ProPetro Holding (PUMP) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	303 W. Wall Street, Suite 102
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
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PUMP
Security Exchange Name	NYSE
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		110,237,703
Entity Central Index Key	0001680247
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Former Address
Document Information [Line Items]
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash, cash equivalents and restricted cash	$ 54,330	$ 88,862
Accounts receivable - net of allowance for credit losses of $202 and $419, respectively	260,757	215,925
Inventories	15,887	5,034
Prepaid expenses	8,753	8,643
Short-term investment, net	8,163	10,283
Other current assets	2,109	38
Total current assets	349,999	328,785
PROPERTY AND EQUIPMENT - net of accumulated depreciation	991,593	922,735
OPERATING LEASE RIGHT-OF-USE ASSETS	26,447	3,147
FINANCE LEASE RIGHT-OF-USE ASSETS	26,268	0
OTHER NONCURRENT ASSETS:
Goodwill	23,624	23,624
Intangible assets - net of amortization	52,047	56,345
Other noncurrent assets	2,244	1,150
Total other noncurrent assets	77,915	81,119
TOTAL ASSETS	1,472,222	1,335,786
CURRENT LIABILITIES:
Accounts payable	194,569	234,299
Accrued and other current liabilities	65,305	49,027
Operating lease liabilities	5,449	854
Finance lease liabilities	8,498	0
Total current liabilities	273,821	284,180
DEFERRED INCOME TAXES	94,018	65,265
LONG-TERM DEBT	45,000	30,000
NONCURRENT OPERATING LEASE LIABILITIES	14,199	2,308
NONCURRENT FINANCE LEASE LIABILITIES	17,857	0
Total liabilities	444,895	381,753
COMMITMENTS AND CONTINGENCIES (Note 13)
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, 111,091,503 and 114,515,008 shares issued, respectively	111	114
Additional paid-in capital	941,073	970,519
Retained earnings (accumulated deficit)	86,143	(16,600)
Total shareholders’ equity	1,027,327	954,033
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,472,222	$ 1,335,786

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 202	$ 419
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)	111,091,503	114,515,008

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue, Product and Service [Extensible List]			Service [Member]	Service [Member]
REVENUE - Service revenue	$ 423,804	$ 333,014	$ 1,282,623	$ 930,776
COSTS AND EXPENSES
Cost of services (exclusive of depreciation and amortization)	292,490	224,118	870,767	640,202
General and administrative expenses (inclusive of stock-based compensation)	28,597	28,190	86,364	85,031
Depreciation and amortization	53,769	41,600	157,456	120,573
Impairment expense	0	0	0	57,454
Loss on disposal of assets	4,265	25,453	29,410	48,401
Total costs and expenses	379,121	319,361	1,143,997	951,661
OPERATING INCOME (LOSS)	44,683	13,653	138,626	(20,885)
OTHER INCOME (EXPENSE):
Interest expense	(1,169)	(237)	(3,016)	(1,040)
Other income (expense)	1,883	(616)	(1,749)	9,749
Total other income (expense)	714	(853)	(4,765)	8,709
INCOME (LOSS) BEFORE INCOME TAXES	45,397	12,800	133,861	(12,176)
INCOME TAX (EXPENSE) BENEFIT	(10,644)	(2,768)	(31,118)	1,164
NET INCOME (LOSS)	$ 34,753	$ 10,032	$ 102,743	$ (11,012)
NET INCOME (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	$ 0.31	$ 0.10	$ 0.90	$ (0.11)
Diluted (in dollars per share)	$ 0.31	$ 0.10	$ 0.90	$ (0.11)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	112,286	104,372	113,960	104,100
Diluted (in shares)	112,698	105,070	114,294	104,100

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, 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)
Balance at beginning of period (in shares) at Dec. 31, 2022		114,515
Balance at beginning of period at Dec. 31, 2022	954,033	$ 114	970,519	(16,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,536		3,536
Issuance of equity awards, net (in shares)		656
Issuance of equity awards, net	0	$ 1	(1)
Tax withholdings paid for net settlement of equity awards	(3,379)		(3,379)
Net income (loss)	28,733			28,733
Balance at end of period (in shares) at Mar. 31, 2023		115,171
Balance at end of period at Mar. 31, 2023	982,923	$ 115	970,675	12,133
Balance at beginning of period (in shares) at Dec. 31, 2022		114,515
Balance at beginning of period at Dec. 31, 2022	954,033	$ 114	970,519	(16,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	102,743
Balance at end of period (in shares) at Sep. 30, 2023		111,091
Balance at end of period at Sep. 30, 2023	1,027,327	$ 111	941,073	86,143
Balance at beginning of period (in shares) at Mar. 31, 2023		115,171
Balance at beginning of period at Mar. 31, 2023	982,923	$ 115	970,675	12,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,758		3,758
Issuance of equity awards, net (in shares)		76
Issuance of equity awards, net	0
Tax withholdings paid for net settlement of equity awards	(4)		(4)
Share repurchases (in shares)		(2,289)
Share repurchases	(17,470)	$ (2)	(17,468)
Excise tax on share repurchases	(105)		(105)
Net income (loss)	39,257			39,257
Balance at end of period (in shares) at Jun. 30, 2023		112,958
Balance at end of period at Jun. 30, 2023	1,008,359	$ 113	956,856	51,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,310		3,310
Issuance of equity awards, net (in shares)		25
Issuance of equity awards, net	0
Tax withholdings paid for net settlement of equity awards	(123)		(123)
Share repurchases (in shares)		(1,892)
Share repurchases	(18,787)	$ (2)	(18,785)
Excise tax on share repurchases	(185)		(185)
Net income (loss)	34,753			34,753
Balance at end of period (in shares) at Sep. 30, 2023		111,091
Balance at end of period at Sep. 30, 2023	$ 1,027,327	$ 111	$ 941,073	$ 86,143

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 102,743	$ (11,012)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	157,456	120,573
Impairment expense	0	57,454
Deferred income tax expense	28,753	(1,926)
Amortization of deferred debt issuance costs	250	720
Stock-based compensation	10,604	18,128
Loss on disposal of assets	29,410	48,401
Unrealized loss on short-term investment	2,120	3,349
Non cash income from settlement with equipment manufacturer	0	(2,668)
Changes in operating assets and liabilities:
Accounts receivable	(44,832)	(82,374)
Other current assets	(2,584)	(29,647)
Inventories	(4,520)	6
Prepaid expenses	(275)	2,847
Accounts payable	9,584	7,117
Accrued and other current liabilities	16,004	43,983
Accrued interest	358	0
Net cash provided by operating activities	305,071	174,951
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(320,747)	(247,164)
Proceeds from sale of assets	7,976	7,207
Net cash used in investing activities	(312,771)	(239,957)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	30,000	0
Repayments of borrowings	(15,000)	0
Payments on finance lease obligations	(889)	0
Payment of debt issuance costs	(1,179)	(824)
Proceeds from exercise of equity awards	0	963
Tax withholdings paid for net settlement of equity awards	(3,506)	(3,843)
Share repurchases	(36,258)	0
Net cash used in financing activities	(26,832)	(3,704)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(34,532)	(68,710)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	88,862	111,918
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	54,330	43,208
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures included in accounts payable and accrued liabilities	33,189	65,587
Summary of cash, cash equivalents and restricted cash
Cash and cash equivalents	54,330	43,208
Restricted cash	0	0
Total cash, cash equivalents and restricted cash — End of period	$ 54,330	$ 43,208

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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 subsidiaries (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, 2022, 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 one reportable segment—"Completion Services," from which the Company generates its revenue and an "All Other" category. Completion Services — Completion Services consists of downhole pumping services, which include hydraulic fracturing, cementing and wireline operations. Hydraulic fracturing is an oil well completion technique, which is part of the overall well completion process. It 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 accurately depicts how our hydraulic fracturing services are transferred to our customers over time. In addition, certain of our hydraulic fracturing equipment may be entitled to reservation fee charges if a customer were to reserve committed hydraulic fracturing equipment. The Company recognizes revenue related to reservation fee charges on a daily basis 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. Wireline services (including pumpdown) are oil well completion techniques, which are part of the well completion process. Our wireline services utilize equipment with a drum of wireline to deploy perforating guns in the well to perforate the casing, cement, and formation. Once the well is perforated, the well can be fractured. Pumpdown utilizes pressure pumping equipment to pump water into the well to deploy perforating guns attached to wireline through the lateral section of a well. Our wireline 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 accurately depicts how our wireline services are transferred to our customers over time. In addition, certain of our wireline equipment is entitled to daily equipment charges while the equipment is on the customer’s locations. The Company recognizes revenue related to daily equipment charges on a daily basis as the performance obligations are met. The transaction price for each performance obligation for all our completion services is fixed per our contracts with our customers. All Other — All Other consisted of coiled tubing services, which are complementary downhole well completion/remedial services. The performance obligation for these services had a fixed transaction price which was satisfied at a point-in-time upon completion of the service when control was transferred to the customer. Accordingly, we recognized 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. Restricted Cash and Customer Cash Advances Our restricted cash relates to cash advances received from a customer in connection with our contract with the customer to provide FORCE SM electric-powered hydraulic fracturing equipment and services. The restricted cash will be used to pay for contractually agreed upon expenditures. The cash advances from the customer will be credited towards the customer’s invoice as our revenue performance obligations are met over the contract period. Our restricted cash balances as of September 30, 2023 and December 31, 2022, were $0 and $10.0 million, respectively. The cash advances received represent contract liabilities in connection with the performance of certain completion services. The cash advance (contract liability) balances, which are included in accrued and other current liabilities in our condensed consolidated balance sheets, were $20.5 million a nd $10.0 million as of September 30, 2023 and December 31, 2022 , respectively. During the nine months ended September 30, 2023, we recognized revenue of $4.2 million from the cash advance amount outstanding at the beginning of the period. Accounts Receivable Accounts receivable are stated at the amount billed and billable to customers. At September 30, 2023 and December 31, 2022, accrued revenue (unbilled receivable) included as part of our accounts receivable was $78.6 million and $51.9 million , respectively. At September 30, 2023, the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing and wireline operations was $40.9 million , which is expected to be completed and recognized as revenue within one month following the current period balance sheet date. Allowance for Credit Losses As of September 30, 2023, the Company had $0.2 million allowance for credit losses. Our allowance for credit losses is based on the evaluation of both our historic collection experience and the economic outlook for the oil and gas industry. We evaluated the historic loss experience on our accounts receivable and also separately considered customers with receivable balances that may be negatively impacted by current or future 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 depressed economic activities, 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, 2023: (in thousands) Balance - January 1, 2023 $ 419 Provision for credit losses during the period — Write-off during the period (217) Balance - September 30, 2023 $ 202 Reclassification of Prior Period Presentation Certain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications had no effect on our balance sheet, operating and net income (loss) or cash flows from operating, investing and financing activities. Change in Accounting Estimates Current trends in hydraulic fracturing equipment operating conditions such as larger pads, changes to job design and increased pumping hours per day have resulted in shorter useful lives for certain critical components that are included in our property and equipment assets. These recent trends necessitated a review of useful lives of our critical components like fluid ends, power ends, hydraulic fracturing units and other components in the first quarter of 2023. We determined that the estimated useful life of fluid ends is now less than one year, resulting in our determination that costs associated with the replacement of these components will no longer be capitalized, but instead recorded in inventories and amortized to cost of services over their estimated useful life. We have also shortened the estimated useful lives of power ends to two years from five years and hydraulic fracturing units to ten years from fifteen years. This change in accounting estimates was made effective January 1, 2023 and accounted for prospectively. The net effect of this change for the three and nine months ended September 30, 2023 was a $2.8 million and $10.0 million decrease in net income, or $0.02 and $0.09 per basic and diluted share, respectively. Additionally, in connection with the review of our power ends estimated useful life, effective January 1, 2023, we are accelerating the depreciation of the remaining book value of power ends that prematurely fail. In 2022, we wrote off the remaining book value of prematurely failed and disposed of power ends to loss on disposal of assets. The amounts included in depreciation in connection with premature failure of power ends during the three and nine months ended September 30, 2023 were $8.4 million and $32.7 million, respectively. Furthermore, to conform to current period presentation, we have reclassified the amounts relating to premature failure of power ends previously included in loss on disposal of assets to depreciation expense for prior periods. The amounts reclassified were $11.2 million and $26.8 million, which relate to the three and nine months ended September 30, 2022, respectively. Depreciation and Amortization Depreciation and amortization comprised of the following: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation and amortization related to cost of services $ 52,298 $ 41,479 $ 152,962 $ 120,274 Depreciation and amortization related to general and administrative expenses 1,471 121 4,494 299 Total depreciation and amortization $ 53,769 $ 41,600 $ 157,456 $ 120,573 Share Repurchases

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting StandardsThere were no recently issued Accounting Standards Updates ("ASU") by the Financial Accounting Standards Board ("FASB") that are expected to have a material impact on our condensed consolidated financial statements.

Silvertip Acquisition

Silvertip Acquisition	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Silvertip Acquisition	Silvertip Acquisition On November 1, 2022 (the "Silvertip Acquisition Date"), the Company entered into a purchase and sale agreement with New Silvertip Holdco, LLC, pursuant to which the Company acquired 100% of the outstanding limited liability company interests of Silvertip Completion Services Operating, LLC ("Silvertip"), a wireline services company in the Permian Basin, in exchange for total consideration of $148.1 million (the "Silvertip Purchase Price") consisting of 10.1 million shares of our common stock valued at $106.7 million , $30.0 million of cash, the payoff of $7.2 million of assumed debt, and the payment of $4.1 million of certain closing and transaction costs (the "Silvertip Acquisition"). The Silvertip Acquisition positions the Company as a more integrated completions-focused oilfield services provider headquartered in the Permian Basin. The Company accounted for the Silvertip Acquisition using the acquisition method of accounting. The Silvertip Purchase Price was allocated to the major categories of assets acquired and liabilities assumed based upon their estimated fair value at the Silvertip Acquisition Date. The estimated fair values of certain assets and liabilities, including accounts receivable, require significant judgments and estimates. The measurements of assets acquired and liabilities assumed, are based on inputs that are not observable in the market and thus represent Level 3 inputs. The following table summarizes the fair value of the consideration transferred in the Silvertip Acquisition and the Silvertip Purchase Price to the fair value of the assets acquired and liabilities assumed (which are included within the accompanying condensed consolidated balance sheets) as of the Silvertip Acquisition Date: (in thousands) Total Purchase Consideration: Cash consideration $ 30,000 Equity consideration 106,736 Debt payments and closing costs 11,320 Total consideration $ 148,056 Cash and cash equivalents $ 2,681 Accounts receivable and unbilled revenue 21,079 Inventories 1,209 Prepaid expenses 2,476 Other current assets 1,059 Property and equipment (1) 52,478 Intangible assets: Trademark/trade name (2) 10,800 Customer relationships (2) 46,500 Goodwill 23,624 Operating lease right-of-use asset 2,783 Total identifiable assets acquired 164,689 Accounts payable 7,659 Accrued and other current liabilities 6,178 Operating lease liability 2,796 Total liabilities assumed 16,633 Total purchase consideration $ 148,056 (1) Remaining useful lives ranging from less than one (2) Definite-lived intangible assets with amortization period of 10 years. The goodwill arising from the Silvertip Acquisition is attributable to the expected operational synergies resulting from our integrated service offerings. The goodwill arising from the Silvertip Acquisition has been allocated to our wireline operations and is included in our wireline operating segment.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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 The fair values of cash, cash equivalents and restricted cash, accounts receivable, accounts payable, accrued and other current liabilities, and long-term debt are estimated to be approximately equivalent to carrying amounts as of September 30, 2023 and December 31, 2022 and have been excluded from the table below. Assets measured at fair value on a recurring basis 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, 2023: Short-term investment $ 8,163 $ 8,163 $ — $ — $ (2,120) December 31, 2022: Short-term investment $ 10,283 $ 10,283 $ — $ — $ (1,570) Short-term investment — On September 1, 2022, the Company received 2.6 million common shares of STEP Energy Services Ltd. ("STEP") with an estimated fair value of $11.8 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, 2023, the fair value of the short-term investment was estimated at $8.2 million. The fluctuation in stock price resulted in an unrealized gain of $1.8 million for the three months ended September 30, 2023 and an unrealized loss of $2.1 million for the nine months ended September 30, 2023. Included in the unrealized gain for the three months ended September 30, 2023 and the unrealized loss for the nine months ended September 30, 2023 was a loss of $0.2 million and $0.1 million resulting from non-cash foreign currency translation during the three and nine months ended September 30, 2023, respectively. The unrealized loss resulting from stock price fluctuation and the unrealized gain resulting from non-cash foreign currency translation are included in other income (expense) in our condensed consolidated statements of operations. The Company is restricted from selling, transferring or assigning more than 0.9 million shares in any one calendar month. Assets Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but may be subject to fair value adjustments in certain circumstances. These assets and liabilities include those acquired through the Silvertip Acquisition, which are required to be measured at fair value on the acquisition date according to the FASB Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Whenever events or circumstances indicate that the carrying value of long-lived assets may not be recoverable, the Company reviews the carrying values 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 nine months ended September 30, 2023. We recorded impairment expense of approximately $57.5 million during the nine months ended September 30, 2022. As of September 30, 2023 and December 31, 2022, our goodwill carrying value was $23.6 million a nd $23.6 million, respectively. There were no additions to goodwill during the three and nine months ended September 30, 2023 and 2022. The wireline operating segment is the only segment with goodwill at September 30, 2023 and December 31, 2022. There were no goodwill impairment losses during the three and nine months ended September 30, 2023 and 2022. We conducted our annual impairment test of goodwill in accordance with ASC 850, Intangibles—Goodwill and Other, as of December 31, 2022 and determined that no impairment to the carrying value of goodwill for our reporting unit (wireline operating segment) was required.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of customer relationships and trademark/trade name. Intangible assets are amortized on a straight‑line basis with a useful life of ten years. Amortization expense included in net income for the three and nine months ended September 30, 2023 was $1.4 million and $4.2 million, respectively. There was no amortization expense during the three and nine months ended September 30, 2022 . The Company’s intangible assets subject to amortization consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Intangible assets acquired: Trademark/trade name $ 10,800 $ 10,800 Customer relationships 46,500 46,500 Total intangible assets acquired 57,300 57,300 Accumulated amortization: Trademark/trade name (990) (180) Customer relationships (4,263) (775) Total accumulated amortization (5,253) (955) Intangible assets — net $ 52,047 $ 56,345 The average amortization period for our remaining intangible assets is approximately 9.1 years. Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows: (in thousands) Year Estimated future amortization expense 2023 $ 1,432 2024 5,730 2025 5,730 2026 5,730 2027 and beyond 33,425 Total $ 52,047

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Asset-Based Loan ("ABL") Credit Facility Our revolving credit facility, as amended and restated in April 2022, prior to giving effect to the amendment to the revolving credit facility in June 2023, had a total borrowing capacity of $150.0 million. The revolving credit facility had 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 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) $10.0 million. Under the revolving credit facility we were 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. Effective June 2, 2023, the Company entered into an amendment to its amended and restated revolving credit facility (the revolving credit facility, as amended and restated in April 2022, as amended in June 2023 and as may be amended further, "AB L Credit Facility"). The amendment increased the borrowing capacity under the ABL Credit Facility to $225.0 million (subject to the Borrowing Base (as defined below) limit), and extended the maturity date to June 2, 2028. The ABL Credit Facility has a borrowing base of the sum of 85% to 90% of monthly eligible accounts receivable and 80% of eligible unbilled accounts (up to a maximum of 25% of the Borrowing Base) less customary reserves (the "Borrowing Base"), in each case, depending on the credit ratings of our accounts receivable counterparties, as redetermined monthly. The Borrowing Base as of September 30, 2023, was approximately $176.3 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) $15.0 million. Under the ABL Credit 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 or 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 1.75% to 2.25% for SOFR loans and 0.75% to 1.25% for base rate loans. For the nine months ended September 30, 2023, t he weighted average interest rate on our outstanding borrowings under the ABL Credit Facility was 6.51%. The loan origination costs relating to the ABL Credit Facility are classified as an asset in the condensed consolidated balance sheets. As of September 30, 2023 and December 31, 2022, we had borrowings outstanding under our ABL Credit F acility of $45.0 million a

Reportable Segment Information

Reportable Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information The Company currently has three operating segments for which discrete financial information is readily available: hydraulic fracturing (inclusive of acidizing), cementing and wireline. These operating segments represent how the Chief Operating Decision Maker evaluates performance and allocates resources. On September 1, 2022, the Company shut down its coiled tubing operations and disposed of its coiled tubing assets to STEP as part of a strategic repositioning, and recorded a loss on disposal of $13.8 million. 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 from the disposal as part of our loss on disposal of assets in our condensed consolidated statement of operations. Following the divestiture of our coiled tubing operations, which were historically included in the "All Other" category, and the Silvertip Acquisition, which resulted in our new wireline operations in 2022, we have three operating segments. All three remaining operating segments are now aggregated into Completion Services, which is our only reportable segment. In accordance with ASC 280—Segment Reporting, the Company has one reportable segment (Completion Services) comprised of the hydraulic fracturing, cementing and wireline operating segments. The Silvertip Acquisition which resulted in the addition of a new wireline operating segment, and the disposal of our coiled tubing operations (previously included in the "All Other" category), collectively resulted in a change to the structure and composition of our reportable segment and "All Other" category. Our previous Pressure Pumping reportable segment is now renamed "Completion Services" because of the inclusion of the new wireline completion services. In addition, we have reclassified all our corporate overhead costs (inclusive of income taxes and interest expense) previously included in the "All Other" category to the Completion Services reportable segment. As a result of the change in the structure and composition of our reportable segment, we have reclassified the presentation of our segment disclosure for the three and nine months ended September 30, 2022 to include corporate costs in our Completion Services reportable segment to make this period comparable to the three and nine months ended September 30, 2023 . Total corporate administrative expense for the three and nine months ended September 30, 2023 was $25.4 million and $77.7 million, respectively. Total corporate administrative expense for the three and nine months ended September 30, 2022 was $20.4 million and $45.4 million, respectively. A breakout of our Completion Services revenue by operating segment for the three and nine months ended September 30, 2023 and 2022 is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Hydraulic fracturing revenue 80.2 % 91.7 % 79.4 % 92.7 % Cementing revenue 7.3 % 8.3 % 6.6 % 7.3 % Wireline revenue 12.5 % — % 14.0 % — % Total Completion Services revenue 100.0 % 100.0 % 100.0 % 100.0 % 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, retention bonuses, 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 statements of operations is provided in the table below; inter-segment revenues are not material and not shown separately (in thousands): Three Months Ended September 30, 2023 Completion Services All Other Total Service revenue $ 423,804 $ — $ 423,804 Adjusted EBITDA $ 107,714 $ — $ 107,714 Depreciation and amortization $ 53,769 $ — $ 53,769 Capital expenditures $ 59,081 $ — $ 59,081 Goodwill at September 30, 2023 $ 23,624 $ — $ 23,624 Total assets September 30, 2023 $ 1,472,222 $ — $ 1,472,222 Three Months Ended September 30, 2022 Completion Services All Other Total Service revenue $ 330,780 $ 2,234 $ 333,014 Adjusted EBITDA $ 92,009 $ (2,009) $ 90,000 Depreciation and amortization $ 41,039 $ 561 $ 41,600 Capital expenditures $ 112,865 $ 2,258 $ 115,123 Total assets December 31, 2022 $ 1,335,501 $ 285 $ 1,335,786 Nine Months Ended September 30, 2023 Completion Services All Other Total Service revenue $ 1,282,623 $ — $ 1,282,623 Adjusted EBITDA $ 339,692 $ — $ 339,692 Depreciation and amortization $ 157,456 $ — $ 157,456 Capital expenditures $ 271,484 $ — $ 271,484 Goodwill at September 30, 2023 $ 23,624 $ — $ 23,624 Total assets September 30, 2023 $ 1,472,222 $ — $ 1,472,222 Nine Months Ended September 30, 2022 Completion Services All Other Total Service revenue $ 917,336 $ 13,440 $ 930,776 Adjusted EBITDA $ 233,824 $ (1,344) $ 232,480 Depreciation and amortization $ 118,333 $ 2,240 $ 120,573 Impairment expense $ 57,454 $ — $ 57,454 Capital expenditures $ 273,309 $ 2,623 $ 275,932 Total assets December 31, 2022 $ 1,335,501 $ 285 $ 1,335,786 Reconciliation of net income (loss) to adjusted EBITDA (in thousands): Three Months Ended September 30, 2023 Completion Services All Other Total Net income $ 34,753 $ — $ 34,753 Depreciation and amortization 53,769 — 53,769 Interest expense 1,169 — 1,169 Income tax expense 10,644 — 10,644 Loss on disposal of assets 4,265 — 4,265 Stock-based compensation 3,310 — 3,310 Other income (1) (1,883) — (1,883) Other general and administrative expense, (net) (2) 450 — 450 Retention bonus and severance expense 1,237 — 1,237 Adjusted EBITDA $ 107,714 $ — $ 107,714 Three Months Ended September 30, 2022 Completion Services All Other Total Net income (loss) $ 26,404 $ (16,372) $ 10,032 Depreciation and amortization 41,039 561 41,600 Interest expense 237 — 237 Income tax expense 2,768 — 2,768 Loss on disposal of assets 11,667 13,786 25,453 Stock-based compensation 3,306 — 3,306 Other expense (3) 616 — 616 Other general and administrative expense, (net) (2) 4,920 — 4,920 Severance expense 1,052 16 1,068 Adjusted EBITDA $ 92,009 $ (2,009) $ 90,000 Nine Months Ended September 30, 2023 Completion Services All Other Total Net income $ 102,743 $ — $ 102,743 Depreciation and amortization 157,456 — 157,456 Interest expense 3,016 — 3,016 Income tax expense 31,118 — 31,118 Loss on disposal of assets 29,410 — 29,410 Stock-based compensation 10,604 — 10,604 Other expense (1) 1,749 — 1,749 Other general and administrative expense, (net) (2) 1,659 — 1,659 Retention bonus and severance expense 1,937 — 1,937 Adjusted EBITDA $ 339,692 $ — $ 339,692 Nine Months Ended September 30, 2022 Completion Services All Other Total Net income (loss) $ 6,367 $ (17,379) $ (11,012) Depreciation and amortization 118,333 2,240 120,573 Impairment expense 57,454 — 57,454 Interest expense 1,040 — 1,040 Income tax benefit (1,164) — (1,164) Loss on disposal of assets 34,622 13,779 48,401 Stock-based compensation 18,128 — 18,128 Other income (3) (4) (9,749) — (9,749) Other general and administrative expense, (net) (2) 7,711 — 7,711 Severance expense 1,082 16 1,098 Adjusted EBITDA $ 233,824 $ (1,344) $ 232,480 (1) Includes unrealized gain on short-term investment of $1.8 million for the three months ended September 30, 2023 and unrealized loss on short-term investment of $2.1 million for the nine months ended September 30, 2023 . (2) 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, 2023 , we received reimbursement of approximately $0.1 million and $0.4 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. 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. See "Note 13 - Commitments and Contingencies—Contingent Liabilities—Legal Matters" for further information. (3) Includes unrealized loss on short-term investment of $3.3 million and non cash income of $2.7 million from fixed asset inventory received as part of a settlement of warranty claims with an equipment manufacturer. (4) Includes a $10.7 million 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 audit of the period July 1, 2015 through December 31, 2018.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2023
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 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, 2023 and 2022 (in thousands, except for per share data): Three Months Ended September 30, 2023 2022 Numerator (both basic and diluted) Net income relevant to common stockholders $ 34,753 $ 10,032 Denominator Denominator for basic income per share 112,286 104,372 Dilutive effect of stock options — 28 Dilutive effect of performance share units — 498 Dilutive effect of restricted stock units 412 172 Denominator for diluted income per share 112,698 105,070 Basic income per common share $ 0.31 $ 0.10 Diluted income per common share $ 0.31 $ 0.10 Nine Months Ended September 30, 2023 2022 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ 102,743 $ (11,012) Denominator Denominator for basic income per share 113,960 104,100 Dilutive effect of stock options — — Dilutive effect of performance share units 56 — Dilutive effect of restricted stock units 278 — Denominator for diluted income per share 114,294 104,100 Basic income (loss) per common share $ 0.90 $ (0.11) Diluted income (loss) per common share $ 0.90 $ (0.11) As shown in the table below, the f ollowing stock options, restricted stock units and performance stock units have not been included in the calculation of diluted income per common share for the three and nine months ended September 30, 2023 and 2022 because they will be anti-dilutive to the calculation of diluted net income per common share: (in thousands) Three Months Ended September 30, 2023 2022 Stock options 196 488 Restricted stock units 452 615 Performance stock units — — Total 648 1,103 (in thousands) Nine Months Ended September 30, 2023 2022 Stock options 320 488 Restricted stock units 611 1,189 Performance stock units — 1,758 Total 931 3,435

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On May 17, 2023, the Company's board of directors (the "Board") authorized and the Company announced a share repurchase program that allows the Company to repurchase up to $100 million of the Company's common stock beginning immediately and continuing through and including May 31, 2024. The shares may be repurchased from time to time in open market transactions, block trades, accelerated share repurchases, privately negotiated transactions, derivative transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act, in compliance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management's assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, and other considerations. The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases using cash on hand and expected free cash flow to be generated through May 2024. The Inflation Reduction Act of 2022 (the "IRA 2022") provides for, among other things, the imposition of a new 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations such as us after December 31, 2022. Accordingly, the excise tax will apply to our share repurchase program in 2023 and in subsequent taxable years. All shares of common stock repurchased under the share repurchase program are canceled and retired upon repurchase. The Company accounts for the purchase price of repurchased shares of common stock in excess of par value ($0.001 per share of common stock) as a reduction of additional-paid-in capital, and will continue to do so until additional paid-in-capital is reduced to zero. Thereafter, any excess purchase price will be recorded as a reduction of retained earnings. During the three months ended September 30, 2023, the Company paid an aggregate of $18.8 million , an average price per share of $9.93 including commissions, for share repurchases under the share repurchase program. The Company has accrued $0.3 million in respect of the IRA 2022 repurchase excise tax as of September 30, 2023. As of September 30, 2023, $63.7 million remained authorized for future repurchases of common stock under the repurchase program.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
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, 2023. As of September 30, 2023, t here was no aggregate intrinsic value for our outst anding or exercisable stock options because the closing stock price as of September 30, 2023 was below the cost to exercise these options. No stock options were exercised during the nine months ended September 30, 2023. The weighted average remaining contractual term for the outstanding and exercisable stock options as of September 30, 2023 w as approximately 3.4 years . A summary of the stock option activity for the nine months ended September 30, 2023 is presented below (in thousands, except for weighted average price): Number of Shares Weighted Outstanding at January 1, 2023 488 $ 14.00 Granted — $ — Exercised — $ — Forfeited — $ — Expired (302) $ 14.00 Outstanding at September 30, 2023 186 $ 14.00 Exercisable at September 30, 2023 186 $ 14.00 Restricted Stock Units On May 11, 2023, the Company's stockholders approved the Amended and Restated ProPetro Holding Corp. 2020 Long Term Incentive Plan (the "A&R 2020 Incentive Plan"), which had been previously approved by the Board and replaced the ProPetro Holding Corp. 2020 Long Term Incentive Plan. During the nine months ended September 30, 2023, we granted 1,081,010 restricted stock units ("RSUs") to employees, officers and directors pursuant to the A&R 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, 2023, the total unrecognized compensation expense for all RSUs was approximately $11.9 million , and is expected to be recognized over a weighted average period of approximately 1.8 years . The following table summarizes RSUs activity during the nine months ended September 30, 2023 (in thousands, except for fair value): Number of Weighted Outstanding at January 1, 2023 1,268 $ 10.91 Granted 1,081 $ 9.32 Vested (549) $ 10.69 Forfeited (130) $ 10.43 Canceled — $ — Outstanding at September 30, 2023 1,670 $ 9.99 Performance Share Units During the nine months ended September 30, 2023, we granted 454,788 performance share units ("PSUs") to certain key employees and officers as new awards under the A&R 2020 Incentive Plan. Each PSU earned represents the right to receive either one share of common stock or, as determined by the A&R 2020 Incentive Plan 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. The following table summarizes information about PSUs activity during the nine months ended September 30, 2023 (in thousands, except for weighted average fair value): Period Target Shares Outstanding at January 1, 2023 Target Target Shares Vested Target Target Shares Outstanding at September 30, 2023 2020 809 — (493) (315) — 2021 632 — — (12) 620 2022 316 — — (10) 306 2023 — 455 — (17) 438 Total 1,757 455 (493) (354) 1,364 Weighted Average FV Per Share $ 12.72 $ 14.40 $ 8.30 $ 9.17 $ 15.80 The total stock-based compensation expense for the nine months ended September 30, 2023 and 2022 for all stock awards was $10.6 million and $18.1 million, respectively, and the associated tax benefit related thereto was $2.2 million and $3.8 million , respectively. The total unrecognized stock-based compensation expense as of September 30, 2023 was approximately $19.9 million , an

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions Operations and Maintenance Yards The Company rents three 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 three yards was approximately $0.03 million, $0.1 million and $0.1 million, respectively. The Company previously rented two yards from this entity and incurred rent expense of $0.02 million and $0.1 million, respectively during the nine months ended September 30, 2023. 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. In October 2023, Pioneer entered into a merger agreement with Exxon Mobil Corporation. 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 through December 31, 2022. The A&R Pressure Pumping Services Agreement reduced the number of contracted fleets from eight fleets to six 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 was entitled to receive compensation for all eligible contracted fleets that were made available to Pioneer at the beginning of every quarter in 2022 through the term of the A&R Pressure Pumping Services Agreement. The A&R Pressure Pumping Services Agreement expired at the conclusion of its term and was replaced by the Fleet One Agreement and Fleet Two Agreement described below. On October 31, 2022, we entered into two pressure pumping services agreements (the "Fleet One Agreement" and "Fleet Two Agreement") with Pioneer, pursuant to which we provided hydraulic fracturing services with two committed fleets, subject to certain termination and release rights. The Fleet One Agreement was effective as of January 1, 2023 and was terminated on August 31, 2023. The Fleet Two Agreement was effective as of January 1, 2023 and was terminated on May 12, 2023. Revenue from services provided to Pioneer (including Reservation fees) accounted f or approximately $22.3 million and $100.2 million of our total revenue during the three months ended September 30, 2023 and 2022, respectively. Revenue from services provided to Pioneer (including Reservation fees) accounted for approximately $122.1 million and $338.9 million of our total revenue during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the total accounts receivable due from Pioneer, including estimated unbilled receivables for services we provided, amounted to approxim ately $8.9 million and the amount due to Pioneer was $0. As of December 31, 2022, the balance due from Pioneer for services we provided amounted to approximately $46.2 million a nd the amount due to Pioneer was $0 .

Leases

Leases	9 Months Ended
	Sep. 30, 2023
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 One 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, 2023 and 2022, the Company made lease payments of approximate ly $0.1 million a nd $0.3 million , respectively. The assets and liabilities under this contract are included in our Completion Services reportable segment. In addition to the contractual lease period, the contract included an optional renewal of up to ten years, however, the Company terminated the Real Estate One Lease at the end of the term, March 1, 2023. We accounted for our Real Estate One 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 One Lease because we concluded that the accounting effe ct was insignificant. 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, 2023 and 2022 , the Company made lease payments of approximately $0.2 million a nd $0.2 million, respectively. 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, 2023, the weighted average discount rate and remaining lease term was approximately 3.4% and 0.4 years, respectively. In August 2022 and December 2022, we entered into equipment lease contracts (the "Electric Fleet Leases") for a duration of approximately three years each for a total of four FORCE SM electric-powered hydraulic fracturing fleets with 60,000 hydraulic horsepower ("HHP") per fleet. The Electric Fleet Leases contain options to either extend each lease for up to three additional periods of one year each or purchase the equipment at the end of their initial term of approximately three years or at the end of each subsequent renewal period. The first of these leases (the "Electric Fleet One Lease") commenced on August 23, 2023 when we received some of the equipment associated with the first FORCE SM electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2023, the Company made lease payments of approximately $0.4 million on the Electric Fleet One Lease, including variable lease payments of approximately $5 thousand. During the nine months ended September 30, 2023, the Company incurred initial direct costs of approximately $7.2 million to place the leased equipment into its intended use, which are included in the right-of-use asset cost related to the Electric Fleet One Lease . The assets and liabilities under this contract are included in our Completion Services reportable segment . In management's judgment the exercise of neither the renewal option nor the purchase option is reasonably assured. In addition to fixed rent payments, the Electric Fleet One Lease contains variable payments based on equipment usage. The Electric Fleet One Lease does not include a residual value guarantee, covenants or financial restrictions. We accounted for the Electric Fleet One 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. As of September 30, 2023, the weighted average discount rate and remaining lease term was appro ximately 7.14% and 3.0 years, respectively. As of September 30, 2023, w e have not received some of the equipment contracted under the Electric Fleet One Lease. Since we have not taken possession of these assets and do not control them, we have not accounted for the associated right-of-use asset and lease obligation on our balance sheet as of September 30, 2023. The Electric Fleet Leases on the remaining three FORCE SM electric-powered hydraulic fracturing fleets have not yet commenced. We currently do not control the assets under these leases because they are currently being manufactured by the vendor and we have not taken possession of the assets. The delivery of the FORCE SM electric-powered hydraulic fracturing fleets is as each fleet is manufactured . We currently expect to receive the remaining equipment associated with the first fleet and all equipment associated with the second fleet in the fourth quarter of 2023, and all equipment associated with the third and fourth fleets in the first half of 2024. Giv en that the Company has not yet taken possession of the assets under these leases, the Company has not accounted for the associated right-of-use asset and lease obligation on its balance sheet as of September 30, 2023. In October 2022, we entered into a real estate lease contract for 5.3 years (the "Real Estate Two Lease"), with a commencement date of March 1, 2023. During the nine months ended September 30, 2023, the Company made lease payments of approxim ately $0.2 million. The assets and liabilities under this contract are included in our Completion Services reportable segment. In addition to the contractual lease period, the contract includes two optional renewals 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 Real Estate Two Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for our Real Estate Two 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 Real Estate Two Lease because we concluded that the accounting effect was insignificant. As of September 30, 2023, the weighted average discount rate and remaining lease term was approximately 6.3% and 4.6 years, respectively. As part of the Silvertip Acquisition, we assumed two real estate lease contracts (the "Silvertip One Lease" and "Silvertip Two Lease," and collectively the "Silvertip Leases") with remaining terms of 4.8 years and 6.1 years, respectively, from the Silvertip Acquisition Date. During the nine months ended September 30, 2023, we extended the Silvertip One Lease for an additional 1.3 years. During the nine months ended September 30, 2023, the Company made lease payments of approximately $0.1 million and $0.2 million on the Silvertip One Lease and S ilvertip Two Lease, respectively. The assets and liabilities under these contracts are recorded in our wireline operating segment within our Completion Services reportable segment. T he Silvertip Leases do not have any renewal options, residual value guarantees, covenants or financial restrictions. Further, the Silvertip Leases do not contain variability in payments resulting from either an index change or rate change. We accounted for the Silvertip One Lease and the Silvertip Two Lease as operating leases. 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 Silvertip Leases because we concluded that the accounting effect was insignificant. As of September 30, 2023, the weighted average discount rate and remaining lease term for the Silvertip One Lease was approximately 6.3% and 5.2 years, respectively. As of September 30, 2023, the weighted average discount rate and remaining lease term for the Silvertip Two Lease was approximately 2.1% and 5.2 years, respectively. In March 2023, we entered into a real estate lease contract for 5.7 years (the "Silvertip Three Lease"), with a commencement date of April 1, 20 23. During the nine months ended September 30, 2023, the Company made lease payments of approximately $0.1 million on the Silvertip Three Lease. The assets and liabilities under this contract are recorded in our wireline operating segment within our Completion Services reportable segment. The cont ract does not include a residual value guarantee, covenants or financial restrictions. Further, the Silvertip Three Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for the Silvertip Three 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 Silvertip Three Lease because we concluded that the accounting effect wa s insignificant. As of September 30, 2023, the weighted average discount rate and remaining lease term was approximately 6.3% and 5.2 years, respectively. On June 1, 2023, we commenced an office space lease contract for 5.0 years (the "Silvertip Office Lease"). During the nine months ended September 30, 2023, the Company made lease payments of approximately $0.1 million on the Silvertip Office Lease. The assets and liabilities under this contract are recorded in our wireline operating segment within our Completion Services reportable segment. The cont ract does not include a residual value guarantee, covenants or financial restrictions. Further, the Silvertip Office Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for the Silvertip Office 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. As of September 30, 2023, the weighted average discount rate and remaining lease term was approximately 6.5% and 4.7 years, respectively. In August 2023, in connection with the relocation of our corporate office, we entered into an office space lease contract for 2.1 years (the "Corporate Office Lease"), with a commencement date of September 8, 2023. During the nine months ended September 30, 2023, the Company made lease payments of approximately $5 thousand on the Corporate Office Lease. The assets and liabilities under this contract are recorded in our Completion Services reportable segment. I n addition to the contractual lease period, the contract includes an optional renewal for 0.8 years, and in management's judgment the exercise of the renewal option is not reasonably assured. The cont ract does not include a residual value guarantee, covenants or financial restrictions. Further, the Corporate Office Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for the Corporate Office 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. As of September 30, 2023, the weighted average discount rate and remaining lease term was approximately 7.1% and 2.0 years, respectively. As of September 30, 2023, the total operating lease right-of-use asset cost was approximat ely $29.5 million, and accumulated amortization was approximately $3.1 million. As of December 31, 2022, our total operating lease right-of-use asset cost was approximately $4.6 million, and accumulat ed amortization was approximately $1.5 million. Finance Leases Description of Lease In January 2023, we entered into a three-year equipment lease contract (the "Power Equipment Lease") for certain power generation equipmen t with a commencement date of August 23, 2023 when we received some of the equipment associated with this lease. During the nine months ended September 30, 2023, the Company made lease payments of approximately $1.1 million o n the Power Equipment Lease. The assets and liabilities under this contract are included in our Completion Services reportable segment . In addition to the contractual lease period, the contract includes an optional renewal for one year, 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 Power Equipment Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for the Power Equipment Lease as a finance lease. This conclusion resulted from the existence of the right to control the use of the assets throughout the lease term, the present value of lease payments being equal to or in excess of substantially all of the fair value of the underlying assets and the lease term being the major part of the remaining economic life of the underlying assets. As of September 30, 2023, the weighted average discount rate and remaining lease term was approximately 7.1% an d 2.9 years, respectively. As of September 30, 2023, the total finance lease right-of-use asset cost was approximat ely $27.2 million , and accumulated amortization was approximately $1.0 million . As of December 31, 2022, we had no finance lease right-of-use assets . As of September 30, 2023, w e have not received some of the equipment contracted under the Power Equipment Lease. Since we have not taken possession of these assets and do not control them, we have not accounted for the associated right-of-use asset and lease obligation on our balance sheet as of September 30, 2023. Maturity Analysis of Lease Liabilities The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our leases as of September 30, 2023 are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 1,626 $ 2,513 2024 6,596 10,052 2025 6,518 10,052 2026 5,146 6,470 2027 1,225 — 2028 821 — Total undiscounted future lease payments 21,932 29,087 Less: amount representing interest (2,284) (2,732) Present value of future lease payments (lease obligation) $ 19,648 $ 26,355 The total cash paid for amounts included in the measurement of our operating lease liabilities during the nine months ended September 30, 2023 was approximatel y $1.4 million. The total cash paid for amounts included in the measurement of our finance lease liabilities during the nine months ended September 30, 2023 was approximatel y $0.9 million . During the nine months ended September 30, 2023, we recorded non-cash operating lease obligations totaling approximately $24.9 million arising from obtaining right-of-use assets related to our execution of the Real Estate Two Lease, the Silvertip Three Lease, the Silvertip Office Lease, the Electric Fleet One Lease and the Corporate Office Lease, and our extension of the Silvertip One Lease. During the nine months ended September 30, 2023, we recorded non-cash finance lease obligations totaling approximately $27.2 million arising from obtaining right-of-use assets related to the commencement of the Power Equipment Lease. During the nine months ended September 30, 2022 , total cash paid for amounts included in the measurement of our operating lease liabilities was approximately $0.5 million . During the nine months ended September 30, 2022, we recorded a non-cash operating lease obligation of approximately $0.6 million as a result of our execution of the Maintenance Facility Lease . Short-Term Leases We elected the practical expedient option, 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. Initial Direct Costs We elected to analogize to the measurement guidance of ASC 360 to capitalize costs incurred to place a leased asset into its intended use and to present such capitalized costs as part of the related lease right-of-use asset cost as initial direct costs. Lease Costs For the nine months ended September 30, 2023 and 2022, we recorded operating lease cost of approximatel y $1.9 million and $0.4 million, respectively, in our condensed consolidated statements of operations. For the nine months ended September 30, 2023, we recorded finance lease cost of approximately $1.2 million in our condensed consolidated statements of operations comprising of amortization of finance right-of-use asset of approximately $1.0 million and interest on finance lease liabilities of approximately $0.2 million. For the nine months ended September 30, 2022, we had no finance lease costs. For the nine months ended September 30, 2023 and 2022, we recorded variable lease cost of approximatel y $5 thousand and $0, respectively, in our condensed consolidated statements of operations. For the nine months ended September 30, 2023 and 2022, we recorded short-term lease cost of approximatel y $0.6 million and $0.6 million , respectively, in our condensed consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 requirements. We entered into the Electric Fleet Leases, which contain options to extend the leases or purchase the equipment at the end of each lease or at the end of each subsequent renewal period. As of September 30, 2023, one of the Electric Fleet Leases commenced when the Company took possession of some of the equipment associated with the first FORCE SM electric-powered hydraulic fracturing fleet. Lease payments pertaining to the remaining equipment under this lease and the remaining Electric Fleet Leases are expected to commence when the Company takes possession of the associated equipment . We currently expect to receive the remaining equipment associated with the first fleet and all equipment associated with the second fleet in the fourth quarter of 2023, and all equipment associated with the third and fourth fleets in the first half of 2024. The total estimated contractual commitment in connection with the Electric Fleet Leases excluding the cost associated with the option to purchase the equipment at the end of each lease is approximately $105.1 million. We also entered into the Power Equipment Lease. The total estimated contractual commitment in connection with the Power Equipment Lease is approximately $56.9 million. 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 that will expire on December 31, 2024 has a remaining take-or-pay commitment o f $22.4 million . During the nine months ended September 30, 2023 and 2022, no shortfall fee was recorded. As of September 30, 2023, the Company had issued letters of credit of appro ximately $6.0 million under the ABL 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. As amended by later complaints, the Logan Lawsuit asserted claims 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 Exchange Act and Rule 10b-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 August 11, 2022, the Company entered into a settlement of the Logan Lawsuit, pursuant to which the Company's insurers have paid a cash sum into a settlement fund to be distributed to members of the putative class. On May 11, 2023, the settlement was granted final court approval. 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 that do not have qualified fire suppression measures. No accrual was recorded in our financial statements in connection with this self-insurance strategy because the occurrence of fire and/or explosion cannot be reasonably estimated. 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, 2023, the audit is still ongoing and the final outcome cannot be reasonably estimated. 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 typically covers up to a four-year period. As of September 30, 2023, the audit is still ongoing and the final outcome cannot be reasonably estimated. In June 2023, the Company received confirmation from the Comptroller that it will commence a routine audit of the Company's direct payment sales tax in August 2023 for the period February 1, 2020 to December 31, 2022. As of September 30, 2023, the audit is still ongoing and the final outcome cannot be reasonably estimated.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2023, we received some of the remaining equipment associated with our first FORCE SM electric-powered hydraulic fracturing fleet under the Electric Fleet One Lease, resulting in the addition of non-cash operating lease obligations totaling approximately $5.6 million arising from obtaining right-of-use assets related to this equipment. In October 2023, we also received the remaining equipment associated with the Power Equipment Lease, resulting in the addition of non-cash finance lease obligations totaling approximately $25.2 million million arising from obtaining right-of-use assets related to this equipment.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 34,753	$ 39,257	$ 28,733	$ 10,032	$ (32,860)	$ 11,817	$ 102,743	$ (11,012)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
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 subsidiaries (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, 2022, 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 one reportable segment—"Completion Services," from which the Company generates its revenue and an "All Other" category. Completion Services — Completion Services consists of downhole pumping services, which include hydraulic fracturing, cementing and wireline operations. Hydraulic fracturing is an oil well completion technique, which is part of the overall well completion process. It 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 accurately depicts how our hydraulic fracturing services are transferred to our customers over time. In addition, certain of our hydraulic fracturing equipment may be entitled to reservation fee charges if a customer were to reserve committed hydraulic fracturing equipment. The Company recognizes revenue related to reservation fee charges on a daily basis 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. Wireline services (including pumpdown) are oil well completion techniques, which are part of the well completion process. Our wireline services utilize equipment with a drum of wireline to deploy perforating guns in the well to perforate the casing, cement, and formation. Once the well is perforated, the well can be fractured. Pumpdown utilizes pressure pumping equipment to pump water into the well to deploy perforating guns attached to wireline through the lateral section of a well. Our wireline 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 accurately depicts how our wireline services are transferred to our customers over time. In addition, certain of our wireline equipment is entitled to daily equipment charges while the equipment is on the customer’s locations. The Company recognizes revenue related to daily equipment charges on a daily basis as the performance obligations are met. The transaction price for each performance obligation for all our completion services is fixed per our contracts with our customers. All Other — All Other consisted of coiled tubing services, which are complementary downhole well completion/remedial services. The performance obligation for these services had a fixed transaction price which was satisfied at a point-in-time upon completion of the service when control was transferred to the customer. Accordingly, we recognized 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.
Restricted Cash and Customer Cash Advances	Restricted Cash and Customer Cash Advances Our restricted cash relates to cash advances received from a customer in connection with our contract with the customer to provide FORCE SM electric-powered hydraulic fracturing equipment and services. The restricted cash will be used to pay for contractually agreed upon expenditures. The cash advances from the customer will be credited towards the customer’s invoice as our revenue performance obligations are met over the contract period. Our restricted cash balances as of September 30, 2023 and December 31, 2022, were $0 and $10.0 million, respectively. The cash advances received represent contract liabilities in connection with the performance of certain completion services. The cash advance (contract liability) balances, which are included in accrued and other current liabilities in our condensed consolidated balance sheets, were $20.5 million a nd $10.0 million as of September 30, 2023 and December 31, 2022 , respectively. During the nine months ended September 30, 2023, we recognized revenue of $4.2 million from the cash advance amount outstanding at the beginning of the period.
Accounts Receivable	Accounts Receivable Accounts receivable are stated at the amount billed and billable to customers. At September 30, 2023 and December 31, 2022, accrued revenue (unbilled receivable) included as part of our accounts receivable was $78.6 million and $51.9 million , respectively. At September 30, 2023, the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing and wireline operations was $40.9 million , which is expected to be completed and recognized as revenue within one month following the current period balance sheet date.
Allowance for Credit Losses	Allowance for Credit Losses As of September 30, 2023, the Company had $0.2 million allowance for credit losses. Our allowance for credit losses is based on the evaluation of both our historic collection experience and the economic outlook for the oil and gas industry. We evaluated the historic loss experience on our accounts receivable and also separately considered customers with receivable balances that may be negatively impacted by current or future 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 depressed economic activities, 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.
Reclassification of Prior Period Presentation	Reclassification of Prior Period PresentationCertain reclassifications have been made to prior period amounts to conform to the current period presentation. These reclassifications had no effect on our balance sheet, operating and net income (loss) or cash flows from operating, investing and financing activities.
Change in Accounting Estimates	Change in Accounting Estimates Current trends in hydraulic fracturing equipment operating conditions such as larger pads, changes to job design and increased pumping hours per day have resulted in shorter useful lives for certain critical components that are included in our property and equipment assets. These recent trends necessitated a review of useful lives of our critical components like fluid ends, power ends, hydraulic fracturing units and other components in the first quarter of 2023. We determined that the estimated useful life of fluid ends is now less than one year, resulting in our determination that costs associated with the replacement of these components will no longer be capitalized, but instead recorded in inventories and amortized to cost of services over their estimated useful life. We have also shortened the estimated useful lives of power ends to two years from five years and hydraulic fracturing units to ten years from fifteen years. This change in accounting estimates was made effective January 1, 2023 and accounted for prospectively. The net effect of this change for the three and nine months ended September 30, 2023 was a $2.8 million and $10.0 million decrease in net income, or $0.02 and $0.09 per basic and diluted share, respectively. Additionally, in connection with the review of our power ends estimated useful life, effective January 1, 2023, we are accelerating the depreciation of the remaining book value of power ends that prematurely fail. In 2022, we wrote off the remaining book value of prematurely failed and disposed of power ends to loss on disposal of assets. The amounts included in depreciation in connection with premature failure of power ends during the three and nine months ended September 30, 2023 were $8.4 million and $32.7 million, respectively. Furthermore, to conform to current period presentation, we have reclassified the amounts relating to premature failure of power ends previously included in loss on disposal of assets to depreciation expense for prior periods. The amounts reclassified were $11.2 million and $26.8 million, which relate to the three and nine months ended September 30, 2022, respectively.
Share Repurchases	Share RepurchasesAll shares of common stock repurchased through the Company's share repurchase program are retired upon repurchase. The Company accounts for the purchase price of repurchased common stock in excess of par value ($0.001 per share of common stock) as a reduction of additional paid-in capital, and will continue to do so until additional paid-in capital is reduced to zero. Thereafter, any excess purchase price will be recorded as a reduction of retained earnings.
Recently Issued Accounting Standards	Recently Issued Accounting StandardsThere were no recently issued Accounting Standards Updates ("ASU") by the Financial Accounting Standards Board ("FASB") that are expected to have a material impact on our condensed consolidated financial statements.
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, 2023
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, 2023: (in thousands) Balance - January 1, 2023 $ 419 Provision for credit losses during the period — Write-off during the period (217) Balance - September 30, 2023 $ 202
Schedule Of Depreciation and Amortization Costs	Depreciation and amortization comprised of the following: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation and amortization related to cost of services $ 52,298 $ 41,479 $ 152,962 $ 120,274 Depreciation and amortization related to general and administrative expenses 1,471 121 4,494 299 Total depreciation and amortization $ 53,769 $ 41,600 $ 157,456 $ 120,573

Silvertip Acquisition (Tables)

Silvertip Acquisition (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisition	The following table summarizes the fair value of the consideration transferred in the Silvertip Acquisition and the Silvertip Purchase Price to the fair value of the assets acquired and liabilities assumed (which are included within the accompanying condensed consolidated balance sheets) as of the Silvertip Acquisition Date: (in thousands) Total Purchase Consideration: Cash consideration $ 30,000 Equity consideration 106,736 Debt payments and closing costs 11,320 Total consideration $ 148,056 Cash and cash equivalents $ 2,681 Accounts receivable and unbilled revenue 21,079 Inventories 1,209 Prepaid expenses 2,476 Other current assets 1,059 Property and equipment (1) 52,478 Intangible assets: Trademark/trade name (2) 10,800 Customer relationships (2) 46,500 Goodwill 23,624 Operating lease right-of-use asset 2,783 Total identifiable assets acquired 164,689 Accounts payable 7,659 Accrued and other current liabilities 6,178 Operating lease liability 2,796 Total liabilities assumed 16,633 Total purchase consideration $ 148,056 (1) Remaining useful lives ranging from less than one (2) Definite-lived intangible assets with amortization period of 10 years.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets Held at Fair Value	Assets measured at fair value on a recurring basis 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, 2023: Short-term investment $ 8,163 $ 8,163 $ — $ — $ (2,120) December 31, 2022: Short-term investment $ 10,283 $ 10,283 $ — $ — $ (1,570)

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The Company’s intangible assets subject to amortization consisted of the following: (in thousands) September 30, 2023 December 31, 2022 Intangible assets acquired: Trademark/trade name $ 10,800 $ 10,800 Customer relationships 46,500 46,500 Total intangible assets acquired 57,300 57,300 Accumulated amortization: Trademark/trade name (990) (180) Customer relationships (4,263) (775) Total accumulated amortization (5,253) (955) Intangible assets — net $ 52,047 $ 56,345
Schedule of Estimated Remaining Amortization Expense	Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows: (in thousands) Year Estimated future amortization expense 2023 $ 1,432 2024 5,730 2025 5,730 2026 5,730 2027 and beyond 33,425 Total $ 52,047

Reportable Segment Information

Reportable Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedules of Concentration of Risk, by Risk Factor	A breakout of our Completion Services revenue by operating segment for the three and nine months ended September 30, 2023 and 2022 is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Hydraulic fracturing revenue 80.2 % 91.7 % 79.4 % 92.7 % Cementing revenue 7.3 % 8.3 % 6.6 % 7.3 % Wireline revenue 12.5 % — % 14.0 % — % Total Completion Services revenue 100.0 % 100.0 % 100.0 % 100.0 %
Reconciliation of Segment Information	A reconciliation from segment level financial information to the consolidated statements of operations is provided in the table below; inter-segment revenues are not material and not shown separately (in thousands): Three Months Ended September 30, 2023 Completion Services All Other Total Service revenue $ 423,804 $ — $ 423,804 Adjusted EBITDA $ 107,714 $ — $ 107,714 Depreciation and amortization $ 53,769 $ — $ 53,769 Capital expenditures $ 59,081 $ — $ 59,081 Goodwill at September 30, 2023 $ 23,624 $ — $ 23,624 Total assets September 30, 2023 $ 1,472,222 $ — $ 1,472,222 Three Months Ended September 30, 2022 Completion Services All Other Total Service revenue $ 330,780 $ 2,234 $ 333,014 Adjusted EBITDA $ 92,009 $ (2,009) $ 90,000 Depreciation and amortization $ 41,039 $ 561 $ 41,600 Capital expenditures $ 112,865 $ 2,258 $ 115,123 Total assets December 31, 2022 $ 1,335,501 $ 285 $ 1,335,786 Nine Months Ended September 30, 2023 Completion Services All Other Total Service revenue $ 1,282,623 $ — $ 1,282,623 Adjusted EBITDA $ 339,692 $ — $ 339,692 Depreciation and amortization $ 157,456 $ — $ 157,456 Capital expenditures $ 271,484 $ — $ 271,484 Goodwill at September 30, 2023 $ 23,624 $ — $ 23,624 Total assets September 30, 2023 $ 1,472,222 $ — $ 1,472,222 Nine Months Ended September 30, 2022 Completion Services All Other Total Service revenue $ 917,336 $ 13,440 $ 930,776 Adjusted EBITDA $ 233,824 $ (1,344) $ 232,480 Depreciation and amortization $ 118,333 $ 2,240 $ 120,573 Impairment expense $ 57,454 $ — $ 57,454 Capital expenditures $ 273,309 $ 2,623 $ 275,932 Total assets December 31, 2022 $ 1,335,501 $ 285 $ 1,335,786 Reconciliation of net income (loss) to adjusted EBITDA (in thousands): Three Months Ended September 30, 2023 Completion Services All Other Total Net income $ 34,753 $ — $ 34,753 Depreciation and amortization 53,769 — 53,769 Interest expense 1,169 — 1,169 Income tax expense 10,644 — 10,644 Loss on disposal of assets 4,265 — 4,265 Stock-based compensation 3,310 — 3,310 Other income (1) (1,883) — (1,883) Other general and administrative expense, (net) (2) 450 — 450 Retention bonus and severance expense 1,237 — 1,237 Adjusted EBITDA $ 107,714 $ — $ 107,714 Three Months Ended September 30, 2022 Completion Services All Other Total Net income (loss) $ 26,404 $ (16,372) $ 10,032 Depreciation and amortization 41,039 561 41,600 Interest expense 237 — 237 Income tax expense 2,768 — 2,768 Loss on disposal of assets 11,667 13,786 25,453 Stock-based compensation 3,306 — 3,306 Other expense (3) 616 — 616 Other general and administrative expense, (net) (2) 4,920 — 4,920 Severance expense 1,052 16 1,068 Adjusted EBITDA $ 92,009 $ (2,009) $ 90,000 Nine Months Ended September 30, 2023 Completion Services All Other Total Net income $ 102,743 $ — $ 102,743 Depreciation and amortization 157,456 — 157,456 Interest expense 3,016 — 3,016 Income tax expense 31,118 — 31,118 Loss on disposal of assets 29,410 — 29,410 Stock-based compensation 10,604 — 10,604 Other expense (1) 1,749 — 1,749 Other general and administrative expense, (net) (2) 1,659 — 1,659 Retention bonus and severance expense 1,937 — 1,937 Adjusted EBITDA $ 339,692 $ — $ 339,692 Nine Months Ended September 30, 2022 Completion Services All Other Total Net income (loss) $ 6,367 $ (17,379) $ (11,012) Depreciation and amortization 118,333 2,240 120,573 Impairment expense 57,454 — 57,454 Interest expense 1,040 — 1,040 Income tax benefit (1,164) — (1,164) Loss on disposal of assets 34,622 13,779 48,401 Stock-based compensation 18,128 — 18,128 Other income (3) (4) (9,749) — (9,749) Other general and administrative expense, (net) (2) 7,711 — 7,711 Severance expense 1,082 16 1,098 Adjusted EBITDA $ 233,824 $ (1,344) $ 232,480 (1) Includes unrealized gain on short-term investment of $1.8 million for the three months ended September 30, 2023 and unrealized loss on short-term investment of $2.1 million for the nine months ended September 30, 2023 . (2) 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, 2023 , we received reimbursement of approximately $0.1 million and $0.4 million, respectively, from our insurance carriers in connection with the SEC investigation and shareholder litigation. 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. See "Note 13 - Commitments and Contingencies—Contingent Liabilities—Legal Matters" for further information. (3) Includes unrealized loss on short-term investment of $3.3 million and non cash income of $2.7 million from fixed asset inventory received as part of a settlement of warranty claims with an equipment manufacturer. (4) Includes a $10.7 million 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 audit of the period July 1, 2015 through December 31, 2018.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 and 2022 (in thousands, except for per share data): Three Months Ended September 30, 2023 2022 Numerator (both basic and diluted) Net income relevant to common stockholders $ 34,753 $ 10,032 Denominator Denominator for basic income per share 112,286 104,372 Dilutive effect of stock options — 28 Dilutive effect of performance share units — 498 Dilutive effect of restricted stock units 412 172 Denominator for diluted income per share 112,698 105,070 Basic income per common share $ 0.31 $ 0.10 Diluted income per common share $ 0.31 $ 0.10 Nine Months Ended September 30, 2023 2022 Numerator (both basic and diluted) Net income (loss) relevant to common stockholders $ 102,743 $ (11,012) Denominator Denominator for basic income per share 113,960 104,100 Dilutive effect of stock options — — Dilutive effect of performance share units 56 — Dilutive effect of restricted stock units 278 — Denominator for diluted income per share 114,294 104,100 Basic income (loss) per common share $ 0.90 $ (0.11) Diluted income (loss) per common share $ 0.90 $ (0.11)
Schedule of Antidilutive Securities	As shown in the table below, the f ollowing stock options, restricted stock units and performance stock units have not been included in the calculation of diluted income per common share for the three and nine months ended September 30, 2023 and 2022 because they will be anti-dilutive to the calculation of diluted net income per common share: (in thousands) Three Months Ended September 30, 2023 2022 Stock options 196 488 Restricted stock units 452 615 Performance stock units — — Total 648 1,103 (in thousands) Nine Months Ended September 30, 2023 2022 Stock options 320 488 Restricted stock units 611 1,189 Performance stock units — 1,758 Total 931 3,435

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Options Activity	A summary of the stock option activity for the nine months ended September 30, 2023 is presented below (in thousands, except for weighted average price): Number of Shares Weighted Outstanding at January 1, 2023 488 $ 14.00 Granted — $ — Exercised — $ — Forfeited — $ — Expired (302) $ 14.00 Outstanding at September 30, 2023 186 $ 14.00 Exercisable at September 30, 2023 186 $ 14.00
Summary of RSUs Activity	The following table summarizes RSUs activity during the nine months ended September 30, 2023 (in thousands, except for fair value): Number of Weighted Outstanding at January 1, 2023 1,268 $ 10.91 Granted 1,081 $ 9.32 Vested (549) $ 10.69 Forfeited (130) $ 10.43 Canceled — $ — Outstanding at September 30, 2023 1,670 $ 9.99
Summary of Performance Shares Activity	The following table summarizes information about PSUs activity during the nine months ended September 30, 2023 (in thousands, except for weighted average fair value): Period Target Shares Outstanding at January 1, 2023 Target Target Shares Vested Target Target Shares Outstanding at September 30, 2023 2020 809 — (493) (315) — 2021 632 — — (12) 620 2022 316 — — (10) 306 2023 — 455 — (17) 438 Total 1,757 455 (493) (354) 1,364 Weighted Average FV Per Share $ 12.72 $ 14.40 $ 8.30 $ 9.17 $ 15.80

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Operating Lease Maturity	The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our leases as of September 30, 2023 are as follows: (in thousands) Operating Leases Finance Leases 2023 $ 1,626 $ 2,513 2024 6,596 10,052 2025 6,518 10,052 2026 5,146 6,470 2027 1,225 — 2028 821 — Total undiscounted future lease payments 21,932 29,087 Less: amount representing interest (2,284) (2,732) Present value of future lease payments (lease obligation) $ 19,648 $ 26,355

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) segment $ / shares	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of reportable segments | segment							1
Restricted cash	$ 0						$ 0		$ 10,000
Contract with customer, liability, current	20,500						20,500		10,000
Contract with customer, liability, revenue recognized							4,200
Contract with customer, asset, net	78,600						78,600		51,900
Allowance for credit losses during the period	202						202		$ 419
Net income (loss)	$ (34,753)	$ (39,257)	$ (28,733)	$ (10,032)	$ 32,860	$ (11,817)	$ (102,743)	$ 11,012
Basic (in dollars per share) | $ / shares	$ (0.31)			$ (0.10)			$ (0.90)	$ 0.11
Diluted (in dollars per share) | $ / shares	$ (0.31)			$ (0.10)			$ (0.90)	$ 0.11
Impairment expense	$ 0			$ 0			$ 0	$ 57,454
Depreciation	$ 8,400						$ 32,700
Common stock, par value (in dollars per share) | $ / shares	$ 0.001						$ 0.001		$ 0.001
Discontinued Operations, Disposed of by Means Other than Sale
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Impairment expense				11,200				$ 26,800
Retained Earnings (Accumulated Defecit)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net income (loss)	$ (34,753)	$ (39,257)	$ (28,733)	$ (10,032)	$ 32,860	$ (11,817)
Service Life
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Net income (loss)	$ 2,800						$ 10,000
Service Life | Retained Earnings (Accumulated Defecit)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Basic (in dollars per share) | $ / shares	$ 0.02						$ 0.09
Diluted (in dollars per share) | $ / shares	$ 0.02						$ 0.09
Power Ends
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated useful lives	2 years						2 years		5 years
Hydraulic Fracturing Units
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated useful lives	10 years						10 years		15 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 40,900						$ 40,900
Revenue, remaining performance obligation, expected timing of satisfaction	1 month						1 month

Basis of Presentation - Allowan

Basis of Presentation - Allowance for Credit Losses (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 419
Provision for credit losses during the period	0
Write-off during the period	(217)
Ending balance	$ 202

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization Expense Per Equivalent Unit of Production or Per Dollar of Gross Revenue [Line Items]
Depreciation and amortization	$ 53,769	$ 41,600	$ 157,456	$ 120,573
Depreciation and amortization related to cost of services
Amortization Expense Per Equivalent Unit of Production or Per Dollar of Gross Revenue [Line Items]
Depreciation and amortization	52,298	41,479	152,962	120,274
Depreciation and amortization related to general and administrative expenses
Amortization Expense Per Equivalent Unit of Production or Per Dollar of Gross Revenue [Line Items]
Depreciation and amortization	$ 1,471	$ 121	$ 4,494	$ 299

Silvertip Acquisition - Narrati

Silvertip Acquisition - Narrative (Details) - Silvertip Completion Services Operating, LLC $ in Thousands, shares in Millions	Nov. 01, 2022 USD ($) shares
Business Acquisition, Contingent Consideration [Line Items]
Percentage of interest acquired	100%
Total consideration	$ 148,056
Equity interest issued or issuable, number of shares (in shares) | shares	10.1
Equity consideration	$ 106,736
Cash consideration	30,000
Payoff of assumed debt	7,200
Transaction costs	$ 4,100

Silvertip Acquisition - Summary

Silvertip Acquisition - Summary of Fair Value of Consideration (Details) - Silvertip Completion Services Operating, LLC - USD ($) $ in Thousands		9 Months Ended
	Nov. 01, 2022	Sep. 30, 2023
Business Acquisition, Contingent Consideration [Line Items]
Cash consideration	$ 30,000
Equity consideration	106,736
Debt payments and closing costs	11,320
Total consideration	148,056
Cash and cash equivalents	2,681
Accounts receivable and unbilled revenue	21,079
Inventories	1,209
Prepaid expenses	2,476
Other current assets	1,059
Property and equipment	52,478
Goodwill	23,624
Operating lease right-of-use asset	2,783
Total identifiable assets acquired	164,689
Accounts payable	7,659
Accrued and other current liabilities	6,178
Operating lease liability	2,796
Total liabilities assumed	16,633
Total purchase consideration	148,056
Amortization period		10 years
Minimum
Business Acquisition, Contingent Consideration [Line Items]
Estimated useful lives		1 year
Maximum
Business Acquisition, Contingent Consideration [Line Items]
Estimated useful lives		22 years
Trademark/trade name
Business Acquisition, Contingent Consideration [Line Items]
Intangible assets	10,800
Customer relationships
Business Acquisition, Contingent Consideration [Line Items]
Intangible assets	$ 46,500

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 8,200
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	8,163	$ 10,283
Total gains (losses)	(2,120)	(1,570)
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	8,163	10,283
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	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	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 01, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 8,200,000		$ 8,200,000
Unrealized loss from fluctuation of stock price	(1,800,000)	$ 3,300,000	2,100,000
Unrealized gain from non-cash foreign currency translation	$ 200,000		$ 100,000
Number of shares restricted from selling, transferring or assigning, maximum (in shares)	0.9		0.9
Tangible asset impairment charges			$ 0	$ 57,500,000
Goodwill	$ 23,624,000		23,624,000		$ 23,624,000
Goodwill, acquired during period	0	0	0	0
Goodwill, impairment loss	$ 0	$ 0	$ 0	$ 0
Step Energy Services
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares received (in shares)						2.6
Short-term investment						$ 11,800,000

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Useful life	10 years		10 years
Amortization expense	$ 1.4	$ 0	$ 4.2	$ 0
Finite-lived intangible assets, remaining amortization period	9 years 1 month 6 days		9 years 1 month 6 days

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired:	$ 57,300	$ 57,300
Accumulated amortization:	(5,253)	(955)
Intangible assets - net	52,047	56,345
Trademark/trade name
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired:	10,800	10,800
Accumulated amortization:	(990)	(180)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired:	46,500	46,500
Accumulated amortization:	$ (4,263)	$ (775)

Intangible Assets - Estimated F

Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 1,432
2024	5,730
2025	5,730
2026	5,730
2027 and beyond	33,425
Intangible assets - net	$ 52,047	$ 56,345

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
	Jun. 02, 2023	Apr. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowing base, eligible unbilled percentage	80%
ABL CreditFacility | Line of Credit
Debt Instrument [Line Items]
Long-term debt			$ 45	$ 30
ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 225	$ 150
Coverage ratio establishing threshold, option one, percentage of facility size and borrowing base		10%	10%
Coverage ratio establishing threshold, option two, amount		$ 10	$ 15
Borrowing base			$ 176.3
Interest rate			6.51%
Minimum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing base, accounts receivable percentage	85%	85%
Maximum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing base, accounts receivable percentage	90%	90%
Maximum percentage of borrowing base	25%
Base Rate Loans | Minimum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Base Rate Loans | Maximum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
SOFR Loans | Minimum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
SOFR Loans | Maximum | ABL CreditFacility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%

Reportable Segment Informatio_2

Reportable Segment Information - Additional Information (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 01, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment				3
Gain (loss) on disposal of assets | $		$ (4,265)	$ (25,453)	$ (29,410)	$ (48,401)
Number of reportable segments | segment				1
Administrative fees expense | $		$ 25,400	$ 20,400	$ 77,700	$ 45,400
Discontinued Operations, Disposed of by Sale, Not Discontinued Operations | Coiled Tubing Assets Divestiture
Segment Reporting Information [Line Items]
Number of operating segments | segment				3
Gain (loss) on disposal of assets | $	$ (13,800)

Reportable Segment Informatio_3

Reportable Segment Information - Schedule of Completion Services by Operating Revenue (Details) - Revenue from Contract with Customer, Product and Service Benchmark - Service Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Hydraulic fracturing revenue
Revenue, Major Customer [Line Items]
Concentration risk	80.20%	91.70%	79.40%	92.70%
Cementing revenue
Revenue, Major Customer [Line Items]
Concentration risk	7.30%	8.30%	6.60%	7.30%
Wireline revenue
Revenue, Major Customer [Line Items]
Concentration risk	12.50%	0%	14%	0%
Completion Services
Revenue, Major Customer [Line Items]
Concentration risk	100%	100%	100%	100%

Reportable Segment Informatio_4

Reportable Segment Information - Reconciliation of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Service revenue	$ 423,804	$ 333,014	$ 1,282,623	$ 930,776
Adjusted EBITDA		90,000
Depreciation and amortization	53,769	41,600	157,456	120,573
Impairment expense	0	0	0	57,454
Goodwill	23,624		23,624		$ 23,624
Total assets	1,472,222		1,472,222		$ 1,335,786
Operating Segments
Segment Reporting Information [Line Items]
Service revenue	423,804	333,014	1,282,623	930,776
Adjusted EBITDA	107,714	90,000	339,692	232,480
Depreciation and amortization	53,769	41,600	157,456	120,573
Impairment expense				57,454
Capital expenditures	59,081	115,123	271,484	275,932
Goodwill	23,624		23,624
Total assets	1,472,222	1,335,786	1,472,222	1,335,786
Completion Services
Segment Reporting Information [Line Items]
Adjusted EBITDA		92,009
Depreciation and amortization		41,039
Completion Services | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	423,804	330,780	1,282,623	917,336
Adjusted EBITDA	107,714	92,009	339,692	233,824
Depreciation and amortization	53,769	41,039	157,456	118,333
Impairment expense				57,454
Capital expenditures	59,081	112,865	271,484	273,309
Goodwill	23,624		23,624
Total assets	1,472,222	1,335,501	1,472,222	1,335,501
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA		(2,009)
Depreciation and amortization		561
All Other | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	0	2,234	0	13,440
Adjusted EBITDA	0	(2,009)	0	(1,344)
Depreciation and amortization	0	561	0	2,240
Impairment expense				0
Capital expenditures	0	2,258	0	2,623
Goodwill	0		0
Total assets	$ 0	$ 285	$ 0	$ 285

Reportable Segment Informatio_5

Reportable Segment Information - Reconciliation of Segment Information EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net income	$ 34,753	$ 39,257	$ 28,733	$ 10,032	$ (32,860)	$ 11,817	$ 102,743	$ (11,012)
Depreciation and amortization	53,769			41,600			157,456	120,573
Impairment expense	0			0			0	57,454
Interest expense	1,169			237			3,016	1,040
Income tax expense	10,644			2,768			31,118	(1,164)
Loss on disposal of assets	4,265			25,453			29,410	48,401
Stock-based compensation	3,310			3,306			10,604	18,128
Other (income) expense	(1,883)			616
Other general and administrative expense, (net)	450			4,920
Retention bonus and severance expense	1,237			1,068
Adjusted EBITDA				90,000
Unrealized loss on short-term investment	(1,800)			3,300			2,100
Insurance recoveries	100			3,400			400	6,900
Gain (loss) from settlement				2,700
Net tax refund received								10,700
Operating Segments
Segment Reporting Information [Line Items]
Net income							102,743	(11,012)
Depreciation and amortization	53,769			41,600			157,456	120,573
Impairment expense								57,454
Interest expense							3,016	1,040
Income tax expense							31,118	(1,164)
Loss on disposal of assets							29,410	48,401
Stock-based compensation							10,604	18,128
Other (income) expense							1,749	(9,749)
Other general and administrative expense, (net)							1,659	7,711
Retention bonus and severance expense							1,937	1,098
Adjusted EBITDA	107,714			90,000			339,692	232,480
Completion Services
Segment Reporting Information [Line Items]
Net income	34,753			26,404
Depreciation and amortization				41,039
Interest expense	1,169			237
Income tax expense	10,644			2,768
Loss on disposal of assets	4,265			11,667
Stock-based compensation	3,310			3,306
Other (income) expense	(1,883)			616
Other general and administrative expense, (net)	450			4,920
Retention bonus and severance expense	1,237			1,052
Adjusted EBITDA				92,009
Completion Services | Operating Segments
Segment Reporting Information [Line Items]
Net income							102,743	6,367
Depreciation and amortization	53,769			41,039			157,456	118,333
Impairment expense								57,454
Interest expense							3,016	1,040
Income tax expense							31,118	(1,164)
Loss on disposal of assets							29,410	34,622
Stock-based compensation							10,604	18,128
Other (income) expense							1,749	(9,749)
Other general and administrative expense, (net)							1,659	7,711
Retention bonus and severance expense							1,937	1,082
Adjusted EBITDA	107,714			92,009			339,692	233,824
All Other
Segment Reporting Information [Line Items]
Net income	0			(16,372)
Depreciation and amortization				561
Interest expense	0			0
Income tax expense	0			0
Loss on disposal of assets	0			13,786
Stock-based compensation	0			0
Other (income) expense	0			0
Other general and administrative expense, (net)	0			0
Retention bonus and severance expense	0			16
Adjusted EBITDA				(2,009)
All Other | Operating Segments
Segment Reporting Information [Line Items]
Net income							0	(17,379)
Depreciation and amortization	0			561			0	2,240
Impairment expense								0
Interest expense							0	0
Income tax expense							0	0
Loss on disposal of assets							0	13,779
Stock-based compensation							0	0
Other (income) expense							0	0
Other general and administrative expense, (net)							0	0
Retention bonus and severance expense							0	16
Adjusted EBITDA	$ 0			$ (2,009)			$ 0	$ (1,344)

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator (both basic and diluted)
Net income relevant to common stockholders	$ 34,753	$ 39,257	$ 28,733	$ 10,032	$ (32,860)	$ 11,817	$ 102,743	$ (11,012)
Denominator
Denominator for basic income (loss) per share (in shares)	112,286			104,372			113,960	104,100
Denominator for diluted income (loss) per share (in shares)	112,698			105,070			114,294	104,100
Basic income (loss) per share (in dollars per share)	$ 0.31			$ 0.10			$ 0.90	$ (0.11)
Diluted income (loss) per share (in dollars per share)	$ 0.31			$ 0.10			$ 0.90	$ (0.11)
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	648			1,103			931	3,435
Stock options
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	196			488			320	488
Restricted stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	452			615			611	1,189
Performance stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0			0			0	1,758
Stock options
Denominator
Dilutive effect of share based payment (in shares)	0			28			0	0
Performance stock units
Denominator
Dilutive effect of share based payment (in shares)	0			498			56	0
Restricted stock units
Denominator
Dilutive effect of share based payment (in shares)	412			172			278	0

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2023	May 17, 2023	Dec. 31, 2022
Equity [Abstract]
Stock repurchase program, authorized amount		$ 100
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Treasury stock, value, acquired	$ 18.8
Shares acquired, average cost per share (in dollars per share)	$ 9.93
Stock repurchase, excise tax	$ 0.3
Stock repurchase program, remaining authorized repurchase amount	$ 63.7

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Options, exercised, intrinsic value	$ 0
Term for exercisable stock	3 years 4 months 24 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,081,000
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	454,788
Vesting period	3 years
Actual number of shares that may be issued, percent, minimum	0%
Actual number of shares that may be issued, percent, maximum	200%
A&R 2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized, stock options	$ 19,900,000
Compensation cost not yet recognized, period for recognition	1 year 6 months
Share-based payment arrangement, expense	$ 10,600,000	$ 18,100,000
Tax benefit from compensation expense	$ 2,200,000	$ 3,800,000
A&R 2020 Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,081,010
Restricted stock units, conversion of stock, conversion rights (in shares)	1
Compensation not yet recognized, stock options	$ 11,900,000
Compensation cost not yet recognized, period for recognition	1 year 9 months 18 days
A&R 2020 Incentive Plan | Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares upon conversion (in shares)	1
Employees and Officers | A&R 2020 Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Director | A&R 2020 Incentive 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, 2023 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	488,000
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Expired (in shares) | shares	(302,000)
Outstanding ending balance (in shares) | shares	186,000
Exercisable ending balance (in shares) | shares	186,000
Weighted Average Exercise Price
Outstanding beginning balance (in dollars per share) | $ / shares	$ 14
Granted (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Expired (in dollars per share) | $ / shares	14
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, 2023 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	1,268
Granted (in shares) | shares	1,081
Vested (in shares) | shares	(549)
Forfeited (in shares) | shares	(130)
Canceled (in shares) | shares	0
Outstanding ending balance (in shares) | shares	1,670
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 10.91
Granted (in dollars per share) | $ / shares	9.32
Vested (in dollars per share) | $ / shares	10.69
Forfeited (in dollars per share) | $ / shares	10.43
Canceled (in dollars per share) | $ / shares	0
Outstanding ending balance (in dollars per share) | $ / shares	$ 9.99

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Performance Shares Activity (Details) - Performance stock units	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,757,000
Target Shares Granted (in shares)	454,788
Target Shares Vested (in shares)	(493,000)
Target Shares Forfeited (in shares)	(354,000)
Outstanding ending balance (in shares)	1,364,000
Weighted Average FV Per Share
Outstanding beginning balance (in dollars per share) | $ / shares	$ 12.72
Granted (in dollars per share) | $ / shares	14.40
Vested (in dollars per share) | $ / shares	8.30
Forfeited (in dollars per share) | $ / shares	9.17
Outstanding ending balance (in dollars per share) | $ / shares	$ 15.80
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)	(493,000)
Target Shares Forfeited (in shares)	(315,000)
Outstanding ending balance (in shares)	0
2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	632,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	(12,000)
Outstanding ending balance (in shares)	620,000
2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	316,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	(10,000)
Outstanding ending balance (in shares)	306,000
2023
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)	455,000
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	(17,000)
Outstanding ending balance (in shares)	438,000

Related-Party Transactions (Det

Related-Party Transactions (Details)		3 Months Ended		9 Months Ended
	Dec. 31, 2018 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Mar. 31, 2023 fleet	Dec. 31, 2022 USD ($)	Oct. 31, 2022 fleet agreement	Mar. 30, 2022 fleet
Related Party Transaction [Line Items]
Rent expense				$ 1,900,000	$ 400,000
Service revenue		$ 423,804,000	$ 333,014,000	1,282,623,000	930,776,000
Accounts receivable, related party		260,757,000		260,757,000			$ 215,925,000
Accounts payable, related party		$ 194,569,000		$ 194,569,000			234,299,000
Director | Related party leasing
Related Party Transaction [Line Items]
Number of yards, related party (in yards) | property		3		3
Number of previously rented yards, related party (in yards) | property		2		2
Director | Property 1 | Related party leasing
Related Party Transaction [Line Items]
Rent expense				$ 30,000
Director | Property 2 | Related party leasing
Related Party Transaction [Line Items]
Rent expense				100,000
Director | Property 3 | Related party leasing
Related Party Transaction [Line Items]
Rent expense				100,000
Director | Property 4 | Related party leasing
Related Party Transaction [Line Items]
Rent expense				20,000
Director | Property 5 | Related party leasing
Related Party Transaction [Line Items]
Rent expense				100,000
Related Party
Related Party Transaction [Line Items]
Accounts payable, related party							0
Related Party | Pioneer Pressure Pumping Acquisition
Related Party Transaction [Line Items]
Equity consideration	$ 16,600,000
Cash received from acquisition	$ 110,000,000
Number of contracted fleets | fleet						6		2	8
Number of service agreements | agreement								2
Service revenue		$ 22,300,000	$ 100,200,000	122,100,000	$ 338,900,000
Accounts receivable, related party		8,900,000		8,900,000			$ 46,200,000
Accounts payable, related party		$ 0		$ 0

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) period lease fleet	Sep. 30, 2022 USD ($)	Aug. 31, 2023	Jun. 01, 2023	Mar. 31, 2023	Jan. 31, 2023	Dec. 31, 2022 USD ($) period fleet hp	Nov. 01, 2022	Oct. 31, 2022 lease_renewal_option	Aug. 31, 2022	Mar. 31, 2013
Operating Leases
Number of fleets not yet commenced | fleet	3
Number of real estate leases | lease	2
ROU asset	$ 29,500,000
Accumulated amortization	(3,100,000)						$ (1,500,000)
Right-of-use asset, before accumulated amortization							4,600,000
Finance Lease
Payments on finance lease obligations	889,000	$ 0
Finance lease, right-of-use asset, before accumulated amortization	27,200,000						$ 0
Finance lease, right-of-use asset, accumulated amortization	1,000,000
Payments included in measurement of operating lease liabilities	1,400,000	500,000
Payments included in measurement of finance lease liabilities	900,000
Non-cash lease obligation	19,648,000
Present value of future lease payments (lease obligation)	26,355,000
Lease Cost
Lease expense	1,900,000	400,000
Lease cost	1,200,000	0
Finance lease, right-of-use asset, amortization	1,000,000
Interest expense	200,000
Variable lease, cost	5,000	0
Asset lease	600,000	600,000
Real Estate Lease
Operating Leases
Term of contract											10 years
Cash paid for operating lease	100,000	300,000
Renewal term (up to)											10 years
Real Estate Two Lease
Operating Leases
Cash paid for operating lease	$ 200,000
Renewal term (up to)									1 year
Discount rate	6.30%
Lease term	4 years 7 months 6 days
Lessee, operating lease, remaining lease term								6 years 1 month 6 days	5 years 3 months 18 days
Option to extend, number of options | lease_renewal_option									2
Silvertip Lease One
Operating Leases
Cash paid for operating lease	$ 100,000
Discount rate	6.30%
Lease term	5 years 2 months 12 days
Lessee, operating lease, remaining lease term								4 years 9 months 18 days
Lessee, operating lease, remaining lease term extension	1 year 3 months 18 days
Silvertip Lease Two
Operating Leases
Cash paid for operating lease	$ 200,000
Discount rate	2.10%
Lease term	5 years 2 months 12 days
Silvertip Lease Three
Operating Leases
Cash paid for operating lease	$ 100,000
Discount rate	6.30%
Lease term	5 years 2 months 12 days
Lessee, operating lease, remaining lease term					5 years 8 months 12 days
Silvertip Office Lease
Operating Leases
Term of contract				5 years
Cash paid for operating lease	$ 100,000
Discount rate	6.50%
Lease term	4 years 8 months 12 days
Corporate Office Lease
Operating Leases
Term of contract			2 years 1 month 6 days
Cash paid for operating lease	$ 5,000
Renewal term (up to)			9 months 18 days
Discount rate	7.10%
Lease term	2 years
Maintenance Facility Lease
Operating Leases
Term of contract	2 years
Cash paid for operating lease	$ 200,000	200,000
Renewal term (up to)	1 year
Equipment lease term | period	3
Discount rate	3.40%
Lease term	4 months 24 days
Finance Lease
Non-cash lease obligation	$ 24,900,000	$ 600,000
Electric Fleet Lease
Operating Leases
Term of contract							3 years			3 years
Renewal term (up to)							1 year
Equipment lease term | period							3
Number of contracted fleets | fleet							4
Hydraulic horsepower | hp							60,000
Electric Fleet One Lease
Operating Leases
Cash paid for operating lease	$ 400,000
Discount rate	7.14%
Lease term	3 years
Variable lease, payment	$ 5,000
Operating lease, initial direct cost	7,200,000
Power Equipment Lease
Finance Lease
Term of contract						3 years
Payments on finance lease obligations	$ 1,100,000
Lessee, finance lease, renewal term						1 year
Finance lease, weighted average discount rate, percent	7.10%
Finance lease, weighted average remaining lease term	2 years 10 months 24 days
Present value of future lease payments (lease obligation)	$ 27,200,000

Leases - Operating and Finance

Leases - Operating and Finance Lease Maturity (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Operating Leases
2023	$ 1,626
2024	6,596
2025	6,518
2026	5,146
2027	1,225
2028	821
Total undiscounted future lease payments	21,932
Less: amount representing interest	(2,284)
Present value of future lease payments (lease obligation)	19,648
Finance Leases
2023	2,513
2024	10,052
2025	10,052
2026	6,470
2027	0
2028	0
Total undiscounted future lease payments	29,087
Less: amount representing interest	(2,732)
Present value of future lease payments (lease obligation)	$ 26,355

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Obligation with Joint and Several Liability Arrangement [Line Items]
Commitment agreement	$ 22.4
Self insurance for losses (up to)	10
Electric Fleet Lease
Obligation with Joint and Several Liability Arrangement [Line Items]
Contractual commitment, not yet commenced	105.1
Power Equipment Lease
Obligation with Joint and Several Liability Arrangement [Line Items]
Lessee, finance lease, lease not yet commenced, amount	56.9
ABL CreditFacility
Obligation with Joint and Several Liability Arrangement [Line Items]
Notes Issued	$ 6

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Sep. 30, 2023
Subsequent Event [Line Items]
Non-cash lease obligation		$ 19,648
Finance lease, liability		26,355
Power Equipment Lease
Subsequent Event [Line Items]
Finance lease, liability		$ 27,200
Power Equipment Lease | Subsequent Event
Subsequent Event [Line Items]
Finance lease, liability	$ 25,200
Electric Fleet One Lease | Subsequent Event
Subsequent Event [Line Items]
Non-cash lease obligation	$ 5,600