ProPetro Holding (PUMP) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	ProPetro Holding Corp.
Entity Central Index Key	0001680247
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		100,419,802

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 79,518	$ 132,700
Accounts receivable - net of allowance for doubtful accounts of $199 and $100, respectively	357,472	202,956
Inventories	5,870	6,353
Prepaid expenses	5,597	6,610
Other current assets	1,198	638
Total current assets	449,655	349,257
PROPERTY AND EQUIPMENT - Net of accumulated depreciation	945,089	912,846
OPERATING LEASE RIGHT-OF-USE ASSETS	1,734	0
OTHER NONCURRENT ASSETS:
Goodwill	9,425	9,425
Intangible assets - net of amortization	0	13
Other noncurrent assets	3,102	2,981
Total other noncurrent assets	12,527	12,419
TOTAL ASSETS	1,409,005	1,274,522
CURRENT LIABILITIES:
Accounts payable	274,016	214,460
Operating lease liabilities	416	0
Finance lease liabilities	3,042	0
Accrued and other current liabilities	24,492	138,089
Accrued interest payable	691	211
Total current liabilities	302,657	352,760
DEFERRED INCOME TAXES	75,366	54,283
LONG-TERM DEBT	160,000	70,000
NONCURRENT OPERATING LEASE LIABILITIES	1,441	0
OTHER LONG-TERM LIABILITIES	0	124
Total liabilities	539,464	477,167
COMMITMENTS AND CONTINGENCIES (Note 10)
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.001 par value, 30,000,000 shares authorized, none issued, respectively	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized,100,294,098 and 100,190,126 shares issued, respectively	100	100
Additional paid-in capital	820,071	817,690
Accumulated surplus (deficit)	49,370	(20,435)
Total shareholders’ equity	869,541	797,355
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,409,005	$ 1,274,522

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 199	$ 100
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)	100,294,098	100,190,126
Common Stock, Shares Outstanding ( in shares )	100,294,098	100,190,126

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
REVENUE - Service revenue	$ 546,179	$ 385,219
COSTS AND EXPENSES
Cost of services (exclusive of depreciation and amortization)	381,523	298,122
General and administrative (inclusive of stock-based compensation)	18,524	11,944
Depreciation and amortization	33,117	18,936
Loss on disposal of assets	19,228	7,665
Total costs and expenses	452,392	336,667
OPERATING INCOME	93,787	48,552
OTHER EXPENSE:
Interest expense	(1,903)	(1,261)
Other expense	(187)	(230)
Total other expense	(2,090)	(1,491)
INCOME BEFORE INCOME TAXES	91,697	47,061
INCOME TAX EXPENSE	(21,892)	(10,353)
NET INCOME	$ 69,805	$ 36,708
NET INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ 0.70	$ 0.44
Diluted (in dollars per share)	$ 0.67	$ 0.42
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	100,232	83,081
Diluted (in shares)	104,123	86,848

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated (Deficit) Surplus
Balance (in shares) at Dec. 31, 2017		83,040
Balance at Dec. 31, 2017	$ 413,252	$ 83	$ 607,466	$ (194,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	758		758
Issuance of equity awards, net (in shares)		372
Net income	36,708			36,708
Balance (in shares) at Mar. 31, 2018		83,412
Balance at Mar. 31, 2018	450,718	$ 83	608,224	(157,589)
Balance (in shares) at Dec. 31, 2018		100,190
Balance at Dec. 31, 2018	797,355	$ 100	817,690	(20,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	1,829		1,829
Issuance of equity awards, net (in shares)		104
Issuance of equity awards, net	552	$ 0	552
Net income	69,805			69,805
Balance (in shares) at Mar. 31, 2019		100,294
Balance at Mar. 31, 2019	$ 869,541	$ 100	$ 820,071	$ 49,370

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 69,805	$ 36,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,117	18,936
Deferred income tax expense	21,083	10,054
Amortization of deferred revenue rebate	0	462
Amortization of deferred debt issuance costs	134	89
Stock-based compensation	1,829	758
Loss on disposal of fixed assets	19,228	7,529
Changes in operating assets and liabilities:
Accounts receivable	(154,516)	(53,461)
Other current assets	(274)	(338)
Inventories	482	(1,327)
Prepaid expenses	759	(742)
Accounts payable	45,324	38,750
Accrued and other current liabilities	(1,366)	(3,252)
Accrued interest	480	468
Net cash provided by operating activities	36,085	54,634
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(178,912)	(75,148)
Proceeds from sale of assets	1,027	317
Net cash used in investing activities	(177,885)	(74,831)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	90,000	46,735
Repayments of borrowings	0	(2,343)
Repayments of insurance financing	(1,934)	(1,371)
Payment of debt issuance costs	0	(360)
Proceeds from exercise of equity awards	552	0
Net cash provided by financing activities	88,618	42,661
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(53,182)	22,464
CASH AND CASH EQUIVALENTS - Beginning of period	132,700	23,949
CASH AND CASH EQUIVALENTS - End of period	$ 79,518	$ 46,413

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
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, 2018 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. Our hydraulic fracturing contracts have one performance obligation, 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. Our acidizing contracts have one performance obligation, 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. Our cementing contracts have one performance obligation, 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 our customers. All Other — All other consists of our coil tubing, drilling and flowback, which are all downhole well stimulation 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 March 31, 2019 and December 31, 2018 , accrued revenue (unbilled receivable) included as part of our accounts receivable was $33.8 million and $18.0 million , respectively. At March 31, 2019 , the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing operations was $79.8 million , which is expected to be completed and recognized in one month following the current period balance sheet date, in our pressure pumping reportable segment.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Recently Issued Accounting Standards Adopted in 2019 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2016-02, Leases . This new leases standard 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. This 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. Effective January 1, 2019, we adopted the new leases standard using the modified retrospective transition method and electing to account for comparative periods under legacy GAAP. We also elected other practical expedients provided by the new leases standard, the short-term lease recognition practical expedient in which leases with an initial term of 12 months or less will not be recognized on the balance sheet and the practical expedient to not separate lease and non-lease components for our real estate class of leased assets. See Note 9 for additional disclosures relating to our adoption of ASU 2016-02. Recently Issued Accounting Standards Not Yet Adopted in 2019 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. Although, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU 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	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	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, accrued expenses and long-term debt. The estimated fair value of our financial instruments at March 31, 2019 and December 31, 2018 approximated or equaled their carrying values as reflected in our condensed consolidated balance sheets. Assets Measured at Fair Value on a Nonrecurring Basis No assets were measured at fair value on a nonrecurring basis at March 31, 2019 and December 31, 2018 , respectively. No impairment of property and equipment was recorded during the three months ended March 31, 2019 and 2018 . 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 in the period. There were no additions to, or disposal of, goodwill during the three months ended March 31, 2019 and 2018 . At December 31, 2018 , we determined our goodwill carrying value not to be impaired as per our annual impairment test.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt ABL Credit Facility On March 22, 2017, we entered into a 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 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 0.38% , which reduces to 0.25% if utilization is greater than 50.0% 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 , and modified the Springing Fixed Charge Coverage Ratio to apply when excess availability is less than the greater of (i) 10.0% of the lesser of the facility size and the Borrowing Base and (ii) $15.0 million . On December 19, 2018, we entered into a second amendment with our lenders to further increase the capacity of the ABL Credit Facility. The second amendment increased total capacity under the facility from $200.0 million to $300.0 million and extended the maturity date of the ABL Credit Facility from March 22, 2022 until December 19, 2023. The second amendment to the ABL Credit Facility further modified the Springing Fixed Charge Coverage Ratio to apply when excess availability is less than the greater of (i) 10% of the lesser of the facility size and the Borrowing Base and (ii) $22.5 million . Total debt consisted of the following at March 31, 2019 and December 31, 2018 , respectively: ($ in thousands) 2019 2018 ABL Credit Facility $ 160,000 $ 70,000 Total debt 160,000 70,000 Less current portion of long-term debt — — Total long-term debt $ 160,000 $ 70,000 The loan origination costs relating to the ABL Credit Facility are classified as an asset in our balance sheet. Annual Maturities — Scheduled remaining annual maturities of total debt are as follows at March 31, 2019 : ($ in thousands) 2019 $ — 2020 — 2021 — 2022 — 2023 and thereafter 160,000 Total $ 160,000

Reportable Segment Information

Reportable Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information The Company has five operating segments for which discreet financial information is readily available: hydraulic fracturing (inclusive of acidizing), cementing, coil tubing, flowback, and drilling. These operating segments represent how the Chief Operating Decision Maker evaluates performance and allocates resources. In accordance with Accounting Standards Codification ("ASC") 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 March 31, 2019 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 532,064 $ 14,115 $ 546,179 Adjusted EBITDA $ 151,040 $ (765 ) $ 150,275 Depreciation and amortization $ 31,783 $ 1,334 $ 33,117 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 82,035 $ 4,112 $ 86,147 Total assets $ 1,351,786 $ 57,219 $ 1,409,005 Three Months Ended March 31, 2018 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 375,045 $ 10,174 $ 385,219 Adjusted EBITDA $ 79,063 $ (2,319 ) $ 76,744 Depreciation and amortization $ 17,763 $ 1,173 $ 18,936 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 77,435 $ 2,519 $ 79,954 Total assets at December 31, 2018 $ 1,230,830 $ 43,692 $ 1,274,522 Reconciliation of net income (loss) to adjusted EBITDA: Three Months Ended March 31, 2019 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 98,094 $ (28,289 ) $ 69,805 Depreciation and amortization 31,783 1,334 33,117 Interest expense — 1,903 1,903 Income tax expense — 21,892 21,892 Loss on disposal of assets 19,006 222 19,228 Stock-based compensation — 1,829 1,829 Other expense — 187 187 Deferred IPO bonus and retention expense 2,157 157 2,314 Adjusted EBITDA $ 151,040 $ (765 ) $ 150,275 Three Months Ended March 31, 2018 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 52,934 $ (16,226 ) $ 36,708 Depreciation and amortization 17,763 1,173 18,936 Interest expense — 1,261 1,261 Income tax expense — 10,353 10,353 Loss (gain) on disposal of assets 7,828 (163 ) 7,665 Stock-based compensation — 758 758 Other expense — 230 230 Other general and administrative expense (1) — 1 1 Deferred IPO bonus expense 538 294 832 Adjusted EBITDA $ 79,063 $ (2,319 ) $ 76,744 (1) Other general and administrative expense relates to legal settlement expense.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per common share is computed by dividing the net income relevant to the common stockholders by the weighted average number of shares outstanding during the period. Diluted net income per common share uses the same net income 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 stock 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 months ended March 31, 2019 and 2018 . Three Months Ended March 31, (In thousands, except for per share data) 2019 2018 Numerator (both basic and diluted) Net income relevant to common stockholders $ 69,805 $ 36,708 Denominator Denominator for basic income per share 100,232 83,081 Dilutive effect of stock options 3,160 3,191 Dilutive effect of performance stock units 555 96 Dilutive effect of non-vested restricted stock 176 480 Denominator for diluted income per share 104,123 86,848 Basic income per common share $ 0.70 $ 0.44 Diluted income per common share $ 0.67 $ 0.42 There were no anti-dilutive stock options, performance stock units and non-vested restricted stocks during the three months ended March 31, 2019 and 2018 .

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options A summary of the stock option activity for the three months ended March 31, 2019 is presented below. Number Weighted Outstanding at January 1, 2019 4,557,186 $ 5.14 Granted — $ — Exercised (103,972 ) $ 5.31 Forfeited (3,045 ) $ 14.00 Expired — $ — Canceled — $ — Outstanding at March 31, 2019 4,450,169 $ 5.13 Exercisable at March 31, 2019 4,075,377 $ 4.32 There were no new grants during the three months ended March 31, 2019 and 2018 . As of March 31, 2019 , the aggregate intrinsic value for our outstanding stock options was $77.5 million , and the aggregate intrinsic value for our exercisable stock options was $74.3 million . The aggregate intrinsic value for the exercised stock options during the three months ended March 31, 2019 was $1.4 million . The remaining contractual term for the outstanding and exercisable stock options as of March 31, 2019 , was 5.6 years and 5.5 years , respectively. For the three months ended March 31, 2019 and 2018 , we recognized $0.2 million and $0.2 million in stock compensation expense related to these stock option awards. Restricted Stock Units (Non-Vested Stock) and Performance Stock Units During the three months ended March 31, 2019 , we granted a total of 318,332 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 three months ended March 31, 2019 and 2018 , the recorded stock compensation expense for all RSUs was $0.9 million and $0.4 million , respectively. As of March 31, 2019 the total unrecognized compensation expense for all RSUs was approximately $11.3 million , and is expected to be recognized over a weighted average period of approximately 2.5 years . The following table summarizes RSUs activity during the three months ended March 31, 2019 : Number of Weighted Outstanding at January 1, 2019 473,505 $ 16.52 Granted 318,332 $ 21.54 Vested — $ — Forfeited (1,538 ) $ 13.25 Expired — $ — Canceled — $ — Outstanding at March 31, 2019 790,299 $ 18.55 Effective March 18, 2019, our Board of Directors authorized and granted 199,413 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, 2019 through December 31, 2021. 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 three months ended March 31, 2019 and 2018 , the recorded stock compensation expense for the PSUs was $0.7 million and $0.2 million , respectively. The following table summarizes information about PSUs activity during the three months ended March 31, 2019 : Period Target Shares Target Target Shares Vested Target Target Shares Outstanding at March 31, 2019 Weighted 2017 169,635 — — — 169,635 $ 10.73 2018 178,975 — — — 178,975 $ 27.51 2019 — 199,413 — — 199,413 $ 34.82 Total 348,610 199,413 — — 548,023 $ 24.98 The total stock compensation expense for the three months ended March 31, 2019 and 2018 for all stock awards was $1.8 million and $0.8 million , respectively. The total unrecognized compensation expense as of March 31, 2019 is approximately $23.1 million , and is expected to be recognized over a weighted average period of approximately 2.4 years.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company leases its corporate offices from a related party with 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 three months ended March 31, 2019 and 2018 , the Company paid approximately $0.1 million and $0.03 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, and for the three months ended March 31, 2019 and 2018 , the Company paid $0.05 million and $0.05 million , respectively. At March 31, 2019 and December 31, 2018 , the Company had $0.03 million and $0.01 million in payables, respectively, and approximately $0 and $0 in receivables, respectively, for transportation and equipment rental services provided by related parties. On December 31, 2018, we consummated the purchase of certain pressure pumping assets and real property from Pioneer Natural Resources USA, Inc. ("Pioneer") and Pioneer Pressure Pumping Services, LLC. The acquisition cost of the assets was comprised of approximately $110.0 million of cash and 16.6 million shares of our common stock. In addition, we entered into a real estate lease for a crew camp facility with Pioneer, as disclosed in Note 9. In connection with the consummation of the transaction, we became a service provider to Pioneer, providing pressure pumping and related services for a term of up to ten years. Revenue from services provided to Pioneer accounted for approximately 29.3% and 4.8% of our total revenue during the three months ended March 31, 2019 and 2018 , respectively. As of March 31, 2019 , the balance due from Pioneer for services we provided during the period amounted to $93.7 million and the amount due to Pioneer was $0.2 million . As of December 31, 2018 , the balance due from Pioneer for services we provided during the period amounted to $15.7 million and the amount due to Pioneer was $109.8 million .

Leases (Notes)

Leases (Notes)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases On January 1, 2019, we implemented ASC 842, using the modified transition approach and elected not to restate prior years ("Comparatives Under ASC 840 Option"). Accordingly, the effects of adopting ASC 842 were adjusted in the beginning of 2019 while prior periods are accounted for under the legacy GAAP, ASC 840. There was no cumulative effect adjustment on beginning retained earnings. We also elected other practical expedients provided by the new leases standard, the short-term lease recognition practical expedient in which leases with a term of twelve months or less will not be recognized on the balance sheet and the practical expedient to not separate lease and non-lease components for real estate class of assets. Our discount rate was based on our estimated incremental borrowing rate on a collateralized basis with similar terms and economic considerations as our lease payments at the lease commencement. Below is a description of our operating and finance leases. Operating Leases Description of Lease In March 2013, we entered into a ten year real estate lease contract (the "Real Estate Lease") with a commencement date of April 1, 2013, as part of the expansion of our equipment yard. The assets and liabilities under this contract are equally allocated between our cementing and coiled tubing segments. In addition to the contractual lease period, the contract includes an optional renewal of up to ten years, and in management's judgment the exercise of the renewal option is not reasonably assured. The contract does not include a residual value guarantee, covenants or financial restrictions. Further, the Real Estate Lease does not contain variability in payments resulting from either an index change or rate change. Effective January 1, 2019, the remaining lease term in our present value estimate of the minimum future lease payments was four years. In January 2019, we entered into a four year real estate lease contract with Pioneer Natural Resources USA, Inc. (the "Crew Camp Lease") with a commencement date of January 1, 2019 for purposes of providing housing to company personnel. The contract does not include a residual value guarantee, covenants or financial restrictions. Further, the Crew Camp Lease does not contain variability in payments resulting from either an index change or rate change. The lease term used in our estimate of the present value of the minimum future lease payments for the purpose of determining our right-of-use asset and lease obligation was four years. The right-of-use asset and lease liability outstanding under the Crew Camp Lease as of March 31, 2019 is $0.5 million and $0.5 million , respectively. The total operating lease cost recorded during three months ended March 31, 2019 , in connection with the Crew Camp lease was $0.04 million . Significant assumptions Consistent with the requirements of the new lease standard, ASC 842, we have determined the Real Estate Lease and Crew Camp Lease to be operating leases. Our assumptions resulted from the existence of the right to control the use of the assets throughout the lease term. We did not account for the land separately from the building of the real estate lease because we concluded that the accounting effect will be insignificant. As of March 31, 2019 , the weighted average discount rate and remaining lease term was 6.1% and 3.9 years , respectively. As of March 31, 2019 , our total operating lease right-of-use asset cost was $1.8 million , and accumulated amortization was $0.1 million . For the three months ended March 31, 2019 , we recorded operating lease cost of $0.1 million in our statement of operations. During the three months ended March 31, 2018 , our operating lease expense, under legacy GAAP, ASC 840, was $0.4 million . Finance Leases Description of Ground Lease As part of our expansion of maintenance facilities for our pressure pumping equipment, we entered into a ten year land lease contract (the "Ground Lease") with an exclusive option to purchase the land exercisable beginning one year from the commencement date of October 1, 2018 through the end of the contractual lease term. The Ground Lease does not include any residual value guarantee, covenants or financial restrictions. Further, the Ground Lease does not contain variability in payments resulting from either an index change or rate change. The remaining lease term used in our estimate of the present value of the minimum future lease payments for the purpose of determining our right-of-use asset and lease obligation was 0.6 years , assuming we will exercise our option to purchase the land immediately after the option becomes exercisable. Significant Assumptions Consistent with the requirements of the new lease standard, ASC 842, we have determined the Ground Lease to be a finance lease. Our assumptions resulted from the existence of the right to control the use of the land for a period of time and the option to purchase the land, which we are reasonable certain of exercising after one year from the commencement date. As of March 31, 2019 , the weighted average discount rate and remaining lease term was 4.3% and 0.6 years , respectively . As of March 31, 2019 , our net finance lease right-of-use asset included as part of property and equipment in our consolidated balance sheet consists of a cost of $3.1 million and accumulated amortization of $0 . For the three months ended March 31, 2019 , no amortization was recorded on the land under the finance lease and the interest on our finance lease for the three months ended March 31, 2019 was $0.03 million . No amortization was recorded in the period for our finance lease right-of-use asset because it is comprised of land only. The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for finance and operating leases as of March 31, 2019 are as follows: Leases ($ in thousands) Operating Finance 2019 $ 389 $ 3,117 2020 526 — 2021 537 — 2022 549 — 2023 98 — Total Undiscounted future lease payments 2,099 3,117 Less: amount representing interest (242 ) (75 ) Present value of future lease payments (lease obligation) $ 1,857 $ 3,042 The total cash paid for amounts included in the measurement of our operating and finance lease liabilities during the three months ended March 31, 2019 was $0.1 million and $0.1 million , respectively. The non-cash lease obligation we recorded effective January 1, 2019, upon adopting the new lease standard, was $2.0 million and $3.1 million for operating and finance leases, respectively. There were no non-cash changes to our lease liabilities during the three months ended March 31, 2019 . Short-Term Leases We elected the practical expedient, consistent with ASC 842, to exclude leases with an initial term of twelve months or less ("short-term leases") from our balance sheet and continue to record short-term leases as a period expense. For the three months ended March 31, 2019 , our short-term lease expense was $0.3 million . At March 31, 2019 , the total remaining lease commitments for all of our short-term lease was $0.03 million .
Leases	Leases On January 1, 2019, we implemented ASC 842, using the modified transition approach and elected not to restate prior years ("Comparatives Under ASC 840 Option"). Accordingly, the effects of adopting ASC 842 were adjusted in the beginning of 2019 while prior periods are accounted for under the legacy GAAP, ASC 840. There was no cumulative effect adjustment on beginning retained earnings. We also elected other practical expedients provided by the new leases standard, the short-term lease recognition practical expedient in which leases with a term of twelve months or less will not be recognized on the balance sheet and the practical expedient to not separate lease and non-lease components for real estate class of assets. Our discount rate was based on our estimated incremental borrowing rate on a collateralized basis with similar terms and economic considerations as our lease payments at the lease commencement. Below is a description of our operating and finance leases. Operating Leases Description of Lease In March 2013, we entered into a ten year real estate lease contract (the "Real Estate Lease") with a commencement date of April 1, 2013, as part of the expansion of our equipment yard. The assets and liabilities under this contract are equally allocated between our cementing and coiled tubing segments. In addition to the contractual lease period, the contract includes an optional renewal of up to ten years, and in management's judgment the exercise of the renewal option is not reasonably assured. The contract does not include a residual value guarantee, covenants or financial restrictions. Further, the Real Estate Lease does not contain variability in payments resulting from either an index change or rate change. Effective January 1, 2019, the remaining lease term in our present value estimate of the minimum future lease payments was four years. In January 2019, we entered into a four year real estate lease contract with Pioneer Natural Resources USA, Inc. (the "Crew Camp Lease") with a commencement date of January 1, 2019 for purposes of providing housing to company personnel. The contract does not include a residual value guarantee, covenants or financial restrictions. Further, the Crew Camp Lease does not contain variability in payments resulting from either an index change or rate change. The lease term used in our estimate of the present value of the minimum future lease payments for the purpose of determining our right-of-use asset and lease obligation was four years. The right-of-use asset and lease liability outstanding under the Crew Camp Lease as of March 31, 2019 is $0.5 million and $0.5 million , respectively. The total operating lease cost recorded during three months ended March 31, 2019 , in connection with the Crew Camp lease was $0.04 million . Significant assumptions Consistent with the requirements of the new lease standard, ASC 842, we have determined the Real Estate Lease and Crew Camp Lease to be operating leases. Our assumptions resulted from the existence of the right to control the use of the assets throughout the lease term. We did not account for the land separately from the building of the real estate lease because we concluded that the accounting effect will be insignificant. As of March 31, 2019 , the weighted average discount rate and remaining lease term was 6.1% and 3.9 years , respectively. As of March 31, 2019 , our total operating lease right-of-use asset cost was $1.8 million , and accumulated amortization was $0.1 million . For the three months ended March 31, 2019 , we recorded operating lease cost of $0.1 million in our statement of operations. During the three months ended March 31, 2018 , our operating lease expense, under legacy GAAP, ASC 840, was $0.4 million . Finance Leases Description of Ground Lease As part of our expansion of maintenance facilities for our pressure pumping equipment, we entered into a ten year land lease contract (the "Ground Lease") with an exclusive option to purchase the land exercisable beginning one year from the commencement date of October 1, 2018 through the end of the contractual lease term. The Ground Lease does not include any residual value guarantee, covenants or financial restrictions. Further, the Ground Lease does not contain variability in payments resulting from either an index change or rate change. The remaining lease term used in our estimate of the present value of the minimum future lease payments for the purpose of determining our right-of-use asset and lease obligation was 0.6 years , assuming we will exercise our option to purchase the land immediately after the option becomes exercisable. Significant Assumptions Consistent with the requirements of the new lease standard, ASC 842, we have determined the Ground Lease to be a finance lease. Our assumptions resulted from the existence of the right to control the use of the land for a period of time and the option to purchase the land, which we are reasonable certain of exercising after one year from the commencement date. As of March 31, 2019 , the weighted average discount rate and remaining lease term was 4.3% and 0.6 years , respectively . As of March 31, 2019 , our net finance lease right-of-use asset included as part of property and equipment in our consolidated balance sheet consists of a cost of $3.1 million and accumulated amortization of $0 . For the three months ended March 31, 2019 , no amortization was recorded on the land under the finance lease and the interest on our finance lease for the three months ended March 31, 2019 was $0.03 million . No amortization was recorded in the period for our finance lease right-of-use asset because it is comprised of land only. The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for finance and operating leases as of March 31, 2019 are as follows: Leases ($ in thousands) Operating Finance 2019 $ 389 $ 3,117 2020 526 — 2021 537 — 2022 549 — 2023 98 — Total Undiscounted future lease payments 2,099 3,117 Less: amount representing interest (242 ) (75 ) Present value of future lease payments (lease obligation) $ 1,857 $ 3,042 The total cash paid for amounts included in the measurement of our operating and finance lease liabilities during the three months ended March 31, 2019 was $0.1 million and $0.1 million , respectively. The non-cash lease obligation we recorded effective January 1, 2019, upon adopting the new lease standard, was $2.0 million and $3.1 million for operating and finance leases, respectively. There were no non-cash changes to our lease liabilities during the three months ended March 31, 2019 . Short-Term Leases We elected the practical expedient, consistent with ASC 842, to exclude leases with an initial term of twelve months or less ("short-term leases") from our balance sheet and continue to record short-term leases as a period expense. For the three months ended March 31, 2019 , our short-term lease expense was $0.3 million . At March 31, 2019 , the total remaining lease commitments for all of our short-term lease was $0.03 million .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2018 , our required remaining lease payments under legacy GAAP, ASC 840, for each fiscal year are as follows: ($ in thousands) 2019 $ 892 2020 721 2021 721 2022 721 2023 and thereafter 2,258 Total $ 5,313 See Note 9 for additional lease disclosures under the new lease standard, ASC 842. 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)	3 Months Ended
	Mar. 31, 2019
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, 2018 included in our Form 10-K filed with the SEC ("Form 10-K").
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. Our hydraulic fracturing contracts have one performance obligation, 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. Our acidizing contracts have one performance obligation, 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. Our cementing contracts have one performance obligation, 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 our customers. All Other — All other consists of our coil tubing, drilling and flowback, which are all downhole well stimulation 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 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, accrued expenses and long-term debt. The estimated fair value of our financial instruments at March 31, 2019 and December 31, 2018 approximated or equaled their carrying values as reflected in our condensed consolidated balance sheets

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of debt	Total debt consisted of the following at March 31, 2019 and December 31, 2018 , respectively: ($ in thousands) 2019 2018 ABL Credit Facility $ 160,000 $ 70,000 Total debt 160,000 70,000 Less current portion of long-term debt — — Total long-term debt $ 160,000 $ 70,000
Annual maturities of debt	Scheduled remaining annual maturities of total debt are as follows at March 31, 2019 : ($ in thousands) 2019 $ — 2020 — 2021 — 2022 — 2023 and thereafter 160,000 Total $ 160,000

Reportable Segment Information

Reportable Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 532,064 $ 14,115 $ 546,179 Adjusted EBITDA $ 151,040 $ (765 ) $ 150,275 Depreciation and amortization $ 31,783 $ 1,334 $ 33,117 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 82,035 $ 4,112 $ 86,147 Total assets $ 1,351,786 $ 57,219 $ 1,409,005 Three Months Ended March 31, 2018 ($ in thousands) Pressure Pumping All Other Total Service revenue $ 375,045 $ 10,174 $ 385,219 Adjusted EBITDA $ 79,063 $ (2,319 ) $ 76,744 Depreciation and amortization $ 17,763 $ 1,173 $ 18,936 Goodwill $ 9,425 $ — $ 9,425 Capital expenditures $ 77,435 $ 2,519 $ 79,954 Total assets at December 31, 2018 $ 1,230,830 $ 43,692 $ 1,274,522 Reconciliation of net income (loss) to adjusted EBITDA: Three Months Ended March 31, 2019 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 98,094 $ (28,289 ) $ 69,805 Depreciation and amortization 31,783 1,334 33,117 Interest expense — 1,903 1,903 Income tax expense — 21,892 21,892 Loss on disposal of assets 19,006 222 19,228 Stock-based compensation — 1,829 1,829 Other expense — 187 187 Deferred IPO bonus and retention expense 2,157 157 2,314 Adjusted EBITDA $ 151,040 $ (765 ) $ 150,275 Three Months Ended March 31, 2018 ($ in thousands) Pressure Pumping All Other Total Net income (loss) $ 52,934 $ (16,226 ) $ 36,708 Depreciation and amortization 17,763 1,173 18,936 Interest expense — 1,261 1,261 Income tax expense — 10,353 10,353 Loss (gain) on disposal of assets 7,828 (163 ) 7,665 Stock-based compensation — 758 758 Other expense — 230 230 Other general and administrative expense (1) — 1 1 Deferred IPO bonus expense 538 294 832 Adjusted EBITDA $ 79,063 $ (2,319 ) $ 76,744 (1) Other general and administrative expense relates to legal settlement expense.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Calculations of net income (loss) per share	The table below shows the calculations for the three months ended March 31, 2019 and 2018 . Three Months Ended March 31, (In thousands, except for per share data) 2019 2018 Numerator (both basic and diluted) Net income relevant to common stockholders $ 69,805 $ 36,708 Denominator Denominator for basic income per share 100,232 83,081 Dilutive effect of stock options 3,160 3,191 Dilutive effect of performance stock units 555 96 Dilutive effect of non-vested restricted stock 176 480 Denominator for diluted income per share 104,123 86,848 Basic income per common share $ 0.70 $ 0.44 Diluted income per common share $ 0.67 $ 0.42

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock options, activity	A summary of the stock option activity for the three months ended March 31, 2019 is presented below. Number Weighted Outstanding at January 1, 2019 4,557,186 $ 5.14 Granted — $ — Exercised (103,972 ) $ 5.31 Forfeited (3,045 ) $ 14.00 Expired — $ — Canceled — $ — Outstanding at March 31, 2019 4,450,169 $ 5.13 Exercisable at March 31, 2019 4,075,377 $ 4.32
Schedule of RSUs, activity	The following table summarizes RSUs activity during the three months ended March 31, 2019 : Number of Weighted Outstanding at January 1, 2019 473,505 $ 16.52 Granted 318,332 $ 21.54 Vested — $ — Forfeited (1,538 ) $ 13.25 Expired — $ — Canceled — $ — Outstanding at March 31, 2019 790,299 $ 18.55
Schedule of performance shares, activity	The following table summarizes information about PSUs activity during the three months ended March 31, 2019 : Period Target Shares Target Target Shares Vested Target Target Shares Outstanding at March 31, 2019 Weighted 2017 169,635 — — — 169,635 $ 10.73 2018 178,975 — — — 178,975 $ 27.51 2019 — 199,413 — — 199,413 $ 34.82 Total 348,610 199,413 — — 548,023 $ 24.98

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Finance Lease Maturity	The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for finance and operating leases as of March 31, 2019 are as follows: Leases ($ in thousands) Operating Finance 2019 $ 389 $ 3,117 2020 526 — 2021 537 — 2022 549 — 2023 98 — Total Undiscounted future lease payments 2,099 3,117 Less: amount representing interest (242 ) (75 ) Present value of future lease payments (lease obligation) $ 1,857 $ 3,042
Operating Lease Maturity	The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for finance and operating leases as of March 31, 2019 are as follows: Leases ($ in thousands) Operating Finance 2019 $ 389 $ 3,117 2020 526 — 2021 537 — 2022 549 — 2023 98 — Total Undiscounted future lease payments 2,099 3,117 Less: amount representing interest (242 ) (75 ) Present value of future lease payments (lease obligation) $ 1,857 $ 3,042

Commitments and Contingencies -

Commitments and Contingencies - (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Pre ASC 842 Minimum Rental Payments for Operating Leases	As of December 31, 2018 , our required remaining lease payments under legacy GAAP, ASC 840, for each fiscal year are as follows: ($ in thousands) 2019 $ 892 2020 721 2021 721 2022 721 2023 and thereafter 2,258 Total $ 5,313

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract with customer, asset, net	$ 33.8	$ 18

Basis of Presentation - Account

Basis of Presentation - Accounts Receivable (Details) $ in Millions	Mar. 31, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-30
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue, remaining performance obligation	$ 79.8

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - ABL Credit Facility - Line of Credit	Dec. 19, 2018USD ($)	Feb. 22, 2018USD ($)	Mar. 22, 2017USD ($)	Feb. 21, 2018USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300,000,000	$ 200,000,000
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	$ 22,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000,000	$ 150,000,000	$ 150,000,000
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%
Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage			0.25%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage			0.375%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.75%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.25%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.75%
Revolving Credit Facility | 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	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total debt	$ 160,000	$ 70,000
Less current portion of long-term debt	0	0
Total long-term debt	160,000	70,000
Revolving Credit Facility | Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Total debt	$ 160,000	$ 70,000

Long-Term Debt - Maturities of

Long-Term Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019	$ 0
2020	0
2021	0
2022	0
2023 and thereafter	160,000
Total debt	$ 160,000	$ 70,000

Reportable Segment Informatio_2

Reportable Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019segment
Segment Reporting [Abstract]
Number of operating segments	5
Number of reportable segments	1

Reportable Segment Informatio_3

Reportable Segment Information - Reconciliation of segment information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Service revenue	$ 546,179	$ 385,219
Adjusted EBITDA	150,275	76,744
Depreciation and amortization	33,117	18,936
Goodwill	9,425	9,425	$ 9,425
Capital expenditures	86,147	79,954
Total assets	1,409,005		1,274,522
Pressure Pumping
Segment Reporting Information [Line Items]
Service revenue	532,064	375,045
Adjusted EBITDA	151,040	79,063
Depreciation and amortization	31,783	17,763
Goodwill	9,425	9,425
Capital expenditures	82,035	77,435
Total assets	1,351,786		1,230,830
All Other
Segment Reporting Information [Line Items]
Service revenue	14,115	10,174
Adjusted EBITDA	(765)	(2,319)
Depreciation and amortization	1,334	1,173
Goodwill	0	0
Capital expenditures	4,112	$ 2,519
Total assets	$ 57,219		$ 43,692

Reportable Segment Informatio_4

Reportable Segment Information - Reconciliation of segment information EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Net income (loss)	$ 69,805	$ 36,708
Depreciation and amortization	33,117	18,936
Interest expense	1,903	1,261
Income tax expense	21,892	10,353
Loss (gain) on disposal of assets	19,228	7,665
Stock-based compensation	1,829	758
Other expense	187	230
Other general and administrative expense		1
Deferred IPO bonus and retention expense	2,314	832
Adjusted EBITDA	150,275	76,744
Pressure Pumping
Segment Reporting Information [Line Items]
Net income (loss)	98,094	52,934
Depreciation and amortization	31,783	17,763
Interest expense	0	0
Income tax expense	0	0
Loss (gain) on disposal of assets	19,006	7,828
Stock-based compensation	0	0
Other expense	0	0
Other general and administrative expense		0
Deferred IPO bonus and retention expense	2,157	538
Adjusted EBITDA	151,040	79,063
All Other
Segment Reporting Information [Line Items]
Net income (loss)	(28,289)	(16,226)
Depreciation and amortization	1,334	1,173
Interest expense	1,903	1,261
Income tax expense	21,892	10,353
Loss (gain) on disposal of assets	222	(163)
Stock-based compensation	1,829	758
Other expense	187	230
Other general and administrative expense		1
Deferred IPO bonus and retention expense	157	294
Adjusted EBITDA	$ (765)	$ (2,319)

Net Income Per Share - Calculat

Net Income Per Share - Calculation of net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator (both basic and diluted)
Net income relevant to common stockholders	$ 69,805	$ 36,708
Denominator
Denominator for basic earnings (loss) per share (in shares)	100,232	83,081
Denominator for diluted income (loss) per share (in shares)	104,123	86,848
Basic income (loss) per common share (in dollars per share)	$ 0.70	$ 0.44
Diluted income (loss) per common share (in dollars per share)	$ 0.67	$ 0.42
Stock options
Denominator
Dilutive effect of share based payment (in shares)	3,160	3,191
Performance stock units
Denominator
Dilutive effect of share based payment (in shares)	555	96
Non-vested restricted stock
Denominator
Dilutive effect of share based payment (in shares)	176	480

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary Of Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Number of Shares
Outstanding beginning balance (in shares) | shares	4,557,186
Granted (in shares) | shares	0
Exercised (in shares) | shares	(103,972)
Forfeited (in shares) | shares	(3,045)
Expired (in shares) | shares	0
Canceled (in shares) | shares	0
Outstanding ending balance (in shares) | shares	4,450,169
Exercisable ending balance (in shares) | shares	4,075,377
Weighted Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 5.14
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	5.31
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	5.13
Exercisable ending balance (in dollars per share) | $ / shares	$ 4.32

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jun. 05, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 0
Options, outstanding, intrinsic value	$ 77,500
Options, exercisable, intrinsic value	74,300
Options, exercised, intrinsic value	$ 1,390
Term for outstanding stock	5 years 7 months 17 days
Term for exercisable stock	5 years 5 months 16 days
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target Shares Granted (in shares)	199,413
Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from compensation expense	$ 1,800	$ 800
Compensation not yet recognized, stock options	$ 23,100
Compensation cost not yet recognized, period for recognition	2 years 4 months 21 days
Incentive Award Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 200	200
Incentive Award Plan | Non-vested restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 900	400
Target Shares Granted (in shares)	318,332
Restricted stock units, conversion of stock, conversion rights (in shares)			1
Compensation not yet recognized, stock options	$ 11,300
Compensation cost not yet recognized, period for recognition	2 years 5 months 19 days
Incentive Award Plan | Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 700	$ 200

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary Of RSU Activity (Details) - Non-vested restricted stock	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Number of Shares
Outstanding at Beginning of Period (in shares) | shares	473,505
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(1,538)
Expired (in shares) | shares	0
Canceled (in shares) | shares	0
Outstanding at End of Period (in shares) | shares	790,299
Weighted Average Grant Date Fair Value
Outstanding at Beginning of Period (in dollars per share)	$ 16.52
Granted (in dollars per share)	21.54
Vested (in dollars per share)	0
Forfeited (in dollars per share)	13.25
Expired (in dollars per share)	0
Canceled (in dollars per share)	0
Outstanding at End of Period (in dollars per share)	$ 18.55

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary Of Performance Shares Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at Beginning of Period (in shares)	348,610
Target Shares Granted (in shares)	199,413
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding at End of Period (in shares)	548,023
Weighted Average Grant Date Fair Value per Share (in dollars per share)	$ 24.98
2017 | Performance stock units
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)	$ 10.73
2018 | Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at Beginning of Period (in shares)	178,975
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)	178,975
Weighted Average Grant Date Fair Value per Share (in dollars per share)	$ 27.51
2019 | Performance stock units
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)	199,413
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding at End of Period (in shares)	199,413
Weighted Average Grant Date Fair Value per Share (in dollars per share)	$ 34.82
Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from compensation expense	$ 1.8	$ 0.8

Related-Party Transactions (Det

Related-Party Transactions (Details) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)shares
Related Party Transaction [Line Items]
Operating leases			$ 892
Operating leases, year two			721
Operating leases, year three			721
Operating leases, year four			721
Payable to related parties	$ 30		10
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	$ 100	$ 30
Related party equipment rental
Related Party Transaction [Line Items]
Expenses with related party	50	$ 50
Property One | 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
Corporate offices | Related party leasing
Related Party Transaction [Line Items]
Operating leases	100
Pioneer and Pioneer Pumping Services
Related Party Transaction [Line Items]
Payable to related parties	200		109,800
Receivable from related parties	$ 93,700		15,700
Service Term ( in years) ( up to )	10 years
Asset Acquisition Cost			$ 110,000
Consideration Transferred ( in shares ) | shares			16.6
Concentration risk ( as a percent )	29.30%	4.80%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 31, 2019	Jan. 01, 2019	Oct. 01, 2018	Mar. 31, 2013
Finance Lease, Cost [Abstract]
Discount Rate ( as a percent )	4.30%
Lease Term ( in years )	7 months 6 days
ROU Asset	$ 3,100
Right-of-Use Asset Amortization	0
Interest Expense	$ 30
Discount Rate ( as a percent )	6.10%
Lease term ( in years )	3 years 11 months 5 days
ROU asset	$ 1,800
Operating Lease, Liability	1,857
Operation Lease Accumulated Amortization	100
Operating Lease Expense	130	$ 400
Short-term Lease Expense	300
Short-term Lease Commitment	0
Operating Lease, Payments	100
Finance Lease, Principal Payments	100
Present value of future lease payments (lease obligation)	3,042
Real Estate Lease
Finance Lease, Cost [Abstract]
Lease term ( in years )				4 years
Operating Lease, Term of Contract ( In years )						10 years
Operating Lease, Renewal Term ( in years )						10 years
Crew Camp Lease
Finance Lease, Cost [Abstract]
ROU asset	500
Operating Lease, Liability	500
Operating Lease, Cost	$ 40
Operating Lease, Term of Contract ( In years )			4 years
Ground Lease [Member]
Finance Lease, Cost [Abstract]
Lease Term ( in years )	7 months 6 days
Lessee, Finance Lease, Term of Contract					10 years
Accounting Standards Update 2016-02
Finance Lease, Cost [Abstract]
Operating Lease, Liability				$ 2,000
Present value of future lease payments (lease obligation)				$ 3,100

Leases Lease Maturity (Details)

Leases Lease Maturity (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating
2019	$ 389
2020	526
2021	537
2022	549
2023	98
Total Undiscounted future lease payments	2,099
Less: amount representing interest	(242)
Present value of future lease payments (lease obligation)	1,857
Finance
2019	3,117
2020	0
2021	0
2022	0
2023	0
Total Undiscounted future lease payments	3,117
Less: amount representing interest	(75)
Present value of future lease payments (lease obligation)	$ 3,042

Commitments and Contingencies P

Commitments and Contingencies Pre ASC 842 Minimum Rental Payments for Operating Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 892
2020	721
2021	721
2022	721
2023 and thereafter	2,258
Total	$ 5,313