PUMP - Earnings call transcript Q4 2021

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Operator

Good morning and welcome to the ProPetro Holding Corp. Fourth Quarter 2021 Conference Call. All participants will be in a listen-only mode. [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 Reform good call. and Sam earnings appreciate participation the President forward-looking your Chief expectations our afternoon Litigation Munoz. Thank of released we me morning. today today's and and Private for Schorlemer; events With Officer, Officer, are fourth our Officer, is covered in Adam Financial Yesterday you David We Operating Chief XXXX. any by that Securities Sledge; or note announcement regarding make we projections for statements the comments on quarter Please Act. today's call future Executive

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

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

Sam Sledge

good everyone. and Josh Thanks morning

beyond. team our or things and to level great dedicated entire to of Firstly, late safety at of team improving see operational XXXX. XXXX successfully helping of XXXX excited entirety ProPetro while ProPetro I'd Beginning maintaining our team's in recover and congratulate themselves like navigating from I'm time to I'm our the even the our XXXX, in on business team come the same and the challenges proud of execution. throughout resilience and the more

conditions fleet creation we profitability our and were value for for and to the repositioning pivot in the pleased set to and XXXX. with Moving the reflects path to our which optimal intent performance fourth operating quarter,

in quarter created operational in in a decrease decreased adjusted along well As that our the year, assets our new with our levels a repositioning activity XX% executed work fourth we prepared team to the the inefficiency revenue our team and company in fleets resulting slightly come. in all X% Despite for for this into EBITDA. hard want year the peers. normal for preparing thank to seasonality, continued performance our went wellsite our to Again from the and I differentiate decrease

quotas, oil gas the and As from cycle world behind to fall crude short WTI pricing on growing for across $XX with US countries the demand per production barrel. and louder increase the continues their above respective certain call oil is

foresee for cause capital-disciplined new additions, While first North XXXX. producers oil US from a these become we many during taking approach the in economically leasehold to is basins further gas and seeing of expected of Incremental years. US viable tightening services American demand in activity market others non-core the areas time pumping to the areas are pressure

to rise also barrels. anticipate these non-core levels. services, meet cause drilling pressure pumping, all to on in where in Higher to We activity particularly, drilling oilfield the aggregate activity elevated incremental began tides call extremely the US requiring the completions areas and be lower year rig short-cycle for will at from utilization but productivity

utilized where supply market for risk attrition, higher XXX% could on quarter the As American demand up third a chain sets North and pumping pressure year. during the an environment be believe continued of deliveries result, this the effectively pumping, we of equipment equipment issues pressure

anticipate year. pressure focus has the later Our that imbalance supply/demand we for pumping recent prepare this to been in

portion we As I already repositioned mentioned, quarter. our to the more assets of profitable during fourth a work

our quarter in costs XXXX the experienced quarter we and interim, the in beyond. lower caused improve will of first and this believe performance While the financial opportunity fourth utilization operational in the

pressure maintenance repairs time, equipment. to preparatory team our said, pumping forward of also our fourth We be pressure pricing. was our pumping quarter, more that the given our will That of the felt shareholders. the customers During reliability time-intensive the equipment on the this view, quarter appropriate conduct and to work benefit our and certain conduct in took to of XXXX a opportunity our

Lastly, we make continued includes Tier and to future supplies investments believe and call we stock IV continue certain of risk in months. will of additional This equipment be at strategic the that deliverability deliveries this over DGB our financial capital With dual-fuel David? resources. to more later discuss turn to to like which I'll call. I'd fourth-quarter performance to during units and speak that, David, the

David Schorlemer

Thanks, Sam everyone. good and morning,

X% quarter. revenue Effective X.X% million the The revenue from higher we and lower was in fleet quarter. a during quarter, was activity XX.X utilization offset activity, revenue a During generated million fourth $XXX the XX.X lower generated $XXX of from of by the fleets decreased drop function decrease third of seasonality. the in limited was pricing. Notably prior partially the some which fleets

The utilization, downtime in $XX in with XX third quarter in XX.X for levels. $XX some quarter XX of XXXX. million Cost was $XX services, constraints, is lower to decrease was Our the logistical and fleets G&A repositioning to consistent included by continuing $XXX G&A sand quarter and fleets first fleet effective fourth range. items $XXX of fleets. our In $X.X million relating and exclusive the was winter January, utilization due in guidance million was quarter. with third million with to fleet the visibility supply of for million third versus fourth-quarter non-cash and excluding to the that storms non-recurring depreciation amortization expense February, of to average million driven the quarter compared activity the effective

to G&A $XX consistent first million. quarter the to was approximately and to third non-cash $XX the Depreciation fourth decrease non-recurring quarter. million $XX charges in of We million with quarter exclusive expect

third end managing chain its supply was quarter stage at loss XXXX. this year. of financial add quarter a net of quarter quarter was on execute million emphasis Our will a was how year, million. our the we will inflationary net transitional a team dedicate believe the $XX we for loss be in work and play ProPetro's XXXX. margin fourth these believe compared goals function ability to in pressures, $X team the preparatory to a significant The role for proactively To which Sam fourth this and to our the mentioned, items, costs We of efforts anticipate expansion our on continuing continued to set managing on partially

The compared $XX attributable conscious was Finally, XX% adjusted fourth effort EBITDA to decrease third assets to to primarily more the work. seasonality sequential decreased and of $XX to for reposition quarter million for profitable million quarter. the sequentially a

be issues in the diminish the availability Basin. sand logistics negatively are factors these XXXX, in and by expected Although, to impacted Permian quarter first will

expect expansion However, January achieved net our in we sequentially, and significant others quarter. margin with effective price this during increases

supportive economic challenge full-cycle fleets. our for forward of Our reasonable is working going all to cash-on-cash returns achieve

margin margin pursuit We've is a year. improve over the capital-efficient most over So this look marketing making expansion made share, months progress profitability. horsepower. and over of additional which our is way forward priority, to it substantial additional last call two market the We to the improvements area in throughout

included for differences cash to less of statement $XX from million, to This announced incurred $XX $XX underutilized $XX proceeds For of was was proceeds fourth million the in the fourth our December Tier the generators cash connection capital expenditures differs CapEx million the capital $XX we used on opportunistic fourth in from of the million in XXXX of flow cash and quarter, conversions. is million. The of resulted IV largely disbursements. accelerated our previously received of due sale disposition CapEx, derived $XX million approximately million. receipts turbine Actual related cash capital as quarter shown in the expenditures, in DGB figure of investing with of largely $XX quarter. in expenditure timing Free flows, incurred activities which which

at with While the increased January. we increased of cash $XX remain respectively due end million liquidity facility million but the we $XX million during $XX position of since our availability to decreased to total revolving by and seasonality the our of cash has our on of $XXX and million, Total $XXX and million to credit debt-free, million. liquidity asset-based revenues, $XX quarter,

the full our Tier customer as we announced demand XXXX X outlook is function a potential previously the range of of for Our the $XXX half year $XXX and spending first expected and for to largely is CapEx weighted the million, a activity wider in DGB delivery take year, variance related spend XXXX between ESG activity with range CapEx The million levels, and friendly of spend conversions. our in and potential offerings.

our to near-term, to believe credit cadence and expected liquidity we we in is of fleet per significantly where simul-frac position, strength cash expanded support balance which the we CapEx remainder the services. the our cash of maintenance While through be from annualized investment approximately ABL routine availability we offering, operations sheet, inflationary and range, the of debt-free materials where in strong anticipate guidance increases will generation million, on and this equipment our facility, more Within strong $X on the pressures chain year. and will location, adequate our on supply expect service decrease be provide currently reflects

to year In of Tier remainder includes DGB this approximately first $XXX previously year million in be other guidance of and refurbishments addition, announced fleet the our conversions, upgrades, $XX range the full X to to half related opportunities. million including delivered and the

of share. margin monthly was net ability provides largely of just and solid landing decisions our a financial recent operating With maintaining opportunity-rich will priority opportunities financial adjusted million. the in market this preliminary of margin said, be improvement across of a environment, at increases our example function healthy progress. comprehensive a potential our we over flexibility. with more In a fleets, and sheet maintain a and approximately to our This a direct balance capitalize significant we is make with EBITDA reiterate that adjusted As commitment that over to EBITDA position XX% maximum on success January, $XX pricing our total

in full However, are constraints indicative I'll the we to quarter, supply Sam February of caution has comments. disrupted With as that operations. and not back that to be weather sand turn created the call for that, our January's winter downtime closing likely have some results

Sam Sledge

it customers, expected viewing margins our excited and On of service, in service are result, of to into do early landing as going nice we note, position delivered are to it's announced first are that dual Thanks, take fuel David. we forward. moment, can our out and of where on offerings, want an I be with be opportunity-rich the all XXXX. DGB dedicated take in are the and provide sold previously half they ESG-related to date, Tier investments We're a as To environment a a year, to XXXX. X to an see put how are throughout update in advantage where

our believe emissions with operations like demand equipment, is an when gas lower delivering natural efficient operation needing. solutions are We ProPetro. see for with burning operators offering services are particularly coupled friendly continue the We coupled efficient ESG simul-frac, that most to our like that the

customers to Our scale aid dual to associated improving believe not to in we sheet it's balance most and pragmatic benefit financial transition gas long on as organic of strong gas and horsepower pumping business. these sake as scale our without healthy that is a equipment in our of our the believe the demand this offering is in pricing way whether But pricing conversions toward the units most but a additional When strategy allows, our with is inorganic, that allow net equally asset and continue all do the for emissions Moreover, premium fleet is bottom accretive emissions We margin goals, to line. natural we scale provide and burning to and ProPetro. supply pressure scale them to a returns. supporting options economic warrants lower company ProPetro with will effectively as important margin placing market. considering investment asset more risk-mitigated or and accretion

prior ProPetro page additional economics work of little for to the to see the though of is assets in fleets. cycle generation more working to marketing proper we very we put mentioned David fleets as supportive active full economic turn achieving a As to have for XXXX upside all capacity reasonable on all cash-on-cash returns we Even focus earlier.

discipline team continued the high-quality to services. profiles ranking result, requires improving the along our This and is return force consistent balance fleets capacity with that day collaborate in E&Ps a the prior to with our of every value adding As of currently willingness respective projects working operating to market.

Permian As logistics. Basin disruptions related and issues labor just anticipated call in even supply negative with has the shortages to chain to mentioned beginning the previous be during year ProPetro And sand -- impacts in our and related should experienced sand XXXX.

that challenges of from be and performance and efficient this services team like in customers to no remains expect expect we'll appear ProPetro. we to disruptions these industry-leading While nature, transitory in shortage continue our XXXX. prepared provide The

safety is executing outstanding want to No in keep you performance the period. ProPetro. at With as and David team I'd describe customers our Adam safety XXXX. proud like up and during over for the work. and and highest all teammates this on back in at call level of the that congratulate of to Lastly of our us I know am and From paramount the for year-to-date operator operational how words all performance can our XXXX safety congratulations room great turn today in the to I Q&A. transitional

Operator

Gengaro Please the come from [Operator with first question will Stephen ahead. And Instructions] Stifel. go

Stephen Gengaro

gentleman. Good Thanks. morning

Sam Sledge

Good morning Stephen.

Stephen Gengaro

maybe about out bit to is there. what as opportunity delivering with guys me. you happened prices there I given mentioned for wanted sand sand to with are for there far that basis? profit spot a primary as fleet for doing a start customers you the you talk sand of -- you little manage And Two what percentage Can as are guys on well? the delivered in things a has issues

David Schorlemer

is this David. Stephen, Yes

that provide to customers our percentage of small fleets of our we sand that provide a Many today. directly. Regarding just

is One jobs. actual passing the working the on that things on of we've been discipline the of cost through

driver don't I a of going be significant think so, And to that's profitability.

I we're something getting primary through pricing for disciplined to us be our around. but it's think certainly that mechanisms,

Sam Sledge

And Sam. Stephen, is Yes. this

like about a times on we now ability with much this market struggled effort We We know on some sand those that business as struggled past is market capture good add in margin at focused to transacting in it volatility value area discipline of actually the in part to volatility a how trying that that. ourselves from our through capture of feel less our of lot and it really costs Just sand less the of with that your is we're a more In have well. even and passing the top real to that protect times today. in all of of task. much costs volatile and our market peers top

Stephen Gengaro

you. it And visibility and And second into what mentioned to kind the think could that you about profitability? a less and was, But to on move? I how is tie of also you shed call a with pertains that, and release the exactly in space? and it -- maybe when the the pricing repositioning Great. I just assets. on light Is -- customers alignment and Is then, more white this is mean you price. question by Thank strategic curious word, press say with used pricing that the was that you you customer? some it Can you

Sam Sledge

Sure.

scripted the more pricing, our both And remarks. moving is be But of repositioning that, part Really, little bit weren't in there think, the our pricing margins I return simple at we answer increased that. also it's fleets in the of and think I this that mostly all it's around them assets a that of I can opportunity significant David to. in mentioned healthy with of pursuit that cash-on-cash assets certain points would that comes if cycle. you're with be a don't and moving repositioning differentiated

for schedule. also consistent more looking You're work

of better, that are above. value those an all differ better repositioning also for It ability looking customer-by-customer how in overall. cover That just results a to a a of basis, on of and available repositioning. kind your manage little costs transact with can really, and many opportunities bit You're the proposition,

David Schorlemer

that, this just David. to Stephen, And, is to add

is, of is We're thinking itself. for that looking cycle full contribution think, I meeting objective. cash-on-cash way to incremental it independently needs every fleet that not returns generate we're not about the

position the that's deployment correctly, around So these cycle around, and a getting us. to full them fleet where discipline our be a returns fleets in some of priced generate those to plays is for moving cash-on-cash priority in

Stephen Gengaro

you, gentleman. Thank Great.

Operator

Tudor Pickering Taylor Zurcher from come ahead. Holt. will go question Please next the with And &

Taylor Zurcher

encountering if with perspective you're transitory Hey, the of to from well, just I balance month close one correctly. of everyone, you was could -- you rate adjusted next I EBITDA My obviously, million, if here said taking first help And, us as But transitory and there monthly January, issues questions. $XX good for I heard respect some think was likely QX, my you other are morning. to about run the just an and sort hopefully, in EBITDA north Thanks, issues. in over sand February wondering of XXXX. think for margins

You're talking margins than January. higher about doing were in QX XX% you That's what XXXX. almost for of bps X,XXX

whether that basis to XX% it's margins we or QX, mean start on should point, XXXX? QX, So EBITDA generating in should for that consolidated at company some comment take a QX you the

David Schorlemer

that, entire bake I that want to think careful still pricing we we've in I February. has fleet weather-related that to But have some we in the impacts think, already of certainly, reset be given been yet some given achieved. our across and

an being think, level and get objective for I possible. to that able back is to us certainly, certainly XX%

Taylor Zurcher

just hear. to And there. Good Okay. a follow-up

you just flow line you on million assume flow cash say could can I the positive us for did think to for you Do I free the get back to If like So XXXX. cash margins stay or XX% $XXX about think you to at XXXX. CapEx or for a budget It clarify free to ask flow it. to help on positive budget million. you've wanted maybe seems XXXX? outlined cash $XXX the you close

Sam Sledge

But that. the we're opportunity -- need seeing There's that work did we're confidently result work profitability standpoint opportunity of that the things last year I a and direct is we little pricing the end more very this a given what going of out us is that shake year. Sam. the for a talk a that at from to a continue Taylor, is real. standpoint, what of saw January few think do from bit Yes. about and you there kind to to to do year in repositioning as this

Taylor Zurcher

Awesome. Sam and Thanks, David.

Sam Sledge

bet. You

Operator

The [ph] ahead. from Capital with Instructions] go is Mapes Evan next ATB [Operator Markets. Please question

Unidentified Analyst

guys. Thanks for taking morning Good questions. Yes. my

around on, are there? what's they how of can the outlook they Just fleet, are running working comment kind the DuraStim operationally you just and

Adam Munoz

Yes. there scheduled. no Currently is Evan, Adam. this DuraStim trial is

achieve focused the the -- have end year last the last you back script, repositioning to As decision heard be of the throughout made XXXX of into team -- or and might half towards year returns going and more cycle, supply to in put any these cash from also work and that cash fleets issues our prevent profitable help so. on chain us full doing to focus mitigating or could

So that's where focus now. our lies right

Unidentified Analyst

Okay. one quick then. just follow-up Then

upgrade just fleets, guys As Tier technology focusing you DGB you XXXX, time to four being? the are kind your guys or different looking for of are at e-fleet look you in on

Sam Sledge

Evan. We're Great is now. This looking at question Sam. right everything

customer-focused You've that model our known customer-driven. and us enough very is long know to usually operating

is customers Our be equipment. about, move almost various burning in our But dual-fuel road the we're portfolio addition what also conversations form We're the gas product for. entire down as that in our are into going largely seen. DGB more can you've what across asking customer continue space of a that to in of to

a standpoint can both ways. gas customers I lot be a think pursue more can different different after come in that's of that a and lot mission our what are a is most cost And that of -- equipment. burning in of to from

space, and year multiple the opportunities year. equipment analyzing are relates we next the this it end yes, of across as So to

Unidentified Analyst

Okay. I'll back. it Thanks turn guys.

Operator

with Thank Stephen you. next Instructions] Please go Gengaro is a [Operator ahead. follow-up The question from Stifel.

Stephen Gengaro

if have don't more Thanks. two things Actually, mind. I you

market for of on press sense Are how is? a talked give a And approach market focus highlighted release your opposed kind landscape you on most the sort the call competitive what tight you how the seeing -- is of us price competitive bigger competitors? you're and curious, desire seeing given first the I'm front for just acting? discipline the in value of you on Can share. The capturing as you to the really to also

Sam Sledge

to trending again. the Yes up, is Sam, Stephen, points at given this so little data grab when pricing a up. is bit harder It's This I'll take is on one. to the just cycle, in a there's shot that trending much consistent point At in movement utilization market.

hear our fleets. repositioning You us talking of about

feel fleets. been in about there than noise. talk incremental You've year, said, That so of heard competitors there time. in coming to more adds, of the repositioning discipline a be like system activity are pricing of going I There's that is has quite lot the throughout some ours marginal do

realization type how playing bifurcated more simul-frac think in quality environment, and uber-efficient we in And the kind in sector needs meet on and return generate, I can equipment E&Ps to -- be much of much a we're of And pressure that profile put rather it at high although, look we said, the there focused like, pad pumpers economics and like that to model. than the pumping us everyone we're pressure decent competing multi-well is operating partnering working that's we're operations. the around terms can our do to are bit using discipline arena. of operation generate value is times coming feel in. efficiently using what and with ProPetro consistent what's this in that we're game it going on can a That how on the that

Stephen Gengaro

color. then good final. And you. That's just the one Thank Okay.

is and thinking something a fleet Are on range it reasonable CapEx CapEx maintenance the impact there going on driving about is you get just as about talked into simul-fracs that or You number next the kind inflationary the per configurations year, it's larger of even that's forward being or on having pressures? maintenance we higher, that's fleet.

David Schorlemer

David. this Stephen, Yes, is

I But certainly how will on give continuing be pressures we've fleet estimate inflationary as you But think that got that an transition that moves. I persist. think to also able wouldn't to our we're well. I

the moved today we'll going of range prior And forward. – it's that's guidance I and we our being definitely think used. from state how you fleet that given give it our up further

Sam Sledge

Sam. is this Stephen, Yes.

to of on add top Just that.

example locations. at couple equipment like that we're point as you a sector-wide right a this. seeing on fleet-by-fleet return – about or cycle, fundamentally of these on might fleet in much on find peers I across fleets of look our the how the these the America, for a to is them talking give way sector I think think be trying they as same. just each basis of of exist best utilization do operators just a a done And work the good significant equipment per earlier tried amount efficiencies don't I one is a our There to a have to tightening system make data this the job think just why to basis Therefore, that's of North back. we're with to market want today. on these larger We've

because down comes just through you obviously it's have board. you across whether CapEx like the simul-frac on equipment or zipper location that operation something more naturally regular significantly So maintenance

Stephen Gengaro

you color. thank Great, for the

Operator

question come Markets. will ATB Waqar And Syed the from next Capital with Please ahead. go

Waqar Syed

you. Thank

Evan all So asked questions, the Sam. good

Just question me. for one

well worth million like bigger equipment you $XXX on at CapEx, $XX about these have the need the EBITDA think may incorporating investment? make to you in simul-fracs, of of that per million it looks of to site returns crew you attractive somewhere range On maintenance

Sam Sledge

seems Waqar high. Yes. the XXX

In return on fact we the earn But of what trying to that a significantly we're set do the fundamentally is is have location. to high it value any assets deployed cash-on-cash high.

in specific a it's whether amount of similar that – time. the specific very is return zipper we're dollar amount the assets simul-frac, us math deploying needs or for the a So

Waqar Syed

Yes.

high? of too simul-frac, it for number excess that site is in or the is well XXX,XXX at like horsepower So

Sam Sledge

think high. equipment. a my worth comment off – And million little of said $XXX was you I of That's

Waqar Syed

I be let's broadly math per am simul-fracs. bit horsepower. maybe do million sorry, we that range the within site XXX,XXX the you if doing well also horsepower number lower right but at could say with rough a And as $X,XXX XXX,XXX was $XX then the I well like like of may just have and kind little

David Schorlemer

math which the doubling We're I less locations. is our maybe just little seeing little is zipper simul-frac that on than a a you're Yes think. operation doing too a healthy traditional

Waqar Syed

your what so be CapEx then for simul-frac would for of enough. including to Fair crew the EBITDA return kind the And number the book hurdle? get right right maintenance

David Schorlemer

Yes. we that don't Syed, provide information.

mentioned cash-on-cash our as we return. cycle deployment Sam think assets I of at respect to full with look

so those and we customers vary know what And types. quite simul-frac job frankly are. between numbers locations And

have look some simul-frac – like zipper. we are that a So may locations

So it's that's really leave we'll just proprietary think and it – I at that.

Waqar Syed

you. Thank good. Sounds

Operator

ahead. next with question Arun the is Please And from go Jayaram JPMorgan.

Arun Jayaram

Yes. to thinking X I know a get for in of the of horsepower. you about towards pace wanted XXX,XXX GGBs. upgrades sense you're how Sam hydraulic I September Tier placed

and see pace currently horsepower we of over get about XXXX to how upgrade of conventional few think But I X.XX of have equipment, You sense a over Is a next a do that $XXX,XXX X good little million rate wanted DuraStim. Tier years. you about the of beyond? capital run the as

Sam Sledge

Sure, Arun. question. Good

little We delivery dual-fuel fleets is entire by in do on program And year. stated fleet -- on announced take Tier a IV terms As probably ballpark what of plans. investment that the have to fleets operating we're to equipment. it sits more this the delivery as that four we script, four will midyear of than do today, equate about I think just somewhere in DGB we in the of plan halfway our taking through previously

we look what an part trying we As of right are forward, pace. more happen much think that opportunity and to now I to analyze needs from of standpoint how what is at

program math sense you different. at is for this is -- the make haven't does we assets is demand a specific around way point. those different We can the pricing decisions right in the that now. And tell that sizable continuing any made What

So ground to we're working customers certain near-term. with the decisions the run hard those in opportunities here

David Schorlemer

just variety and innovation that. mentioned. of here as We're We're technology not would necessarily to a is there's add Adam David. that technologies a this as comes that locked to have Arun, the marketplace. particular Yeah. I both into Sam evaluating

goes, we we our this beyond market communicated year. conversions other technologies if continue we've this the see So, into to and/or what that mix. extend year how for incorporate We'll might the

Arun Jayaram

a private of, deltas different my today? wondering your I seeing public is you EBITDA if mix last in work And between a of the quarters. theme per groups? been you us rising sense follow-up over question the sense privates activity has with And was to several customer any by Great. give that And obviously could a are margins you those two or and operators between fleet get

David Schorlemer

they what strengthening going I demand we're can from sheets talk is and repaired not the profitability customers. about are But balance Well, definitely see privates as to as their we think across consolidate.

steady publics segment every this -- point, public independents, from and demand majors, and think majors the really almost and coming large I frankly. from it's privates the at coming quite

Sam Sledge

Sam. It's Arun. Yeah.

to Just that. to on add

preference for of of sophisticated planning a our saw evidence said, early us don't an that aiming large Permian very thankfully, private we're that if basis, highly think fleet-by-fleet work and the operating company, in in cash-on-cash these efficient we in is Private you calendar operating. the a basically lot ours return really companies give solely on January historically like need booked-up know the that that the meet have a very or and I opportunity at a numbers can Basin. public, I a with as that efficient are in David interested There's most calendars we and full has market.

sizable We public customers as have some obviously well.

bit bit little a for on more the a opportunity basis. It's a think about us private operating about I So little is versus what customer-by-customer public. less it's

Arun Jayaram

lot. a thanks Great,

Operator

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

Sam Sledge

to the working Basin Permian as oil with look us. of stakeholders all with joining more helped and energy. meet and call speak our on for and dependable importantly, the We gas global in Perpetual soon. We hope again to cost-effective forward you all Thanks in of XXXX, everyone. Thanks

Operator

now has And thank you, sir. today's Thank attending conference concluded. you presentation. for The

now may disconnect. You

ProPetro Holding (PUMP) 23 Feb 222021 Q4 Earnings call transcript