ProPetro Holding (PUMP) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38035
Entity Registrant Name	ProPetro Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3685382
Entity Address, Address Line One	1706 South Midkiff,
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	688-0012
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		114,554,085
Entity Central Index Key	0001680247
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PUMP
Security Exchange Name	NYSE
Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock Purchase Rights
No Trading Symbol	true
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 43,208	$ 111,918
Accounts receivable - net of allowance for credit losses of $217 and $217, respectively	210,522	128,148
Inventories	3,944	3,949
Prepaid expenses	4,026	6,752
Short-term investment, net	8,503	0
Other current assets	30,038	297
Total current assets	300,241	251,064
PROPERTY AND EQUIPMENT - net of accumulated depreciation	841,513	808,494
OPERATING LEASE RIGHT-OF-USE ASSETS	600	409
OTHER NONCURRENT ASSETS:
Other noncurrent assets	1,252	1,269
Total other noncurrent assets	1,252	1,269
TOTAL ASSETS	1,143,606	1,061,236
CURRENT LIABILITIES:
Accounts payable	187,381	152,649
Operating lease liabilities	490	369
Accrued and other current liabilities	65,946	20,767
Total current liabilities	253,817	173,785
DEFERRED INCOME TAXES	59,127	61,052
NONCURRENT OPERATING LEASE LIABILITIES	124	97
Total liabilities	313,068	234,934
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, 104,426,520 and 103,437,177 shares issued, respectively	104	103
Additional paid-in capital	860,075	844,829
Accumulated deficit	(29,641)	(18,630)
Total shareholders’ equity	830,538	826,302
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,143,606	$ 1,061,236

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 217	$ 217
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	30,000,000	30,000,000
Preferred stock, issued (in shares)	0	0
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)	104,426,520	103,437,177

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]	Service [Member]	Service [Member]
REVENUE - Service revenue	$ 333,014	$ 250,099	$ 930,776	$ 628,444
COSTS AND EXPENSES
Cost of services (exclusive of depreciation and amortization)	224,118	188,690	640,202	474,905
General and administrative (inclusive of stock-based compensation)	28,190	21,348	85,031	59,079
Depreciation and amortization	30,417	33,531	93,734	100,253
Impairment expense	0	0	57,454	0
Loss on disposal of assets	36,636	12,424	75,240	40,500
Total costs and expenses	319,361	255,993	951,661	674,737
OPERATING INCOME (LOSS)	13,653	(5,894)	(20,885)	(46,293)
OTHER INCOME (EXPENSE):
Interest expense	(237)	(143)	(1,040)	(477)
Other income (expense)	(616)	(309)	9,749	1,178
Total other income (expense)	(853)	(452)	8,709	701
INCOME (LOSS) BEFORE INCOME TAXES	12,800	(6,346)	(12,176)	(45,592)
INCOME TAX (EXPENSE) BENEFIT	(2,768)	1,279	1,164	11,639
NET INCOME (LOSS)	$ 10,032	$ (5,067)	$ (11,012)	$ (33,953)
NET INCOME (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 0.10	$ (0.05)	$ (0.11)	$ (0.33)
Diluted (in dollars per share)	$ 0.10	$ (0.05)	$ (0.11)	$ (0.33)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	104,372	103,257	104,100	102,408
Diluted (in shares)	105,070	103,257	104,100	102,408

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Defecit)
Balance at beginning of period (in shares) at Dec. 31, 2020		100,913
Balance at beginning of period at Dec. 31, 2020	$ 870,771	$ 101	$ 835,115	$ 35,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	2,487		2,487
Issuance of equity awards, net (in shares)		1,145
Issuance of equity awards, net	0	$ 1	(1)
Tax withholdings paid for net settlement of equity awards	(5,614)		(5,614)
Net income (loss)	(20,375)			(20,375)
Balance at end of period (in shares) at Mar. 31, 2021		102,058
Balance at end of period at Mar. 31, 2021	847,269	$ 102	831,987	15,180
Balance at beginning of period (in shares) at Dec. 31, 2020		100,913
Balance at beginning of period at Dec. 31, 2020	870,771	$ 101	835,115	35,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(33,953)
Balance at end of period (in shares) at Sep. 30, 2021		103,260
Balance at end of period at Sep. 30, 2021	842,815	$ 103	841,110	1,602
Balance at beginning of period (in shares) at Mar. 31, 2021		102,058
Balance at beginning of period at Mar. 31, 2021	847,269	$ 102	831,987	15,180
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	2,909		2,909
Issuance of equity awards, net (in shares)		1,169
Issuance of equity awards, net	0	$ 1	(1)
Tax withholdings paid for net settlement of equity awards	(159)		(159)
Proceeds from exercise of stock awards	3,235		3,235
Net income (loss)	(8,511)			(8,511)
Balance at end of period (in shares) at Jun. 30, 2021		103,227
Balance at end of period at Jun. 30, 2021	844,743	$ 103	837,971	6,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,009		3,009
Issuance of equity awards, net (in shares)		33
Issuance of equity awards, net	0
Proceeds from exercise of stock awards	130		130
Net income (loss)	(5,067)			(5,067)
Balance at end of period (in shares) at Sep. 30, 2021		103,260
Balance at end of period at Sep. 30, 2021	842,815	$ 103	841,110	1,602
Balance at beginning of period (in shares) at Dec. 31, 2021		103,437
Balance at beginning of period at Dec. 31, 2021	826,302	$ 103	844,829	(18,630)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	11,364		11,364
Issuance of equity awards, net (in shares)		562
Issuance of equity awards, net	420	$ 1	419
Tax withholdings paid for net settlement of equity awards	(2,691)		(2,691)
Net income (loss)	11,817			11,817
Balance at end of period (in shares) at Mar. 31, 2022		103,999
Balance at end of period at Mar. 31, 2022	847,212	$ 104	853,921	(6,813)
Balance at beginning of period (in shares) at Dec. 31, 2021		103,437
Balance at beginning of period at Dec. 31, 2021	826,302	$ 103	844,829	(18,630)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(11,012)
Balance at end of period (in shares) at Sep. 30, 2022		104,426
Balance at end of period at Sep. 30, 2022	830,538	$ 104	860,075	(29,641)
Balance at beginning of period (in shares) at Mar. 31, 2022		103,999
Balance at beginning of period at Mar. 31, 2022	847,212	$ 104	853,921	(6,813)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,458		3,458
Issuance of equity awards, net (in shares)		309
Issuance of equity awards, net	321		321
Tax withholdings paid for net settlement of equity awards	(1,095)		(1,095)
Net income (loss)	(32,860)			(32,860)
Balance at end of period (in shares) at Jun. 30, 2022		104,308
Balance at end of period at Jun. 30, 2022	817,036	$ 104	856,605	(39,673)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,306		3,306
Issuance of equity awards, net (in shares)		118
Issuance of equity awards, net	222		222
Tax withholdings paid for net settlement of equity awards	(58)		(58)
Net income (loss)	10,032			10,032
Balance at end of period (in shares) at Sep. 30, 2022		104,426
Balance at end of period at Sep. 30, 2022	$ 830,538	$ 104	$ 860,075	$ (29,641)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (11,012,000)	$ (33,953,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	93,734,000	100,253,000
Impairment expense	57,454,000	0
Deferred income tax expense (benefit)	(1,926,000)	(11,639,000)
Amortization of deferred debt issuance costs	720,000	405,000
Stock-based compensation	18,128,000	8,405,000
Provision for credit losses	0	282,000
Loss on disposal of assets	75,240,000	40,500,000
Unrealized loss on short-term investment	3,349,000	0
Non cash income from settlement with equipment manufacturer	(2,668,000)	0
Changes in operating assets and liabilities:
Accounts receivable	(82,374,000)	(65,244,000)
Other current assets	(29,647,000)	325,000
Inventories	6,000	(747,000)
Prepaid expenses	2,847,000	6,027,000
Accounts payable	7,117,000	64,237,000
Accrued and other current liabilities	43,983,000	408,000
Net cash provided by operating activities	174,951,000	109,259,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(247,164,000)	(87,700,000)
Proceeds from sale of assets	7,207,000	2,151,000
Net cash used in investing activities	(239,957,000)	(85,549,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of insurance financing	0	(5,473,000)
Payment of debt issuance costs	(824,000)	0
Proceeds from exercise of equity awards	963,000	3,365,000
Tax withholdings paid for net settlement of equity awards	(3,843,000)	(5,773,000)
Net cash used in financing activities	(3,704,000)	(7,881,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(68,710,000)	15,829,000
CASH AND CASH EQUIVALENTS - Beginning of period	111,918,000	68,772,000
CASH AND CASH EQUIVALENTS - End of period	$ 43,208,000	$ 84,601,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
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, 2021, included in our Form 10-K filed with the SEC (our "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, aggregated into our one reportable segment—"Pressure Pumping," and "all other" category, 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 with our customers have one performance obligation, which is the contracted total stages, satisfied over time. We recognize revenue over time using a progress output, 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. In addition, certain of our hydraulic fracturing equipment is entitled to reservation or idle fee charges if a customer were to reserve or idle committed hydraulic fracturing equipment. The Company recognizes revenue related to idle or reservation fee charges on a daily basis or monthly as the performance obligations are met. Acidizing, which is part of our hydraulic fracturing operating segment, involves a well-stimulation technique where acid or similar chemicals are injected under pressure into formations to form or expand fissures. Our acidizing contracts have one performance obligatio n , s atisfied at a point-in-time, upon completion of the contracted service or sale of the acid or chemical 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 is fixed per our contracts with our customers. All Other — All other consists of coiled tubing operations, which are downhole well completion/remedial services. The performance obligation for these 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 custome r. Effective September 1, 2022, we shut down our coiled tubing operations, and disposed of all our coiled tubing assets. Accounts Receivable Accounts receivables are stated at the amount billed and billable to customers. At September 30, 2022, and December 31, 2021, accrued revenue (unbilled receivable) included as part of our accounts receivable was $37.1 million and $19.4 million , respectively. At September 30, 2022, the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing operations was $42.3 million , which is expected to be completed and recognized within one month following the current period balance sheet date, in our pressure pumping reportable segment. Allowance for Credit Losses As of September 30, 2022, the Company had $0.2 million allowance for credit losses. Our allowance for credit losses is based on the evaluation of both our historic loss experience and the expected impact of any potential deteriorating economic conditions in the oil and gas industry. We evaluated the historic loss experience on our accounts receivable and also separately considered customers with receivable balances that could be negatively impacted by current economic developments and market conditions. While the Company has not experienced significant credit losses in the past and has not yet seen material adverse changes to the payment patterns of its customers, the Company cannot predict with any certainty the degree to which the impacts of the COVID-19 pandemic or potential economic downturn, including the potential impact of periodically adjusted borrowing base limits, level of hedged production, or unforeseen well shut-downs may affect the ability of its customers to timely pay receivables when due. Accordingly, in future periods, the Company may revise its estimates of expected credit losses. The table below shows a summary of allowance for credit losses during the nine months ended September 30, 2022: (in thousands) Balance - January 1, 2022 $ 217 Provision for credit losses during the period — Write-off during the period — Balance - September 30, 2022 $ 217

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting StandardsRecently Issued Accounting Standards Adopted in 2022 In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Fair value ("FV") 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 Assets measured at fair value on a recurring basis as of September 30, 2022 are set forth below: (In thousands) Estimated fair value measurements Balance Quoted prices in active market Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains September 30, 2022: Short-term investment $ 8,503 $ 8,503 $ — $ — $ (3,349) Short-term investment — On September 1, 2022, the Company received 2,616,460 common shares of Step Energy Services, Inc. ("STEP") with an estimated fair value of $11.9 million as part of the consideration for the sale of our coiled tubing assets to STEP. The shares were treated as an investment in equity securities measured at fair value using Level 1 inputs based on observable prices on the Toronto Stock Exchange and are shown under current assets in our condensed consolidated balance sheets. As of September 30, 2022, the fair value of the short-term investment was estimated at $8.5 million, and the unrealized loss resulting from the fluctuation in stock price was $3.3 million. Included in the unrealized loss was a loss of $0.4 million resulting from non-cash foreign currency translation . The unrealized losses resulting from stock price fluctuation and foreign currency translation are included in other income (expense) in our condensed consolidated statements of operations. Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued and other current liabilities, and long-term debt (if any). The estimated fair value of our financial instruments at September 30, 2022 and December 31, 2021, approximated or equaled their carrying values as reflected in our condensed consolidated balance sheets. Assets Measured at Fair Value on a Nonrecurring Basis On September 21, 2022, the Company received equipment inventory from the manufacturer of DuraStim® hydraulic fracturing equipment in connection with its settlement of warranty claims for the DuraStim® hydraulic fracturing equipment acquired from the manufacturer. T he fair value of this equipment inventory received from the manufacturer was estimated to be $2.7 million. The estimated fair value was determined using the cost approach, which represents a Level 3 in the fair value measurement hierarchy. Our fair value estimate required us to use significant unobservable inputs, including a third party valuation and assumptions related to replacement cost, among others. Accordingly, we recorded non cash income of $2.7 million, which is presented within other income (expense) in our condensed consolidated statements of operations, and the equipment inventory received included as part of our property and equipment in our condensed consolidated balance sheets . As of September 30, 2022, the remaining carrying value for the equipment inventory was $2.7 million . Whenever events or circumstances indicate that the carrying value of long-lived assets may not be recoverable, the Company reviews the carrying value of long‑lived assets, such as property and equipment and other assets to determine if they are recoverable. If any long‑lived assets are determined to be unrecoverable, an impairment expense is recorded in the period. No impairment of property and equipment was recorded during the three months ended September 30, 2022 and 2021. For the nine months ended September 30, 2022 , we recorded impairment expense of approximately $57.5 million in connection with our electric pressure pumping technology driven DuraStim®

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Asset-Based Loan ("ABL") Credit Facility Our revolving credit facility, as amended in 2018, had a total borrowing capacity of $300.0 million (subject to the borrowing base limit), with a maturity date of December 19, 2023. The revolving credit facility had a borrowing base of 85% of monthly eligible accounts receivable less customary reserves, as redetermined monthly. The revolving credit facility, included a springing fixed charge coverage ratio to apply when excess availability was less than the greater of (i) 10% of the lesser of the facility size or the borrowing base or (ii) $22.5 million. Borrowings under this revolving credit facility accrued interest based on a three-tier pricing grid tied to availability, and we had the option to elect for loans to be based on either LIBOR or base rate, plus the applicable margin, which ranged from 1.75% to 2.25% for LIBOR loans and 0.75% to 1.25% for base rate loans, with a LIBOR floor of zero. Effective April 13, 2022, the Company entered into an amendment and restatement of its revolving credit facility (as amended and restated, "ABL Credit Facility"). The ABL Credit Facility decreased the borrowing capacity to $150.0 million (subject to the Borrowing Base (as defined below) limit), with the maturity date extended to April 13, 2027. The ABL Credit Facility has a borrowing base of 85% to 90%, depending on the credit ratings of our accounts receivable counterparties, of monthly eligible accounts receivable less customary reserves (the "Borrowing Base"), as redetermined monthly. The Borrowing Base as of September 30, 2022, was approximately $116.4 million. The ABL Credit Facility includes a 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 or the Borrowing Base or (ii) $10.0 million. 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. Borrowings under the ABL Credit Facility are secured by a first priority lien and security interest in substantially all assets of the Company. 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 the Secured Overnight Financing Rate ("SOFR") or the base rate, plus the applicable margin, which ranges from 1.50% to 2.00% for SOFR loans and 0.50% to 1.00% for base rate loans. The loan origination costs relating to the ABL Credit Facility are classified as an asset in our balance sheet. There were no borrowings under the ABL credit facility or our previous revolving credit facility as of September 30, 2022 and December 31, 2021.

Reportable Segment Information

Reportable Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information The Company currently has two operating segments for which discrete financial information is readily available: hydraulic fracturing (inclusive of acidizing) and cementing. These operating segments represent how the Chief Operating Decision Maker evaluates performance and allocates resources. On September 1, 2022, the Company disposed of its coiled tubing assets (included in the "all other" category) to a subsidiary of STEP as part of a strategic repositioning. The divestiture of our coiled tubing assets did not qualify for presentation and disclosure as discontinued operations, and accordingly, we have recorded the resulting loss of approximately $13.8 million as part of our loss on disposal of assets in our consolidated statement of operations. We received approximately $2.8 million in cash and 2,616,460 common shares of STEP valued at $11.9 million as consideration for the coiled tubing assets, for total consideration of $14.6 million. The divestiture of our coiled tubing assets resulted in a reduction in the number of our current operating segments to two. The change in the number of our operating segments did not impact our reportable segment information reported for the three and nine months ended September 30, 2022 and 2021. In accordance with the FASB Accounting Standards Codification ("ASC") 280— Segment Reporting , the Company has one reportable segment (pressure pumping) comprised of the hydraulic fracturing and cementing operating segments. Our coiled tubing results of operations prior to the divestiture and corporate administrative expense (inclusive of our total income tax expense (benefit), other (income) and expense and interest expense) are included in the "all other" category in the table below. Total corporate administrative expense for the three and nine months ended September 30, 2022 was $20.4 million and $45.4 million , respectively. Total corporate administrative expense for the three and nine months ended September 30, 2021 was $13.5 million and $25.1 million, respectively. Our hydraulic fracturing operating segment revenue approxima ted 91.7% and 92.7% of our pressure pumping revenue during the three and nine months ended September 30, 2022, respectively. D uring the three and nine months ended September 30, 2021, o ur hydraulic fracturing operating segment revenue approxima ted 93.4% and 93.5% of our pressure pumping revenue , respectively. 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 expense, income taxes, depreciation and amortization, stock-based compensation expense, severance and related 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 (in thousands): Three Months Ended September 30, 2022 Pressure Pumping All Other Total Service revenue $ 330,780 $ 2,234 $ 333,014 Adjusted EBITDA $ 102,550 $ (12,550) $ 90,000 Depreciation and amortization $ 29,736 $ 681 $ 30,417 Capital expenditures $ 112,865 $ 2,258 $ 115,123 Total assets at September 30, 2022 $ 1,091,796 $ 51,810 $ 1,143,606 Three Months Ended September 30, 2021 Pressure Pumping All Other Total Service revenue $ 245,641 $ 4,458 $ 250,099 Adjusted EBITDA $ 53,975 $ (11,877) $ 42,098 Depreciation and amortization $ 32,536 $ 995 $ 33,531 Capital expenditures $ 52,904 $ 300 $ 53,204 Total assets December 31, 2021 $ 1,023,037 $ 38,199 $ 1,061,236 Nine Months Ended September 30, 2022 Pressure Pumping All Other Total Service revenue $ 917,336 $ 13,440 $ 930,776 Adjusted EBITDA $ 265,835 $ (33,355) $ 232,480 Depreciation and amortization $ 91,194 $ 2,540 $ 93,734 Capital expenditures $ 267,638 $ 8,294 $ 275,932 Total assets at September 30, 2022 $ 1,091,796 $ 51,810 $ 1,143,606 Nine Months Ended September 30, 2021 Pressure Pumping All Other Total Service revenue $ 617,293 $ 11,151 $ 628,444 Adjusted EBITDA $ 132,673 $ (34,866) $ 97,807 Depreciation and amortization $ 97,307 $ 2,946 $ 100,253 Capital expenditures $ 113,670 $ 2,634 $ 116,304 Total assets December 31, 2021 $ 1,023,037 $ 38,199 $ 1,061,236 Reconciliation of net income (loss) to adjusted EBITDA (in thousands): Three Months Ended September 30, 2022 Pressure Pumping All Other Total Net income (loss) $ 46,805 $ (36,773) $ 10,032 Depreciation and amortization 29,736 681 30,417 Interest expense — 237 237 Income tax expense — 2,768 2,768 Loss (gain) on disposal of assets 22,850 13,786 36,636 Stock-based compensation — 3,306 3,306 Other (income) expense (3) (2,668) 3,284 616 Other general and administrative expense (1) 4,775 145 4,920 Severance expense 1,052 16 1,068 Adjusted EBITDA $ 102,550 $ (12,550) $ 90,000 Three Months Ended September 30, 2021 Pressure Pumping All Other Total Net income (loss) $ 9,058 $ (14,125) $ (5,067) Depreciation and amortization 32,536 995 33,531 Interest expense — 143 143 Income tax benefit — (1,279) (1,279) Loss on disposal of assets 12,381 43 12,424 Stock-based compensation — 3,009 3,009 Other expense — 309 309 Other general and administrative expense, (net) (1) — (972) (972) Adjusted EBITDA $ 53,975 $ (11,877) $ 42,098 Nine Months Ended September 30, 2022 Pressure Pumping All Other Total Net income (loss) $ 51,782 $ (62,794) $ (11,012) Depreciation and amortization 91,194 2,540 93,734 Impairment expense 57,454 — 57,454 Interest expense — 1,040 1,040 Income tax benefit — (1,164) (1,164) Loss (gain) on disposal of assets 61,952 13,288 75,240 Stock-based compensation — 18,128 18,128 Other income (2) (3) (2,668) (7,081) (9,749) Other general and administrative expense (1) 5,060 2,651 7,711 Severance expense 1,061 37 1,098 Adjusted EBITDA $ 265,835 $ (33,355) $ 232,480 Nine Months Ended September 30, 2021 Pressure Pumping All Other Total Net income (loss) $ (5,426) $ (28,527) $ (33,953) Depreciation and amortization 97,307 2,946 100,253 Interest expense — 477 477 Income tax benefit — (11,639) (11,639) Loss (gain) on disposal of assets 40,792 (292) 40,500 Stock-based compensation — 8,405 8,405 Other income — (1,178) (1,178) Other general and administrative expense, (net) (1) — (5,670) (5,670) Severance expense — 612 612 Adjusted EBITDA $ 132,673 $ (34,866) $ 97,807 (1) Other general and administrative expense, (net of reimbursement from insurance carriers) primarily relates to nonrecurring professional fees paid to external consultants in connection with our audit committee review, SEC investigation, shareholder litigation, legal settlement to a vendor and other legal matters, net of insurance recoveries. During the three and nine months ended September 30, 2022 , we received reimbursement of approximately $3.4 million and $6.9 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. During the three and nine months ended September 30, 2021, we received reimbursement of approximately $1.4 million and $8.1 million, respectively. (2) Includes $10.7 million of net tax refund (net of advisory fees) received in March 2022 from the Texas Comptroller of Public Accounts in connection with limited sales, excise and use tax beginning July 1, 2015 through December 31, 2018. (3) Includes $2.7 million non cash income from fixed asset inventory received as part of a settlement of warranty claims with an equipment manufacturer and a $3.3 million unrealized loss on short-term investment.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2022
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 common 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 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 and nine months ended September 30, 2022 and 2021, (in thousands, except for per share data): Three Months Ended September 30, 2022 2021 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ 10,032 $ (5,067) Denominator Denominator for basic income (loss) per share 104,372 103,257 Dilutive effect of stock options 28 — Dilutive effect of performance share units 498 — Dilutive effect of restricted stock units 172 — Denominator for diluted income (loss) per share 105,070 103,257 Basic income (loss) per common share $ 0.10 $ (0.05) Diluted income (loss) per common share $ 0.10 $ (0.05) Nine Months Ended September 30, 2022 2021 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ (11,012) $ (33,953) Denominator Denominator for basic income (loss) per share 104,100 102,408 Dilutive effect of stock options — — Dilutive effect of performance share units — — Dilutive effect of restricted stock units — — Denominator for diluted income (loss) per share 104,100 102,408 Basic income (loss) per share $ (0.11) $ (0.33) Diluted income (loss) per share $ (0.11) $ (0.33) As shown in the table below, the f ollowing stock options, restricted stock units and performance stock units outstanding as of September 30, 2022, have not been included in the calculation of diluted income (loss) per common share for the three and nine months ended September 30, 2022 and 2021 because they will be anti-dilutive to the calculation of diluted net income (loss) per common share: (In thousands) Three Months Ended September 30, 2022 2021 Stock options 488 962 Restricted stock units 615 1,435 Performance stock units — 1,586 Total 1,103 3,983 (In thousands) Nine Months Ended September 30, 2022 2021 Stock options 488 962 Restricted stock units 1,189 1,435 Performance stock units 1,758 1,586 Total 3,435 3,983

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options There were no new stock option grants during the nine months ended September 30, 2022. As of September 30, 2022, there was no aggregate intrinsic value for our outstanding or exercisable stock options because the closing stock price as of September 30, 2022 was below the cost to exercise these options. The aggregate intrinsic value for the exercised stock options during the nine months ended September 30, 2022 was approximately $2.6 million. The remaining exercise period for both the outstanding and exercisable stock options as of September 30, 2022 w as approximately 2.2 years . A summary of the stock option activity for the nine months ended September 30, 2022 is presented below (in thousands, except for weighted average price): Number of Shares Weighted Outstanding at January 1, 2022 798 $ 9.77 Granted — $ — Exercised (310) $ 3.11 Forfeited — $ — Expired — $ — Outstanding at September 30, 2022 488 $ 14.00 Exercisable at September 30, 2022 488 $ 14.00 Restricted Stock Units During the nine months ended September 30, 2022, we granted 680,946 restricted stock units ("RSUs") to employees, officers and directors pursuant to the ProPetro Holding Corp. 2020 Long Term Incentive Plan (the "2020 Incentive Plan"), which generally vest ratably over a three-year vesting period, in the case of awards to employees and officers, and generally vest in full after one year, in the case of awards to directors. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Each RSU represents the right to receive one share of common stock. The grant date fair value of the RSUs is based on the closing share price of our common stock on the date of grant. As of September 30, 2022, the total unrecognized compensation expense for all RSUs was approximately $9.1 million , and is expected to be recognized over a weighted average period of approximately 1.8 years . On March 31, 2022, the Company modified the RSUs previously granted to a former officer in 2019, 2020 and 2021 to accelerate the vesting of such RSUs in connection with his separation agreement. As a result of this modification, we recorded an incremental stock expense of $1.3 million during the nine months ended September 30, 2022. The following table summarizes RSUs activity during the nine months ended September 30, 2022 (in thousands, except for weighted average fair value): Number of Weighted Outstanding at January 1, 2022 1,413 $ 9.19 Granted 681 $ 12.31 Vested (845) $ 9.20 Forfeited (60) $ 11.04 Canceled — $ — Outstanding at September 30, 2022 1,189 $ 10.88 Performance Share Units During the nine months ended September 30, 2022, we granted 327,939 performance share units ("PSUs") to certain key employees and officers as new awards under the 2020 Incentive Plan. Each PSU earned represents the right to receive either one share of common stock or, as determined by the administrator in its sole discretion, a cash amount equal to fair market value of one share of common stock or amount of cash on the day immediately preceding the settlement date. The actual number of shares of common stock that may be issued under the PSUs ranges from 0% up to a maximum of 200% of the target number of PSUs granted to the participant, based on our total shareholder return ("TSR") relative to a designated peer group, generally at the end of a three year period. In addition to the TSR conditions, vesting of the PSUs is generally subject to the recipient’s continued employment through the end of the applicable performance period. Compensation expense is recorded ratably over the corresponding requisite service period. The grant date 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. In connection with a former officer’s separation agreement, on March 31, 2022, the Company modified the PSUs previously granted to such former officer in 2020 and 2021 to provide for deemed satisfaction of the service requirement applicable to such PSUs as of March 31, 2022, such that such PSUs shall remain outstanding and eligible to vest based on our TSR relative to a designated peer group over the applicable performance period. As a result of these modifications, we recorded an incremental stock expense of $3.7 million during the nine months ended September 30, 2022. The following table summarizes information about PSUs activity during the nine months ended September 30, 2022 (in thousands, except for weighted average fair value): Period Target Shares Outstanding at January 1, 2022 Target Target Shares Vested Target Target Shares Outstanding at September 30, 2022 2019 126 — (126) — — 2020 809 — — — 809 2021 651 — — (18) 632 2022 — 328 — (12) 316 Total 1,586 328 (126) (30) 1,757 Weighted Average FV Per Share $ 12.48 $ 19.99 $ 27.49 $ 17.19 $ 12.72 The total stock-based compensation expense for the nine months ended September 30, 2022 and 2021 for all stock awards was $18.1 million and $8.4 million , respectively. The total unrecognized stock-based compensation expense as of September 30, 2022 was approximately $18.7 million , an

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Operations and Maintenance Yards The Company rents five yards from an entity, in which a director of the Company has an equity interest and the total annual rent expense for each of the five yards was approximately $0.03 million, $0.03 million, $0.1 million, $0.1 million, and $0.2 million, respectively. Pioneer 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 Pumping Services (the "Pioneer Pressure Pumping Acquisition"). In connection with the Pioneer Pressure Pumping Acquisition, Pioneer received 16.6 million shares of our common stock and approximately $110.0 million in cash. On March 31, 2022, we entered into an amended and restated pressure pumping services agreement (the "A&R Pressure Pumping Services Agreement"), which was initially entered into in connection with the Pioneer Pressure Pumping Acquisition. The A&R Pressure Pumping Services Agreement was effective January 1, 2022 and continues through December 31, 2022. The A&R Pressure Pumping Services Agreement reduced the number of contracted fleets to six fleets from eight fleets, modified the pressure pumping scope of work and pricing mechanism for contracted fleets, and replaced the idle fees arrangement with equipment reservation fees (the "Reservation fees"). As part of the Reservation fees arrangement, the Company will be entitled to receive compensation for all eligible contracted fleets that are made available to Pioneer at the beginning of every quarter in 2022 through the term of the A&R Pressure Pumping Services Agreement. On October 31, 2022, we entered into two pressure pumping services agreements (the "Fleet One Agreement" and "Fleet Two Agreement") with Pioneer, where we will provide hydraulic fracturing services with two committed fleets, subject to certain termination and release rights. The Fleet One Agreement will be effective as of January 1, 2023 and will terminate on August 31, 2023. The Fleet Two Agreement will be effective as of January 1, 2023 and will terminate on the one year anniversary of the date on which the fleet dedicated thereunder is able to provide the required services, which is currently expected to be on or before May 1, 2023. Pioneer may elect to extend the term of the Fleet Two Agreement for an additional one year term. Revenue from services provided to Pioneer (including idle fees and Reservation fees) accounted for approximate ly $100.2 million and $147.3 million of our total revenue during the three months ended September 30, 2022 and 2021, respectively. Revenue from services provided to Pioneer (including idle fees and Reservation fees) accounted for approximate ly $338.9 million and $364.3 million of our total revenue during the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the total accounts receivable due from Pioneer, including estimated unbilled receivable for services we provided, amounted to approxim ately $53.5 million and the amount due to Pioneer was $0. As of December 31, 2021, the balance due from Pioneer for services we provided amounted to approximately $62.1 million a nd the amount due to Pioneer was $0 .

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	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. During the nine months ended September 30, 2022 and 2021, the Company made lease payments of approximate ly $0.3 million a nd $0.3 million , respectively. The assets and liabilities under this contract are allocated between our operating 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. We accounted for our Real Estate Lease as an operating lease. This conclusion 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 effe ct was insignificant. As of September 30, 2022, the weighted average discount rate and remaining lease term was approximately 6.7% and 0.5 years, res pectively. As part of our expansion of our hydraulic fracturing equipment maintenance program, we entered into a two year maintenance facility real estate lease contract (the "Maintenance Facility Lease") with a commencement date of March 14, 2022. During the nine months ended September 30, 2022, the Company made lease payments of approximately $0.2 million. In addition to the contractual lease period, the contract includes an optional renewal for three additional periods of one year each, 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 Maintenance Facility Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for our Maintenance Facility Lease as an operating lease. 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 Maintenance Facility Lease because we concluded that the accounting effect was insignificant. As of September 30, 2022, the weighted average discount rate and remaining lease term was approximately 3.4% and 1.4 years, respectively. In August 2022, we entered into a three As of September 30, 2022, the total operating lease right-of-use asset cost was approximat ely $1.9 million, and accumulated amortization was approximately $1.3 million. As of December 31, 2021, our total operating lease right-of-use asset cost was approximately $1.2 million, and accumulat ed amortization was approximately $0.8 million. For the nine months ended September 30, 2022 and 2021, we recorded operating lease cost of approximatel y $0.4 million and $0.3 million, respectively, in our statement of operations. Maturity Analysis of Lease Liabilities The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our operating lease as of September 30, 2022 are as follows: ($ in thousands) Totals 2022 $ 181 2023 398 2024 50 Total undiscounted future lease payments 629 Less: amount representing interest (15) Present value of future lease payments (lease obligation) $ 614 The total cash paid for amounts included in the measurement of our operating lease liability during the nine months ended September 30, 2022 was approximatel y $0.5 million. The non-cash lease obligation we recorded upon execution of the Maintenance Facility Lease was approximately $0.6 million . During the nine months ended September 30, 2021, total cash paid for amounts included in the measurement of our operating lease liability was approximately $0.3 million . 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 lease") from our balance sheet and continue to record short-term leases as a period expense. For the nine months ended September 30, 2022 and 2021 our short-term lease expense was approximatel y $0.6 million and $0.4 million

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments We entered into certain commitments for fixed assets, consumables and services incidental to the ordinary conduct of our business, generally for quantities required for our operations and at competitive market prices. These commitments are designed to assure sources of supply and are not expected to be in excess of normal requiremen ts. At September 30, 2022, the total remaining lease commitments for all of our short-term leases and lodging commitments was approximately $1.9 million. In August 2022, we entered into a contractual arrangement with our equipment manufacturer to purchase and convert additional Tier IV DGB equipment, with total cost of approximately $43.0 million. The Company also entered into the Electric Fleet Leases to lease electric hydraulic fracturing pumps with capacity of 60,000 HHP per fleet, which contains options to extend the lease or purchase the equipment at the end of the lease. The lease payments are expected to commence when the Company takes possession of the electric hydraulic fracturing pumps during the second half of 2023. The total estimated contractual commitment in connection with the Electric Fleet Lease arrangement is approximately $49.3 million, which includes the cost associated with the option to purchase the equipment at the end of the lease. The Company enters into purchase agreements with its sand suppliers (the "Sand Suppliers") to secure supply of sand as part of its normal course of business. The agreements with the Sand Suppliers require that the Company purchase a minimum volume of sand, based primarily on a certain percentage of our sand requirements from our customers or in certain situations based on predetermined fixed minimum volumes, otherwise certain penalties ("shortfall fees") may be charged. The shortfall fee represents liquidated damages and is either a fixed percentage of the purchase price for the minimum volumes or a fixed price per ton of unpurchased volumes. Our agreements with the Sand Suppliers expire at different times prior to December 31, 2025. Our sand agreement with one of our Sand Suppliers has a one year take or pay commitment o f $23.0 million that will expire on June 12, 2023. During the nine months ended September 30, 2022 and 2021, no shortfall fee was recorded. However, one of our Sand Suppliers previously filed a suit against us that includes claims related to alleged shortfall fees. On September 21, 2022, the Company agreed to a settlement of the claims in the suit with this Sand Supplier and paid the settlement amount on September 30, 2022. The suit was dismissed in connection with the settlement. As of September 30, 2022, the Company had issued letters of credit of approximately $5.0 million under the revolving credit facility in connection with the Company’s casualty insurance policy. Contingent Liabilities Legal Matters In September 2019, a complaint, captioned Richard Logan, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. ProPetro Holding Corp., et al., (the "Logan Lawsuit"), was filed against the Company and certain of its then current and former officers and directors in the U.S. District Court for the Western District of Texas. In July 2020, a third amended class action complaint was filed in the Logan Lawsuit by Lead Plaintiffs Nykredit Portefølje Administration A/S, Oklahoma Firefighters Pension and Retirement System, Oklahoma Law Enforcement Retirement System, Oklahoma Police Pension and Retirement System, and Oklahoma City Employee Retirement System, and additional named plaintiff Police and Fire Retirement System of the City of Detroit. Plaintiffs sued individually and on behalf of a putative class of shareholders who purchased the Company’s common stock between March 17, 2017 and March 13, 2020 or purchased the Company's common stock pursuant to the Company's initial public offering in March 2017. Plaintiffs alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule l0b-5 promulgated thereunder, and Sections 11 and 15 of the Securities Act of 1933 against the Company, certain former officers and current and former directors, alleging that the defendants made allegedly inaccurate or misleading statements or omissions about the Company's business, operations and prospects. On September 13, 2021, the Court partially granted and partially denied motions to dismiss filed by the Company and the individual defendants. On August 11, 2022, the Company agreed to a proposed settlement of the claims in the Logan Lawsuit, which the court has preliminarily approved. Under the proposed settlement agreement, the Company's insurers have paid a cash sum into a settlement fund to be distributed to members of the putative class. In May 2020, the U.S. District Court for the Western District of Texas consolidated two shareholder derivative lawsuits previously filed against the Company and certain of its current and former officers and directors into a single lawsuit captioned In re ProPetro Holding Corp. Derivative Litigation (the "Shareholder Derivative Lawsuit"). In August 2020, the plaintiffs in the Shareholder Derivative Lawsuit filed a consolidated complaint alleging (i) breaches of fiduciary duties, (ii) unjust enrichment and (iii) contribution. The plaintiffs did not quantify any alleged damages in their complaint but, in addition to attorneys’ fees and costs, they sought various forms of relief, including (i) damages sustained by the Company as a result of the alleged misconduct, (ii) punitive damages and (iii) equitable relief in the form of improvements to the Company’s governance and controls. On September 15, 2021, the Court granted the Company's motion to dismiss the complaint in its entirety, without prejudice. On November 19, 2021, the Company received a demand letter from a law firm representing one of the purported shareholders that previously filed the dismissed Shareholder Derivative Lawsuit. The demand letter alleged facts and claims substantially similar to the Shareholder Derivative Lawsuit. The Company's board of directors (the "Board") constituted a committee to evaluate the demand letter and recommend a course of action to the Board, and the committee retained counsel to assist with its review. The committee concluded its investigation and recommended that the Board reject the demand letter. In October 2022, the Board accepted the committee's recommendation and rejected the demand letter. The Company incurred legal settlements totaling $34.1 million during the three months ended September 30, 2022, consisting of the Logan Lawsuit and other settlements. The Logan Lawsuit settlement of $30.0 million was fully covered by insurance and was subsequently paid by the insurance company in October 2022. As of September 30, 2022 we recorded a receivable for the insurance recovery in connection with the Logan Lawsuit within other current assets and a liability due to plaintiffs in accrued and other current liabilities in our condensed consolidated balance sheet. Environmental and Equipment Insurance The Company is subject to various federal, state and local environmental laws and regulations that establish standards and requirements for protection of the environment. The Company cannot predict the future impact of such standards and requirements, which are subject to change and can have retroactive effectiveness. The Company continues to monitor the status of these laws and regulations. Currently, the Company has not been fined, cited or notified of any environmental violations that would have a material adverse effect upon its financial position, liquidity or capital resources. However, management does recognize that by the very nature of the Company's business, material costs could be incurred in the near term to maintain compliance. The amount of such future expenditures is not determinable due to several factors, including the unknown magnitude of possible regulation or liabilities, the unknown timing and extent of the corrective actions which may be required, the determination of the Company's liability in proportion to other responsible parties and the extent to which such expenditures are recoverable from insurance or indemnification. The Company is self-insured up to $10 million per occurrence for certain losses arising from or attributable to fire and/or explosion at the wellsites. No accrual was recorded in our financial statements in connection with this self-insurance strategy. Regulatory Audits In 2020, the Texas Comptroller of Public Accounts (the "Comptroller") commenced a routine audit of the Company's motor vehicle and other related fuel taxes for the periods of July 2015 through December 2020. As of September 30, 2022, the audit is still ongoing and the final outcome cannot be reasonably estimated. In January 2022, we entered into a settlement agreement with the Comptroller for a $10.7 million tax refund, net of consulting fees, in connection with certain limited sales, excise and use tax for the audit period July 1, 2015 through December 31, 2018. The net refund to the Company of $10.7 million was recorded as part of other income in our statement of operations during the nine months ended September 30, 2022 . During the nine months ended September 30, 2021, we recorded a net refund of approximately $2.1 million. In May 2022, the Company received a notification from the Comptroller that it will commence a routine audit of the Company's gross receipt taxes, which will routinely cover up to a four-year period. As of September 30, 2022, the audit is yet to commence, and as such, the final outcome cannot be reasonably estimated.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventOn November 1, 2022, we entered into a purchase and sale agreement with New Silvertip Holdco, LLC, to purchase 100% of equity interest of Silvertip Completion Services Operating, LLC (the "Silvertip Acquisition"). Under the terms of the purchase agreement, we acquired, subject to exceptions in the Silvertip Acquisition, 100% of Silvertip Completion Services Operating, LLC equity interest for a consideration of both cash and shares of our Company. The total consideration paid consisted of 10.1 million shares of our Company, cash of $30.0 million, and certain other closing and transaction costs.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe 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, 2021, included in our Form 10-K filed with the SEC (our "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, aggregated into our one reportable segment—"Pressure Pumping," and "all other" category, 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 with our customers have one performance obligation, which is the contracted total stages, satisfied over time. We recognize revenue over time using a progress output, 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. In addition, certain of our hydraulic fracturing equipment is entitled to reservation or idle fee charges if a customer were to reserve or idle committed hydraulic fracturing equipment. The Company recognizes revenue related to idle or reservation fee charges on a daily basis or monthly as the performance obligations are met. Acidizing, which is part of our hydraulic fracturing operating segment, involves a well-stimulation technique where acid or similar chemicals are injected under pressure into formations to form or expand fissures. Our acidizing contracts have one performance obligatio n , s atisfied at a point-in-time, upon completion of the contracted service or sale of the acid or chemical 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 is fixed per our contracts with our customers. All Other — All other consists of coiled tubing operations, which are downhole well completion/remedial services. The performance obligation for these 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 custome r. Effective September 1, 2022, we shut down our coiled tubing operations, and disposed of all our coiled tubing assets.
Accounts Receivable	Accounts Receivable Accounts receivables are stated at the amount billed and billable to customers. At September 30, 2022, and December 31, 2021, accrued revenue (unbilled receivable) included as part of our accounts receivable was $37.1 million and $19.4 million , respectively. At September 30, 2022, the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing operations was $42.3 million , which is expected to be completed and recognized within one month following the current period balance sheet date, in our pressure pumping reportable segment.
Allowance for Credit Losses	Allowance for Credit Losses As of September 30, 2022, the Company had $0.2 million allowance for credit losses. Our allowance for credit losses is based on the evaluation of both our historic loss experience and the expected impact of any potential deteriorating economic conditions in the oil and gas industry. We evaluated the historic loss experience on our accounts receivable and also separately considered customers with receivable balances that could be negatively impacted by current economic developments and market conditions. While the Company has not experienced significant credit losses in the past and has not yet seen material adverse changes to the payment patterns of its customers, the Company cannot predict with any certainty the degree to which the impacts of the COVID-19 pandemic or potential economic downturn, including the potential impact of periodically adjusted borrowing base limits, level of hedged production, or unforeseen well shut-downs may affect the ability of its customers to timely pay receivables when due. Accordingly, in future periods, the Company may revise its estimates of expected credit losses.
Recently Issued Accounting Standards	Recently Issued Accounting StandardsRecently Issued Accounting Standards Adopted in 2022 In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU No. 2020-04, Reference Rate Reform
Fair Value Measurement	Fair value ("FV") 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Allowance for Credit Losses	The table below shows a summary of allowance for credit losses during the nine months ended September 30, 2022: (in thousands) Balance - January 1, 2022 $ 217 Provision for credit losses during the period — Write-off during the period — Balance - September 30, 2022 $ 217

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	Assets measured at fair value on a recurring basis as of September 30, 2022 are set forth below: (In thousands) Estimated fair value measurements Balance Quoted prices in active market Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains September 30, 2022: Short-term investment $ 8,503 $ 8,503 $ — $ — $ (3,349)

Reportable Segment Information

Reportable Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
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 (in thousands): Three Months Ended September 30, 2022 Pressure Pumping All Other Total Service revenue $ 330,780 $ 2,234 $ 333,014 Adjusted EBITDA $ 102,550 $ (12,550) $ 90,000 Depreciation and amortization $ 29,736 $ 681 $ 30,417 Capital expenditures $ 112,865 $ 2,258 $ 115,123 Total assets at September 30, 2022 $ 1,091,796 $ 51,810 $ 1,143,606 Three Months Ended September 30, 2021 Pressure Pumping All Other Total Service revenue $ 245,641 $ 4,458 $ 250,099 Adjusted EBITDA $ 53,975 $ (11,877) $ 42,098 Depreciation and amortization $ 32,536 $ 995 $ 33,531 Capital expenditures $ 52,904 $ 300 $ 53,204 Total assets December 31, 2021 $ 1,023,037 $ 38,199 $ 1,061,236 Nine Months Ended September 30, 2022 Pressure Pumping All Other Total Service revenue $ 917,336 $ 13,440 $ 930,776 Adjusted EBITDA $ 265,835 $ (33,355) $ 232,480 Depreciation and amortization $ 91,194 $ 2,540 $ 93,734 Capital expenditures $ 267,638 $ 8,294 $ 275,932 Total assets at September 30, 2022 $ 1,091,796 $ 51,810 $ 1,143,606 Nine Months Ended September 30, 2021 Pressure Pumping All Other Total Service revenue $ 617,293 $ 11,151 $ 628,444 Adjusted EBITDA $ 132,673 $ (34,866) $ 97,807 Depreciation and amortization $ 97,307 $ 2,946 $ 100,253 Capital expenditures $ 113,670 $ 2,634 $ 116,304 Total assets December 31, 2021 $ 1,023,037 $ 38,199 $ 1,061,236 Reconciliation of net income (loss) to adjusted EBITDA (in thousands): Three Months Ended September 30, 2022 Pressure Pumping All Other Total Net income (loss) $ 46,805 $ (36,773) $ 10,032 Depreciation and amortization 29,736 681 30,417 Interest expense — 237 237 Income tax expense — 2,768 2,768 Loss (gain) on disposal of assets 22,850 13,786 36,636 Stock-based compensation — 3,306 3,306 Other (income) expense (3) (2,668) 3,284 616 Other general and administrative expense (1) 4,775 145 4,920 Severance expense 1,052 16 1,068 Adjusted EBITDA $ 102,550 $ (12,550) $ 90,000 Three Months Ended September 30, 2021 Pressure Pumping All Other Total Net income (loss) $ 9,058 $ (14,125) $ (5,067) Depreciation and amortization 32,536 995 33,531 Interest expense — 143 143 Income tax benefit — (1,279) (1,279) Loss on disposal of assets 12,381 43 12,424 Stock-based compensation — 3,009 3,009 Other expense — 309 309 Other general and administrative expense, (net) (1) — (972) (972) Adjusted EBITDA $ 53,975 $ (11,877) $ 42,098 Nine Months Ended September 30, 2022 Pressure Pumping All Other Total Net income (loss) $ 51,782 $ (62,794) $ (11,012) Depreciation and amortization 91,194 2,540 93,734 Impairment expense 57,454 — 57,454 Interest expense — 1,040 1,040 Income tax benefit — (1,164) (1,164) Loss (gain) on disposal of assets 61,952 13,288 75,240 Stock-based compensation — 18,128 18,128 Other income (2) (3) (2,668) (7,081) (9,749) Other general and administrative expense (1) 5,060 2,651 7,711 Severance expense 1,061 37 1,098 Adjusted EBITDA $ 265,835 $ (33,355) $ 232,480 Nine Months Ended September 30, 2021 Pressure Pumping All Other Total Net income (loss) $ (5,426) $ (28,527) $ (33,953) Depreciation and amortization 97,307 2,946 100,253 Interest expense — 477 477 Income tax benefit — (11,639) (11,639) Loss (gain) on disposal of assets 40,792 (292) 40,500 Stock-based compensation — 8,405 8,405 Other income — (1,178) (1,178) Other general and administrative expense, (net) (1) — (5,670) (5,670) Severance expense — 612 612 Adjusted EBITDA $ 132,673 $ (34,866) $ 97,807 (1) Other general and administrative expense, (net of reimbursement from insurance carriers) primarily relates to nonrecurring professional fees paid to external consultants in connection with our audit committee review, SEC investigation, shareholder litigation, legal settlement to a vendor and other legal matters, net of insurance recoveries. During the three and nine months ended September 30, 2022 , we received reimbursement of approximately $3.4 million and $6.9 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. During the three and nine months ended September 30, 2021, we received reimbursement of approximately $1.4 million and $8.1 million, respectively. (2) Includes $10.7 million of net tax refund (net of advisory fees) received in March 2022 from the Texas Comptroller of Public Accounts in connection with limited sales, excise and use tax beginning July 1, 2015 through December 31, 2018. (3) Includes $2.7 million non cash income from fixed asset inventory received as part of a settlement of warranty claims with an equipment manufacturer and a $3.3 million unrealized loss on short-term investment.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Calculations of Net Loss Per Share	The table below shows the calculations for the three and nine months ended September 30, 2022 and 2021, (in thousands, except for per share data): Three Months Ended September 30, 2022 2021 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ 10,032 $ (5,067) Denominator Denominator for basic income (loss) per share 104,372 103,257 Dilutive effect of stock options 28 — Dilutive effect of performance share units 498 — Dilutive effect of restricted stock units 172 — Denominator for diluted income (loss) per share 105,070 103,257 Basic income (loss) per common share $ 0.10 $ (0.05) Diluted income (loss) per common share $ 0.10 $ (0.05) Nine Months Ended September 30, 2022 2021 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ (11,012) $ (33,953) Denominator Denominator for basic income (loss) per share 104,100 102,408 Dilutive effect of stock options — — Dilutive effect of performance share units — — Dilutive effect of restricted stock units — — Denominator for diluted income (loss) per share 104,100 102,408 Basic income (loss) per share $ (0.11) $ (0.33) Diluted income (loss) per share $ (0.11) $ (0.33)
Schedule of Antidilutive Securities	As shown in the table below, the f ollowing stock options, restricted stock units and performance stock units outstanding as of September 30, 2022, have not been included in the calculation of diluted income (loss) per common share for the three and nine months ended September 30, 2022 and 2021 because they will be anti-dilutive to the calculation of diluted net income (loss) per common share: (In thousands) Three Months Ended September 30, 2022 2021 Stock options 488 962 Restricted stock units 615 1,435 Performance stock units — 1,586 Total 1,103 3,983 (In thousands) Nine Months Ended September 30, 2022 2021 Stock options 488 962 Restricted stock units 1,189 1,435 Performance stock units 1,758 1,586 Total 3,435 3,983

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Options Activity	A summary of the stock option activity for the nine months ended September 30, 2022 is presented below (in thousands, except for weighted average price): Number of Shares Weighted Outstanding at January 1, 2022 798 $ 9.77 Granted — $ — Exercised (310) $ 3.11 Forfeited — $ — Expired — $ — Outstanding at September 30, 2022 488 $ 14.00 Exercisable at September 30, 2022 488 $ 14.00
Summary of RSUs Activity	The following table summarizes RSUs activity during the nine months ended September 30, 2022 (in thousands, except for weighted average fair value): Number of Weighted Outstanding at January 1, 2022 1,413 $ 9.19 Granted 681 $ 12.31 Vested (845) $ 9.20 Forfeited (60) $ 11.04 Canceled — $ — Outstanding at September 30, 2022 1,189 $ 10.88
Summary of Performance Shares Activity	The following table summarizes information about PSUs activity during the nine months ended September 30, 2022 (in thousands, except for weighted average fair value): Period Target Shares Outstanding at January 1, 2022 Target Target Shares Vested Target Target Shares Outstanding at September 30, 2022 2019 126 — (126) — — 2020 809 — — — 809 2021 651 — — (18) 632 2022 — 328 — (12) 316 Total 1,586 328 (126) (30) 1,757 Weighted Average FV Per Share $ 12.48 $ 19.99 $ 27.49 $ 17.19 $ 12.72

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Operating Lease Maturity	The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our operating lease as of September 30, 2022 are as follows: ($ in thousands) Totals 2022 $ 181 2023 398 2024 50 Total undiscounted future lease payments 629 Less: amount representing interest (15) Present value of future lease payments (lease obligation) $ 614

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of reportable segments | segment	1
Contract with customer, asset, net	$ 37,100	$ 19,400
Allowance for credit losses during the period	217	$ 217
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 42,300
Revenue, remaining performance obligation, expected timing of satisfaction	1 month

Basis of Presentation - Allowan

Basis of Presentation - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 217
Provision for credit losses during the period	0	$ 282
Write-off during the period	0
Ending balance	$ 217

Fair Value Measurement - Assets

Fair Value Measurement - Assets Measured on Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 8,500
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	8,503
Total gains (losses)	(3,349)
Quoted prices in active market (Level 1) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	8,503
Significant other observable inputs (Level 2) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	0
Significant other unobservable inputs (Level 3) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 0

Fair Value Measurement - Narrat

Fair Value Measurement - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 01, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 8,500,000	$ 8,500,000		$ 8,500,000
Unrealized loss from fluctuation of stock price		3,300,000
Foreign Currency Transaction Gain (Loss), Unrealized		400,000
Non cash income from settlement with equipment manufacturer	2,700,000			2,668,000	$ 0
Impairment expense		0	$ 0	57,454,000	$ 0
Nonrecurring Basis | Significant other unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of DuraStim equipment	2,700,000	2,700,000		2,700,000
Reported value measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of DuraStim equipment	$ 2,700,000	$ 2,700,000		$ 2,700,000
Step Energy Services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares received ( in shares)						2,616,460
Short-term investment						$ 11,900,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)		12 Months Ended
	Apr. 13, 2022	Dec. 31, 2018	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Coverage ratio establishing threshold, option one, percentage of facility size and borrowing base		10%
Coverage ratio establishing threshold, option two, amount		$ 22,500,000
ABL CreditFacility | Line of Credit
Debt Instrument [Line Items]
Borrowing capacity			$ 0	$ 0
ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000	$ 300,000,000
Borrowing base, accounts receivable percentage		85%
Coverage ratio establishing threshold, option one, percentage of facility size and borrowing base	10%
Coverage ratio establishing threshold, option two, amount	$ 10,000,000
Borrowing base			$ 116,400,000
Minimum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing base, accounts receivable percentage	85%
Maximum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing base, accounts receivable percentage	90%
LIBOR Loans | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate, floor		0%
LIBOR Loans | Minimum | ABL CreditFacility
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
LIBOR Loans | Maximum | ABL CreditFacility
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Base Rate Loans | Minimum | ABL CreditFacility
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Base Rate Loans | Minimum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Base Rate Loans | Maximum | ABL CreditFacility
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Base Rate Loans | Maximum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1%
SOFR Loans | Minimum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
SOFR Loans | Maximum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	2%

Reportable Segment Informatio_2

Reportable Segment Information - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 01, 2022 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Revenue, Major Customer [Line Items]
Number of operating segments | segment					2
Loss (gain) on disposal of assets			$ 36,636	$ 12,424	$ 75,240	$ 40,500
Fair value of shares received (in dollars per share)	$ 8,500		8,500		$ 8,500
Number of reportable segments | segment					1
Administrative fees expense			20,400	13,500	$ 45,400	25,100
Discontinued Operations, Disposed of by Sale, Not Discontinued Operations | Coiled Tubing Assets Divestiture
Revenue, Major Customer [Line Items]
Number of operating segments | segment					2
Loss (gain) on disposal of assets		$ 13,800
Proceeds from divestiture of businesses	2,800
Consideration for disposal of assets	$ 14,600		14,600		$ 14,600
Step Energy Services
Revenue, Major Customer [Line Items]
Shares received ( in shares) | shares		2,616,460
Fair value of shares received (in dollars per share)		$ 11,900
Step Energy Services | Discontinued Operations, Disposed of by Sale, Not Discontinued Operations | Coiled Tubing Assets Divestiture
Revenue, Major Customer [Line Items]
Shares received ( in shares) | shares		2,616,460
Fair value of shares received (in dollars per share)		$ 11,900
Pressure Pumping
Revenue, Major Customer [Line Items]
Loss (gain) on disposal of assets			$ 22,850	$ 12,381	$ 61,952	$ 40,792
Pressure Pumping | Revenue from Contract with Customer, Product and Service Benchmark | Service Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk			91.70%	93.40%	92.70%	93.50%

Reportable Segment Informatio_3

Reportable Segment Information - Reconciliation of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Service revenue	$ 333,014	$ 250,099	$ 930,776	$ 628,444
Adjusted EBITDA	90,000	42,098	232,480	97,807
Depreciation and amortization	30,417	33,531	93,734	100,253
Capital expenditures	115,123	53,204	275,932	116,304
Total assets	1,143,606		1,143,606		$ 1,061,236
Pressure Pumping
Segment Reporting Information [Line Items]
Service revenue	330,780	245,641	917,336	617,293
Adjusted EBITDA	102,550	53,975	265,835	132,673
Depreciation and amortization	29,736	32,536	91,194	97,307
Capital expenditures	112,865	52,904	267,638	113,670
Total assets	1,091,796		1,091,796		1,023,037
All Other
Segment Reporting Information [Line Items]
Service revenue	2,234	4,458	13,440	11,151
Adjusted EBITDA	(12,550)	(11,877)	(33,355)	(34,866)
Depreciation and amortization	681	995	2,540	2,946
Capital expenditures	2,258	$ 300	8,294	$ 2,634
Total assets	$ 51,810		$ 51,810		$ 38,199

Reportable Segment Informatio_4

Reportable Segment Information - Reconciliation of Segment Information EBITDA (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net income (loss)		$ 10,032	$ (32,860)	$ 11,817	$ (5,067)	$ (8,511)	$ (20,375)	$ (11,012)	$ (33,953)
Depreciation and amortization		30,417			33,531			93,734	100,253
Impairment expense		0			0			57,454	0
Interest expense		237			143			1,040	477
Income tax expense		2,768			(1,279)			(1,164)	(11,639)
Loss (gain) on disposal of assets		36,636			12,424			75,240	40,500
Stock-based compensation		3,306			3,009			18,128	8,405
Other (income) expense		616			309			9,749	1,178
Other general and administrative expense, (net)		4,920			(972)			7,711	(5,670)
Severance expense		1,068						1,098	612
Adjusted EBITDA		90,000			42,098			232,480	97,807
Insurance recoveries		3,400			1,400			6,900	8,100
Net tax refund received								10,700
Non cash income from settlement with equipment manufacturer	$ 2,700							2,668	0
Unrealized loss on short-term investment								3,349	0
Pressure Pumping
Segment Reporting Information [Line Items]
Net income (loss)		46,805			9,058			51,782	(5,426)
Depreciation and amortization		29,736			32,536			91,194	97,307
Impairment expense								57,454
Interest expense		0			0			0	0
Income tax expense		0			0			0	0
Loss (gain) on disposal of assets		22,850			12,381			61,952	40,792
Stock-based compensation		0			0			0	0
Other (income) expense		(2,668)			0			2,668	0
Other general and administrative expense, (net)		4,775			0			5,060	0
Severance expense		1,052						1,061	0
Adjusted EBITDA		102,550			53,975			265,835	132,673
All Other
Segment Reporting Information [Line Items]
Net income (loss)		(36,773)			(14,125)			(62,794)	(28,527)
Depreciation and amortization		681			995			2,540	2,946
Impairment expense								0
Interest expense		237			143			1,040	477
Income tax expense		2,768			(1,279)			(1,164)	(11,639)
Loss (gain) on disposal of assets		13,786			43			13,288	(292)
Stock-based compensation		3,306			3,009			18,128	8,405
Other (income) expense		3,284			309			7,081	1,178
Other general and administrative expense, (net)		145			(972)			2,651	(5,670)
Severance expense		16						37	612
Adjusted EBITDA		$ (12,550)			$ (11,877)			$ (33,355)	$ (34,866)

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator (both basic and diluted)
Net income (loss) relevant to common stockholders	$ 10,032	$ (32,860)	$ 11,817	$ (5,067)	$ (8,511)	$ (20,375)	$ (11,012)	$ (33,953)
Denominator
Denominator for basic income (loss) per share (in shares)	104,372			103,257			104,100	102,408
Denominator for diluted income (loss) per share (in shares)	105,070			103,257			104,100	102,408
Basic income (loss) per share (in dollars per share)	$ 0.10			$ (0.05)			$ (0.11)	$ (0.33)
Diluted income (loss) per share (in dollars per share)	$ 0.10			$ (0.05)			$ (0.11)	$ (0.33)
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,103			3,983			3,435	3,983
Stock options
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	488			962			488	962
Restricted stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	615			1,435			1,189	1,435
Performance stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0			1,586			1,758	1,586
Stock options
Denominator
Dilutive effect of share based payment (in shares)	28			0			0	0
Performance stock units
Denominator
Dilutive effect of share based payment (in shares)	498			0			0	0
Restricted stock units
Denominator
Dilutive effect of share based payment (in shares)	172			0			0	0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, exercised, intrinsic value	$ 2.6
Term for exercisable stock	2 years 2 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1.3
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	327,939
Vesting period	3 years
Share-based payment arrangement, expense	$ 3.7
Actual number of shares that may be issued, percent, minimum	0%
Actual number of shares that may be issued, percent, maximum	200%
Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized, stock options	$ 18.7
Compensation cost not yet recognized, period for recognition	1 year 9 months 18 days
Tax benefit from compensation expense	$ 18.1	$ 8.4
Incentive Award Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	680,946
Restricted stock units, conversion of stock, conversion rights (in shares)	1
Compensation not yet recognized, stock options	$ 9.1
Compensation cost not yet recognized, period for recognition	1 year 9 months 18 days
Employees and Officers | Incentive Award Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Director | Incentive Award Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	798,000
Granted (in shares) | shares	0
Exercised (in shares) | shares	(310,000)
Forfeited (in shares) | shares	0
Expired (in shares) | shares	0
Outstanding ending balance (in shares) | shares	488,000
Exercisable ending balance (in shares) | shares	488,000
Weighted Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 9.77
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	3.11
Forfeited (in dollars per share) | $ / shares	0
Expired (in dollars per share) | $ / shares	0
Outstanding ending balance (in dollars per share) | $ / shares	14
Exercisable ending balance (in dollars per share) | $ / shares	$ 14

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of RSU Activity (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	1,413
Vested (in shares) | shares	(845)
Forfeited (in shares) | shares	(60)
Canceled (in shares) | shares	0
Outstanding ending balance (in shares) | shares	1,189
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share)	$ 9.19
Granted (in dollars per share)	12.31
Vested (in dollars per share)	9.20
Forfeited (in dollars per share)	11.04
Canceled (in dollars per share)	0
Outstanding ending balance (in dollars per share)	$ 10.88

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Performance Shares Activity (Details) - Performance stock units	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,586,000
Target Shares Granted (in shares)	327,939
Target Shares Vested (in shares)	(126,000)
Target Shares Forfeited (in shares)	(30,000)
Outstanding ending balance (in shares)	1,757,000
Weighted Average FV Per Share
Outstanding beginning balance (in dollars per share) | $ / shares	$ 12.48
Granted (in dollars per share) | $ / shares	19.99
Vested (in dollars per share) | $ / shares	27.49
Forfeited (in dollars per share) | $ / shares	17.19
Outstanding ending balance (in dollars per share) | $ / shares	$ 12.72
2019
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	126,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	(126,000)
Target Shares Forfeited (in shares)	0
Outstanding ending balance (in shares)	0
2020
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	809,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding ending balance (in shares)	809,000
2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	651,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	(18,000)
Outstanding ending balance (in shares)	632,000
2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	0
Target Shares Granted (in shares)	328,000
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	(12,000)
Outstanding ending balance (in shares)	316,000

Related-Party Transactions (Det

Related-Party Transactions (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 31, 2018 USD ($)	Sep. 30, 2022 USD ($) property fleet	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) property fleet	Sep. 30, 2021 USD ($)	Oct. 31, 2022 fleet agreement	Mar. 30, 2022 fleet	Dec. 31, 2021 USD ($)
Related party leasing
Related Party Transaction [Line Items]
Number of properties adjacent to corporate office subject to leases | property		5		5
Property 1 | Related party leasing
Related Party Transaction [Line Items]
Expenses with related party				$ 30
Property 2 | Related party leasing
Related Party Transaction [Line Items]
Expenses with related party				30
Property 3 | Related party leasing
Related Party Transaction [Line Items]
Expenses with related party				100
Property 4 | Related party leasing
Related Party Transaction [Line Items]
Expenses with related party				100
Property 5 | Related party leasing
Related Party Transaction [Line Items]
Expenses with related party				200
Pioneer and Pioneer Pumping Services
Related Party Transaction [Line Items]
Revenue (including idle fees)		$ 100,200	$ 147,300	338,900	$ 364,300
Receivable from related parties		53,500		53,500				$ 62,100
Payable to related parties		$ 0		$ 0				$ 0
Pioneer and Pioneer Pumping Services | Asset acquisition
Related Party Transaction [Line Items]
Common stock consideration	$ 16,600
Cash received from acquisition	$ 110,000
Pioneer and Pioneer Pumping Services | Asset acquisition | Subsequent Event
Related Party Transaction [Line Items]
Number of contracted fleets | fleet						2
Number of service agreements | agreement						2
Lease expiration date						1 year
Term of contract						1 year
A&R Pressure Pumping Services Agreement | Asset acquisition
Related Party Transaction [Line Items]
Number of contracted fleets | fleet		6		6			8

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) period	Sep. 30, 2021 USD ($)	Aug. 31, 2022 fleet hp	Aug. 30, 2022 hp	Dec. 31, 2021 USD ($)	Mar. 31, 2013
Operating Leases
ROU asset	$ 1,900				$ 1,200
Accumulated amortization	1,300				$ 800
Lease expense	400	$ 300
Payments included in measurement of operating lease liabilities	500	300
Non-cash lease obligation	614
Short-Term Leases
Hydraulic horsepower | hp			60,000	60,000
Asset lease	600	400
Real Estate Lease
Operating Leases
Term of contract						10 years
Cash paid for operating lease	$ 300	$ 300
Renewal term (up to)						10 years
Discount rate	6.70%
Lease term	6 months
Maintenance Facility Lease
Operating Leases
Term of contract	2 years
Cash paid for operating lease	$ 200
Renewal term (up to)	1 year
Discount rate	3.40%
Lease term	1 year 4 months 24 days
Equipment lease term | period	3
Non-cash lease obligation	$ 600
Electric Fleet Lease
Operating Leases
Number of contracted fleets | fleet			2
Short-Term Leases
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract			3 years

Leases - Operating Lease Maturi

Leases - Operating Lease Maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 181
2023	398
2024	50
Total undiscounted future lease payments	629
Less: amount representing interest	(15)
Present value of future lease payments (lease obligation)	$ 614

Commitments and Contingencies (

Commitments and Contingencies (Details)	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2020 lawsuit	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Aug. 31, 2022 USD ($) hp	Aug. 30, 2022 hp	Jan. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)
Obligation with Joint and Several Liability Arrangement [Line Items]
Lease commitment		$ 1,900,000	$ 1,900,000
Contractual commitment				$ 43,000,000
Hydraulic horsepower | hp				60,000	60,000
Contractual commitment, not yet commenced			$ 49,300,000
Short-term purchase commitment, period			1 year
Commitment agreement		23,000,000	$ 23,000,000
Letters of credit		5,000,000	5,000,000
Legal settlements incurred		34,100,000
Texas Comptroller of Public Accounts
Obligation with Joint and Several Liability Arrangement [Line Items]
Refund adjustment from settlement with taxing authority						$ 10,700,000	$ 2,100,000
Fire and/or Explosion Wellsites
Obligation with Joint and Several Liability Arrangement [Line Items]
Self insurance for losses (up to)			10,000,000
In re ProPetro Holding Corp. Derivative Litigation
Obligation with Joint and Several Liability Arrangement [Line Items]
Shareholder derivative lawsuits | lawsuit	2
Logan Lawsuit
Obligation with Joint and Several Liability Arrangement [Line Items]
Payments for legal settlements		$ 30,000,000	$ 30,000,000

Subsequent Events (Details)

Subsequent Events (Details) - New Silvertip Holdco LLC - Subsequent Event shares in Thousands, $ in Millions	Nov. 01, 2022 USD ($) shares
Subsequent Event [Line Items]
Business acquisition percentage	100%
Shares received ( in shares) | shares	10,100
Business combination, consideration transferred | $	$ 30