PUMP - Earnings call transcript Q2 2021

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Operator

Good morning, and welcome to the ProPetro Holding Corp Second Quarter 2021 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Josh Jones, Director of Finance. ahead. go Please

Josh Jones

Chief forward good your I and Executive Finance. name Josh me other Chairman Chief Reform for today’s Gobe; any and is be Adam investors, is Officer, covered you, of Financial Operating Thank President, analysts, today in research expectations joined the and morning. Phillip today’s the released announcement Officer, Officer, and and make look forward, call Securities going Yesterday recently Schorlemer; earnings Investor XXXX. Sledge; our We statements or the by of Chief working Private for we company afternoon, Jones, with handling on our appreciate you, stakeholders. Act. Sam projections, Relations My comments to we that participation Muñoz. events, as David and future forward-looking I’ll With Director quarter call. Litigation regarding Please our note second are

earnings discussed to will of uncertainties, to Also, from the our our uncertainties We statements results filings release our today’s materially can differ several call, and release. Forward-looking listeners directly comparable to measures. during most the included we factors to advise with our these are risks risk reference and in cause risks which subject financial many in are current our These non-GAAP measures and earnings are actual certain control. SEC. beyond review of Reconciliations non-GAAP measures GAAP expectations.

will the over that, would turn I prepared call Finally, With we like Phillip. remarks, hold a after session. question-and-answer our to to

Phillip Gobe

performance, operating second morning, with Good capital discipline everyone. and pleased Josh. strategy. our Thank our quarter financial operating and reflects were which you We

continued time ESG-friendly in increase free a the solid product differentiate the to a same increased which while to margins generating cash flow, second solutions revenues, service ProPetro and itself introducing in adjusted quarter, during our and levels EBITDA later. its activity and by discuss lines, from a at performance. XX% peers resulting XX% increase return in to Our positive I'll

put to year focus steady services the result our recovering in it America on improve. of oil to what We’ve on oil early tightness the future, oil the during executing in has With global prices, and field. for in last inflationary supply quarters. strategy, discounts resulting working third global expected disciplined second be shows. height activity urgency we're a and are of believe in the service are the in to place We pressures, we continued collapse oil and of appear sustained the pumping economic upcycle stages the We been have in already economy and and which COVID-XX shutdown. the inquiries some price pandemic experienced from price North improving Customers’ improvement and in

begin back Our in objective and is invest for and discounts to to improve normalized to recover solutions, innovative financial our transitioning our performance, enhancing these to shareholders. profitability ability

industry. on reliable responding equipment needs, differentiators crews, and services, in key in commend to and Operational oil Our plan want customers’ remain share pricing customers, our quality power. efficiency customers ProPetro equipment collaborative, of and efficiency, as nimble continue and with and most both the for effectively be, protecting to will with and help competitiveness to team remaining deployments solutions. the our innovative earning discussions been, readiness, in quickly future focus field the have while to available our utilizing the maximizing I highest

beneficial in proven a to effectively mutually Our to manner, of in of industry. responding needs and our quickly track our differentiate customers ProPetro record continues the

display, continued time with the productivity was During best-in-class the at pump second improvements. execution wellhead, quarter, full our high on

focused our pursue profitable to assets, our we ensure forward, move As we work. will disciplined of on remain only team deployment

pricing, We've adequate we to This on kind past, that the a the substantial focus crews with margins. market soon pricing, critical customers to worth expectations but without working the and a success dedicated consistent transactions the arrangements. customers, operating of leading visibility are for as of the solid long-term our high of As we consolidation in of It's reinforcing significant that is customers, mentioning will as their targets, schedule, the the discussed in visibility focus. footprint to deliver that like efficiency have observed of as not so to for discipline our multi-decade will to investment region. oil field looking part we Permian frac improved dedicated continued observe and to increased of work additional E&P presence inventories to industry We carries in we is expand spot fleet some of and our with operations activity our further duration an efforts to the criteria, our company of the service whole. locations our of a an model, to converge and have with in Permian, integral especially services continue Permian, drilling redeployment activate

every progress is to much to With quarter up with are were forward the and Additionally, believe incredibly second of comprehensive, discuss our is significant the disciplined to highly they resources. customers, and to And as with over forward. the attractive customer provide our We've our which private companies are that will base. I'll standard believe and working demand turn growing we drilling Permian our performance call have broaden operators, is and our pressure we recovery in variety and of remain a basin. public led knowing that operators working counts, incremental valuable their marketplace rate and result all gas completions capital some budgets, a we expand and development to equipment. how David and to of of today, to attrition a day as focused customers of plans in smaller that, financial look oil experiencing than service grown We David? pumping recent operator. in functioning industry-leading certainly efficient We efficiencies, in

David Schorlemer

We generated quarter. first morning, and of million second everyone. million from during good generated a the $XXX quarter, increase the XX% in revenue of Phillip, the $XXX Thanks, revenue

fleets, mentioned, Phillip was working, fleets XX% first We quarter fleets of XX effective the XX.X of which from XXXX. which As during XX.X two are currently utilization have increased simul-frac.

effective increase amortization first versus quarter, third by more fleets, levels million guidance is visibility Our to of quarter a distributed saw other XX.X fleet sand with million utilization services, to increase to for the an period related inflationary XX.X fleet average was that logistics in and trucking simul-frac quarter, impacts chain with cost Cost range. specifically in second cost excluding the included depreciation pickup expenses. driven which mine increases, Supply higher $XXX for $XXX the and activity to direct disruptions costs, contributed from locations. the during notable additional

and administrative $XX general quarter in million, expense slightly $XX decreased million from the first Second of quarter.

was the expect We first second consistent is quarter, million Depreciation to quarter. in third range. which with quarter this $XX remain in G&A the

for quarter loss labor and sharing sector. need continues diluted with but normalized or for loss and our force net to net and $X.XX diluted the profitability need significantly profit accomplish prior improved equipment, are per invest our net the in underscore We we the our was our in that. quarter, The of from partners share, share. $X.XX working to quarter to pricing to $XX per Our improved just $X quarter loss second million, first million compared an this or loss a loss

was reactivations million to of increase XX% second quarter. margins. the improved increased sequential EBITDA $XX basis incremental The XXX for more to full for along quarter, of the adjusted Adjusted during from experienced points, $XX margins fleet million XX% and a Finally, sequential primarily with quarter conditions. normal first first quarter, contributions weather sequentially, EBITDA compared over the we attributable

current focused Our challenge, capital remains an on ongoing which team is discipline, given returns.

with the fleet equipment into and need yet solutions, have we on capital spending for arrive balancing before for on investments. capital economics, reinvestment work invested lower level some our objectives at currently return are new emission for to do still consistent We

million, of global we facility, end liquidity cash disbursements. full of For figure respectively, and from increased Full timing at free severely IV for Actual units differences chains, million so risk. likely to we CapEx revolving cash incurred we investing $XXX $XX purchases position IV to our with of differs for year cash year, receipts statement conversions, for range our million the dual-fuel the CapEx mitigate asset-based increased was these to DGB the to outlook activity of availability million, flow our The will credit total million, on cash activities, with should $XX approximately free million the our spending for $XX this To previously in supply cash liquidity CapEx COVID-XX second Sequentially, reiterate, to This remainder to for the flows in capital as we expenditures markets generate of flow in remains second XXXX. expenditures. and $XXX dual-fuel year to million. DGB announced approximately positive of which million. $XX shown are incorporate continue million, $XX current inventory on cash toward into incurred Tier our in expect we last $XX $XX and $XX selectively used our was continue quarter, impacted and upper pandemic, be continues by related and the and $XX of million. field due levels. operations. million to maintenance. quarter, million full impact Total Tier equipment, currently with $XXX capital year the positive and remain to And the CapEx investing including

of discipline firmly that our remain to maintaining maximum back ensuring comments, Phillip. that, critical to our capital As Phillip commitment we opening is a sheet we With solid turn strength mentioned position flexibility. in I'll - a financial success, and the committed call to to and provides his the balance solid are

Phillip Gobe

David. you, Thank

call, As environment. levels the our price activity modestly commodity given we've on improved mentioned today's increased, have customer

Delta other fundamentals strong remain, we COVID-XX continued a but all will and the As appear variants, price navigate for recovery. volatility potentially

In be a as positive return the before for substantial profitability oil a still clear to during the technologies of remains we oil future as expected customer of our understand innings In of view service the secure the direction, the end to as of operations North committed in of and While our expected height call ProPetro transition. our implemented the A base, progress best is a benefit year. recovering all for our have supply, in rise recovery. expected to to to of continue evolve answer uncertain, the quarter. discounts increases, customers is Permian demand is necessary some the sectors we offerings, progress analyzing from the customers and in already investing price next crude with early Permian the is multi-year position pricing process chip support what come. expecting of as to a blue energy pandemic. recognize landscape our for Discussions service gradual, normalized increases to operating healthy the COVID-XX the short, global our we're basin, to entire into we're industry-leading in to continue American better of capability, in needs customers the they in years we’re how to impending the to obtained

our offering to committed our and to relevant the jobs evolving to evolve that fully convinced We’re and customers’ be to pumping and today remain future. friendly, of equipment the equipment demands, needs pressure more for environmentally

know changes strong leadership all but participate be We transition, in financial are a constant need of this continue and believe innovation. footing, our the execution, industry-leading benefit our to be our market in we there conditions, we for will one stakeholders, today's will to shareholders. from including which will position Given

efficient on be discussed pumping winners and quality the will we We recovery, losers our service to cycle, a transitioning believe believe lower As equipment. downturn only with further that now will US highest the in invest working XXXX able properly next-generation most with the the emissions of pressure we to in last the separate call, providers, impending reinvestment clearly industry. operators,

continues capital us Most in to well do. liquidity, employees and places Our utilize in share, position commitment debt-free that sheet, we even unprecedented the they is responsibility balance faced as XXXX, importantly, keep and challenges into and ample for an XXXX success, rigorous all a industry primary us improve served to steadily beyond. resources the discipline, market to stronger safety safety significant in and mind our well in we ensure all through

of ProPetro team in our a expect to culture, they operational in broader community and and work, grown benefit throughout ProPetro shows family. the and of proud ESG-friendly We're making Commitment innovative stakeholders. to dual-fuel and performance the marketplace, every the excellence when our responsibility stakeholders. I'm communities. have safety investing sustainable and their the fleet all to is by benefit our teammates for our of products, investments, From innovative acid it fleet location, to come next-generation on delivering in a shop, strong all solutions that is to Our vigorously for our commitments work good electric on undertakes the do sustainability they for another involvement, is and enthusiastic services and value-added technology, day. modified environmentally-friendly products which our and opportunity evaluating

continuity in stepping and last place as executive during the release, in transition, board our cash COVID-XX as recap transition the confidence the a the completing strong I our organization role take announced our remain will my the and building CEO, I entire call industry over of months, and XXst, proud this of career. governance. a succession become experiences press process. been as become our decline organization, period planned CEO, as Sam President outstanding is a to I'm last week in team. engaged go-forward my generating we This forward. will I'd have the The positive We pandemic. CEO. been a Chairman. to Chairman. months. to very last for down employees, with one great capital with be is lead Executive in I As that We of remained And we're the XX corporate team But will is Effective of a great my team it thorough and our over will be result also of dedicated unprecedented organization XX of and challenging most planning Executive ProPetro facilitating value our August quarterly few while Adam leadership and to accomplishments put worked strong, relationships, has most disciplined, and during free has flow rewarding the and COO. like will

closing hand Before ahead, we off it up some comments. for Sam. open it Sam to I Q&A, will Go

Sam Sledge

I Thanks, morning, leadership Phillip. thank you you, and board, Phillip his very about and and everyone, team, to excited are a our and continue for sincere Good Adam with to working the guidance. to and of excited the being industry, financial and team-driven. leader remaining We're legacy utilize our customer-focused position prepare unique company and for future. and a ProPetro’s performance operational our the in to market

a close historically a the in that key meet their continue focused we best and oil current attributes of leading our to that the basin. retaining the and positioned Most long-term as includes needs. field to our provide squarely solutions preferred Permian in collaboration important, performance. And to acquiring, as and Phillip innovative will customers company industry. on mentioned, remain strategies provider have the with operational We developing, team rely we through-cycle creative number our have service complement solutions on This

core is to DNA. Our team-oriented culture our

to and been Q&A. and the operator turn like With be Our continue our future to have the teammates for over that, operator? I'd the to ProPetro will to current key call success.

Operator

go Ian Macpherson come will question first of our ahead. from Piper And Instructions] [Operator Sandler. Please

Ian Macpherson

the progressing of Thanks. Phillip, there for the forward. thanks the congratulations, business and and Sam, on team your rest team. Good leadership morning,

about of the a upgrades inflation you're think seems this CapEx as your me how Tier to the pressures these price if extent for wonder And I and fleet. affecting of context or emissions-friendly pricing IV all that lever. power, so, to your using it phenomenon, step translates Within the you DGB if leader equipment And - Tier on inflationary for as that are upgrades upgrades. the what what IV next everywhere

Sam Sledge

lever to sure if IV we that. pricing Tier a significant equipment Ian, continue which Sam. a a timing builds expect of given shot at was more pricing I'll we it this to significant right forward. that be rebuilds and at a of if committed moving XXXX, or it is now, conversions DGB And - locked most I'm but in lever new actually is the take we in. the late is that to not the did

of products committed we've inflation some experienced thus those in currently that forward, might purchased nothing there far. to what and but on be think types I we've moving

Ian Macpherson

to us be ask Okay. quarter it the the Thanks, is that so, in the compared to fleet second idle about increase also, revenue get that that the quarter, progression the kind way then stable going Sam. payments in ratable into kind to to If to of would per your X% that if about as were is correct. revenue would X% QX for of fair I was progression first to And a pretty well? think the assume QX, second thinking quarter? just Pioneer

David Schorlemer

The idle immaterial the fees pretty were second quarter. in

but I half, think be what that in dependent happens it's this second the significant going not quarter. to on

Ian Macpherson

Okay.

was second therefore, payments quarter to X% fleet lower basis. idle probably adjusted the up - that's were your if on like per an revenue X%, So, more

David Schorlemer

lower quarter. That's right. The in the idle payments were second

Ian Macpherson

Thank Okay, you. great.

Operator

The next John question comes of Partners. Daniel Please ahead. go Energy from Daniel

John Daniel

you. Thank guys. Hey,

quick ones. Just two

on kind First that through David, this us asset is on housekeeping. quarter? disposals, you the can loss of walk what's in

David Schorlemer

any Well, whether being components related that's otherwise. be dispositions items to that end or related typically other and are out, going refurbishment that CapEx swapped to are fluid to

John Daniel

Do a you have ballpark?

David Schorlemer

what? - given what’s that’s Typically Go ahead.

John Daniel

you percentage, percent said, I what just guesstimate a a would the a on Do would have - be on fluid ends ballpark be? what ballpark

David Schorlemer

XX% XX It's be going number that to to of typically.

John Daniel

Perfect. Okay.

for big guys. last if ESG-friendly And to that here, I these equipment, a your don’t potential all-in look push Sam, XXXX but go like, CapEx if one, picture have to for might the customers Okay. us sort then continue budget of what you given just can you a frame know for

Sam Sledge

end into a to some fashion exact answer CapEx DGB don't this spend hard Could John. like that. through equipment, from program we likely we're that a right to claim and the the dollar That's reach think a standpoint, unit of we great to be refurbished continue IV conversion to working now. have be question, that more have I or marketable unit. Tier form That's something units as anyways, in to convert need piece that marginal a life of or rebuilt we

we’re to improved, equipment, the equipment slowly, at of and But continues supply to time, profile analysis our then on running gas-burning easier more justify today. over things the and are those grow, continues to that that So easier continuing the grow, move, to into becomes market return hard convert fleet to our if activity tighten, if making it continues and

John Daniel

Tier you I would IV - orders try and that, now to line of I'll then placing lead get I'll there turn to it feel pressure a guess turn And that? the follow-up you by engines? in just right those a And over. how The times engines, is the do dual-fuel on on front now over for it characterize

Sam Sledge

Yes. feel pressure, base closely. very we asset obviously right disrupted tight are and tracking as we're I to that our We don’t know as position offering that's Supply want possible. to be service but our now. chains if something and competitive

possible. So, it's can well-positioned as tracking very something that with, we as closely so we're be

David Schorlemer

add just not position given that's financial our and that terms the I’d of sheet, that John, in issue. balance cash

John Daniel

know. No, Yes. I

David Schorlemer

We’re we in a position to to do do so. choose that if

John Daniel

I'll given that, sheet. There’s an leave at it Then argument the should, just you right? balance

guys. Thanks, Okay.

Operator

The from Stephen ahead. go Please Stifel. of next question comes Gengaro

Stephen Gengaro

- we hearing discussion well, hasn't and premium being deal, along the the the single also prices very morning, a what pricing hear a or moved looking lines, just much. dynamics but it's at you're gentlemen. probably really it's you're price customers I a emission good then same contract Thanks, whether assets, keep by? for low driven is right, speaking The and whether curious, with but I'm when of And

about think pricing do structure two the the forward? you you how So, do evolves and types going of think assets, that between how

Adam Muñoz

equipment, we from just conversations was discussions and collaborative just economic would is kind continue requiring customer Tier depending on equipment, pricing customer, But our of Adam. also make in script being There II depending I in next-gen have Those to whether II equipment, Tier this reinvest, the just legacy and what productivity next-gen return of able on our we Tier I customers. what legacy come not or to with continue investments, around type there. Stephen, of Tier new are those activity that those. our Yes, each DGB, only - II, equipment, vary on able but to conversations to think said it's us. be from to is reiterate the just an to IV or customer those

Sam Sledge

our that to didn't space these, last is bit I think relative different thing of in other from Sam, as prices. coming go most - is always exists what that a is that this the context We like position. did little add, our the a as times with everyone Stephen, low is in year

as over of collaborating perspective So, and in that relatively from it's we is you we've move earnings - And And that the disciplined don't our than approach pricing to differentiated last that to with the and - couple that see they're in quarters, speaking, can profitability printed most peers. of our our customers. operating have much. our a quite

as said, the that return meet customers. deploying we're we and currently, those working meeting goals So, that assets to of we're Adam not goals, individual we're have regardless those for

Stephen Gengaro

that think like as So, you the of number go in in get pricing on looks about back fleet more guidance the to on of higher XXXX guide do cetera? and what that or event, Like, half think that's how relatively trending and traction number more you you space of where calendar, to and the you medium see short per over fleet sort profitability next term? the flat per in white do quarter, a kind year, the forward less of any et a the EBITDA count you both

David Schorlemer

is this Stephen, Yes. David.

about first of pricing. the all, think, talk do we I

are then that full But the quarter, and during to in that expectations effect those this getting not changes XXXX. of already, the going until and we're Our we're quarter. see following

would we that that get think I we into the as up XXXX. expect closer would be numbers So, going

Stephen Gengaro

gentlemen. color, the Okay, great. Thanks for

Operator

of from go comes ahead. Company. & Please next The George TPH question O'Leary

George O'Leary

magnitude per listened adding efficiencies you that and Clearly Completion your oil of to E&P I service stages Good make then, largely OFS, or topic, of to of per patch buybacks the And but highlighting plan are as walk go-forward service as margins. E&Ps talking hours struggling are are kind through value dividends worked to who if seems day day that you you the calls. customers are the the what's both to also and and for capturing conference the a about we the wondered Can completion framework. this some all quarter, could that just within efficiencies frame remain to big that companies guys. companies customers. value under morning, notable just other be to accruing process?

David Schorlemer

George, this stab take I'll is David. a that. at

want I and about do We think been approach, our be that we is talk the to we script, completion in significant efficiencies. collaborative. it think that there have

One kind actually those of and quarters, the of in the other charts significantly since in improvement like our XX%. technologies IR over innovations to some simul-frac new efficiencies of processes. and completion deck shows XXXX, seen recent related We’ve numbers higher

So, be reinvest fleet have to there's product an and in want to discussions some We having relevant certainly able continue our around there. service to collaborative we that. offering for customers. opportunity sharing our a we're think And ultimately and for

customers service and our our capability. it, that performance seen field, there's some to in the provide to that made have think and it, been be that the seen talked with it. in we companies definitely So, case They've share about of that a

Sam Sledge

Yes. changed so, return It's pretty obvious that Sam. capital a model. shareholders add that high a E&P years a just to bit model much at very the is little George, has of the this discipline, last level. capital more commercial towards few upstream over I'll to

shift. We benefit from to that have yet

like We've with in XX% something efficiencies and hours last year-over-year excess of up where economics pumping in inverse. certain in places the an maybe per seen the customers. especially day been down, almost year, go it's is go certain our up fact, In our

to we can, past, So, to them an with to so allow those allow assets. benefit return readjust the they the to return own I our appropriate, for model more on future, and it's think to capital so in and think efficiencies our than appropriate we that together time commercial in from make it's our sector start customers, us into us have where win to continue our

Phillip Gobe

for George, comment. pretty to customer sophisticated, so us, And pricing, is much more we we in customers. for we're gaining, for up, people. This this, when is them, the show in easy they of very to and at I'm while sit and to completed see us of some got some they're down. numbers equipment, other where just going group very your by and they're And profitability to understand terms on out work jump already And it talk respond, it's up who as their one for lay go down important. you numbers while day efficiencies more goes put They And it we very the our their talented just is, hoped. And going feet to our it. would goes no the expense, it. and efficiencies per responded, I've have doubt we have when

I customer So, think the difference that makes a big here.

George O'Leary

that. Great. That was a appreciate I very robust answer from Also, all three.

e-frac from then, a seeing prior - versus kind preference question. under Tier the And a of fully to any call with pursue kind would offering, ProPetro a going commercial you're it's or I desire while to operations. you all to taken customer what on IV, then And technology. different forward? DuraStim stick what a DuraStim made that you to of on perspective? all is less Thinking you bet Second DGB e-frac Is are the about regime get moving there it

Sam Sledge

George, answer what transition - much equipment of kind all just the in to happening of southwest very equipment. uniform to we're what model a to settles what on to kind better we've are. it's of period, going the fact the few of be that the accepted the transitory solutions different this bridge solutions equipment whenever We And industry, this most of prior of dust that's the tomorrow I short towards mentioned. is you yes in think our take is to going

us in seen So, you've electric. invest

in You've Tier DGB. IV seen recently us invest more

silver bullet answer very our don't here yet And the continue We or there. but we leadership and we diligence solution forward. where vet, like as and another think moving we sit to options don't of are the team team, don't parts analyze found and our technical many we out I continue just yet, our two - that today. progress We know employ many is, likely could

Phillip Gobe

that, customer seen their and Tier very Yes. is, that reduces And think burning in base there's interested a is DGB, George just add is I their gas IV costs. we have to out in the good there operations what and them to to useful very very

viable see looking or others And electric-powered to so, that are apply a as solutions. other very supportive that solutions There's and technology. also they

the again, going progress new to we're looking of that's time, developed, and being act accordingly. and are continue that at over products So, we'll a lot to innovative

George O'Leary

luck, in roles. and new of Awesome. Thanks guys. the their for Sam Phillip, good Adam Best color, and luck to

Operator

And the question Syed next Markets. go [Operator ATB Waqar ahead. will Capital of instructions]. come Please

Waqar Syed

Thank My on cementing? Could you now revenues about rate for revenue for If units cementing the was growth about outlook kind what are and question currently the my talk is business. the the and could of how then portion working, coming you what talk right taking cementing. maybe many have you you from of question.

Sam Sledge

was pretty flat a quarter. It

David Schorlemer

we could rig Yes. this there our in business, David. less than definitely there give X%, as well. we But increase, the seen we've to activity I Syed, fairly upside is that some continued improvements as business and can't the number continues see total and number. demand, are quarter-over-quarter. a count seeing a of business, probably X%. It's to Cementing drilling progression small think specific I you relative

Waqar Syed

maybe size is Tier is total manned, your could total you terms what like a hydraulic of if and your the proportion of just DGB? Then in currently IV us horsepower, fleet breakdown what Okay. provide of fleet, what's of

David Schorlemer

or talking fleet? - cementing Well, only we total are have you about

Waqar Syed

fleet. No, fracturing just

David Schorlemer

Yes.

close we we're DuraStim capacity. the not fleet, that of our that capacity have in one - our quarter adding to list out show investor We're to horsepower also IV So fleet Tier point X.X we DGB our total - total our million to deck, relations only products. hoping have encompass which assets total hydraulic a ESG-friendly, on deck, our but which we would

So, I IV we've can deployed DGB. hydraulic tell XX,XXX and new you, horsepower build purchased Tier

exactly going another continuing confirm our IR we'll our converting products We’re Page that horsepower X. DuraStim with on to XX,XXX work how in forward. that's we're And to deck deploy

Sam Sledge

much running the used existing full quite And the to when question, be today, to given of much straightforward equipment as it closer not our deployed Waqar, unmanned on we’re we've to fleets manned assets. how utilization as it's and

we'll we're how the how as So, I spend with And in Try many man. and we’re in as that assets possible. That's according up possible down, to or manned with keep efficient today. fleets time as we activity ratchet XX mean, our be to labor many either near-term just operating. for

Waqar Syed

is in never you any terms of anything that had becoming front? but or is that labor, hiring that on Sam, can it new - elaborate tighter you've issues,

Adam Muñoz

in Adam. Waqar, labor and The or service industry. is the is the labor always Yes. hiring this challenging market -

and industries scenario this I the a segments economic is that all world bit hiring think now. being of little are different right just

side And that that but you're that basin. fill Permian we fighting - against to focusing to week where we in probably fleet just the on to the a a and work being a shift know out. requirement. but on pool, So, costs. and them smaller business they're when to where competitive we pretty plan remain But schedule, help on aspect, a big feel be in, our our that plus - able The week model, consistent fleet go and they're know our to larger people, going their employees they're solely pool is of larger we're be going dedicated work schedule consistent

us gives a most still the employees, that feel we helps So, very against attract and advantage Permian. especially competitive around us

Waqar Syed

you Thank the answers. much. Appreciate very

Operator

to closing Sam Sledge to I This turn concludes over remarks. any our conference would like the for back question-and-answer session.

Sam Sledge

everyday and a part on great everyone, hydrocarbons joining you Have with in the speak day. very globe. on We where in We're quarter, you to critical Thanks, play life for today's to with quarterly energy earnings call. look call. next industry, proud innovative an speaking the forward our us to across a remain throughout hope

Operator

you now for Thank now The may today's attending you is and disconnect. presentation, concluded. conference

ProPetro Holding (PUMP) 4 Aug 212021 Q2 Earnings call transcript