ProPetro Holding (PUMP) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		107,039,149
Entity Central Index Key	0001680247
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 46,458	$ 33,354
Accounts receivable - net of allowance for credit losses of $236 and $236, respectively	273,709	237,012
Inventories	19,447	17,705
Prepaid expenses	13,124	14,640
Short-term investment, net	7,143	7,745
Other current assets	155	353
Total current assets	360,036	310,809
PROPERTY AND EQUIPMENT - net of accumulated depreciation	947,138	967,116
OPERATING LEASE RIGHT-OF-USE ASSETS	109,362	78,583
FINANCE LEASE RIGHT-OF-USE ASSETS	42,923	47,449
OTHER NONCURRENT ASSETS:
Goodwill	23,624	23,624
Intangible assets - net of amortization	49,183	50,615
Other noncurrent assets	1,994	2,116
Total other noncurrent assets	74,801	76,355
TOTAL ASSETS	1,534,260	1,480,312
CURRENT LIABILITIES:
Accounts payable	189,216	161,441
Accrued and other current liabilities	70,855	75,616
Operating lease liabilities	26,534	17,029
Finance lease liabilities	17,379	17,063
Total current liabilities	303,984	271,149
DEFERRED INCOME TAXES	101,045	93,105
LONG-TERM DEBT	45,000	45,000
NONCURRENT OPERATING LEASE LIABILITIES	56,481	38,600
NONCURRENT FINANCE LEASE LIABILITIES	26,416	30,886
OTHER LONG-TERM LIABILITIES	3,180	3,180
Total liabilities	536,106	481,920
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, 106,891,337 and 109,483,281 shares issued, respectively	107	109
Additional paid-in capital	909,083	929,249
Retained earnings	88,964	69,034
Total shareholders’ equity	998,154	998,392
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,534,260	$ 1,480,312

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 236	$ 236
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)	106,891,337	109,483,281

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]
REVENUE - Service revenue	$ 405,843	$ 423,570
COSTS AND EXPENSES
Cost of services (exclusive of depreciation and amortization)	288,641	280,486
General and administrative expenses (inclusive of stock-based compensation)	28,226	28,746
Depreciation and amortization	52,206	38,271
Loss on disposal of assets	6,458	34,607
Total costs and expenses	375,531	382,110
OPERATING INCOME	30,312	41,460
OTHER (EXPENSE) INCOME:
Interest expense	(2,029)	(667)
Other income (expense), net	1,405	(3,704)
Total other (expense) income, net	(624)	(4,371)
INCOME BEFORE INCOME TAXES	29,688	37,089
INCOME TAX EXPENSE	(9,758)	(8,356)
NET INCOME	$ 19,930	$ 28,733
NET INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ 0.18	$ 0.25
Diluted (in dollars per share)	$ 0.18	$ 0.25
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	108,540	114,881
Diluted (in shares)	108,989	115,331

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
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	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, 2023		109,483
Balance at beginning of period at Dec. 31, 2023	998,392	$ 109	929,249	69,034
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,742		3,742
Issuance of equity awards, net (in shares)		376
Issuance of equity awards, net	0	$ 1	(1)
Tax withholdings paid for net settlement of equity awards	(1,209)		(1,209)
Share repurchases (in shares)		(2,968)
Share repurchases	(22,508)	$ (3)	(22,505)
Excise tax on share repurchases	(193)		(193)
Net income	19,930			19,930
Balance at end of period (in shares) at Mar. 31, 2024		106,891
Balance at end of period at Mar. 31, 2024	$ 998,154	$ 107	$ 909,083	$ 88,964

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,930	$ 28,733
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,206	38,271
Deferred income tax expense	7,940	7,807
Amortization of deferred debt issuance costs	108	64
Stock-based compensation	3,742	3,536
Loss on disposal of assets	6,458	34,607
Unrealized loss on short-term investment	602	3,794
Changes in operating assets and liabilities:
Accounts receivable	(36,697)	(74,199)
Other current assets	430	(468)
Inventories	(1,742)	(6,366)
Prepaid expenses	1,530	(548)
Accounts payable	21,191	29,823
Accrued and other current liabilities	(876)	8,006
Net cash provided by operating activities	74,822	73,060
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(34,585)	(114,839)
Proceeds from sale of assets	738	1,089
Net cash used in investing activities	(33,847)	(113,750)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on finance lease obligations	(4,154)	0
Tax withholdings paid for net settlement of equity awards	(1,209)	(3,379)
Share repurchases	(22,508)	0
Net cash used in financing activities	(27,871)	(3,379)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	13,104	(44,069)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period	33,354	88,862
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - End of period	46,458	44,793
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures included in accounts payable and accrued liabilities	26,859	64,784
Summary of cash, cash equivalents and restricted cash
Cash and cash equivalents	46,458	26,498
Restricted cash	0	18,295
Total cash, cash equivalents and restricted cash — End of period	$ 46,458	$ 44,793

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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, 2023, 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. 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. 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 was used to pay for contractually agreed upon expenditures. We had no restricted cash as of March 31, 2024 and December 31, 2023. 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. 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 $15.9 million a nd $19.2 million as of March 31, 2024 and December 31, 2023 , respectively. During the three months ended March 31, 2024 and 2023, we recognized revenue of $1.7 million and $1.0 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 March 31, 2024 and December 31, 2023, accrued revenue (unbilled receivable) included as part of our accounts receivable was $63.1 million and $55.4 million , respectively. At March 31, 2024, the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing and wireline operations was $22.9 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 March 31, 2024, 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 three months ended March 31, 2024: (in thousands) Balance - January 1, 2024 $ 236 Provision for credit losses during the period — Write-off during the period — Balance - March 31, 2024 $ 236 Reclassification of Prior Period Presentation Certain reclassifications have been made to prior period segment information to conform to the current period presentation. These reclassifications had no effect on our balance sheet, operating and net income or cash flows from operating, investing and financing activities. The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024. In order to conform to current period presentation, we have reclassified the corresponding amount of $12.5 million from depreciation to loss on disposal of assets for the three months ended March 31, 2023. Depreciation and Amortization Depreciation and amortization comprised of the following: (in thousands) Three Months Ended March 31, 2024 2023 Depreciation and amortization related to cost of services $ 50,774 $ 36,839 Depreciation and amortization related to general and administrative expenses 1,432 1,432 Total depreciation and amortization $ 52,206 $ 38,271 Share Repurchases

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“Codification”). The amendments in the ASU represent changes to clarify or improve disclosure and presentation requirements of a variety of Codification topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. ASU 2023-06 will become effective for each amendment on the effective date of the SEC's corresponding disclosure rule changes. We do not expect ASU No. 2023-06 to have a material impact on our condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose on an annual and interim basis, 1) significant segment expenses that are regularly provided to the Chief Operating Decision Maker (the “CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”) and 2) an amount for other segment items representing the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. This ASU also requires public entities to provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, clarifies that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss but at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles under GAAP. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We do not expect to early adopt ASU No. 2023-07. We are currently evaluating the impact ASU No. 2023-07 will have on our segment disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Par Five Acquisition

Par Five Acquisition	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Par Five Acquisition	Par Five Acquisition On December 1, 2023, the Company completed the acquisition of certain assets and certain liabilities of Par Five Energy Services LLC ("Par Five"), an oilfield service company based in Artesia, New Mexico that provides cementing and remediation services across the Permian Basin in Texas and New Mexico (the "Par Five Acquisition"). As a result of the Par Five Acquisition, the Company expanded its operations in the cementing service business unit. The following table summarizes the consideration transferred to Par Five and the recognized amounts of identified assets acquired and liabilities assumed at the acquisition date: (in thousands) Total purchase consideration: Cash $ 22,215 Deferred cash payment 3,180 Total consideration $ 25,395 (in thousands) Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 8,712 Inventory 321 Property, plant and equipment 17,175 Accrued liabilities (813) Total net assets acquired $ 25,395 The deferred cash consideration of $3.2 million will be used to cover the amount by which the estimated purchase price exceeds the final purchase price, if any. The unused amount is payable to Par Five or its beneficiary on June 1, 2025 and accrues interest at 4.0% per annum. This obligation is shown within other long-term liabilities in our condensed consolidated balance sheets. As of March 31, 2024, the outstanding amount for this obligation was $3.2 million. The fair value of the assets acquired includes account receivables of $8.7 million . The gross amount due under contracts is $8.7 million

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used, when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions other market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Assets and Liabilities Measured at Fair Value on a Recurring Basis 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 March 31, 2024 and December 31, 2023 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 March 31, 2024: Short-term investment $ 7,143 $ 7,143 $ — $ — $ (602) December 31, 2023: Short-term investment $ 7,745 $ 7,745 $ — $ — $ (2,538) 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 March 31, 2024, the fair value of the short-term investment was estimated at $7.1 million. The fluctuation in stock price resulted in an unrealized loss of $0.6 million and $3.8 million for the three months ended March 31, 2024 and 2023, respectively . Included in the unrealized loss for the three months ended March 31, 2024 was a loss of $0.2 million resulting from non-cash foreign currency translation during the three months ended March 31, 2024. There was no unrealized gain or loss resulting from non-cash foreign currency translation during the three months ended March 31, 2023. The unrealized loss resulting from stock price fluctuation and the unrealized loss 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 Par Five 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 three months ended March 31, 2024 and 2023. There were no additions to goodwill during the three months ended March 31, 2024 and 2023. The wireline operating segment is the only segment with goodwill at March 31, 2024 and December 31, 2023. There were no goodwill impairment losses during the three months ended March 31, 2024 and 2023. We conducted our annual impairment test of goodwill in accordance with ASC 350, Intangibles—Goodwill and Other, as of December 31, 2023 and determined that no impairment to the carrying value of goodwill for our reporting unit (wireline operating segment) was required.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023 was $1.4 million and $1.4 million, respectively. The Company’s intangible assets subject to amortization consisted of the following: (in thousands) March 31, 2024 December 31, 2023 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 (1,530) (1,260) Customer relationships (6,587) (5,425) Total accumulated amortization (8,117) (6,685) Intangible assets — net $ 49,183 $ 50,615 Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows: (in thousands) Year Estimated future amortization expense 2024 $ 4,298 2025 5,730 2026 5,730 2027 5,730 2028 and beyond 27,695 Total $ 49,183

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Asset-Based Loan 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), in each case, depending on the credit ratings of our accounts receivable counterparties, less customary reserves (the "Borrowing Base"), as redetermined monthly. The Borrowing Base as of March 31, 2024, was approximately $192.1 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% fo r base rate loans. For the three months ended March 31, 2024 , t he weighted average interest rate on our outstanding borrowings under the ABL Credit Facility was 7.21%. The loan origination costs relating to the ABL Credit Facility are classified as an asset in the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, we had borrowings outstanding under our ABL Credit F acility of $45.0 million and $45.0 million, resp

Reportable Segment Information

Reportable Segment Information	3 Months Ended
	Mar. 31, 2024
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), wireline and cementing. These operating segments represent how the CODM evaluates performance and allocates resources. Prior to the fourth quarter of fiscal year 2023, our operating segments met the aggregation criteria in accordance with ASC 280 —Segment Reporting and were aggregated into the “Completion Services” reportable segment. Effective as of the fourth quarter of fiscal year 2023, we revised our segment reporting as we determined that our three operating segments no longer met the criteria to be aggregated. Our Hydraulic Fracturing and Wireline operating segments meet the criteria of a reportable segment. Our cementing segment does not meet the reportable segment criteria and is included within the “All Other” category. Additionally, our corporate administrative activities do not involve business activities from which it may earn revenues and its results are not regularly reviewed by the Company’s CODM when making key operating and resource decisions. As a result, corporate administrative expenses have been included under “Reconciling Items.” Prior period segment information has been revised to conform to our current presentation. Our hydraulic fracturing operating segment revenue approximated 76.2% and 79.0% of our revenue for the three months ended March 31, 2024 and 2023, respectively. Revenue from our wireline operating segment approximated 15.0% and 14.7% of our revenue for the three months ended March 31, 2024 and 2023, respectively. Our cementing operating segment revenue approximated 8.8% and 6.3% of our revenue for the three months ended March 31, 2024 and 2023, respectively. Our operating segments are subject to inherent uncertainties which may influence our prospective activities. Inter-segment revenues are not material and are not shown separately in the tables below. The Company manages and assesses the performance of the reportable segment by its adjusted EBITDA (earnings before interest expense, income taxes, depreciation and amortization, stock-based compensation expense, other income or expense, gain or loss on disposal of assets and other unusual or nonrecurring expenses or income such as impairment charges, retention bonuses, severance, costs related to asset acquisitions, insurance recoveries, one-time professional fees and legal settlements) . The following tables set forth certain financial information with respect to the Company’s reportable segments ; inter-segment revenues are not material and not shown separately (in thousands): Three Months Ended March 31, 2024 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 309,300 $ 60,805 $ 35,738 $ — $ 405,843 Adjusted EBITDA for reportable segments $ 86,119 $ 16,786 $ 4,861 $ — $ 107,766 Depreciation and amortization $ 44,995 $ 4,915 $ 2,271 $ 25 $ 52,206 Capital expenditures incurred $ 35,988 $ 2,386 $ 1,466 $ — $ 39,840 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets March 31, 2024 $ 1,236,940 $ 210,579 $ 74,664 $ 12,077 $ 1,534,260 Three Months Ended March 31, 2023 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 334,441 $ 62,560 $ 26,569 $ — $ 423,570 Adjusted EBITDA for reportable segments $ 108,581 $ 18,331 $ 3,963 $ — $ 130,875 Depreciation and amortization (1) $ 32,412 $ 4,408 $ 1,360 $ 91 $ 38,271 Capital expenditures incurred $ 95,073 $ 1,033 $ 1,064 $ — $ 97,170 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets at December 31, 2023 $ 1,189,526 $ 198,957 $ 78,475 $ 13,354 $ 1,480,312 (1) The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024. In order to conform to current period presentation, we have reclassified the corresponding amount of $12.5 million from depreciation to loss on disposal of assets for the three months ended March 31, 2023. A reconciliation from reportable segment level financial information to the condensed consolidated statement of operations is provided in the table below (in thousands): Three Months Ended March 31, 2024 2023 Service Revenue Hydraulic Fracturing $ 309,300 $ 334,441 Wireline 60,805 62,560 All Other 35,738 26,569 Total service revenue for reportable segments 405,843 423,570 Elimination of intersegment service revenue — — Total consolidated service revenue $ 405,843 $ 423,570 Adjusted EBITDA Hydraulic Fracturing $ 86,119 $ 108,581 Wireline 16,786 18,331 All Other 4,861 3,963 Total Adjusted EBITDA for reportable segments 107,766 130,875 Unallocated corporate administrative expenses (14,371) (11,710) Depreciation and amortization (1) (52,206) (38,271) Interest expense (2,029) (667) Income tax expense (9,758) (8,356) Loss on disposal of assets (1) (6,458) (34,607) Stock-based compensation (3,742) (3,536) Other income (expense), net (2) 1,405 (3,704) Other general and administrative expense, net (59) (946) Retention bonus and severance expense (618) (345) Net income $ 19,930 $ 28,733 (1) The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024. In order to conform to current period presentation, we have reclassified the corresponding amount of $12.5 million from depreciation to loss on disposal of assets for the three months ended March 31, 2023. (2) Other income for the three months ended March 31, 2024 is primarily comprised of insurance reimbursements of $2.0 million, partially offset by a $0.6 million unrealized loss on short-term investment. Other expense for the three months ended March 31, 2023 is primarily comprised of a $3.8 unrealized loss on short-term investment.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per common share is computed by dividing the net income relevant to the common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per common share uses the same net income divided by the sum of the weighted average number of shares of common stock outstanding during the period, plus dilutive effects of options, performance stock units ("PSUs") and restricted stock units ("RSUs") outstanding during the period calculated using the treasury method and the potential dilutive effects of preferred stocks (if any) calculated using the if-converted method. The table below shows the calculations for the three months ended March 31, 2024 and 2023 (in thousands, except for per share data): Three Months Ended March 31, 2024 2023 Numerator (both basic and diluted) Net income relevant to common stockholders $ 19,930 $ 28,733 Denominator Denominator for basic income per share 108,540 114,881 Dilutive effect of stock options — — Dilutive effect of performance share units — 170 Dilutive effect of restricted stock units 449 280 Denominator for diluted income per share 108,989 115,331 Basic income per common share $ 0.18 $ 0.25 Diluted income per common share $ 0.18 $ 0.25 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 months ended March 31, 2024 and 2023 because they will be anti-dilutive to the calculation of diluted net income per common share: (in thousands) Three Months Ended March 31, 2024 2023 Stock options 179 426 Restricted stock units 628 1,084 Performance stock units 669 — Total 1,476 1,510

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On April 24, 2024, the Company's board of directors (the "Board") approved an increase and extension to the share repurchase program previously authorized on May 17, 2023. The program permits the repurchase of up to an additional $100 million of the Company's common stock for a total of $200 million and extends the expiration date by one year to May 31, 2025. 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 2025. The 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations enacted as part of the Inflation Reduction Act of 2022 ("IRA 2022") applies to our share repurchase program. 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 March 31, 2024, the Company paid an aggregate of $22.5 million, an average price per share of $7.58 including commissions, for share repurchases under the share repurchase program. The Company has accrued $0.6 million in respect of the IRA 2022 repurchase excise tax as of March 31, 2024. As of April 24, 2024, $125.8 million remained authorized for future repurchases of common stock under the repurchase program.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options There were no new stock option grants during the three months ended March 31, 2024. As of March 31, 2024, t here was no aggregate intrinsic value for our outst anding or exercisable stock options because the closing stock price as of March 31, 2024 was below the cost to exercise these options. No stock options were exercised during the three months ended March 31, 2024. The weighted average remaining contractual term for the outstanding and exercisable stock options as of March 31, 2024 w as approximately 3.0 years. A summary of the stock option activity for the three months ended March 31, 2024 is presented below (in thousands, except for weighted average price): Number of Shares Weighted Outstanding at January 1, 2024 180 $ 14.00 Granted — $ — Exercised — $ — Forfeited — $ — Expired (1) $ 14.00 Outstanding at March 31, 2024 179 $ 14.00 Exercisable at March 31, 2024 179 $ 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 three months ended March 31, 2024, we granted 1,620,150 RSUs to employees, officers and directors pursuant to the A&R 2020 Incentive Plan, which generally vest ratably over a three-year vesting period or a two-year period at one-third after first year anniversary and two-thirds after the second year anniversary, 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 March 31, 2024, the total unrecognized compensation expense for all RSUs was approximately $24.6 million, and is expected to be recognized over a weighted average period of approximately 2.2 years. The following table summarizes RSUs activity during the three months ended March 31, 2024 (in thousands, except for fair value): Number of Weighted Outstanding at January 1, 2024 2,264 $ 9.81 Granted 1,620 $ 7.31 Vested (522) $ 10.49 Forfeited (12) $ 9.12 Canceled — $ — Outstanding at March 31, 2024 3,350 $ 8.50 Performance Share Units During the three months ended March 31, 2024, we granted 637,266 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 three months ended March 31, 2024 (in thousands, except for weighted average fair value): Period Target Shares Outstanding at January 1, 2024 Target Target Shares Vested Target Target Shares Outstanding at March 31, 2024 2021 620 — — (620) — 2022 306 — — — 306 2023 438 — — — 438 2024 — 637 — — 637 Total 1,364 637 — (620) 1,381 Weighted Average Fair Value Per Share $ 15.80 $ 8.22 $ — $ 14.73 $ 12.79 The total stock-based compensation expense for the three months ended March 31, 2024 and 2023 for all stock awards was $3.7 million and $3.5 million, respectively, and the associated tax benefit related thereto was $0.8 million and $0.7 million , respectively. The total unrecognized stock-based compensation expense as of March 31, 2024 was approximately $34.9 million, an d is expected to be recognized over a weighted average period of approximatel

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2024
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 $0.01 million and $0.05 million, respectively during the three months ended March 31, 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 $4.9 million and $54.3 million of our total revenue during the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the total accounts receivable due from Pioneer, including estimated unbilled receivables for services we provided, amounted to approxim at ely $3.3 million and the amount due to Pioneer was $0 . As of December 31, 2023, the balance due from Pioneer for services we provided amounted to approximately $2.4 million a nd the amount due to Pioneer was $0 .

Leases

Leases	3 Months Ended
	Mar. 31, 2024
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. The assets and liabilities under this contract are included in our Hydraulic Fracturing 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. During the three months ended March 31, 2023, the Company made lease payments of approximate ly $0.1 million . 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. The assets and liabilities under this contract are included in our Hydraulic Fracturing reportable segment. During the three months ended March 31, 2024 and 2023 , the Company made lease payments of approximately $0.1 million a nd $0.1 million, respectively. In addition to the contractual lease period, the contract included an optional renewal for three additional periods of one year each, however, the Company terminated the Maintenance Facility Lease at the end of the term, March 13, 2024. 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. 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 three months ended March 31, 2024, the Company made lease payments of approximately $2.3 million on the Electric Fleet One Lease, including variable lease payments of approximately $0.3 million. During the three months ended March 31, 2024, the Company incurred initial direct costs of approximately $3.0 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 Hydraulic Fracturing 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 March 31, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.3% and 2.7 years, respectively. The second of the Electric Fleet Leases (the "Electric Fleet Two Lease") commenced on November 1, 2023 when we received some of the equipment associated with the second FORCE SM electric-powered hydraulic fracturing fleet. During the three months ended March 31, 2024, the Company made lease payments of approximately $2.3 million, on the Electric Fleet Two Lease, including variable lease payments of approximately $0.3 million. During the three months ended March 31, 2024, the Company incurred initial direct costs of approximately $1.6 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 Two Lease . The assets and liabilities under this contract are included in our Hydraulic Fracturing 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 Two Lease contains variable payments based on equipment usage. The Electric Fleet Two Lease does not include a residual value guarantee, covenants or financial restrictions. We accounted for the Electric Fleet 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. As of March 31, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 2.9 years, respectively. The third of the Electric Fleet Leases (the "Electric Fleet Three Lease") commenced on December 19, 2023, when we received some of the equipment associated with the third FORCE SM electric-powered hydraulic fracturing fleet. During the three months ended March 31, 2024, the Company made lease payments of approximately $1.6 million, including variable lease payments of approximately $0.05 million. During the three months ended March 31, 2024, the Company incurred initial direct costs of approximately $0.2 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 Three Lease . The assets and liabilities under this contract are included in our Hydraulic Fracturing 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 Three Lease contains variable payments based on equipment usage. The Electric Fleet Three Lease does not include a residual value guarantee, covenants or financial restrictions. We accounted for the Electric Fleet Three 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 March 31, 2024, the weighted average discount rate and remaining lease term was approximately 7.2% and 3.0 years, respectively. As of March 31, 2024, we have not received some of the equipment contracted under the Electric Fleet Three 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 March 31, 2024. The fourth of the Electric Fleet Leases (the "Electric Fleet Four Lease") commenced on February 9, 2024, when we received some of the equipment associated with the fourth FORCE SM electric-powered hydraulic fracturing fleet. During the three months ended March 31, 2024, the Company made lease payments of approximately $0.3 million with no variable lease payments. During the three months ended March 31, 2024, the Company incurred initial direct costs of approximately $1.4 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 Four Lease . The assets and liabilities under this contract are included in our Hydraulic Fracturing 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 Four Lease contains variable payments based on equipment usage. The Electric Fleet Four Lease does not include a residual value guarantee, covenants or financial restrictions. We accounted for the Electric Fleet Four 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 March 31, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 3.0 years, respectively. As of March 31, 2024, we have not received some of the equipment contracted under the Electric Fleet Four 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 March 31, 2024. We currently expect to receive the remaining equipment associated with the third and fourth fleets in the first half of 2024. 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 three months ended March 31, 2024, the Company made lease payments of approxim ately $0.1 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 March 31, 2024, the weighted average discount rate and remaining lease term was approximatel y 6.3% and 4.1 years , respectively. As part of our acquisition of Silvertip Completion Services Operating, LLC , 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 November 1, 2022. During 2023, we extended the Silvertip One Lease for an additional 1.3 years . During the three months ended March 31, 2024, the Company made lease payments of approxim ately $0.05 million and $0.1 million on t he 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 March 31, 2024, the weighted average discount rate and remaining lease term for the Silvertip One Lease was approxim ately 6.3% and 4.7 years, respectively. As of March 31, 2024, the weighted average discount rate and remaining lease term for the Silvertip Two Lease was approximately 2.1% and 4.7 years, respectively. In March 2023, we entered into a real estate le ase contract for 5.7 years ( the "Silvertip Three Lease"), with a commencement date of April 1, 20 23. During the three months ended March 31, 2024 and 2023 , the Company made lease payments of appro ximately $0.03 million an d $0, respectively . 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 was insignificant. As of March 31, 2024, the weighted average discount rate and remaining lease term was approximately 6.3% and 4.7 years, respectively. On June 1, 2023, we commenced an office space lease contract for 5.0 years (the "Silvertip Office Lease"). During the three months ended March 31, 2024, the Company made lease payments of approximately $0.04 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 contract 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 March 31, 2024, the weighted average discount rate and remaining lease term was approximately 6.5% and 4.2 years, res pectively. 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 three months ended March 31, 2024, the Company made lease payments of approximately $0.04 million on the Corporate Office Lease. The assets and liabilities under this contract are recorded in our Completion Services reportable segment. In 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 contract 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 March 31, 2024, the weighted average discount rate and remaining lease term was approximately 7.1% and 1.5 years, res pectively. As of March 31, 2024, the total operating lease right-of-use asset cost was approximately $124.4 million, and accumulated amortization was approximately $15.0 million. As of December 31, 2023, our total operating lease right-of-use asset cost was approximately $85.8 million, and accumulated amortization was approximately $7.2 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. During the three months ended March 31, 2024, the Company made lease payments of approximately $5.0 million o n the Power Equipment Lease. The assets and liabilities under this contract are included in our Hydraulic Fracturing 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 March 31, 2024, the weighted average discount rate and remaining lease term was approximately 7.3% and 2.4 years, respectively. As of March 31, 2024, the total finance lease right-of-use asset cost was approximat ely $52.6 million , and accumulated amortization was approximately $9.7 million . As of December 31, 2023, the total finance lease right-of-use was approximately $52.6 million, and accumulated amortization was approximately $5.2 million. 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 March 31, 2024 are as follows: (in thousands) Operating Leases Finance Leases 2024 $ 23,655 $ 14,904 2025 31,433 19,872 2026 30,669 12,790 2027 5,570 — 2028 821 — Total undiscounted future lease payments 92,148 47,566 Less: amount representing interest (9,133) (3,771) Present value of future lease payments (lease obligation) $ 83,015 $ 43,795 The total cash paid for amounts included in the measurement of our operating lease liabilities during the three months ended March 31, 2024 was approximately $6.3 million. The total cash paid for amounts included in the measurement of our finance lease liabilities during the three months ended March 31, 2024 was approximatel y $4.2 million. D uring the three months ended March 31, 2024, we recorded non-cash operating lease obligations totaling approximately $32.4 million a rising from obtaining right-of-use assets related to the receipt of equipment under the Electric Fleet Two Lease, the Electric Fleet Three Lease and the Electric Fleet Four Lease. During the three months ended March 31, 2023 , total cash paid for amounts included in the measurement of our operating lease liabilities was approximately $0.3 million . During the three months ended March 31, 2023, we recorded a non-cash operating lease obligation of approximately $1.8 million as a result of our execution of the Real Estate Two Lease and our extension of the Silvertip One 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 three months ended March 31, 2024 and 2023, we recorded operating lease cost of approximately $9.0 million and $0.3 million, respectively, in our condensed consolidated statements of operations. For the three months ended March 31, 2024, we recorded finance lease cost of approximately $5.3 million in our condensed consolidated statements of operations comprising of amortization of finance right-of-use asset of approximately $4.5 million and interest on finance lease liabilities of approximately $0.8 million. For the three months ended March 31, 2023, we had no finance lease costs. For the three months ended March 31, 2024 and 2023, we recorded variable lease cost of approximately $0.6 million and $0, respectively, in our condensed consolidated statements of operations. For the three months ended March 31, 2024 and 2023, we recorded short-term lease cost of approximately $0.2 million and $0.3 million , respectively, in our condensed consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, all four of the Electric Fleet Leases commenced when the Company took possession of all equipment associated with the first and second FORCE SM electric-powered hydraulic fracturing fleet and some of the equipment associated with the third and fourth fleets. Lease payments pertaining to the remaining equipment associated with the third and fourth Electric Fleet Leases are expected to commence when the Company takes possession of the remaining associated equipment . We currently expect to receive the remaining 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 $100.7 million. We also entered into the Power Equipment Lease. The total estimated contractual commitment in connection with the Power Equipment Lease is approximately $47.6 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 $13.1 million. During the three months ended March 31, 2024 and 2023, no shortfall fee was recorded. As of March 31, 2024, 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 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. A s of March 31, 2024, the audit was substantially complete and the Company accrued for an estimated settlement expense of $6.0 million. In May 2022, the Company received a notification from the Comptroller that it will commence a routin e audit of the Company's gross receipt taxes, which typically covers up to a four-year period. As of March 31, 2024, 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 March 31, 2024, the audit is still ongoing and the final outcome cannot be reasonably estimated.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2024, we received some of the remaining equipment associated with our third FORCE SM electric-powered hydraulic fracturing fleet and additional equipment associated with our fourth FORCE SM electric-powered hydraulic fracturing fleet under the Electric Fleet Leases, resulting in the addition of non-cash operating lease obligations totaling approximately $5.3 million arising from obtaining right-of-use assets related to this equipment. In April 2024, we entered into a contract with Exxon Mobil Corporation to provide hydraulic fracturing services with two FORCE SM electric-powered hydraulic fracturing fleets and other completion services with an option to add a third FORCE SM fleet for a period of three years or contracted hours, whichever occurs last with respect to each fleet. On April 24, 2024, the Board approved an increase and extension to the share repurchase program previously authorized on May 17, 2023. The approval permits the repurchase of up to an additional $100 million of the Company's common stock for a total of $200 million and has extended the expiration date of the program by one year to May 31, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 19,930	$ 28,733

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2023, 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. 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.
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 was used to pay for contractually agreed upon expenditures. We had no restricted cash as of March 31, 2024 and December 31, 2023.
Accounts Receivable	Accounts receivable are stated at the amount billed and billable to customers.
Allowance for Credit Losses	As of March 31, 2024, 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	Certain reclassifications have been made to prior period segment information to conform to the current period presentation. These reclassifications had no effect on our balance sheet, operating and net income or cash flows from operating, investing and financing activities. The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024.
Share Repurchases	All 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 Standards In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative . This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification (“Codification”). The amendments in the ASU represent changes to clarify or improve disclosure and presentation requirements of a variety of Codification topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations. ASU 2023-06 will become effective for each amendment on the effective date of the SEC's corresponding disclosure rule changes. We do not expect ASU No. 2023-06 to have a material impact on our condensed consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose on an annual and interim basis, 1) significant segment expenses that are regularly provided to the Chief Operating Decision Maker (the “CODM”) and included within each reported measure of segment profit or loss (collectively referred to as the “significant expense principle”) and 2) an amount for other segment items representing the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. This ASU also requires public entities to provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods, clarifies that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit or loss but at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles under GAAP. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We do not expect to early adopt ASU No. 2023-07. We are currently evaluating the impact ASU No. 2023-07 will have on our segment disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires disaggregation of certain components included in the Company’s effective tax rate and income taxes paid disclosures. The guidance is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact of ASU No. 2023-09 on our income tax disclosures.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used, when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions other market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment. Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024: (in thousands) Balance - January 1, 2024 $ 236 Provision for credit losses during the period — Write-off during the period — Balance - March 31, 2024 $ 236
Schedule Of Depreciation and Amortization Costs	Depreciation and amortization comprised of the following: (in thousands) Three Months Ended March 31, 2024 2023 Depreciation and amortization related to cost of services $ 50,774 $ 36,839 Depreciation and amortization related to general and administrative expenses 1,432 1,432 Total depreciation and amortization $ 52,206 $ 38,271

Par Five Acquisition (Tables)

Par Five Acquisition (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration transferred to Par Five and the recognized amounts of identified assets acquired and liabilities assumed at the acquisition date: (in thousands) Total purchase consideration: Cash $ 22,215 Deferred cash payment 3,180 Total consideration $ 25,395 (in thousands) Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 8,712 Inventory 321 Property, plant and equipment 17,175 Accrued liabilities (813) Total net assets acquired $ 25,395

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024: Short-term investment $ 7,143 $ 7,143 $ — $ — $ (602) December 31, 2023: Short-term investment $ 7,745 $ 7,745 $ — $ — $ (2,538)

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
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) March 31, 2024 December 31, 2023 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 (1,530) (1,260) Customer relationships (6,587) (5,425) Total accumulated amortization (8,117) (6,685) Intangible assets — net $ 49,183 $ 50,615
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 2024 $ 4,298 2025 5,730 2026 5,730 2027 5,730 2028 and beyond 27,695 Total $ 49,183

Reportable Segment Information

Reportable Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Reconciliation of Segment Information	The following tables set forth certain financial information with respect to the Company’s reportable segments ; inter-segment revenues are not material and not shown separately (in thousands): Three Months Ended March 31, 2024 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 309,300 $ 60,805 $ 35,738 $ — $ 405,843 Adjusted EBITDA for reportable segments $ 86,119 $ 16,786 $ 4,861 $ — $ 107,766 Depreciation and amortization $ 44,995 $ 4,915 $ 2,271 $ 25 $ 52,206 Capital expenditures incurred $ 35,988 $ 2,386 $ 1,466 $ — $ 39,840 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets March 31, 2024 $ 1,236,940 $ 210,579 $ 74,664 $ 12,077 $ 1,534,260 Three Months Ended March 31, 2023 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 334,441 $ 62,560 $ 26,569 $ — $ 423,570 Adjusted EBITDA for reportable segments $ 108,581 $ 18,331 $ 3,963 $ — $ 130,875 Depreciation and amortization (1) $ 32,412 $ 4,408 $ 1,360 $ 91 $ 38,271 Capital expenditures incurred $ 95,073 $ 1,033 $ 1,064 $ — $ 97,170 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets at December 31, 2023 $ 1,189,526 $ 198,957 $ 78,475 $ 13,354 $ 1,480,312 (1) The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024. In order to conform to current period presentation, we have reclassified the corresponding amount of $12.5 million from depreciation to loss on disposal of assets for the three months ended March 31, 2023. A reconciliation from reportable segment level financial information to the condensed consolidated statement of operations is provided in the table below (in thousands): Three Months Ended March 31, 2024 2023 Service Revenue Hydraulic Fracturing $ 309,300 $ 334,441 Wireline 60,805 62,560 All Other 35,738 26,569 Total service revenue for reportable segments 405,843 423,570 Elimination of intersegment service revenue — — Total consolidated service revenue $ 405,843 $ 423,570 Adjusted EBITDA Hydraulic Fracturing $ 86,119 $ 108,581 Wireline 16,786 18,331 All Other 4,861 3,963 Total Adjusted EBITDA for reportable segments 107,766 130,875 Unallocated corporate administrative expenses (14,371) (11,710) Depreciation and amortization (1) (52,206) (38,271) Interest expense (2,029) (667) Income tax expense (9,758) (8,356) Loss on disposal of assets (1) (6,458) (34,607) Stock-based compensation (3,742) (3,536) Other income (expense), net (2) 1,405 (3,704) Other general and administrative expense, net (59) (946) Retention bonus and severance expense (618) (345) Net income $ 19,930 $ 28,733 (1) The write-offs of remaining book value of prematurely failed power ends are recorded as loss on disposal of assets in 2024. In order to conform to current period presentation, we have reclassified the corresponding amount of $12.5 million from depreciation to loss on disposal of assets for the three months ended March 31, 2023. (2) Other income for the three months ended March 31, 2024 is primarily comprised of insurance reimbursements of $2.0 million, partially offset by a $0.6 million unrealized loss on short-term investment. Other expense for the three months ended March 31, 2023 is primarily comprised of a $3.8 unrealized loss on short-term investment.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Calculations of Net Loss Per Share	The table below shows the calculations for the three months ended March 31, 2024 and 2023 (in thousands, except for per share data): Three Months Ended March 31, 2024 2023 Numerator (both basic and diluted) Net income relevant to common stockholders $ 19,930 $ 28,733 Denominator Denominator for basic income per share 108,540 114,881 Dilutive effect of stock options — — Dilutive effect of performance share units — 170 Dilutive effect of restricted stock units 449 280 Denominator for diluted income per share 108,989 115,331 Basic income per common share $ 0.18 $ 0.25 Diluted income per common share $ 0.18 $ 0.25
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 months ended March 31, 2024 and 2023 because they will be anti-dilutive to the calculation of diluted net income per common share: (in thousands) Three Months Ended March 31, 2024 2023 Stock options 179 426 Restricted stock units 628 1,084 Performance stock units 669 — Total 1,476 1,510

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Options Activity	A summary of the stock option activity for the three months ended March 31, 2024 is presented below (in thousands, except for weighted average price): Number of Shares Weighted Outstanding at January 1, 2024 180 $ 14.00 Granted — $ — Exercised — $ — Forfeited — $ — Expired (1) $ 14.00 Outstanding at March 31, 2024 179 $ 14.00 Exercisable at March 31, 2024 179 $ 14.00
Summary of RSUs Activity	The following table summarizes RSUs activity during the three months ended March 31, 2024 (in thousands, except for fair value): Number of Weighted Outstanding at January 1, 2024 2,264 $ 9.81 Granted 1,620 $ 7.31 Vested (522) $ 10.49 Forfeited (12) $ 9.12 Canceled — $ — Outstanding at March 31, 2024 3,350 $ 8.50
Summary of Performance Shares Activity	The following table summarizes information about PSUs activity during the three months ended March 31, 2024 (in thousands, except for weighted average fair value): Period Target Shares Outstanding at January 1, 2024 Target Target Shares Vested Target Target Shares Outstanding at March 31, 2024 2021 620 — — (620) — 2022 306 — — — 306 2023 438 — — — 438 2024 — 637 — — 637 Total 1,364 637 — (620) 1,381 Weighted Average Fair Value Per Share $ 15.80 $ 8.22 $ — $ 14.73 $ 12.79

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 are as follows: (in thousands) Operating Leases Finance Leases 2024 $ 23,655 $ 14,904 2025 31,433 19,872 2026 30,669 12,790 2027 5,570 — 2028 821 — Total undiscounted future lease payments 92,148 47,566 Less: amount representing interest (9,133) (3,771) Present value of future lease payments (lease obligation) $ 83,015 $ 43,795

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Restricted cash	$ 0
Contract with customer, liability, current	15,900		$ 19,200
Contract with customer, liability, revenue recognized	1,700	$ 1,000
Contract with customer, asset, net	63,100		55,400
Allowance for credit losses during the period	236		$ 236
Loss on disposal of assets	$ 6,458	34,607
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Revision of Prior Period, Adjustment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on disposal of assets		12,500
Accumulated depreciation, depletion and amortization, property, plant and equipment, period increase (decrease)		$ 12,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 22,900
Revenue, remaining performance obligation, expected timing of satisfaction	1 month

Basis of Presentation - Allowan

Basis of Presentation - Allowance for Credit Losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 236
Provision for credit losses during the period	0
Write-off during the period	0
Ending balance	$ 236

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Amortization Expense Per Equivalent Unit of Production or Per Dollar of Gross Revenue [Line Items]
Depreciation and amortization	$ 52,206	$ 38,271
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	50,774	36,839
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	$ 1,432	$ 1,432

Par Five Acquisition - Narrativ

Par Five Acquisition - Narrative (Details) - Par Five - USD ($) $ in Thousands		3 Months Ended
	Dec. 01, 2023	Mar. 31, 2024
Business Acquisition, Contingent Consideration [Line Items]
Deferred cash payment	$ 3,180	$ 3,200
Business combination, holdback liability, interest rate	4%
Accounts receivable	$ 8,712

Par Five Acquisition - Summary

Par Five Acquisition - Summary of Assets Acquired And Liabilities Assumed (Details) - Par Five - USD ($) $ in Thousands		3 Months Ended
	Dec. 01, 2023	Mar. 31, 2024
Business Acquisition, Contingent Consideration [Line Items]
Cash	$ 22,215
Deferred cash payment	3,180	$ 3,200
Total consideration	25,395
Accounts receivable	8,712
Inventory	321
Property, plant and equipment	17,175
Accrued liabilities	(813)
Total net assets acquired	$ 25,395

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 7,100
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	7,143	$ 7,745
Total gains (losses)	(602)	(2,538)
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	7,143	7,745
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		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Sep. 01, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 7,100,000
Unrealized loss from fluctuation of stock price	600,000	$ 3,800,000
Unrealized gain (loss) from non-cash foreign currency translation	$ (200,000)	0
Number of shares restricted from selling, transferring or assigning, maximum (in shares)	0.9
Tangible asset impairment charges	$ 0	0
Goodwill, acquired during period	0	0
Goodwill, impairment loss	$ 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
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Useful life	10 years
Amortization expense	$ 1.4	$ 1.4
Finite-lived intangible assets, remaining amortization period	8 years 7 months 6 days

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired:	$ 57,300	$ 57,300
Accumulated amortization:	(8,117)	(6,685)
Intangible assets - net	49,183	50,615
Trademark/trade name
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired:	10,800	10,800
Accumulated amortization:	(1,530)	(1,260)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired:	46,500	46,500
Accumulated amortization:	$ (6,587)	$ (5,425)

Intangible Assets - Estimated F

Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 4,298
2025	5,730
2026	5,730
2027	5,730
2028 and beyond	27,695
Intangible assets - net	$ 49,183	$ 50,615

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Jun. 02, 2023	Apr. 30, 2022	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowing base, eligible unbilled percentage	80%
ABL CreditFacility | Line of Credit
Debt Instrument [Line Items]
Long-term debt			$ 45	$ 45
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			$ 192.1
Interest rate			7.21%
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) - segment	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Segment Reporting Information [Line Items]
Number of operating segments	3	3
Revenue from Contract with Customer, Product and Service Benchmark | Service Concentration Risk | Hydraulic Fracturing
Segment Reporting Information [Line Items]
Concentration risk	76.20%		79%
Revenue from Contract with Customer, Product and Service Benchmark | Service Concentration Risk | Wireline
Segment Reporting Information [Line Items]
Concentration risk	15%		14.70%
Revenue from Contract with Customer, Product and Service Benchmark | Service Concentration Risk | Cementing Segment
Segment Reporting Information [Line Items]
Concentration risk	8.80%		6.30%

Reportable Segment Informatio_3

Reportable Segment Information - Reconciliation of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Service revenue	$ 405,843	$ 423,570
Adjusted EBITDA	107,766	130,875
Depreciation and amortization	52,206	38,271
Capital expenditures incurred	39,840	97,170
Goodwill	23,624		$ 23,624
Total assets	1,534,260		1,480,312
Loss on disposal of assets	6,458	34,607
Revision of Prior Period, Adjustment
Segment Reporting Information [Line Items]
Accumulated depreciation, depletion and amortization, property, plant and equipment, period increase (decrease)		12,500
Loss on disposal of assets		12,500
Operating Segments
Segment Reporting Information [Line Items]
Service revenue	405,843	423,570
Adjusted EBITDA	107,766	130,875
Segment Reconciling Items
Segment Reporting Information [Line Items]
Service revenue	0	0
Adjusted EBITDA	0	0
Depreciation and amortization	25	91
Capital expenditures incurred	0	0
Goodwill	0		0
Total assets	12,077		13,354
Hydraulic Fracturing | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	309,300	334,441
Adjusted EBITDA	86,119	108,581
Depreciation and amortization	44,995	32,412
Capital expenditures incurred	35,988	95,073
Goodwill	0		0
Total assets	1,236,940		1,189,526
Wireline | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	60,805	62,560
Adjusted EBITDA	16,786	18,331
Depreciation and amortization	4,915	4,408
Capital expenditures incurred	2,386	1,033
Goodwill	23,624		23,624
Total assets	210,579		198,957
All Other | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	35,738	26,569
Adjusted EBITDA	4,861	3,963
Depreciation and amortization	2,271	1,360
Capital expenditures incurred	1,466	$ 1,064
Goodwill	0		0
Total assets	$ 74,664		$ 78,475

Reportable Segment Informatio_4

Reportable Segment Information - Reconciliation of Segment Information EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Service revenue	$ 405,843	$ 423,570
Adjusted EBITDA	107,766	130,875
Depreciation and amortization	(52,206)	(38,271)
Interest expense	(2,029)	(667)
Income tax expense	(9,758)	(8,356)
Loss on disposal of assets	(6,458)	(34,607)
Stock-based compensation	(3,742)	(3,536)
Other income (expense), net	1,405	(3,704)
Other general and administrative expense, net	(59)	(946)
Retention bonus and severance expense	(618)	(345)
Net income	19,930	28,733
Loss on disposal of assets	6,458	34,607
Insurance recoveries	2,000
Unrealized loss on short-term investment	602	3,794
Revision of Prior Period, Adjustment
Segment Reporting Information [Line Items]
Accumulated depreciation, depletion and amortization, property, plant and equipment, period increase (decrease)		12,500
Loss on disposal of assets		12,500
Operating Segments
Segment Reporting Information [Line Items]
Service revenue	405,843	423,570
Adjusted EBITDA	107,766	130,875
Intersegment Eliminations
Segment Reporting Information [Line Items]
Service revenue	0	0
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated corporate administrative expenses	(14,371)	(11,710)
Hydraulic Fracturing | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	309,300	334,441
Adjusted EBITDA	86,119	108,581
Depreciation and amortization	(44,995)	(32,412)
Wireline | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	60,805	62,560
Adjusted EBITDA	16,786	18,331
Depreciation and amortization	(4,915)	(4,408)
All Other | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	35,738	26,569
Adjusted EBITDA	4,861	3,963
Depreciation and amortization	$ (2,271)	$ (1,360)

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator (both basic and diluted)
Net income relevant to common stockholders	$ 19,930	$ 28,733
Denominator
Denominator for basic income per share (in shares)	108,540	114,881
Denominator for diluted income per share (in shares)	108,989	115,331
Basic income per share (in dollars per share)	$ 0.18	$ 0.25
Diluted income per share (in dollars per share)	$ 0.18	$ 0.25
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,476	1,510
Stock options
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	179	426
Performance stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	669	0
Restricted stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	628	1,084
Stock options
Denominator
Dilutive effect of share based payment (in shares)	0	0
Performance stock units
Denominator
Dilutive effect of share based payment (in shares)	0	170
Restricted stock units
Denominator
Dilutive effect of share based payment (in shares)	449	280

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 24, 2024	Mar. 31, 2024	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Treasury stock, value, acquired		$ 22.5
Shares acquired, average cost per share (in dollars per share)		$ 7.58
Stock repurchase, excise tax		$ 0.6
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, additional authorized amount	$ 100
Stock repurchase program, authorized amount	$ 200
Stock repurchase program, expiration date, extension	1 year
Stock repurchase program, remaining authorized repurchase amount	$ 125.8

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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
Share-based payment arrangement, expense	$ 3,742,000	$ 3,536,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,620,000
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	637,266
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	$ 34,900,000
Compensation cost not yet recognized, period for recognition	2 years 2 months 12 days
Share-based payment arrangement, expense	$ 3,700,000	3,500,000
Tax benefit from compensation expense	$ 800,000	$ 700,000
A&R 2020 Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,620,150
Restricted stock units, conversion of stock, conversion rights (in shares)	1
Compensation not yet recognized, stock options	$ 24,600,000
Compensation cost not yet recognized, period for recognition	2 years 2 months 12 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 Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Employees and Officers | A&R 2020 Incentive Plan | Restricted stock units | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Employees and Officers | A&R 2020 Incentive Plan | Restricted stock units | Share-Based Payment Arrangement, First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	33.33%
Employees and Officers | A&R 2020 Incentive Plan | Restricted stock units | Share-Based Payment Arrangement, Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	66.67%
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)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	180,000
Granted (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Expired (in shares) | shares	(1,000)
Outstanding ending balance (in shares) | shares	179,000
Exercisable ending balance (in shares) | shares	179,000
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	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	2,264
Granted (in shares) | shares	1,620
Vested (in shares) | shares	(522)
Forfeited (in shares) | shares	(12)
Canceled (in shares) | shares	0
Outstanding ending balance (in shares) | shares	3,350
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 9.81
Granted (in dollars per share) | $ / shares	7.31
Vested (in dollars per share) | $ / shares	10.49
Forfeited (in dollars per share) | $ / shares	9.12
Canceled (in dollars per share) | $ / shares	0
Outstanding ending balance (in dollars per share) | $ / shares	$ 8.50

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Performance Shares Activity (Details) - Performance stock units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	1,364,000
Target Shares Granted (in shares)	637,266
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	(620,000)
Outstanding ending balance (in shares)	1,381,000
Weighted Average Fair Value Per Share
Outstanding beginning balance (in dollars per share) | $ / shares	$ 15.80
Granted (in dollars per share) | $ / shares	8.22
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	14.73
Outstanding ending balance (in dollars per share) | $ / shares	$ 12.79
2021
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	620,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	(620,000)
Outstanding ending balance (in shares)	0
2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding beginning balance (in shares)	306,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
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)	438,000
Target Shares Granted (in shares)	0
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding ending balance (in shares)	438,000
2024
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)	637,000
Target Shares Vested (in shares)	0
Target Shares Forfeited (in shares)	0
Outstanding ending balance (in shares)	637,000

Related-Party Transactions (Det

Related-Party Transactions (Details)		3 Months Ended
	Dec. 31, 2018 USD ($)	Mar. 31, 2024 USD ($) property	Mar. 31, 2023 USD ($) property	Dec. 31, 2023 USD ($)	Oct. 31, 2022 agreement fleet	Jan. 01, 2022 fleet	Dec. 31, 2021 fleet
Related Party Transaction [Line Items]
Service revenue		$ 405,843,000	$ 423,570,000
Accounts receivable, related party		273,709,000		$ 237,012,000
Accounts payable, related party		$ 189,216,000		161,441,000
Director | Related party leasing
Related Party Transaction [Line Items]
Number of yards, related party (in yards) | property		3
Number of previously rented yards, related party (in yards) | property			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			$ 10,000
Director | Property 5 | Related party leasing
Related Party Transaction [Line Items]
Rent expense			50,000
Related Party
Related Party Transaction [Line Items]
Accounts payable, related party				0
Related Party | Pioneer Pressure Pumping Acquisition
Related Party Transaction [Line Items]
Business combination, consideration transferred, equity interests issued and issuable	$ 16,600,000
Cash received from acquisition	$ 110,000,000
Number of contracted fleets | fleet					2	6	8
Number of service agreements | agreement					2
Service revenue		4,900,000	$ 54,300,000
Accounts receivable, related party		3,300,000		$ 2,400,000
Accounts payable, related party		$ 0

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) period lease	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 31, 2023	Jun. 01, 2023	Jan. 31, 2023	Dec. 31, 2022 period fleet hp	Nov. 01, 2022	Oct. 31, 2022 lease_renewal_option	Aug. 31, 2022	Mar. 31, 2013
Operating Leases
Number of real estate leases | lease	2
ROU asset	$ 124,400,000
Accumulated amortization	15,000,000		$ 7,200,000
Right-of-use asset, before accumulated amortization			85,800,000
Finance Lease
Payments on finance lease obligations	4,154,000	$ 0
Finance lease, right-of-use asset, before accumulated amortization	52,600,000		52,600,000
Finance lease, right-of-use asset, accumulated amortization	9,700,000		$ 5,200,000
Payments included in measurement of operating lease liabilities	6,300,000	300,000
Payments included in measurement of finance lease liabilities	4,200,000
Non-cash lease obligation	83,015,000
Lease Cost
Operating lease, cost	9,000,000	300,000
Lease cost	5,300,000	0
Finance lease, right-of-use asset, amortization	4,500,000
Interest expense	800,000
Variable lease, cost	600,000	0
Asset lease	200,000	300,000
Real Estate Lease
Operating Leases
Term of contract											10 years
Renewal term (up to)											10 years
Cash paid for operating lease		100,000
Real Estate Two Lease
Operating Leases
Renewal term (up to)									1 year
Cash paid for operating lease	$ 100,000
Discount rate	6.30%
Lease term	4 years 1 month 6 days
Lessee, operating lease, remaining lease term									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	$ 50,000
Discount rate	6.30%
Lease term	4 years 8 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	$ 100,000
Discount rate	2.10%
Lease term	4 years 8 months 12 days
Lessee, operating lease, remaining lease term								6 years 1 month 6 days
Silvertip Lease Three
Operating Leases
Cash paid for operating lease	$ 30,000	$ 0
Discount rate	6.30%
Lease term	4 years 8 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	$ 40,000
Discount rate	6.50%
Lease term	4 years 2 months 12 days
Corporate Office Lease
Operating Leases
Term of contract				2 years 1 month 6 days
Renewal term (up to)				9 months 18 days
Cash paid for operating lease	$ 40,000
Discount rate	7.10%
Lease term	1 year 6 months
Real Estate Two Lease and Silvertip One Lease
Finance Lease
Non-cash lease obligation		$ 1,800,000
Maintenance Facility Lease
Operating Leases
Term of contract	2 years
Renewal term (up to)	1 year
Cash paid for operating lease	$ 100,000	$ 100,000
Equipment lease term | period	3
Finance Lease
Non-cash lease obligation	$ 32,400,000
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	2,300,000
Variable lease, payment	300,000
Operating lease, initial direct cost	$ 3,000,000
Discount rate	7.30%
Lease term	2 years 8 months 12 days
Power Equipment Lease
Finance Lease
Term of contract						3 years
Payments on finance lease obligations	$ 5,000,000
Lessee, finance lease, renewal term						1 year
Finance lease, weighted average discount rate, percent	7.30%
Finance lease, weighted average remaining lease term	2 years 4 months 24 days
Electric Fleet Two Lease
Operating Leases
Cash paid for operating lease	$ 2,300,000
Variable lease, payment	300,000
Operating lease, initial direct cost	$ 1,600,000
Discount rate	7.20%
Lease term	2 years 10 months 24 days
Electric Fleet Four Lease
Operating Leases
Cash paid for operating lease	$ 300,000
Variable lease, payment	0
Operating lease, initial direct cost	$ 1,400,000
Discount rate	7.20%
Lease term	3 years
Electric Fleet Three Lease
Operating Leases
Cash paid for operating lease	$ 1,600,000
Variable lease, payment	50,000
Operating lease, initial direct cost	$ 200,000
Discount rate	7.20%
Lease term	3 years

Leases - Operating and Finance

Leases - Operating and Finance Lease Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases
2024	$ 23,655
2025	31,433
2026	30,669
2027	5,570
2028	821
Total undiscounted future lease payments	92,148
Less: amount representing interest	(9,133)
Present value of future lease payments (lease obligation)	83,015
Finance Leases
2024	14,904
2025	19,872
2026	12,790
2027	0
2028	0
Total undiscounted future lease payments	47,566
Less: amount representing interest	(3,771)
Present value of future lease payments (lease obligation)	$ 43,795

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) lease
Obligation with Joint and Several Liability Arrangement [Line Items]
Number of fleet leases | lease	4
Commitment agreement	$ 13.1
Self insurance for losses (up to)	10
Loss contingency accrual	$ 6
Routine audit, direct payment sales tax, period	4 years
Electric Fleet Lease
Obligation with Joint and Several Liability Arrangement [Line Items]
Contractual commitment, not yet commenced	$ 100.7
Power Equipment Lease
Obligation with Joint and Several Liability Arrangement [Line Items]
Lessee, finance lease, lease not yet commenced, amount	47.6
ABL CreditFacility
Obligation with Joint and Several Liability Arrangement [Line Items]
Notes Issued	$ 6

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands		1 Months Ended
	Apr. 24, 2024 USD ($)	Apr. 30, 2024 USD ($) fleet	Mar. 31, 2024 USD ($)	Dec. 31, 2022 fleet
Subsequent Event [Line Items]
Non-cash lease obligation			$ 83,015
Subsequent Event
Subsequent Event [Line Items]
Number of contracted fleets | fleet		2
Contract with customer, term		3 years
Stock repurchase program, additional authorized amount	$ 100,000
Stock repurchase program, authorized amount	$ 200,000
Stock repurchase program, expiration date, extension	1 year
Electric Fleet Lease
Subsequent Event [Line Items]
Number of contracted fleets | fleet				4
Electric Fleet Lease | Subsequent Event
Subsequent Event [Line Items]
Non-cash lease obligation		$ 5,300