ProPetro Holding (PUMP) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		102,929,746
Entity Central Index Key	0001680247
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 46,566	$ 33,354
Accounts receivable - net of allowance for credit losses of $236 and $236, respectively	225,617	237,012
Inventories	16,743	17,705
Prepaid expenses	9,453	14,640
Short-term investment, net	7,405	7,745
Other current assets	1,037	353
Total current assets	306,821	310,809
PROPERTY AND EQUIPMENT - net of accumulated depreciation	716,823	967,116
OPERATING LEASE RIGHT-OF-USE ASSETS	127,085	78,583
FINANCE LEASE RIGHT-OF-USE ASSETS	35,562	47,449
OTHER NONCURRENT ASSETS:
Goodwill	26,754	23,624
Intangible assets - net of amortization	65,155	50,615
Other noncurrent assets	2,010	2,116
Total other noncurrent assets	93,919	76,355
TOTAL ASSETS	1,280,210	1,480,312
CURRENT LIABILITIES:
Accounts payable	128,615	161,441
Accrued and other current liabilities	73,738	75,616
Operating lease liabilities	33,532	17,029
Finance lease liabilities	18,967	17,063
Total current liabilities	254,852	271,149
DEFERRED INCOME TAXES	63,882	93,105
LONG-TERM DEBT	45,000	45,000
NONCURRENT OPERATING LEASE LIABILITIES	56,275	38,600
NONCURRENT FINANCE LEASE LIABILITIES	18,145	30,886
OTHER LONG-TERM LIABILITIES	9,100	3,180
Total liabilities	447,254	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, 103,282,917 and 109,483,281 shares issued, respectively	103	109
Additional paid-in capital	884,616	929,249
Retained earnings (accumulated deficit)	(51,763)	69,034
Total shareholders’ equity	832,956	998,392
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,280,210	$ 1,480,312

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 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)	103,282,917	109,483,281

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue, Product and Service [Extensible List]	Service [Member]	Service [Member]	Service [Member]	Service [Member]
REVENUE - Service revenue	$ 360,868	$ 423,804	$ 1,123,732	$ 1,282,623
COSTS AND EXPENSES
Cost of services (exclusive of depreciation and amortization)	267,555	292,490	822,041	870,767
General and administrative expenses (inclusive of stock-based compensation)	28,356	28,597	87,492	86,364
Depreciation and amortization	54,299	45,361	164,027	124,749
Impairment expense	188,601	0	188,601	0
Loss on disposal of assets	2,149	12,673	11,884	62,117
Total costs and expenses	540,960	379,121	1,274,045	1,143,997
OPERATING (LOSS) INCOME	(180,092)	44,683	(150,313)	138,626
OTHER INCOME (EXPENSE):
Interest expense	(1,939)	(1,169)	(5,933)	(3,016)
Other income (expense), net	3,599	1,883	7,408	(1,749)
Total other income (expense), net	1,660	714	1,475	(4,765)
INCOME (LOSS) BEFORE INCOME TAXES	(178,432)	45,397	(148,838)	133,861
INCOME TAX BENEFIT (EXPENSE)	41,365	(10,644)	28,041	(31,118)
NET (LOSS) INCOME	$ (137,067)	$ 34,753	$ (120,797)	$ 102,743
NET (LOSS) INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ (1.32)	$ 0.31	$ (1.14)	$ 0.90
Diluted (in dollars per share)	$ (1.32)	$ 0.31	$ (1.14)	$ 0.90
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	104,121	112,286	106,314	113,960
Diluted (in shares)	104,121	112,698	106,314	114,294

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance at beginning of period (in shares) at Dec. 31, 2022		114,515
Balance at beginning of period at Dec. 31, 2022	$ 954,033	$ 114	$ 970,519	$ (16,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,536		3,536
Issuance of equity awards, net (in shares)		656
Issuance of equity awards, net	0	$ 1	(1)
Tax withholdings paid for net settlement of equity awards	(3,379)		(3,379)
Net income (loss)	28,733			28,733
Balance at end of period (in shares) at Mar. 31, 2023		115,171
Balance at end of period at Mar. 31, 2023	982,923	$ 115	970,675	12,133
Balance at beginning of period (in shares) at Dec. 31, 2022		114,515
Balance at beginning of period at Dec. 31, 2022	954,033	$ 114	970,519	(16,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	102,743
Balance at end of period (in shares) at Sep. 30, 2023		111,091
Balance at end of period at Sep. 30, 2023	1,027,327	$ 111	941,073	86,143
Balance at beginning of period (in shares) at Mar. 31, 2023		115,171
Balance at beginning of period at Mar. 31, 2023	982,923	$ 115	970,675	12,133
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,758		3,758
Issuance of equity awards, net (in shares)		76
Issuance of equity awards, net	0
Tax withholdings paid for net settlement of equity awards	(4)		(4)
Share repurchases (in shares)		(2,289)
Share repurchases	(17,470)	$ (2)	(17,468)
Excise tax on share repurchases	(105)		(105)
Net income (loss)	39,257			39,257
Balance at end of period (in shares) at Jun. 30, 2023		112,958
Balance at end of period at Jun. 30, 2023	1,008,359	$ 113	956,856	51,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	3,310		3,310
Issuance of equity awards, net (in shares)		25
Issuance of equity awards, net	0
Tax withholdings paid for net settlement of equity awards	(123)		(123)
Share repurchases (in shares)		(1,892)
Share repurchases	(18,787)	$ (2)	(18,785)
Excise tax on share repurchases	(185)		(185)
Net income (loss)	34,753			34,753
Balance at end of period (in shares) at Sep. 30, 2023		111,091
Balance at end of period at Sep. 30, 2023	1,027,327	$ 111	941,073	86,143
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 (loss)	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
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]
Net income (loss)	(120,797)
Balance at end of period (in shares) at Sep. 30, 2024		103,283
Balance at end of period at Sep. 30, 2024	832,956	$ 103	884,616	(51,763)
Balance at beginning of period (in shares) at Mar. 31, 2024		106,891
Balance at beginning of period at Mar. 31, 2024	998,154	$ 107	909,083	88,964
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	4,618		4,618
Issuance of equity awards, net (in shares)		168
Issuance of equity awards, net	0
Tax withholdings paid for net settlement of equity awards	(61)		(61)
Share repurchases (in shares)		(2,535)
Share repurchases	(22,988)	$ (2)	(22,986)
Excise tax on share repurchases	(215)		(215)
Net income (loss)	(3,660)			(3,660)
Balance at end of period (in shares) at Jun. 30, 2024		104,524
Balance at end of period at Jun. 30, 2024	975,848	$ 105	890,439	85,304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation cost	4,615		4,615
Issuance of equity awards, net (in shares)		28
Issuance of equity awards, net	0
Tax withholdings paid for net settlement of equity awards	(107)		(107)
Share repurchases (in shares)		(1,269)
Share repurchases	(10,233)	$ (2)	(10,231)
Excise tax on share repurchases	(100)		(100)
Net income (loss)	(137,067)			(137,067)
Balance at end of period (in shares) at Sep. 30, 2024		103,283
Balance at end of period at Sep. 30, 2024	$ 832,956	$ 103	$ 884,616	$ (51,763)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (120,797)	$ 102,743
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	164,027	124,749
Impairment expense	188,601	0
Deferred income tax (benefit) expense	(29,224)	28,753
Amortization of deferred debt issuance costs	327	250
Stock-based compensation	12,975	10,604
Loss on disposal of assets	11,884	62,117
Unrealized loss on short-term investment	340	2,120
Noncash gain from adjustment of business acquisition contingent consideration	(1,800)	0
Changes in operating assets and liabilities, net of effects of business acquisition:
Accounts receivable	21,876	(44,832)
Other current assets	(480)	(2,584)
Inventories	962	(4,520)
Prepaid expenses	4,966	(275)
Accounts payable	(31,933)	9,584
Accrued and other current liabilities	(7,292)	16,362
Net cash provided by operating activities	214,432	305,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(112,449)	(320,747)
Business acquisition, net of cash acquired	(21,038)	0
Proceeds from sale of assets	2,884	7,976
Net cash used in investing activities	(130,603)	(312,771)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	0	30,000
Repayments of borrowings	0	(15,000)
Payment of debt issuance costs	0	(1,179)
Payments on finance lease obligations	(13,067)	(889)
Tax withholdings paid for net settlement of equity awards	(1,377)	(3,506)
Share repurchases	(55,729)	(36,258)
Payment of excise tax on share repurchases	(444)	0
Net cash used in financing activities	(70,617)	(26,832)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	13,212	(34,532)
CASH AND CASH EQUIVALENTS - Beginning of period	33,354	88,862
CASH AND CASH EQUIVALENTS - End of period	46,566	54,330
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures included in accounts payable and accrued liabilities	17,779	33,189
Business acquisition deferred cash consideration included in other current liabilities	3,664	0
Business acquisition contingent consideration included in other long-term liabilities	$ 10,900	$ 0

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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. We also deliver wet sand to customer oil well sites for use in the hydraulic fracturing process. The Company recognizes revenue related to its sale of sand and delivery service as it fulfills sand deliveries to the customer. 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. Accounts Receivable Accounts receivable are stated at the amount billed and billable to customers. At September 30, 2024 and December 31, 2023, accrued revenue (unbilled receivable) included as part of our accounts receivable was $83.6 million and $55.4 million , respectively. At September 30, 2024, the transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing and wireline operations was $24.2 million, which is expected to be completed and recognized as revenue within one month following the current period balance sheet date. Allowance for Credit Losses As of September 30, 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 nine months ended September 30, 2024: (in thousands) Balance - January 1, 2024 $ 236 Provision for credit losses during the period — Write-off during the period — Balance - September 30, 2024 $ 236 Customer Cash Advances We have received cash advances from a customer in connection with our contract with the customer to provide FORCE ® electric-powered hydraulic fracturing equipment and services. These 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 $13.9 million a nd $19.2 million as of September 30, 2024 and December 31, 2023 , respectively. During the nine months ended September 30, 2024 and 2023, we recognized revenue of $4.9 million and $4.2 million, respectively, from the cash advance amount outstanding at the beginning of the period. 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 (loss) 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 $8.4 million and $32.7 million from depreciation to loss on disposal of assets for the three and nine months ended September 30, 2023, respectively. Depreciation and Amortization Depreciation and amortization comprised the following: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Depreciation and amortization related to cost of services $ 52,046 $ 43,889 $ 158,586 $ 120,255 Depreciation and amortization related to general and administrative expenses 2,253 1,472 5,441 4,494 Total depreciation and amortization $ 54,299 $ 45,361 $ 164,027 $ 124,749 Income Taxes Total income tax benefit w as $28.0 million resulting in an effective tax rate of 18.8% for the nine months ended September 30, 2024, a s compared to income tax expense of $31.1 million or an effective tax rate of 23.2% for the nine months ended September 30, 2023. The change in effective tax rate for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, is primarily attributable to the difference in the impact of nondeductible expenses and state taxes on the pre-tax loss for 2024, as compared to pre-tax income for 2023. Share Repurchases

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Sep. 30, 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” or "ASC"). 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. This ASU will result in additional disclosures in our Reportable Segment Information note, but will not have a material impact on our consolidated financial statements. 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.

Business Acquisitions

Business Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Acquisitions	Business Acquisitions AquaProp SM Wet Sand Solutions Acquisition On May 31, 2024, the Company completed the acquisition of all of the outstanding equity interests in Aqua Prop, LLC (“AquaProp”). AquaProp is an oilfield service company based in Midland, Texas that provides wet sand solutions for hydraulic fracturing sand requirements at oil well sites. As a result of the acquisition, the Company expanded its operations into the wet sand service business unit. The following table summarizes the consideration transferred to AquaProp at the acquisition date: (in thousands) Fair value of purchase consideration: Cash $ 21,216 Deferred cash consideration 3,664 Contingent consideration 10,900 Total consideration $ 35,780 Cash consideration includes $13.7 million paid to the seller, $7.2 million paid to settle the seller’s outstanding debt, and $0.3 million paid for the seller’s transaction expenses. Included in the deferred cash consideration is a liability incurred to the seller of $1.8 million. In the purchase agreement as a post-closing transaction, AquaProp's seller agreed to purchase and then sell to the Company, and the Company agreed to purchase from the seller, two additional equipment spreads within 90 days of the closing at a purchase price equal to cost plus a 50% premium. The post-closing transaction was determined to be a transaction separate from the business combination, but the premium was determined to represent consideration transferred in the business combination as the above market terms of the arrangement would not have been agreed upon absent the business combination. Accordingly, the liability incurred to the seller was recognized as consideration in the business combination as cash was not paid at closing. The post-closing transaction for the Company’s purchase of the additional equipment occurred in July 2024 and the purchases were accounted for as additions to property and equipment in our condensed consolidated balance sheet and capital expenditures in our condensed consolidated statement of cash flows. Also in the purchase agreement as an additional post-closing transaction, the seller agreed to purchase and then deliver to the Company up to five more additional equipment spreads at the request of the Company within a 30-month period following the delivery of the first additional spread at a purchase price equal to the lower of $4.8 million or cost. The additional post-closing transaction was determined to be a transaction separate from the business combination, and no portion of the transaction was determined to represent consideration transferred in the business combination as the terms were at market. The additional post-closing transaction for the Company’s purchase of the additional equipment will be accounted for as additions to property and equipment in our condensed consolidated balance sheet and capital expenditures in our condensed consolidated statement of cash flows. The acquisition of AquaProp also included a contingent consideration arrangement that requires additional consideration to be paid by the Company to the seller based on the amount of wet sand delivered during a 30-month period following the delivery of the first additional spread, attributable to the five additional equipment spreads described above. Amounts are payable under the earnout arrangement if the Company reaches certain delivery thresholds (in tons) of wet sand using the specific equipment provided by the seller or by other parties. The range of the undiscounted amounts the Company could be obligated to pay under the contingent consideration agreement is between $0 and $12.5 million. The fair value of the contingent consideration for the business combination recognized at the acquisition date of $10.9 million was estimated by applying the probability-weighted expected return method for the different scenarios that may occur based on the amount of additional equipment delivered by the seller, at the request of the Company, and the amount of wet sand expected to be delivered by such equipment. The fair value measurement of the contingent consideration is based on significant inputs not observable in the market, and thus represent Level 3 measurements. The contingent consideration payable will be adjusted to estimated fair value at the end of each subsequent reporting period until the contingencies are resolved and consideration payments are made. The estimated fair value of the contingent consideration payable was $9.1 million at September 30, 2024, resulting in a $1.8 million decrease from June 30, 2024. The decrease in the estimated fair value of the contingent consideration payable was primarily driven by updated projections regarding the probability of different scenarios and the amount and timing of additional equipment to be delivered by the seller under those scenarios. The decrease in the estimated contingent consideration payable is included in other income (expense) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024. The following table summarizes the recognized preliminary amounts of identified assets, and liabilities assumed at the acquisition date: (in thousands) Recognized amounts of assets acquired and liabilities assumed: Cash $ 178 Accounts receivable 10,551 Property and equipment 13,468 Intangible assets: Trade name 1,300 Customer relationships 18,600 Accounts payable (1,423) Factored receivables (10,024) Total net assets acquired 32,650 Goodwill 3,130 Total consideration $ 35,780 Preliminary estimates of fair values of the assets acquired and the liabilities assumed are based on information provided by AquaProp's seller and available through the issuance of these condensed consolidated financial statements. The Company is continuing to evaluate the underlying inputs and assumptions used in the valuations and the completeness of assets and liabilities recognized as the AquaProp Acquisition closed on May 31, 2024. Amounts recorded for all assets acquired, other than cash, and liabilities assumed, and the completeness of assets and liabilities recognized, are provisional. Accordingly, these preliminary estimates are subject to change during the measurement period. The measurement period ends on the earlier of the Company obtaining all necessary information that existed as of the acquisition date or one year from the acquisition date. As we continue to integrate the acquired business, we may obtain additional information on the acquired accounts receivable, property and equipment, identifiable intangible assets, accounts payable and factoring receivables which if significant, may require revisions to preliminary valuation assumptions, estimates and resulting fair values. We expect to finalize these amounts within one year from the acquisition date. The fair value of the assets acquired includes accounts receivable of $10.6 million. The gross amount due under contracts is $10.6 million, of which none is expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of AquaProp. The assets acquired include two intangible assets, the trademark/trade name for AquaProp and the customer relationships. The trademark was assigned a fair value of $1.3 million with zero residual value and will be amortized on a straight‑line basis over fifteen years. The customer relationships were assigned a fair value of $18.6 million with zero residual value and will be amortized on a straight‑line basis over six years. The fair value of the trademark was estimated using the relief-from-royalty method, which calculates the hypothetical royalty fees that would be saved by owning an intangible asset rather than licensing it from another owner. This method forecasts revenue over the estimated useful life of the asset and then applies the following: a royalty rate based on comparable royalty and/or licensing transactions, income tax rate and discount rate, to calculate the discounted cash flows to arrive at the value of the trademark. Key assumptions include revenue forecasted at historical trends with a 0% long-term growth rate, 1.0% royalty rate, 21.6% income tax rate and a 40.5% discount rate. The fair value of the customer relationships was estimated using the multi-period excess earnings method. This method is a specific application of the discounted cash flow method, in which revenue derived from the intangible asset is estimated using total business revenue as a proxy and subsequently adjusted for attrition. Then deductions are made for business expenses and required returns attributable to other assets in the business. The excess earnings after these deductions are discounted to present value at an appropriate rate of return to arrive at the intangible asset value. Key assumptions include revenue forecasted at historical trends with a 0% long-term growth rate, 20.0% attrition rate, 21.6% income tax rate and a 40.5% discount rate. The goodwill is attributable to the acquired workforce and significant synergies. Goodwill is assigned 100% to the hydraulic fracturing operating segment of the Company. The goodwill recognized is deductible for income tax purposes. During the three months ended September 30, 2024, the Company made a measurement period adjustment to increase accounts payable acquired as part of the acquisition of AquaProp by $0.5 million to reflect facts and circumstances in existence as of the acquisition date. This adjustment decreased the deferred cash consideration payable to the seller. The acquired business generated revenues of $18.7 million and a net loss of $2.2 million for the three months ended September 30, 2024, and revenues of $23.6 million and a net loss of $1.5 million for the period from May 31, 2024, to September 30, 2024. The following combined supplemental pro forma information assumes the AquaProp Acquisition occurred on January 1, 2023. The supplemental pro forma information presented below is for illustrative purposes only and does not reflect future events that occurred after September 30, 2024 or any operating efficiencies or inefficiencies that may result from the AquaProp Acquisition. The information is not necessarily indicative of results that would have been achieved had the Company controlled AquaProp during the periods presented. (unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 360,868 $ 428,435 $ 1,166,222 $ 1,289,157 Net (loss) income (136,647) 35,413 (109,682) 102,298 For the three and nine ended September 30, 2024, the Company incurred acquisition-related costs of $0.4 million and $1.5 million, respectively. These expenses are included in general and administrative expenses on the Company’s condensed consolidated statement of operations. 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 consideration 3,109 Total consideration $ 25,324 (in thousands) Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 8,641 Inventory 321 Property, plant and equipment 17,175 Accrued liabilities (813) Total net assets acquired $ 25,324 The deferred cash consideration of $3.1 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 current liabilities in our condensed consolidated balance sheets. As of September 30, 2024, the outstanding amount for this obligation was $3.1 million. The fair value of the assets acquired includes account receivables of $8.6 million . The gross amount due under contracts is $8.6 million , of which none is expected to be uncollectible. The Company did not acquire any other class of receivable as a result of the acquisition of Par Five. The Company previously recognized a preliminary estimate of $8.7 million for accounts receivable acquired as part of the Par Five Acquisition. During the three months ended September 30, 2024, the Company made a measurement period adjustment to increase accounts receivable by $0.1 million. During the nine months ended September 30, 2024, the Company made a measurement period adjustment to decrease accounts receivable by $0.1 million. These measurement period adjustments reflect facts and circumstances in existence as of the acquisition date. The cumulative impact of these adjustments was a decrease in deferred cash consideration payable.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 and have been excluded from the table below. Assets and liabilities measured at fair value on a recurring basis are set forth below: (in thousands) Estimated fair value measurements Balance Quoted prices in active market Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains September 30, 2024: Short-term investment $ 7,405 $ 7,405 $ — $ — $ (340) Business acquisition contingent consideration payable $ 9,100 $ — $ — $ 9,100 $ 1,800 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 September 30, 2024, the fair value of the short-term investment was estimated at $7.4 million. The fluctuation in stock price resulted in an unrealized loss of $0.4 million and $0.3 million for the three and nine months ended September 30, 2024 , respectively . Included in the unrealized loss for three and nine months ended September 30, 2024 was a gain of $0.1 million and a loss of $0.1 million, respectively, resulting from non-cash foreign currency translation. The fluctuation in stock price resulted in an unrealized gain of $1.8 million and an unrealized loss of $2.1 million for the three and nine months ended September 30, 2023, respectively. Included in the unrealized gain for the three months ended September 30, 2023 and the unrealized loss for the nine months ended September 30, 2023 was a loss of $0.2 million and $0.1 million resulting from non-cash foreign currency translation during the three and nine months ended September 30, 2023, respectively. The unrealized loss resulting from stock price fluctuation and the unrealized gain and 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. Business acquisition contingent consideration payable — On May 31, 2024, the Company completed the acquisition of all of the outstanding equity interests in AquaProp in exchange for $13.7 million of cash, $3.7 million of deferred cash consideration payable to AquaProp's seller by May 31, 2025, the payoff of $7.2 million of assumed debt, the payment of $0.3 million of certain transaction costs and estimated contingent consideration of $10.9 million. The contingent consideration payable was measured at fair value using Level 3 inputs based on the probability-weighted expected return method and is shown under other long-term liabilities in our condensed consolidated balance sheets. The fair value of the contingent consideration payable is remeasured at the end of each reporting period. As of September 30, 2024, the estimated fair value of the contingent consideration payable was $9.1 million resulting in a $1.8 million decrease from June 30, 2024. The decrease in the estimated fair value of the contingent consideration payable was primarily driven by updated projections regarding the probability of different scenarios and the amount and timing of additional equipment to be delivered by the seller under those scenarios. Increases or decreases in any valuation inputs in isolation may result in a significantly lower or higher fair value measurement in the future. The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): (in thousands) Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Business acquisition contingent consideration payable - opening balance $ 10,900 $ — Addition — 10,900 Decrease in estimated fair value (1) (1,800) (1,800) Business acquisition contingent consideration payable - closing balance $ 9,100 $ 9,100 (1) The decrease in the estimated fair value of the business acquisition contingent consideration payable is included in other income (expense) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024. Assets Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis are set forth below: (in thousands) Estimated fair value measurements Balance Quoted prices in active market Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains September 30, 2024: Property and equipment, net $ 63,791 $ — $ — $ 63,791 $ (188,601) December 31, 2023: Property and equipment, net $ — $ — $ — $ — $ — 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 AquaProp and Par Five Acquisitions, which are required to be measured at fair value on the acquisition date according to the FASB 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. As part of the quarterly evaluation for the three months ended September 30, 2024, after evaluating the current market conditions and new information available, such as decreasing customer demand for and related pricing pressures on its conventional Tier II diesel-only hydraulic fracturing pumping units and associated conventional assets, (the "Tier II Units"), among other factors, the Company determined that the marketability of its Tier II had declined. As a result, the Company plans to strategically phase out its Tier II Units before the end of the original weighted average remaining useful life of this asset group. The Company performed an impairment analysis on its Tier II Units as of September 30, 2024 by comparing estimated future cash flows on an undiscounted basis to the carrying value of these assets. The Company determined that its Tier II Units were impaired, as their carrying value was greater than their estimated future cash flows on an undiscounted basis. Accordingly, an impairment expense of approximately $188.6 million which represented the difference between the carrying value and estimated fair value of the Company's Tier II Units was recorded in our hydraulic fracturing reportable segment for the three months ended September 30, 2024. At September 30, 2024, the estimated fair value of our Tier II Units of $63.8 million was determined using the market and cost approaches, which represent nonrecurring Level 3 inputs in the fair value measurement hierarchy. Our fair value estimates required us to use significant unobservable inputs, including assumptions related to replacement cost, among others. The carrying value of our Tier II Units prior to the impairment expense was approximately $252.4 million. No impairment of property and equipment was recorded during the three and nine months ended September 30, 2023. Additionally, since the Company plans to phase out its Tier II Units earlier than the current weighted average remaining useful life of this asset group, we shortened the remaining useful lives of those Tier II Units that currently have useful lives beyond 2027 to no longer than the end of 2027 to align with management's use and expected economic life. This change was made effective October 1, 2024. There were no additions to goodwill during the three months ended September 30, 2024. During the nine months ended September 30, 2024, we added $3.1 million of goodwill to our hydraulic fracturing operating segment related to the acquisition of AquaProp. There were no additions to goodwill during the three and nine months ended September 30, 2023 . At September 30, 2024, our hydraulic fracturing operating segment and our wireline operating segment (which are also considered reporting units) included goodwill amounting to $3.1 million and $23.6 million, respectively. The wireline operating segment was the only segment with goodwill at December 31, 2023. Our Tier II Units are only a portion of our hydraulic fracturing reporting unit and the impairment of these assets did not indicate an overall decrease in the fair value of the reporting unit below its carrying value. Accordingly, we determined that no impairment to the carrying value of goodwill for either of our reporting units (hydraulic fracturing and wireline operating segments) was required as of September 30, 2024 . There were no goodwill impairment losses during the three and nine months ended September 30, 2024 and 2023, respectively. 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	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of customer relationships and trademark/trade names. Customer relationships are amortized on a straight‑line basis over useful lives of six ives of ten The Company’s intangible assets subject to amortization consisted of the following: (in thousands) September 30, 2024 December 31, 2023 Intangible assets: Trademark/trade names $ 12,100 $ 10,800 Customer relationships 65,100 46,500 Total intangible assets 77,200 57,300 Accumulated amortization: Trademark/trade name (2,099) (1,260) Customer relationships (9,946) (5,425) Total accumulated amortization (12,045) (6,685) Intangible assets — net $ 65,155 $ 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 $ 2,229 2025 8,917 2026 8,917 2027 8,917 2028 and beyond 36,175 Total $ 65,155 The average amortization period for our remaining intangible assets is approximately 7.6 years.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 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 amendment increased the borrowing capacity under the revolving credit facility to $225.0 million (subject to the Borrowing Base (as defined below) limit), and extended the maturity date to June 2, 2028. Effective June 26, 2024, 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, as amended in June 2024 and as may be amended further, "AB L Credit Facility"). The amendment increased the amount of non-cash consideration that may be considered cash pursuant to certain permitted dispositions. 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 September 30, 2024, was approximately $131.4 million. The ABL Credit Facility includes a springing fixed charge coverage ratio to apply when excess availability is less than the greater of (i) 10% of the lesser of the facility size or the Borrowing Base or (ii) $15.0 million. Under the ABL Credit Facility we are required to comply, subject to certain exceptions and materiality qualifiers, with certain customary affirmative and negative covenants, including, but not limited to, covenants pertaining to our ability to incur liens or indebtedness, changes in the nature of our business, mergers and other fundamental changes, disposal of assets, investments and restricted payments, amendments to our organizational documents or accounting policies, prepayments of certain debt, dividends, transactions with affiliates, and certain other activities. Borrowings under the ABL Credit Facility are secured by a first priority lien and security interest in substantially all assets of the Company. Borrowings under the ABL Credit Facility accrue interest based on a three-tier pricing grid tied to availability, and we may elect for loans to be based on either the Secured Overnight Financing Rate ("SOFR") or the base rate, plus the applicable margin, which ranges from 1.75% to 2.25% for SOFR loans and 0.75% to 1.25% for base rate loans. For the three months ended September 30, 2024 , t he weighted average interest rate on our outstanding borrowings under the ABL Credit Facility was 7.18%. The loan origination costs relating to the ABL Credit Facility are classified as an asset in the condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, we had borrowings outstanding under our ABL Credit F acility of $45.0 million and $45.0 million, resp ectively. After borrowings outstanding and letters of credit of appro ximately $6.0 million under the ABL Credit Facility , we had approximately $80.4 million available for borrowing under our ABL Credit Facility as of September 30, 2024.

Reportable Segment Information

Reportable Segment Information	9 Months Ended
	Sep. 30, 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 and inter-segment revenue have been included under “Reconciling Items.” Prior period segment information has been revised to conform to our current presentation. 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 shown under "Reconciling Items" (in thousands): Three Months Ended September 30, 2024 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 274,138 $ 47,958 $ 38,920 $ (148) $ 360,868 Adjusted EBITDA for reportable segments $ 66,166 $ 9,194 $ 8,989 $ — $ 84,349 Depreciation and amortization $ 46,752 $ 5,260 $ 2,264 $ 23 $ 54,299 Impairment expense (1) $ 188,601 $ — $ — $ — $ 188,601 Capital expenditures incurred $ 33,465 $ 1,757 $ 1,575 $ 38 $ 36,835 Goodwill $ 3,130 $ 23,624 $ — $ — $ 26,754 Total assets September 30, 2024 $ 953,914 $ 197,599 $ 75,259 $ 53,438 $ 1,280,210 Three Months Ended September 30, 2023 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 340,089 $ 52,775 $ 30,940 $ — $ 423,804 Adjusted EBITDA for reportable segments $ 99,586 $ 14,011 $ 6,375 $ — $ 119,972 Depreciation and amortization (2) $ 39,098 $ 4,860 $ 1,363 $ 40 $ 45,361 Capital expenditures incurred $ 52,713 $ 5,488 $ 880 $ — $ 59,081 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets at December 31, 2023 $ 1,189,526 $ 198,957 $ 78,475 $ 13,354 $ 1,480,312 Nine Months Ended September 30, 2024 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 855,066 $ 157,966 $ 110,935 $ (235) $ 1,123,732 Adjusted EBITDA for reportable segments $ 215,995 $ 36,687 $ 20,433 $ — $ 273,115 Depreciation and amortization $ 141,828 $ 15,304 $ 6,813 $ 82 $ 164,027 Impairment expense (1) $ 188,601 $ — $ — $ — $ 188,601 Capital expenditures incurred $ 95,084 $ 6,086 $ 7,417 $ 38 $ 108,625 Goodwill $ 3,130 $ 23,624 $ — $ — $ 26,754 Total assets at September 30, 2024 $ 953,914 $ 197,599 $ 75,259 $ 53,438 $ 1,280,210 Nine Months Ended September 30, 2023 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 1,018,074 $ 179,182 $ 85,367 $ — $ 1,282,623 Adjusted EBITDA for reportable segments $ 308,448 $ 50,667 $ 16,861 $ — $ 375,976 Depreciation and amortization (2) $ 106,587 $ 13,862 $ 4,104 $ 196 $ 124,749 Capital expenditures incurred $ 256,350 $ 10,887 $ 4,247 $ — $ 271,484 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets at December 31, 2023 $ 1,189,526 $ 198,957 $ 78,475 $ 13,354 $ 1,480,312 (1) Represents noncash impairment expense on our Tier II Units. (2) 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 amounts of $8.4 million and $32.7 million from depreciation to loss on disposal of assets for the three and nine months ended September 30, 2023, respectively. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Service Revenue Hydraulic Fracturing $ 274,138 $ 340,089 $ 855,066 $ 1,018,074 Wireline 47,958 52,775 157,966 179,182 All Other 38,920 30,940 110,935 85,367 Total service revenue for reportable segments 361,016 423,804 1,123,967 1,282,623 Elimination of inter-segment service revenue (148) — (235) — Total consolidated service revenue $ 360,868 $ 423,804 $ 1,123,732 $ 1,282,623 Adjusted EBITDA Hydraulic Fracturing $ 66,166 $ 99,586 $ 215,995 $ 308,448 Wireline 9,194 14,011 36,687 50,667 All Other 8,989 6,375 20,433 16,861 Total Adjusted EBITDA for reportable segments 84,349 119,972 273,115 375,976 Unallocated corporate administrative expenses (13,219) (12,258) (42,529) (36,284) Depreciation and amortization (1) (54,299) (45,361) (164,027) (124,749) Impairment expense (2) (188,601) — (188,601) — Interest expense (1,939) (1,169) (5,933) (3,016) Income tax benefit (expense) 41,365 (10,644) 28,041 (31,118) Loss on disposal of assets (1) (2,149) (12,673) (11,884) (62,117) Stock-based compensation (4,615) (3,310) (12,975) (10,604) Other income (expense), net (3) 3,599 1,883 7,408 (1,749) Other general and administrative expense, net (346) (450) (1,517) (1,659) Retention bonus and severance expense (1,212) (1,237) (1,895) (1,937) Net (loss) income $ (137,067) $ 34,753 $ (120,797) $ 102,743 (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 amounts of $8.4 million and $32.7 million from depreciation to loss on disposal of assets for the three and nine months ended September 30, 2023, respectively. (2) Represents noncash impairment expense on our Tier II Units. (3) Other income for the three months ended September 30, 2024 is primarily comprised of tax refunds totaling $1.8 million and a $1.8 million decrease in the estimated fair value of the contingent consideration payable on our acquisition of AquaProp. Other income for the nine months ended September 30, 2024 is primarily comprised of tax refunds totaling $3.6 million, insurance reimbursements of $2.0 million and a $1.8 million decrease in the estimated fair value of the contingent consideration payable on our acquisition of AquaProp. Other income for the three months ended September 30, 2023 is primarily comprised of a $1.8 million unrealized gain on short-term investment. Other expense for the nine months ended September 30, 2023 is primarily comprised of a $2.1 million unrealized loss on short-term investment.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic net (loss) income per common share is computed by dividing the net (loss) income relevant to the common stockholders by the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share uses the same net (loss) 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 and nine months ended September 30, 2024 and 2023 (in thousands, except for per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator (both basic and diluted) Net (loss) income relevant to common stockholders $ (137,067) $ 34,753 $ (120,797) $ 102,743 Denominator Denominator for basic income per share 104,121 112,286 106,314 113,960 Dilutive effect of stock options — — — — Dilutive effect of performance share units — — — 56 Dilutive effect of restricted stock units — 412 — 278 Denominator for diluted income per share 104,121 112,698 106,314 114,294 Basic (loss) income per common share $ (1.32) $ 0.31 $ (1.14) $ 0.90 Diluted (loss) income per common share $ (1.32) $ 0.31 $ (1.14) $ 0.90 As shown in the table below, the f ollowing stock options, RSUs and PSUs have not been included in the calculation of diluted income per common share for the three and nine months ended September 30, 2024 and 2023 because they will be anti-dilutive to the calculation of diluted net (loss) income per common share: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options 179 196 179 320 Restricted stock units 3,243 452 3,243 611 Performance stock units 1,381 — 1,381 — Total 4,803 648 4,803 931

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 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 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 September 30, 2024, the Company paid an aggregate of $10.2 million, an average price per share of $8.06 including commissions, for share repurchases under the share repurchase program. The Company has accrued $0.5 million in respect of the repurchase excise tax as of September 30, 2024. As of September 30, 2024, $92.5 million remained authorized for future repurchases of common stock under the repurchase program.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options There were no new stock option grants during the nine months ended September 30, 2024. As of September 30, 2024, t here was no aggregate intrinsic value for our outst anding or exercisable stock options because the closing stock price as of September 30, 2024 was below the cost to exercise these options. No stock options were exercised during the nine months ended September 30, 2024. The weighted average remaining contractual term for the outstanding and exercisable stock options as of September 30, 2024 w as approximately 2.5 years. A summary of the stock option activity for the nine months ended September 30, 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 September 30, 2024 179 $ 14.00 Exercisable at September 30, 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 nine months ended September 30, 2024, we granted 1,762,177 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 September 30, 2024, the total unrecognized compensation expense for all RSUs was approximately $19.3 million, and is expected to be recognized over a weighted average period of approximately 1.8 years. The following table summarizes RSUs activity during the nine months ended September 30, 2024 (in thousands, except for fair value): Number of Weighted Outstanding at January 1, 2024 2,264 $ 9.81 Granted 1,762 $ 7.42 Vested (737) $ 9.57 Forfeited (46) $ 8.42 Canceled — $ — Outstanding at September 30, 2024 3,243 $ 8.59 Performance Share Units During the nine months ended September 30, 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 simulation. Grant recipients do not have any shareholder rights until performance relative to the peer group has been determined following the completion of the performance period and shares have been issued. The following table summarizes information about PSUs activity during the nine months ended September 30, 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 September 30, 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 nine months ended September 30, 2024 and 2023 for all stock awards was $13.0 million and $10.6 million, respectively, and the associated tax benefit related thereto was $2.7 million and $2.2 million , respectively. The total unrecognized stock-based compensation expense as of September 30, 2024 was approximately $26.6 million, an d is expected to be recognized over a weighted average period of approximatel

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 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 an additional two yards from this entity and incurred rent expense of $0.02 million and $0.1 million, respectively during the nine months ended September 30, 2023. ExxonMobil and 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 May 2024, Pioneer merged with and became a wholly owned subsidiary of Exxon Mobil Corporation ("ExxonMobil") after which ExxonMobil became the owner of these shares. The Company currently provides pressure pumping, wireline and other services to ExxonMobil and previously provided such services to Pioneer. On April 22, 2024, we entered into a Sub agreement for Hydraulic Fracturing Services with XTO Energy Inc. ("XTO"), a wholly owned subsidiary of ExxonMobil, where we will provide hydraulic fracturing, wireline and pumpdown services with two committed FORCE ® electric-powered hydraulic fracturing fleets with the option to add a third FORCE ® fleet (also with wireline and pumpdown services) for a period of three years or for contracted hours, whichever occurs last with respect to each fleet, subject to certain termination and release rights. Revenue from services provided to ExxonMobil (including Pioneer and XTO) subsequent to Pioneer's merger with ExxonMobil accounted for $55.6 million and $98.1 million of our total revenue during the three and nine months ended September 30, 2024. Revenue from services provided to Pioneer (including equipment reservation fees) prior to its merger with ExxonMobil accounted f or approximately $6.8 million of our total revenue during the nine months ended September 30, 2024 . Revenue from services provided to Pioneer (including equipment reservation fees) prior to its merger with ExxonMobil accounted for approximate ly $22.3 million and $122.1 million of our total revenue during the three and nine months ended September 30, 2023 , respectively. As of September 30, 2024, the total accounts receivable due from ExxonMobil (including Pioneer and XTO), including estimated unbilled receivables for services we provided, amounted to approxim at ely $48.8 million and the amount due to ExxonMobil (including Pioneer and XTO) 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 nine months ended September 30, 2024 and 2023 , the Company made lease payments of approximately $0.1 million a nd $0.2 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 for a duration of approximately three years each for a total of four FORCE ® 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $7.1 million on the Electric Fleet One Lease, including variable lease payments of approximately $0.9 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $5.8 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 September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.3% and 2.2 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $6.9 million, on the Electric Fleet Two Lease, including variable lease payments of approximately $0.7 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $6.1 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 September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 2.4 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $6.5 million, on the Electric Fleet Three Lease, including variable lease payments of approximately $0.4 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $8.5 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 7.2% and 2.5 years, respectively. 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $4.6 million, on the Electric Fleet Four Lease, including variable lease payments of approximately $0.5 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $1.9 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 September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 2.8 years, respectively. In June 2024, we entered into an additional three-year equipment lease (the "Electric Fleet Five Lease" and together with the leases for our first four FORCE ® fleets , the "Electric Fleet Leases" ) with 72,000 HHP. The Electric Fleet Five Lease commenced on September 13, 2024, when we received some of the equipment associated with the fourth FORCE ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $0.1 million, on the Electric Fleet Five Lease. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $2.0 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 Five 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 Five Lease contains variable payments based on equipment usage. The Electric Fleet Five Lease does not include a residual value guarantee, covenants or financial restrictions. We accounted for the Electric Fleet Five Lease as an operating lease. Our assumptions resulted from the existence of the right to control the use of the assets throughout the lease term. As of September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 3.0 years, respectively. As of September 30, 2024, we have not received some of the equipment contracted under the Electric Fleet Five Lease. Since we have not taken possession of these assets and do not control them, we have not accounted for the associated right-of-use asset and lease obligation on our balance sheet as of September 30, 2024. We currently expect to receive majority of the remaining equipment associated with the fifth fleet in the fourth quarter 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 nine months ended September 30, 2024 and 2023, the Company made lease payments of approxim ately $0.3 million and $0.2 million, respectively . The assets and liabilities under this contract are included in our Completion Services reportable segment. In addition to the contractual lease period, the contract includes two optional renewals of one year each, and in management's judgment the exercise of the renewal option is not reasonably assured. The contract does not include a residual value guarantee, covenants or financial restrictions. Further, the Real Estate Two Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for our Real Estate Two Lease as an operating lease. Our assumptions resulted from the existence of the right to control the use of the assets throughout the lease term. We did not account for the land separately from the building of the Real Estate Two Lease because we concluded that the accounting effect was insignificant. As of September 30, 2024, the weighted average discount rate and remaining lease term was approximatel y 6.3% and 3.6 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 nine months ended September 30, 2024, the Company made lease payments of approxim ately $0.1 million and $0.2 million on t he Silvertip One Lease and S ilvertip Two Lease, respectively. During the nine months ended September 30, 2023, the Company made lease payments of approxi mately $0.1 million and $0.2 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 September 30, 2024, the weighted average discount rate and remaining lease term for the Silvertip One Lease was approxim ately 6.3% and 4.2 years, respectively. As of September 30, 2024, the weighted average discount rate and remaining lease term for the Silvertip Two Lease was approximately 2.1% and 4.2 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 nine months ended September 30, 2024 and 2023 , the Company made lease payments of appro ximately $0.1 million an d $0.06 million , 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 6.3% and 4.2 years, respectively. On June 1, 2023, we commenced an office space lease contract for 5.0 years (the "Silvertip Office Lease"). During the nine months ended September 30, 2024 and 2023, the Company made lease payments of approximately $0.1 million and $0.05 million, respectively, 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 6.5% and 3.7 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 nine months ended September 30, 2024, the Company made lease payments of approximately $0.3 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 7.1% and 1.0 year, res pectively. As of September 30, 2024, the total operating lease right-of-use asset cost was approximately $163.8 million, and accumulated amortization was approximately $36.7 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 nine months ended September 30, 2024 and 2023, the Company made lease payments o n the Power Equipment Lease of approximately $15.3 million and $1.1 million, respectively . 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 7.3% and 1.9 years, respectively. As of September 30, 2024, the total finance lease right-of-use asset cost was approximat ely $54.8 million , and accumulated amortization was approximately $19.3 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 September 30, 2024 are as follows: (in thousands) Operating Leases Finance Leases 2024 $ 9,697 $ 5,229 2025 38,680 20,915 2026 37,916 13,462 2027 11,332 — 2028 821 — Total undiscounted future lease payments 98,446 39,606 Less: amount representing interest (8,639) (2,494) Present value of future lease payments (lease obligation) $ 89,807 $ 37,112 Supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 23,929 $ 1,430 Operating cash flows from finance lease 2,272 196 Financing cash flows from finance lease 13,067 889 Noncash lease obligations arising from obtaining right-of-use assets related to: Operating leases (1) 53,071 24,890 Finance lease (2) 2,230 27,244 (1) D uring the nine months ended September 30, 2024, we recorded noncash operating lease obligations 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, the Electric Fleet Four Lease and the Electric Fleet Five Lease. During the nine months ended September 30, 2023, we recorded a noncash operating lease obligations a rising from obtaining right-of-use assets related to our execution of the Real Estate Two Lease, the Silvertip Three Lease, the Silvertip Office Lease, the Electric Fleet One Lease and the Corporate Office Lease, and our extension of the Silvertip One Lease . (2) During the nine months ended September 30, 2024, we recorded noncash finance lease obligations related to the Power Equipment Lease. During the nine months ended September 30, 2023, we recorded noncash finance lease obligations arising from obtaining right-of-use assets related to the commencement of the Power Equipment 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 The components of lease costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 12,884 $ 1,178 $ 33,845 $ 1,857 Finance lease cost: Amortization of right-of-use assets 4,849 977 14,117 977 Interest on lease liabilities 704 196 2,272 196 Total finance lease cost 5,553 1,173 16,389 1,173 Variable lease cost 1,107 — 2,526 — Short-term lease cost 210 173 657 626
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 nine months ended September 30, 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 nine months ended September 30, 2024 and 2023 , the Company made lease payments of approximately $0.1 million a nd $0.2 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 for a duration of approximately three years each for a total of four FORCE ® 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $7.1 million on the Electric Fleet One Lease, including variable lease payments of approximately $0.9 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $5.8 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 September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.3% and 2.2 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $6.9 million, on the Electric Fleet Two Lease, including variable lease payments of approximately $0.7 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $6.1 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 September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 2.4 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $6.5 million, on the Electric Fleet Three Lease, including variable lease payments of approximately $0.4 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $8.5 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 7.2% and 2.5 years, respectively. 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 ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $4.6 million, on the Electric Fleet Four Lease, including variable lease payments of approximately $0.5 million. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $1.9 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 September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 2.8 years, respectively. In June 2024, we entered into an additional three-year equipment lease (the "Electric Fleet Five Lease" and together with the leases for our first four FORCE ® fleets , the "Electric Fleet Leases" ) with 72,000 HHP. The Electric Fleet Five Lease commenced on September 13, 2024, when we received some of the equipment associated with the fourth FORCE ® electric-powered hydraulic fracturing fleet. During the nine months ended September 30, 2024, the Company made lease payments of approximately $0.1 million, on the Electric Fleet Five Lease. During the nine months ended September 30, 2024, the Company incurred initial direct costs of approximately $2.0 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 Five 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 Five Lease contains variable payments based on equipment usage. The Electric Fleet Five Lease does not include a residual value guarantee, covenants or financial restrictions. We accounted for the Electric Fleet Five Lease as an operating lease. Our assumptions resulted from the existence of the right to control the use of the assets throughout the lease term. As of September 30, 2024, the weighted average discount rate and remaining lease term was appro ximately 7.2% and 3.0 years, respectively. As of September 30, 2024, we have not received some of the equipment contracted under the Electric Fleet Five Lease. Since we have not taken possession of these assets and do not control them, we have not accounted for the associated right-of-use asset and lease obligation on our balance sheet as of September 30, 2024. We currently expect to receive majority of the remaining equipment associated with the fifth fleet in the fourth quarter 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 nine months ended September 30, 2024 and 2023, the Company made lease payments of approxim ately $0.3 million and $0.2 million, respectively . The assets and liabilities under this contract are included in our Completion Services reportable segment. In addition to the contractual lease period, the contract includes two optional renewals of one year each, and in management's judgment the exercise of the renewal option is not reasonably assured. The contract does not include a residual value guarantee, covenants or financial restrictions. Further, the Real Estate Two Lease does not contain variability in payments resulting from either an index change or rate change. We accounted for our Real Estate Two Lease as an operating lease. Our assumptions resulted from the existence of the right to control the use of the assets throughout the lease term. We did not account for the land separately from the building of the Real Estate Two Lease because we concluded that the accounting effect was insignificant. As of September 30, 2024, the weighted average discount rate and remaining lease term was approximatel y 6.3% and 3.6 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 nine months ended September 30, 2024, the Company made lease payments of approxim ately $0.1 million and $0.2 million on t he Silvertip One Lease and S ilvertip Two Lease, respectively. During the nine months ended September 30, 2023, the Company made lease payments of approxi mately $0.1 million and $0.2 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 September 30, 2024, the weighted average discount rate and remaining lease term for the Silvertip One Lease was approxim ately 6.3% and 4.2 years, respectively. As of September 30, 2024, the weighted average discount rate and remaining lease term for the Silvertip Two Lease was approximately 2.1% and 4.2 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 nine months ended September 30, 2024 and 2023 , the Company made lease payments of appro ximately $0.1 million an d $0.06 million , 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 6.3% and 4.2 years, respectively. On June 1, 2023, we commenced an office space lease contract for 5.0 years (the "Silvertip Office Lease"). During the nine months ended September 30, 2024 and 2023, the Company made lease payments of approximately $0.1 million and $0.05 million, respectively, 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 6.5% and 3.7 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 nine months ended September 30, 2024, the Company made lease payments of approximately $0.3 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 7.1% and 1.0 year, res pectively. As of September 30, 2024, the total operating lease right-of-use asset cost was approximately $163.8 million, and accumulated amortization was approximately $36.7 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 nine months ended September 30, 2024 and 2023, the Company made lease payments o n the Power Equipment Lease of approximately $15.3 million and $1.1 million, respectively . 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 September 30, 2024, the weighted average discount rate and remaining lease term was approximately 7.3% and 1.9 years, respectively. As of September 30, 2024, the total finance lease right-of-use asset cost was approximat ely $54.8 million , and accumulated amortization was approximately $19.3 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 September 30, 2024 are as follows: (in thousands) Operating Leases Finance Leases 2024 $ 9,697 $ 5,229 2025 38,680 20,915 2026 37,916 13,462 2027 11,332 — 2028 821 — Total undiscounted future lease payments 98,446 39,606 Less: amount representing interest (8,639) (2,494) Present value of future lease payments (lease obligation) $ 89,807 $ 37,112 Supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 23,929 $ 1,430 Operating cash flows from finance lease 2,272 196 Financing cash flows from finance lease 13,067 889 Noncash lease obligations arising from obtaining right-of-use assets related to: Operating leases (1) 53,071 24,890 Finance lease (2) 2,230 27,244 (1) D uring the nine months ended September 30, 2024, we recorded noncash operating lease obligations 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, the Electric Fleet Four Lease and the Electric Fleet Five Lease. During the nine months ended September 30, 2023, we recorded a noncash operating lease obligations a rising from obtaining right-of-use assets related to our execution of the Real Estate Two Lease, the Silvertip Three Lease, the Silvertip Office Lease, the Electric Fleet One Lease and the Corporate Office Lease, and our extension of the Silvertip One Lease . (2) During the nine months ended September 30, 2024, we recorded noncash finance lease obligations related to the Power Equipment Lease. During the nine months ended September 30, 2023, we recorded noncash finance lease obligations arising from obtaining right-of-use assets related to the commencement of the Power Equipment 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 The components of lease costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 12,884 $ 1,178 $ 33,845 $ 1,857 Finance lease cost: Amortization of right-of-use assets 4,849 977 14,117 977 Interest on lease liabilities 704 196 2,272 196 Total finance lease cost 5,553 1,173 16,389 1,173 Variable lease cost 1,107 — 2,526 — Short-term lease cost 210 173 657 626

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2024, all five of the Electric Fleet Leases commenced when the Company took possession of all equipment associated with its first four FORCE ® electric-powered hydraulic fracturing fleets and some of the equipment associated with its fifth fleet under these leases. Lease payments pertaining to the remaining equipment associated with the fifth Electric Fleet Lease are expected to commence when the Company takes possession of the remaining associated equipment . We currently expect to receive majority of the remaining equipment associated with the fifth fleet in the fourth quarter 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 $130.9 million. We also entered into the Power Equipment Lease. The total estimated contractual commitment in connection with the Power Equipment Lease is approximately $39.6 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 $2.3 million. During the nine months ended September 30, 2024 and 2023, no shortfall fee was recorded. As of September 30, 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. Such letters of credit reduce the amount available to borrow under the ABL Credit Facility. 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 September 30, 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 September 30, 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 September 30, 2024, the audit concluded and resulted in no liability.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (137,067)	$ (3,660)	$ 19,930	$ 34,753	$ 39,257	$ 28,733	$ (120,797)	$ 102,743

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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. We also deliver wet sand to customer oil well sites for use in the hydraulic fracturing process. The Company recognizes revenue related to its sale of sand and delivery service as it fulfills sand deliveries to the customer. 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.
Accounts Receivable	Accounts receivable are stated at the amount billed and billable to customers.
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.
Customer Cash Advances	We have received cash advances from a customer in connection with our contract with the customer to provide FORCE ®
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 (loss) 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 or an increase in accumulated deficit.
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” or "ASC"). 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. This ASU will result in additional disclosures in our Reportable Segment Information note, but will not have a material impact on our consolidated financial statements. 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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024: (in thousands) Balance - January 1, 2024 $ 236 Provision for credit losses during the period — Write-off during the period — Balance - September 30, 2024 $ 236
Schedule Of Depreciation and Amortization Costs	Depreciation and amortization comprised the following: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Depreciation and amortization related to cost of services $ 52,046 $ 43,889 $ 158,586 $ 120,255 Depreciation and amortization related to general and administrative expenses 2,253 1,472 5,441 4,494 Total depreciation and amortization $ 54,299 $ 45,361 $ 164,027 $ 124,749

Business Acquisitions (Tables)

Business Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the consideration transferred to AquaProp at the acquisition date: (in thousands) Fair value of purchase consideration: Cash $ 21,216 Deferred cash consideration 3,664 Contingent consideration 10,900 Total consideration $ 35,780
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the recognized preliminary amounts of identified assets, and liabilities assumed at the acquisition date: (in thousands) Recognized amounts of assets acquired and liabilities assumed: Cash $ 178 Accounts receivable 10,551 Property and equipment 13,468 Intangible assets: Trade name 1,300 Customer relationships 18,600 Accounts payable (1,423) Factored receivables (10,024) Total net assets acquired 32,650 Goodwill 3,130 Total consideration $ 35,780 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 consideration 3,109 Total consideration $ 25,324 (in thousands) Recognized amounts of assets acquired and liabilities assumed: Accounts receivable $ 8,641 Inventory 321 Property, plant and equipment 17,175 Accrued liabilities (813) Total net assets acquired $ 25,324
Business Acquisition, Pro Forma Information	The following combined supplemental pro forma information assumes the AquaProp Acquisition occurred on January 1, 2023. The supplemental pro forma information presented below is for illustrative purposes only and does not reflect future events that occurred after September 30, 2024 or any operating efficiencies or inefficiencies that may result from the AquaProp Acquisition. The information is not necessarily indicative of results that would have been achieved had the Company controlled AquaProp during the periods presented. (unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue $ 360,868 $ 428,435 $ 1,166,222 $ 1,289,157 Net (loss) income (136,647) 35,413 (109,682) 102,298

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Held at Fair Value	Assets and liabilities measured at fair value on a recurring basis are set forth below: (in thousands) Estimated fair value measurements Balance Quoted prices in active market Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains September 30, 2024: Short-term investment $ 7,405 $ 7,405 $ — $ — $ (340) Business acquisition contingent consideration payable $ 9,100 $ — $ — $ 9,100 $ 1,800 December 31, 2023: Short-term investment $ 7,745 $ 7,745 $ — $ — $ (2,538)
Fair Value, Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are set forth below: (in thousands) Estimated fair value measurements Balance Quoted prices in active market Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains September 30, 2024: Short-term investment $ 7,405 $ 7,405 $ — $ — $ (340) Business acquisition contingent consideration payable $ 9,100 $ — $ — $ 9,100 $ 1,800 December 31, 2023: Short-term investment $ 7,745 $ 7,745 $ — $ — $ (2,538)
Schedule Of Fair Value Unobservable Input Reconciliation	The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): (in thousands) Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Business acquisition contingent consideration payable - opening balance $ 10,900 $ — Addition — 10,900 Decrease in estimated fair value (1) (1,800) (1,800) Business acquisition contingent consideration payable - closing balance $ 9,100 $ 9,100 (1) The decrease in the estimated fair value of the business acquisition contingent consideration payable is included in other income (expense) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2024.
Schedule of Fair Value on Nonrecurring Basis	Assets measured at fair value on a nonrecurring basis are set forth below: (in thousands) Estimated fair value measurements Balance Quoted prices in active market Significant other observable inputs (Level 2) Significant other unobservable inputs (Level 3) Total gains September 30, 2024: Property and equipment, net $ 63,791 $ — $ — $ 63,791 $ (188,601) December 31, 2023: Property and equipment, net $ — $ — $ — $ — $ —

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2024 December 31, 2023 Intangible assets: Trademark/trade names $ 12,100 $ 10,800 Customer relationships 65,100 46,500 Total intangible assets 77,200 57,300 Accumulated amortization: Trademark/trade name (2,099) (1,260) Customer relationships (9,946) (5,425) Total accumulated amortization (12,045) (6,685) Intangible assets — net $ 65,155 $ 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 $ 2,229 2025 8,917 2026 8,917 2027 8,917 2028 and beyond 36,175 Total $ 65,155

Reportable Segment Information

Reportable Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 shown under "Reconciling Items" (in thousands): Three Months Ended September 30, 2024 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 274,138 $ 47,958 $ 38,920 $ (148) $ 360,868 Adjusted EBITDA for reportable segments $ 66,166 $ 9,194 $ 8,989 $ — $ 84,349 Depreciation and amortization $ 46,752 $ 5,260 $ 2,264 $ 23 $ 54,299 Impairment expense (1) $ 188,601 $ — $ — $ — $ 188,601 Capital expenditures incurred $ 33,465 $ 1,757 $ 1,575 $ 38 $ 36,835 Goodwill $ 3,130 $ 23,624 $ — $ — $ 26,754 Total assets September 30, 2024 $ 953,914 $ 197,599 $ 75,259 $ 53,438 $ 1,280,210 Three Months Ended September 30, 2023 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 340,089 $ 52,775 $ 30,940 $ — $ 423,804 Adjusted EBITDA for reportable segments $ 99,586 $ 14,011 $ 6,375 $ — $ 119,972 Depreciation and amortization (2) $ 39,098 $ 4,860 $ 1,363 $ 40 $ 45,361 Capital expenditures incurred $ 52,713 $ 5,488 $ 880 $ — $ 59,081 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets at December 31, 2023 $ 1,189,526 $ 198,957 $ 78,475 $ 13,354 $ 1,480,312 Nine Months Ended September 30, 2024 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 855,066 $ 157,966 $ 110,935 $ (235) $ 1,123,732 Adjusted EBITDA for reportable segments $ 215,995 $ 36,687 $ 20,433 $ — $ 273,115 Depreciation and amortization $ 141,828 $ 15,304 $ 6,813 $ 82 $ 164,027 Impairment expense (1) $ 188,601 $ — $ — $ — $ 188,601 Capital expenditures incurred $ 95,084 $ 6,086 $ 7,417 $ 38 $ 108,625 Goodwill $ 3,130 $ 23,624 $ — $ — $ 26,754 Total assets at September 30, 2024 $ 953,914 $ 197,599 $ 75,259 $ 53,438 $ 1,280,210 Nine Months Ended September 30, 2023 Hydraulic Fracturing Wireline All Other Reconciling Items Total Service revenue $ 1,018,074 $ 179,182 $ 85,367 $ — $ 1,282,623 Adjusted EBITDA for reportable segments $ 308,448 $ 50,667 $ 16,861 $ — $ 375,976 Depreciation and amortization (2) $ 106,587 $ 13,862 $ 4,104 $ 196 $ 124,749 Capital expenditures incurred $ 256,350 $ 10,887 $ 4,247 $ — $ 271,484 Goodwill $ — $ 23,624 $ — $ — $ 23,624 Total assets at December 31, 2023 $ 1,189,526 $ 198,957 $ 78,475 $ 13,354 $ 1,480,312 (1) Represents noncash impairment expense on our Tier II Units. (2) 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 amounts of $8.4 million and $32.7 million from depreciation to loss on disposal of assets for the three and nine months ended September 30, 2023, respectively. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Service Revenue Hydraulic Fracturing $ 274,138 $ 340,089 $ 855,066 $ 1,018,074 Wireline 47,958 52,775 157,966 179,182 All Other 38,920 30,940 110,935 85,367 Total service revenue for reportable segments 361,016 423,804 1,123,967 1,282,623 Elimination of inter-segment service revenue (148) — (235) — Total consolidated service revenue $ 360,868 $ 423,804 $ 1,123,732 $ 1,282,623 Adjusted EBITDA Hydraulic Fracturing $ 66,166 $ 99,586 $ 215,995 $ 308,448 Wireline 9,194 14,011 36,687 50,667 All Other 8,989 6,375 20,433 16,861 Total Adjusted EBITDA for reportable segments 84,349 119,972 273,115 375,976 Unallocated corporate administrative expenses (13,219) (12,258) (42,529) (36,284) Depreciation and amortization (1) (54,299) (45,361) (164,027) (124,749) Impairment expense (2) (188,601) — (188,601) — Interest expense (1,939) (1,169) (5,933) (3,016) Income tax benefit (expense) 41,365 (10,644) 28,041 (31,118) Loss on disposal of assets (1) (2,149) (12,673) (11,884) (62,117) Stock-based compensation (4,615) (3,310) (12,975) (10,604) Other income (expense), net (3) 3,599 1,883 7,408 (1,749) Other general and administrative expense, net (346) (450) (1,517) (1,659) Retention bonus and severance expense (1,212) (1,237) (1,895) (1,937) Net (loss) income $ (137,067) $ 34,753 $ (120,797) $ 102,743 (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 amounts of $8.4 million and $32.7 million from depreciation to loss on disposal of assets for the three and nine months ended September 30, 2023, respectively. (2) Represents noncash impairment expense on our Tier II Units. (3) Other income for the three months ended September 30, 2024 is primarily comprised of tax refunds totaling $1.8 million and a $1.8 million decrease in the estimated fair value of the contingent consideration payable on our acquisition of AquaProp. Other income for the nine months ended September 30, 2024 is primarily comprised of tax refunds totaling $3.6 million, insurance reimbursements of $2.0 million and a $1.8 million decrease in the estimated fair value of the contingent consideration payable on our acquisition of AquaProp. Other income for the three months ended September 30, 2023 is primarily comprised of a $1.8 million unrealized gain on short-term investment. Other expense for the nine months ended September 30, 2023 is primarily comprised of a $2.1 million unrealized loss on short-term investment.

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Calculations of Net Loss Per Share	The table below shows the calculations for the three and nine months ended September 30, 2024 and 2023 (in thousands, except for per share data): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator (both basic and diluted) Net (loss) income relevant to common stockholders $ (137,067) $ 34,753 $ (120,797) $ 102,743 Denominator Denominator for basic income per share 104,121 112,286 106,314 113,960 Dilutive effect of stock options — — — — Dilutive effect of performance share units — — — 56 Dilutive effect of restricted stock units — 412 — 278 Denominator for diluted income per share 104,121 112,698 106,314 114,294 Basic (loss) income per common share $ (1.32) $ 0.31 $ (1.14) $ 0.90 Diluted (loss) income per common share $ (1.32) $ 0.31 $ (1.14) $ 0.90
Schedule of Antidilutive Securities	As shown in the table below, the f ollowing stock options, RSUs and PSUs have not been included in the calculation of diluted income per common share for the three and nine months ended September 30, 2024 and 2023 because they will be anti-dilutive to the calculation of diluted net (loss) income per common share: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Stock options 179 196 179 320 Restricted stock units 3,243 452 3,243 611 Performance stock units 1,381 — 1,381 — Total 4,803 648 4,803 931

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Options Activity	A summary of the stock option activity for the nine months ended September 30, 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 September 30, 2024 179 $ 14.00 Exercisable at September 30, 2024 179 $ 14.00
Summary of RSUs Activity	The following table summarizes RSUs activity during the nine months ended September 30, 2024 (in thousands, except for fair value): Number of Weighted Outstanding at January 1, 2024 2,264 $ 9.81 Granted 1,762 $ 7.42 Vested (737) $ 9.57 Forfeited (46) $ 8.42 Canceled — $ — Outstanding at September 30, 2024 3,243 $ 8.59
Summary of Performance Shares Activity	The following table summarizes information about PSUs activity during the nine months ended September 30, 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 September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 are as follows: (in thousands) Operating Leases Finance Leases 2024 $ 9,697 $ 5,229 2025 38,680 20,915 2026 37,916 13,462 2027 11,332 — 2028 821 — Total undiscounted future lease payments 98,446 39,606 Less: amount representing interest (8,639) (2,494) Present value of future lease payments (lease obligation) $ 89,807 $ 37,112
Finance Lease Maturity	The maturity analysis of liabilities and reconciliation to undiscounted and discounted remaining future lease payments for our leases as of September 30, 2024 are as follows: (in thousands) Operating Leases Finance Leases 2024 $ 9,697 $ 5,229 2025 38,680 20,915 2026 37,916 13,462 2027 11,332 — 2028 821 — Total undiscounted future lease payments 98,446 39,606 Less: amount representing interest (8,639) (2,494) Present value of future lease payments (lease obligation) $ 89,807 $ 37,112
Lease, Cost	Supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, (in thousands) 2024 2023 Cash paid for amounts included in the measurements of lease liabilities: Operating cash flows from operating leases $ 23,929 $ 1,430 Operating cash flows from finance lease 2,272 196 Financing cash flows from finance lease 13,067 889 Noncash lease obligations arising from obtaining right-of-use assets related to: Operating leases (1) 53,071 24,890 Finance lease (2) 2,230 27,244 (1) D uring the nine months ended September 30, 2024, we recorded noncash operating lease obligations 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, the Electric Fleet Four Lease and the Electric Fleet Five Lease. During the nine months ended September 30, 2023, we recorded a noncash operating lease obligations a rising from obtaining right-of-use assets related to our execution of the Real Estate Two Lease, the Silvertip Three Lease, the Silvertip Office Lease, the Electric Fleet One Lease and the Corporate Office Lease, and our extension of the Silvertip One Lease . (2) During the nine months ended September 30, 2024, we recorded noncash finance lease obligations related to the Power Equipment Lease. During the nine months ended September 30, 2023, we recorded noncash finance lease obligations arising from obtaining right-of-use assets related to the commencement of the Power Equipment Lease. The components of lease costs are as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Operating lease cost $ 12,884 $ 1,178 $ 33,845 $ 1,857 Finance lease cost: Amortization of right-of-use assets 4,849 977 14,117 977 Interest on lease liabilities 704 196 2,272 196 Total finance lease cost 5,553 1,173 16,389 1,173 Variable lease cost 1,107 — 2,526 — Short-term lease cost 210 173 657 626

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer, asset, net	$ 83,600		$ 83,600		$ 55,400
Allowance for credit losses during the period	236		236		236
Contract with customer, liability, current	13,900		13,900		$ 19,200
Contract with customer, liability, revenue recognized			4,900	$ 4,200
Loss on disposal of assets			11,884	62,117
Income tax (benefit) expense	$ (41,365)	$ 10,644	$ (28,041)	$ 31,118
Effective income tax rate reconciliation, percent			(18.80%)	23.20%
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001		$ 0.001
Revision of Prior Period, Adjustment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Loss on disposal of assets		8,400		$ 32,700
Accumulated depreciation, depletion and amortization, property, plant and equipment, period increase (decrease)		$ 8,400		$ 32,700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 24,200		$ 24,200
Revenue, remaining performance obligation, expected timing of satisfaction	1 month		1 month

Basis of Presentation - Allowan

Basis of Presentation - Allowance for Credit Losses (Details) $ in Thousands	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization Expense Per Equivalent Unit of Production or Per Dollar of Gross Revenue [Line Items]
Depreciation and amortization	$ 54,299	$ 45,361	$ 164,027	$ 124,749
Depreciation and amortization related to cost of services
Amortization Expense Per Equivalent Unit of Production or Per Dollar of Gross Revenue [Line Items]
Depreciation and amortization	52,046	43,889	158,586	120,255
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	$ 2,253	$ 1,472	$ 5,441	$ 4,494

Business Acquisitions - Schedul

Business Acquisitions - Schedule of Consideration (Details) - Aqua Prop, LLC. $ in Thousands	May 31, 2024 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Cash	$ 21,216
Deferred cash consideration	3,664
Contingent consideration	10,900
Total consideration	$ 35,780

Business Acquisitions - Narrati

Business Acquisitions - Narrative (Details)			1 Months Ended	3 Months Ended	4 Months Ended	9 Months Ended
	May 31, 2024 USD ($) intangible_asset	Dec. 01, 2023 USD ($)	Jul. 31, 2024 USD ($) equipment_spread	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Business Acquisition, Contingent Consideration [Line Items]
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability						$ (1,800,000)	$ 0
Business combination, acquisition related costs				$ 400,000		1,500,000
Business combination, provisional information, initial accounting incomplete, adjustment, accounts receivable				100,000		$ (100,000)
Hydraulic Fracturing
Business Acquisition, Contingent Consideration [Line Items]
Reporting segment, percentage of goodwill						100%
Equipment Spread | Aqua Prop, LLC.
Business Acquisition, Contingent Consideration [Line Items]
Property, plant and equipment, additions, post-closing transaction, additional purchase | equipment_spread			2
Property, plant and equipment, additions, post-closing transaction, duration since transaction close			90 days
Property, plant and equipment, additions, post-closing transaction, percentage of purchase premium			50%
Property, plant and equipment, additions, post-closing transaction, maximum additional purchase | equipment_spread			5
Property, plant and equipment, additions, post-closing transaction, duration since first delivery			30 months
Property, plant and equipment, additions, post-closing transaction, purchase price			$ 4,800,000
Aqua Prop, LLC.
Business Acquisition, Contingent Consideration [Line Items]
Cash	$ 21,216,000
Repayments of long-term debt	7,200,000
Business acquisition, transaction costs	300,000
Deferred cash consideration	$ 1,800,000
Business combination, contingent consideration, period following first transaction	30 months
Business combination, contingent consideration arrangements, range of outcomes, value, low	$ 0
Business combination, contingent consideration arrangements, range of outcomes, value, high	12,500,000
Business combination, contingent consideration, liability	10,900,000			9,100,000	$ 9,100,000	$ 9,100,000
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability				(1,800,000)		(1,800,000)
Accounts receivable	$ 10,551,000
Number of intangible assets | intangible_asset	2
Business combination, provisional information, initial accounting incomplete, adjustment, accounts payable				500,000
Business combination, pro forma information, revenue of acquiree since acquisition date, actual				18,700,000	23,600,000
Business combination, pro forma information, loss of acquiree since acquisition date, actual				$ 2,200,000	$ 1,500,000
Deferred cash consideration	$ 3,664,000
Aqua Prop, LLC. | Aqua Prop, LLC.
Business Acquisition, Contingent Consideration [Line Items]
Cash	13,700,000
Aqua Prop, LLC. | Trademark/trade names
Business Acquisition, Contingent Consideration [Line Items]
Intangible assets	1,300,000
Acquired finite-lived intangible asset, residual value	$ 0
Amortization period	15 years
Business combination, revenue forecast key assumptions, long-term growth rate	0%
Business combination, revenue forecast key assumptions, royalty rate	1%
Business combination, revenue forecast key assumptions, income tax rate	21.60%
Business combination, revenue forecast key assumptions, discount rate	40.50%
Aqua Prop, LLC. | Customer relationships
Business Acquisition, Contingent Consideration [Line Items]
Intangible assets	$ 18,600,000
Acquired finite-lived intangible asset, residual value	$ 0
Amortization period	6 years
Business combination, revenue forecast key assumptions, long-term growth rate	0%
Business combination, revenue forecast key assumptions, income tax rate	21.60%
Business combination, revenue forecast key assumptions, discount rate	40.50%
Business combination, revenue forecast key assumptions, attrition rate	20%
Par Five
Business Acquisition, Contingent Consideration [Line Items]
Cash		$ 22,215,000
Accounts receivable		8,641,000
Deferred cash consideration		$ 3,109,000				$ 3,100,000
Business combination, holdback liability, interest rate		4%
Par Five | Previously Reported
Business Acquisition, Contingent Consideration [Line Items]
Accounts receivable		$ 8,700,000

Business Acquisitions - Summary

Business Acquisitions - Summary of Assets Acquired And Liabilities Assumed - Aqua Prop (Details) - USD ($) $ in Thousands	May 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Business Acquisition, Contingent Consideration [Line Items]
Goodwill		$ 26,754	$ 23,624	$ 23,624
Aqua Prop, LLC.
Business Acquisition, Contingent Consideration [Line Items]
Cash	$ 178
Accounts receivable	10,551
Property, plant and equipment	13,468
Accounts payable	(1,423)
Factored receivables	(10,024)
Total net assets acquired	32,650
Goodwill	3,130
Total consideration	35,780
Aqua Prop, LLC. | Trade name
Business Acquisition, Contingent Consideration [Line Items]
Intangible assets	1,300
Aqua Prop, LLC. | Customer relationships
Business Acquisition, Contingent Consideration [Line Items]
Intangible assets	$ 18,600

Business Acquisitions - Pro For

Business Acquisitions - Pro Forma (Details) - Aqua Prop, LLC. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	$ 360,868	$ 428,435	$ 1,166,222	$ 1,289,157
Net (loss) income	$ (136,647)	$ 35,413	$ (109,682)	$ 102,298

Business Acquisitions - Summa_2

Business Acquisitions - Summary of Assets Acquired and Liabilities Assumed - Par Five (Details) - Par Five - USD ($) $ in Thousands		9 Months Ended
	Dec. 01, 2023	Sep. 30, 2024
Total purchase consideration:
Cash	$ 22,215
Deferred cash consideration	3,109	$ 3,100
Total consideration	25,324
Recognized amounts of assets acquired and liabilities assumed:
Accounts receivable	8,641
Inventory	321
Property, plant and equipment	17,175
Accrued liabilities	(813)
Total net assets acquired	$ 25,324

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	$ 7,400
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment	7,405	$ 7,745
Contingent consideration	9,100
Short-term investment, total gains (losses)	(340)	(2,538)
Business acquisition contingent consideration payable, total gains (losses)	1,800
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	7,405	7,745
Contingent consideration	0
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
Contingent consideration	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
Contingent consideration	$ 9,100

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) shares in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 01, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investment		$ 7,400,000		$ 7,400,000
Unrealized gain (loss) on investments		(400,000)	$ 1,800,000	(340,000)	$ (2,120,000)
Unrealized gain (loss) from non-cash foreign currency translation		$ 100,000	(200,000)	$ (100,000)	(100,000)
Number of shares restricted from selling, transferring or assigning, maximum (in shares)		0.9		0.9
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability				$ (1,800,000)	0
Property, Plant and Equipment, Net		$ 716,823,000		716,823,000		$ 967,116,000
Total gains (losses)			0
Goodwill, acquired during period		0	0	3,100,000	0
Goodwill		26,754,000	23,624,000	26,754,000	23,624,000	23,624,000
Goodwill, impairment loss		0	$ 0	0	$ 0	0
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gains (losses)		188,600,000		188,601,000		0
Reported Value Measurement | Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net		63,791,000		63,791,000		$ 0
Tier II Units
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, Plant and Equipment, Net		252,400,000		252,400,000
Hydraulic Fracturing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill		3,100,000		3,100,000
Goodwill, impairment loss				0
Wireline
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill		23,600,000		23,600,000
Goodwill, impairment loss				0
Aqua Prop, LLC.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total consideration	$ 35,780,000
Deferred cash consideration	3,664,000
Repayments of long-term debt	7,200,000
Business acquisition, transaction costs	300,000
Contingent consideration	10,900,000	9,100,000		9,100,000
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability		$ (1,800,000)		$ (1,800,000)
Goodwill	3,130,000
Aqua Prop, LLC. | Aqua Prop, LLC.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total consideration	$ 13,700,000
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

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Of Fair Value Unobservable Input Reconciliation (Details) - Significant other unobservable inputs (Level 3) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Business acquisition contingent consideration payable - opening balance	$ 10,900	$ 0
Addition	0	10,900
Decrease in estimated fair value	(1,800)	(1,800)
Business acquisition contingent consideration payable - closing balance	$ 9,100	$ 9,100

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gains (losses)		$ 0
Nonrecurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total gains (losses)	$ 188,600,000		$ 188,601,000	$ 0
Nonrecurring Basis | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net	63,791,000		63,791,000	0
Nonrecurring Basis | Estimated fair value measurements | Quoted prices in active market (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net	0		0	0
Nonrecurring Basis | Estimated fair value measurements | Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net	0		0	0
Nonrecurring Basis | Estimated fair value measurements | Significant other unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net	$ 63,791,000		$ 63,791,000	$ 0

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 2.2	$ 1.4	$ 5.4	$ 4.2
Finite-lived intangible assets, remaining amortization period	7 years 7 months 6 days		7 years 7 months 6 days
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	6 years		6 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years		10 years
Trademark/trade names | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years		10 years
Trademark/trade names | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	15 years		15 years

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets:	$ 77,200	$ 57,300
Accumulated amortization:	(12,045)	(6,685)
Intangible assets — net	65,155	50,615
Trademark/trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets:	12,100	10,800
Accumulated amortization:	(2,099)	(1,260)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets:	65,100	46,500
Accumulated amortization:	$ (9,946)	$ (5,425)

Intangible Assets - Estimated F

Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,229
2025	8,917
2026	8,917
2027	8,917
2028 and beyond	36,175
Intangible assets — net	$ 65,155	$ 50,615

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 02, 2023	Apr. 30, 2022	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Borrowing base, eligible unbilled percentage	80%
ABL CreditFacility
Debt Instrument [Line Items]
Notes issued				$ 6
ABL CreditFacility | Line of Credit
Debt Instrument [Line Items]
Long-term debt			$ 45	45	$ 45
Line of credit facility, remaining borrowing capacity			80.4	$ 80.4
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	$ 15
Borrowing base			$ 131.4	$ 131.4
Interest rate			7.18%
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%
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%
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%

Reportable Segment Informatio_2

Reportable Segment Information - Additional Information (Details) - segment	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Segment Reporting [Abstract]
Number of operating segments	3	3

Reportable Segment Informatio_3

Reportable Segment Information - Reconciliation of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Service revenue	$ 360,868	$ 423,804	$ 1,123,732	$ 1,282,623
Adjusted EBITDA	84,349	119,972	273,115	375,976
Depreciation and amortization	54,299	45,361	164,027	124,749
Impairment expense	188,601	0	188,601	0
Capital expenditures incurred	36,835	59,081	108,625	271,484
Goodwill	26,754	23,624	26,754	23,624	$ 23,624
Total assets	1,280,210	1,480,312	1,280,210	1,480,312	$ 1,480,312
Loss on disposal of assets			11,884	62,117
Revision of Prior Period, Adjustment
Segment Reporting Information [Line Items]
Accumulated depreciation, depletion and amortization, property, plant and equipment, period increase (decrease)		(8,400)		(32,700)
Loss on disposal of assets		8,400		32,700
Operating Segments
Segment Reporting Information [Line Items]
Service revenue	361,016	423,804	1,123,967	1,282,623
Adjusted EBITDA	84,349	119,972	273,115	375,976
Segment Reconciling Items
Segment Reporting Information [Line Items]
Service revenue	(148)	0	(235)	0
Adjusted EBITDA	0	0	0	0
Depreciation and amortization	23	40	82	196
Impairment expense	0		0
Capital expenditures incurred	38	0	38	0
Goodwill	0	0	0	0
Total assets	53,438	13,354	53,438	13,354
Hydraulic Fracturing
Segment Reporting Information [Line Items]
Goodwill	3,100		3,100
Hydraulic Fracturing | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	274,138	340,089	855,066	1,018,074
Adjusted EBITDA	66,166	99,586	215,995	308,448
Depreciation and amortization	46,752	39,098	141,828	106,587
Impairment expense	188,601		188,601
Capital expenditures incurred	33,465	52,713	95,084	256,350
Goodwill	3,130	0	3,130	0
Total assets	953,914	1,189,526	953,914	1,189,526
Wireline
Segment Reporting Information [Line Items]
Goodwill	23,600		23,600
Wireline | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	47,958	52,775	157,966	179,182
Adjusted EBITDA	9,194	14,011	36,687	50,667
Depreciation and amortization	5,260	4,860	15,304	13,862
Impairment expense	0		0
Capital expenditures incurred	1,757	5,488	6,086	10,887
Goodwill	23,624	23,624	23,624	23,624
Total assets	197,599	198,957	197,599	198,957
All Other | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	38,920	30,940	110,935	85,367
Adjusted EBITDA	8,989	6,375	20,433	16,861
Depreciation and amortization	2,264	1,363	6,813	4,104
Impairment expense	0		0
Capital expenditures incurred	1,575	880	7,417	4,247
Goodwill	0	0	0	0
Total assets	$ 75,259	$ 78,475	$ 75,259	$ 78,475

Reportable Segment Informatio_4

Reportable Segment Information - Reconciliation of Segment Information EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Service revenue	$ 360,868			$ 423,804			$ 1,123,732	$ 1,282,623
Adjusted EBITDA	84,349			119,972			273,115	375,976
Depreciation and amortization	(54,299)			(45,361)			(164,027)	(124,749)
Impairment expense	(188,601)			0			(188,601)	0
Interest expense	(1,939)			(1,169)			(5,933)	(3,016)
Income tax benefit (expense)	41,365			(10,644)			28,041	(31,118)
Loss on disposal of assets	(2,149)			(12,673)			(11,884)	(62,117)
Stock-based compensation	(4,615)			(3,310)			(12,975)	(10,604)
Other income (expense), net	3,599			1,883			7,408	(1,749)
Other general and administrative expense, net	(346)			(450)			(1,517)	(1,659)
Retention bonus and severance expense	(1,212)			(1,237)			(1,895)	(1,937)
Net income (loss)	(137,067)	$ (3,660)	$ 19,930	34,753	$ 39,257	$ 28,733	(120,797)	102,743
Loss on disposal of assets							11,884	62,117
Income taxes paid, net	1,800						3,600
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability							(1,800)	0
Insurance recoveries							2,000
Unrealized loss on short-term investment	(400)			1,800			(340)	(2,120)
Aqua Prop, LLC.
Segment Reporting Information [Line Items]
Business combination, contingent consideration arrangements, change in amount of contingent consideration, liability	(1,800)						(1,800)
Revision of Prior Period, Adjustment
Segment Reporting Information [Line Items]
Accumulated depreciation, depletion and amortization, property, plant and equipment, period increase (decrease)				(8,400)				(32,700)
Loss on disposal of assets				8,400				32,700
Operating Segments
Segment Reporting Information [Line Items]
Service revenue	361,016			423,804			1,123,967	1,282,623
Adjusted EBITDA	84,349			119,972			273,115	375,976
Intersegment Eliminations
Segment Reporting Information [Line Items]
Service revenue	(148)			0			(235)	0
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Unallocated corporate administrative expenses	(13,219)			(12,258)			(42,529)	(36,284)
Hydraulic Fracturing | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	274,138			340,089			855,066	1,018,074
Adjusted EBITDA	66,166			99,586			215,995	308,448
Depreciation and amortization	(46,752)			(39,098)			(141,828)	(106,587)
Impairment expense	(188,601)						(188,601)
Wireline | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	47,958			52,775			157,966	179,182
Adjusted EBITDA	9,194			14,011			36,687	50,667
Depreciation and amortization	(5,260)			(4,860)			(15,304)	(13,862)
Impairment expense	0						0
All Other | Operating Segments
Segment Reporting Information [Line Items]
Service revenue	38,920			30,940			110,935	85,367
Adjusted EBITDA	8,989			6,375			20,433	16,861
Depreciation and amortization	(2,264)			$ (1,363)			(6,813)	$ (4,104)
Impairment expense	$ 0						$ 0

Net (Loss) Income Per Share (De

Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator (both basic and diluted)
Net (loss) income relevant to common stockholders	$ (137,067)	$ (3,660)	$ 19,930	$ 34,753	$ 39,257	$ 28,733	$ (120,797)	$ 102,743
Denominator
Denominator for basic income per share (in shares)	104,121			112,286			106,314	113,960
Denominator for diluted income per share (in shares)	104,121			112,698			106,314	114,294
Basic (loss) income per share (in dollars per share)	$ (1.32)			$ 0.31			$ (1.14)	$ 0.90
Diluted (loss) income per share (in dollars per share)	$ (1.32)			$ 0.31			$ (1.14)	$ 0.90
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4,803			648			4,803	931
Stock options
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	179			196			179	320
Performance stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,381			0			1,381	0
Restricted stock units
Denominator
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3,243			452			3,243	611
Stock options
Denominator
Dilutive effect of share based payment (in shares)	0			0			0	0
Performance stock units
Denominator
Dilutive effect of share based payment (in shares)	0			0			0	56
Restricted stock units
Denominator
Dilutive effect of share based payment (in shares)	0			412			0	278

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 24, 2024	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Stock repurchase program, additional authorized amount	$ 100
Stock repurchase program, authorized amount	$ 200
Stock repurchase program, expiration date, extension	1 year
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001
Treasury stock, value, acquired		$ 10.2
Shares acquired, average cost per share (in dollars per share)		$ 8.06
Stock repurchase, excise tax		$ 0.5
Stock repurchase program, remaining authorized repurchase amount		$ 92.5

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			0
Options, exercised, intrinsic value			$ 0
Options exercised (in shares)			0
Term for exercisable stock			2 years 6 months
Share-based payment arrangement, expense	$ 4,615,000	$ 3,310,000	$ 12,975,000	$ 10,604,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,762,000
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	$ 26,600,000		$ 26,600,000
Compensation cost not yet recognized, period for recognition			1 year 8 months 12 days
Share-based payment arrangement, expense			$ 13,000,000	10,600,000
Tax benefit from compensation expense			$ 2,700,000	$ 2,200,000
A&R 2020 Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			1,762,177
Restricted stock units, conversion of stock, conversion rights (in shares)	1		1
Compensation not yet recognized, stock options	$ 19,300,000		$ 19,300,000
Compensation cost not yet recognized, period for recognition			1 year 9 months 18 days
A&R 2020 Incentive Plan | Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares upon conversion (in shares)	1		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)	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Outstanding beginning balance (in shares) | shares	2,264
Granted (in shares) | shares	1,762
Vested (in shares) | shares	(737)
Forfeited (in shares) | shares	(46)
Canceled (in shares) | shares	0
Outstanding ending balance (in shares) | shares	3,243
Weighted Average Grant Date Fair Value
Outstanding beginning balance (in dollars per share) | $ / shares	$ 9.81
Granted (in dollars per share) | $ / shares	7.42
Vested (in dollars per share) | $ / shares	9.57
Forfeited (in dollars per share) | $ / shares	8.42
Canceled (in dollars per share) | $ / shares	0
Outstanding ending balance (in dollars per share) | $ / shares	$ 8.59

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Performance Shares Activity (Details) - Performance stock units	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Apr. 22, 2024 fleet	Dec. 31, 2018 USD ($)	Sep. 30, 2024 USD ($) property fleet	Sep. 30, 2023 USD ($) yard	Sep. 30, 2024 USD ($) property fleet	Sep. 30, 2023 USD ($) yard	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of contracted fleets | fleet			4		4
Service revenue			$ 360,868,000	$ 423,804,000	$ 1,123,732,000	$ 1,282,623,000
Accounts receivable, related party			225,617,000		225,617,000		$ 237,012,000
Accounts payable, related party			$ 128,615,000		$ 128,615,000		161,441,000
Director | Related party leasing
Related Party Transaction [Line Items]
Number of yards, related party (in yards) | property			3		3
Number of previously rented yards, related party (in yards) | yard				2		2
Director | Property 1 | Related party leasing
Related Party Transaction [Line Items]
Rent expense			$ 30,000
Director | Property 2 | Related party leasing
Related Party Transaction [Line Items]
Rent expense			100,000
Director | Property 3 | Related party leasing
Related Party Transaction [Line Items]
Rent expense			100,000
Director | Property 4 | Related party leasing
Related Party Transaction [Line Items]
Rent expense						$ 20,000
Director | Property 5 | Related party leasing
Related Party Transaction [Line Items]
Rent expense						100,000
Related Party | 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
Service revenue				$ 22,300,000	$ 6,800,000	$ 122,100,000
Accounts receivable, related party							2,400,000
Accounts payable, related party							$ 0
Related Party | ExxonMobil Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Number of contracted fleets | fleet	2
Service agreement, term	3 years
Service revenue			55,600,000		98,100,000
Accounts receivable, related party			48,800,000		48,800,000
Accounts payable, related party			$ 0		$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands

9 Months Ended

Sep. 30, 2024 USD ($) lease period fleet

Sep. 30, 2023 USD ($)

Jun. 30, 2024 hp

Dec. 31, 2023 USD ($)

Aug. 31, 2023

Jun. 01, 2023

Mar. 31, 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

Cash paid for operating lease

$ 23,929

$ 1,430

Number of contracted fleets | fleet

4

Number of real estate leases | lease

2

ROU asset

$ 163,800

Accumulated amortization

36,700

$ 7,200

Right-of-use asset, before accumulated amortization

85,800

Finance Lease

Payments on finance lease obligations

13,067

889

Finance lease, right-of-use asset, before accumulated amortization

54,800

52,600

Finance lease, right-of-use asset, accumulated amortization

19,300

$ 5,200

Real Estate Lease

Operating Leases

Term of contract

10 years

Renewal term (up to)

10 years

Cash paid for operating lease

100

Real Estate Two Lease

Operating Leases

Renewal term (up to)

1 year

Cash paid for operating lease

$ 300

200

Discount rate

6.30%

Lease term

3 years 7 months 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

$ 100

100

Discount rate

6.30%

Lease term

4 years 2 months 12 days

Lessee, operating lease, remaining lease term

4 years 9 months 18 days

Lessee, operating lease, remaining lease term extension

1 year 3 months 18 days

Silvertip Lease Two

Operating Leases

Cash paid for operating lease

$ 200

200

Discount rate

2.10%

Lease term

4 years 2 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

$ 100

60

Discount rate

6.30%

Lease term

4 years 2 months 12 days

Lessee, operating lease, remaining lease term

5 years 8 months 12 days

Silvertip Office Lease

Operating Leases

Term of contract

5 years

Cash paid for operating lease

$ 100

50

Discount rate

6.50%

Lease term

3 years 8 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

$ 300

Discount rate

7.10%

Lease term

1 year

Maintenance Facility Lease

Operating Leases

Term of contract

2 years

Renewal term (up to)

1 year

Cash paid for operating lease

$ 100

200

Equipment lease term | period

3

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

$ 7,100

Variable lease, payment

900

Operating lease, initial direct cost

$ 5,800

Discount rate

7.30%

Lease term

2 years 2 months 12 days

Electric Fleet Two Lease

Operating Leases

Cash paid for operating lease

$ 6,900

Variable lease, payment

700

Operating lease, initial direct cost

$ 6,100

Discount rate

7.20%

Lease term

2 years 4 months 24 days

Electric Fleet Three Lease

Operating Leases

Cash paid for operating lease

$ 6,500

Variable lease, payment

400

Operating lease, initial direct cost

$ 8,500

Discount rate

7.20%

Lease term

2 years 6 months

Electric Fleet Four Lease

Operating Leases

Cash paid for operating lease

$ 4,600

Variable lease, payment

500

Operating lease, initial direct cost

$ 1,900

Discount rate

7.20%

Lease term

2 years 9 months 18 days

Electric Fleet Five Lease

Operating Leases

Term of contract

3 years

Cash paid for operating lease

$ 100

Hydraulic horsepower | hp

72,000

Operating lease, initial direct cost

$ 2,000

Discount rate

7.20%

Lease term

3 years

Power Equipment Lease

Finance Lease

Term of contract

3 years

Payments on finance lease obligations

$ 15,300

$ 1,100

Lessee, finance lease, renewal term

1 year

Finance lease, weighted average discount rate, percent

7.30%

Finance lease, weighted average remaining lease term

1 year 10 months 24 days

Leases - Operating and Finance

Leases - Operating and Finance Lease Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024	$ 9,697
2025	38,680
2026	37,916
2027	11,332
2028	821
Total undiscounted future lease payments	98,446
Less: amount representing interest	(8,639)
Present value of future lease payments (lease obligation)	89,807
Finance Leases
2024	5,229
2025	20,915
2026	13,462
2027	0
2028	0
Total undiscounted future lease payments	39,606
Less: amount representing interest	(2,494)
Present value of future lease payments (lease obligation)	$ 37,112

Leases - Cash Flow Information

Leases - Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows from operating leases	$ 23,929	$ 1,430
Operating cash flows from finance lease	2,272	196
Financing cash flows from finance lease	13,067	889
Noncash lease obligations arising from obtaining right-of-use assets related to:
Operating leases	53,071	24,890
Finance lease	$ 2,230	$ 27,244

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 12,884	$ 1,178	$ 33,845	$ 1,857
Finance lease cost:
Amortization of right-of-use assets	4,849	977	14,117	977
Interest on lease liabilities	704	196	2,272
Total finance lease cost	5,553	1,173	16,389
Variable lease cost	1,107	0	2,526	0
Short-term lease cost	$ 210	$ 173	$ 657	$ 626

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) lease fleet	Dec. 31, 2022 fleet
Obligation with Joint and Several Liability Arrangement [Line Items]
Number of fleet leases | lease	5
Number of contracted fleets | fleet	4
Commitment agreement	$ 2.3
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]
Number of contracted fleets | fleet		4
Contractual commitment, not yet commenced	$ 130.9
Power Equipment Lease
Obligation with Joint and Several Liability Arrangement [Line Items]
Lessee, finance lease, lease not yet commenced, amount	39.6
ABL CreditFacility
Obligation with Joint and Several Liability Arrangement [Line Items]
Notes issued	$ 6