)
Expired (in shares) | shares	0
Canceled (in shares) | shares	0
Outstanding ending balance (in shares) | shares	4,621,853
Exercisable ending balance (in shares) | shares	4,041,277
Weighted Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 5.20
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	14
Forfeited (in dollars per share) | $ / shares	14
Expired (in dollars per share) | $ / shares	0
Canceled (in dollars per share) | $ / shares	0
Outstanding ending balance (in dollars per share) | $ / shares	5.17
Exercisable ending balance (in dollars per share) | $ / shares	$ 3.90

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 05, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)				$ 3.35
Options, outstanding, intrinsic value	$ 48.6		$ 48.6
Options, exercisable, intrinsic value	$ 47.6		47.6
Options, exercised, intrinsic value			$ 0
Exercised (in shares)			3,625
Options, outstanding, weighted average remaining contractual term	6 years 5 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	6 years 1 month 2 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target Shares Granted (in shares)			178,975
Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from compensation expense			$ 2.2	$ 8
Compensation not yet recognized, stock options	$ 14.9		14.9
Compensation cost not yet recognized, period for recognition	2 years 6 months
Incentive Award Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			0.3	2.6
Incentive Award Plan | Non-vested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 1.2	$ 5.3
Target Shares Granted (in shares)			319,250
Restricted stock units, conversion of stock, conversion rights (in shares)					1
Compensation not yet recognized, stock options	$ 7.5		$ 7.5
Compensation cost not yet recognized, period for recognition	2 years 6 months 29 days
Incentive Award Plan | Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 0.1	$ 0.7

Stock-Based Compensation - Su37

Stock-Based Compensation - Summary Of RSU Activity (Details) - Non-vested restricted stock	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Number of Shares
Outstanding at Beginning of Period (in shares) | shares	688,744
Vested (in shares) | shares	(500,360)
Forfeited (in shares) | shares	(5,657)
Expired (in shares) | shares	0
Canceled (in shares) | shares	0
Outstanding at End of Period (in shares) | shares	501,977
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2018 (in dollars per share)	$ 13.66
Granted (in dollars per share)	18.49
Vested (in dollars per share)	13.87
Forfeited (in dollars per share)	13.25
Expired (in dollars per share)	0
Canceled (in dollars per share)	0
Outstanding at June 30, 2016 (in dollars per share)	$ 16.52

Stock-Based Compensation - Su38

Stock-Based Compensation - Summary Of Performance Shares Activity (Details) - Performance stock units	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at Beginning of Period (in shares)	169,635
Target Shares Granted (in shares)	178,975
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding at End of Period (in shares)	348,610
Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ / shares	$ 19.34
2,017
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at Beginning of Period (in shares)	169,635
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding at End of Period (in shares)	169,635
Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ / shares	$ 10.73
2,018
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at Beginning of Period (in shares)	0
Target Shares Granted (in shares)	178,975
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding at End of Period (in shares)	178,975
Weighted Average Grant Date Fair Value per Share (in dollars per share) | $ / shares	$ 27.51

Related-Party Transactions (Det

Related-Party Transactions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Operating leases, year two	$ 391
Operating leases, year three	344
Operating leases, year four	344
Payable to related parties	30		$ 20
Receivable from related parties	$ 0		$ 0
Related party leasing
Related Party Transaction [Line Items]
Number of properties adjacent to corporate office subject to leases | property	5
Related party transportation services
Related Party Transaction [Line Items]
Expenses with related party	$ 60	$ 120
Related party equipment rental
Related Party Transaction [Line Items]
Expenses with related party	$ 100	$ 100
Corporate offices | Related party leasing
Related Party Transaction [Line Items]
Lease term	5 years
Extension option term	5 years
Operating leases	$ 100
Property 1 | Related party leasing
Related Party Transaction [Line Items]
Operating leases	30
Operating leases, year two	30
Operating leases, year three	100
Operating leases, year four	100
Operating leases, year five	$ 200

Commitments and Contingencies40

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating leases expense	$ 700	$ 800
2,018		316
2,019		391
2,020		344
2,021		344
2022 and thereafter		430
Total		$ 1,825