PUMP - Earnings call 4 2023 | ProPetro Holding Corp.

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Operator

Good day, and welcome to the ProPetro Holding Corp. Fourth Quarter 2023 Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the call over to Matt Augustine, Director of Corporate Development and Investor Relations for ProPetro Holding Corp. Please go ahead.

Matt Augustine

morning. good and you, Thank We appreciate today's participation in call. your Executive Sledge, President Chief me Chief today Officer, Sam Chief is Munoz. and With Financial Officer, David Officer, Adam Operating and Schorlemer;

for the morning, future forward-looking the of This Act. events Please any call are on that Private statements Reform we note our our regarding released earnings projections XXXX. fourth and or Securities full we Litigation quarter year make today's by comments covered results expectations for

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

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

Sam Sledge

Thanks, we're Matt, entering to morning, and with another XXXX pleased strong a foundation. be for ProPetro, XXXX transformational was year good and everyone.

for the worked year David through financial highlight X we today and our future. have technologies quarter fleet key next-generation recapitalize a last years, our Before services. XXXX, state-of-the-art the to accomplishments. and meet industry, the into create and both an invested the our walks full to I'd billion of with of approximately needs fourth results We've fleet to $X evolving of some to like In the

a business and strategy to the of walk of resiliency continue clear in that strategic to XXXX results through. and Our primary X working. Supporting a take start like are I'd will are focus areas moment indicator our that is our our

our offerings. is from next-generation legacy to fleet equipment ongoing transition First

strong offering for to in overall continue in As a transition demand next-generation minimizes cost, that positive. we our our capital remains our fleet outlook our manner

Our Basin fleet electric is X success dual our positioned fuel offering deployed our on DGB diesel have FORCE our to performance. Building FORCE the technology fleets uniquely to Permian bring November. value and now electric for the operating state-of-the-art outstanding to electric displacement of with FORCE IV We second FORCE create X offering, and in and we service fleet fleets early customers.

build and first FORCE XXXX, August field expect FORCE excited we're are over that and electric the fourth and strong to has our fleets electric contract, into field the fleets we upon few fleets producing fleet success. in are performance this to been of Our customer the third electric and head on both contract end, results To with months. since satisfaction. Both next efficient on

discuss want core another value-enhancing to Second, element our I results, acquisitions. supporting

adds power on be wireline and we both fourth scale also Permian. areas operations Delaware acquired acquisition Services, The serve our Basin of of business. cash cementing Five Building and generation. successful better to earnings Energy Par tailwind business accretive flow XXXX, our the Silvertip track to continues which for expanded our the Midland additional strong Our during record the quarter of a to free M&A

capitalize established and ProPetro leveraging customer in synergies, relationships strong ProPetro. on Additionally, well-positioned to tandem commercial with is Five's potential the architecture Par of capacity revenue

growth ability and free generation. flow our on and pleased are expected to Par to accretive the Silvertip acquisitions are fruition. Value-enhancing as coming opportunities that like evidence earnings cap increase are that We accretive revenue synergies our already of cash

arise. M&A continue will opportunistic we as pursuing forward, in they and opportunities disciplined Moving be to value-accretive

our allocation of key our focus another is Finally, philosophy. element strategic capital

creating the We of value and showing future our continue authorized part our conviction shareholders while execute which proposition the for our our of investors. of value view repurchases We shareholders strategy, $XXX pillar Board on return million overall and important company a as May. for key to our our to in repurchase program, capital share an of last the share

but direct business continued our results are over returns quarter. In Our quarter, turbulent goal hindered year of a as the in will resilient, and breaks ProPetro's and activity provide The result results our fourth participants, demonstrate other the fourth strategy ultimate the about say more past I of have like generating shareholders. we our than year. execution value are our previewed activity also last challenges and but customers. among more exhaustion we a color certain utilization new as and of initiatives as would the to our impact seasonality like quarter our expected. David the budget moment, fourth well navigated was was for seen of entered the a we financial words We increased strong in these a few by with guidance on had industry our the on the quarter, holiday strategic we've

Despite Importantly, focused activity we as season, off picking the short-term we moved we the long quarter, the left during the has on believe seasonal no right our first we discussed are drawback remain outlook. and on up impact term. long-term we holiday into where impact

represents we We investment strong conviction to in equity With repurchase share results discrepancy a showcasing our financial continue our opportunity. and value believe given are outlook. the between and this plan, that unique opportunity, our ProPetro's stock our

space. the in and offer equipment the portfolio all Permian from in have for us and ProPetro. right approach customer service we spot the Lastly, the the and transactions believe positioned capitalize to differentiated ProPetro outstanding has of more reinforce and uncertainties capital transactions which recent the our strategy to insulates off outlook, We to an is Permian, our deployment and moving operational These E&P in market. density macro uniquely disciplined quality the outside

the space, American service to next choice and consolidating the to of for goal Our the on we of provider remain optimistic that strength the the the is sector E&P and way years. potential Permian be well North are land our on oilfield goal. We service several over achieving

benefit frac by a service will up-cycle place of in space, previous is from supported than we right early in to cycles. We're which the the as have resilient our stages now that more the to sophisticated believe position sustainable provider. quality a be continue confident strategy that We of industrialization we are in the

Our earnings gives in potential. and proven fleet and transformed us confidence discipline our bifurcated strategy

As to ProPetro continue implemented we're industrialize and off results. and produce that pay come. continue creating will durable for has to model repeatable to Industrialized we benefits years

the turn to now discuss call to quarter full fourth David and I'll over financial David? year results. our

David Schorlemer

compared in of million Equally the which to showcased million a for everyone. adjusted year-over-year $X The Thanks, year net of income a Sam, XX% for improvement is over Revenue impressive, income as increased posted billion, in significant good XX% year-over-year. and XXXX. morning, performance $XX XXXX was full XXXX million. $X.X XXXX. net $XXX increase ProPetro's continued EBITDA company to improvement XXXX

return time to company's so. shareholders shares May to to significant X retired approximately common in the of million XXXX. in XXXX, $XX the of in plan's Our months additional XXXX, strong history 'XX. enabled Subsequent financial to program, only and XX, inception totaling through in outstanding stock do in company our since representing total XXXX X.X Since through X.X X% an million our million February approximately planned million shares, May repurchase repurchased year-end, profile repurchases first the capital approximately shares, X.X to in repurchased inception our us the share we bringing

gas and transitioning of addition investments the an accomplished the equipment, from recapitalize Par sheet In XXXX, we liquidity. the protecting and to with fleet accretive natural strong diesel-only this in we company's share all began our made majority burning acquisition to Five. repurchases, of to benefits We executed to balance see while

to have years, invested X Sam we over bringing and ProPetro. our fleet over and the mentioned, services last technologies As billion transitioning $X next-generation

are confident will for We and to continue investments and profile accelerate customers shareholders. business meaningful value of the cash-on-cash these return our create our

fourth million revenue for results. EBITDA for the million of Adjusted the $X changing fourth million. equipment. on million of reported diluted $XX quarter of included true-up was related 'XX share. or was We Net quarter the $X.XX Moving quarter useful quarter. loss of to for depreciation $XXX loss per lives certain to $XX our financial Net the

impacted financial customer later activity, As from from quarter fourth order. primarily sanctioned, higher-than-expected performance in space deferred for lower utilization our the white resulting was by

to customers back utilization decline and has recovery maintain us fleet expected. crews performance labor starting and retain early as associated ongoing in desire our This earnest, in Our in transpired led costs our temporary the January. crude as were continuity to despite

Additionally, FORCE electric comparing our related to to of when fleets note lease a an previous million the to important expense quarters, fourth for we $X.X incurred quarter.

Our guidance earlier. was below effective frac quarter XX.X reasons the noted fourth fleets, fleet in slightly utilization due was which to our

XX frac utilization fleet for to fleets XX XX and is XXXX active we first today. have fleets, Our quarter guidance

which acquisition, capital the spending. paid free our expect in That allocations is our million capital incurred fourth cash from for future. $XX.X $XX We the a This the decrease example well decrease Moving in quarter, into long-term in essentially CapEx yield to CapEx high-grading $XX of Par another flow million for our last Five benefit. quarter. company's XX% million consistent to we

CapEx million incurred also year was to XXXX. $XXX the Our $XXX compares in which favorably million, for

However, exit the accounts capital trending which only in we're and $XX as million contrast our expenditures This What liabilities. spending end demonstrates is of position is our a $XXX working this cash that the AP CapEx utilized at was much capital and this important included flow is XXXX. year-end which our to lower that at in an of healthier significant for from 'XX, XXXX. to unwind understand, $XX cash item million, we statement payables is million in capital a significantly balance

XXXX $XXX our reinvestment range XX potentially anticipate we as the the our and are between realizing year. higher activity cycle through of of the million incurred a ramping our undertaken $XXX head optimization function that Given benefits we completed will million. largely CapEx be months, The and last is we over large efforts

prior longer-term opportunistic lower in and capital recent share quality the to form and will relative M&A a higher more investments our of We capital expect direct to and repurchases. support to intensity capital ability years returns

with million Our ended we the liquidity. of strong, and liquidity total has fourth quarter $XXX remained

and a balance to that in term. also anticipated remains strong, are our more dynamic for expect the ProPetro's spending, our capital in position, committed XXXX, strong the I'd for capital much remain disciplined allowing we to With allocation we liquidity sheet and allocation capital improved working company's long decline capital like reiterate to strategy.

and costs market emissions. for our shareholders believe our strategies are Finally, FORCE in the that are further through own earnings producers to confident We continues will to environment, the more durable are capital their that built we ProPetro disciplined compatible business low-to-no-growth current continue environment with Permian electrification, will we large are and pursuing believe the like pursue The spending. customers is its completion fleets customers and desires require consolidation cycles. lower and remain lower cash market flows in and their our deliver for a that equipment flat we with industry in

remarks. now I'll closing back call for turn to Sam the some

Sam Sledge

summarize to XXXX like I'd Q&A, to over ProPetro's performance. it turning Before

we and Our go-forward our our why future industry. company of in strategy and the are confident

generating to customer top-tier bifurcation is Permian, the with differentiated Our the in free space, Despite density and in offering cash energy earnings power ideally beyond. headwinds with is showcase our and we offer potential and uncertainties from its are We quality our repeatable XXXX results. market. portfolio positioned in flow Permian and the ProPetro and outside operational in and and durable the service the insulated service equipment spot top-notch well and

M&A. We've our and business fleet, pursue industrializing execute accretive and of been buyback our optimizing successfully shares the we operations as our opportunistically transformation

We the advancing healthy business while strong liquidity for profile. maintaining strengthening term the a and balance successfully sheet strategy are and our long

realize strategy, evident and we performance ahead, our results became excited of which capitalize benefits XXXX. on are Looking the improved the in to of ProPetro's

do, deploying strong repurchase shareholders in key operations operating industrializing sustainably we shareholders. to cash through program. manner active for and free from all capital continue safely opportunistic to value-accretive to our return back our to disciplined optimizing returns while stock, business our while on be flow, Our share continuing remaining our to growing buy Everything business and to accelerate to our capital priorities a transactions enables

their integral basin I'd in like industry. an ProPetro role to teammates outstanding to Permian and by energy lead as our the of overall the end performance continue all across thanking play in for we

questions. for I'd like that, open to up now Operator? it With

Operator

from Luke Sandler. Lemoine [Operator first question Instructions] with The comes Piper

Luke Lemoine

X fleet fleets for thinking X, about field performing FORCE now. the Sam, expectations? then has at about this the future forced beyond been just possibly you X your months some you've of the fleets And you Can operational to that in talk the milestones relative are how point? how first had and several and

Sam Sledge

how than quickly better we I my curve your a question, expected. we to knew is Sure. needed guess, is learning that answer first to get maintain to simple up This the have quality that pretty great. and our with, not first service they has they've the been only but customers, landed these X performed with reputation customers customers where fleets that landed, those

just just maintenance and things optimization the optimize, this -- learning how the months but and I deal. and in learning point be pretty to of think big point off many a the cycles already towards kind to some not optimization working and is we're curve on around

our team been with. think pleased I has really, really

look, FORCE to how lot about on as to pertains future, table in line the transition continue really to inquire contractual #X and our continuing manner strong. our things here X, really and demand and to coming a is And of this pertains months. for of and us those This come and fleet negotiations is continue good the fleets, we've strategy to it customers talks. to in X We've up got So because going #X, convict kind X got the where kind of beyond land. standby to those. coming and

a FORCE sit future, orders and our intent, in be sign beyond definitely positive it more #X. see additional from today, there's if the as we So would you us that's very no fleets here

Luke Lemoine

XQ, then, had us XQ And a But XQ and gave Okay. almost nicely in some levels. you at guidance a space. pretty you white XQ. for versus Rebalanced David, count fleet

cost however crews, have the that XQ? XQ we us retained about to kind you Or or Can think kind that help you a you're should carrying there. relative of of XQ it? fixed profitability You frame bit so maybe

David Schorlemer

the careful we a there's there. a much say by lot in is levels Well, I quarter. of about lot I being But customers, were to And similar given want think what what of made third to back still consolidation activity we decision-making too happening. would saw our be guidance

feel So that very of we seeing may we're quarter. of think the far. just so I comparison the third I good you first some think some about quarter speaking But to what give to perspective

Operator

with is The next Barclays. Derek Podhaizer from question

Derek Podhaizer

in and the of think we generation I how shareholder free XXXX just to ask wanted level should about about returns. cash flow

had hit program. to So on that. the remaining you're million in to free $XX doesn't your buyback too deck, you generation flow talked feel cash with about mean the about you talking hard reach I

and cash So should that shareholder a we maybe to how both, we in you authorization, should with just expect expect returns you the XXXX framework the in generate? or to level think free layer flow up about dividend of

Sam Sledge

proposition great question, a our Derek, of forward. I Sure. kind a and to going key value think key theme

heavily about fact returns, shareholder recently dual more a transition really bit I of out back we've this we're about really, half general. here proud of of and talk here quarter, through Before invested capital We've talk little the in that recently our allocation -- fleet necessarily times in the year, number said zoom FORCE about fourth just in last a fuel. and talk

quarter our to quarter. in We within we participated accretive shareholders have capital through returned all same fourth the program, buyback X M&A, the in and

and We've So that continue those to categories, important company what I stated take proposition current business out program of a buyback opportunistically multitask likely we'll that value disconnect we've relatively a and through think to it's all the advantage really the and that our we're do between point is value. in can our operated our size in, of X so to going try equity is and forward. of

I'll it will deal the are market stop continue equity with valuation and We couple a giving kind pleased those short to renews and in we're the are, way of continue when stay we buying at and correct you're hammer that. share the make you do is all the probably space and that to how services progress. of what will next And where that be guidance we to buybacks. valuations our our of they in for here of quarters in from that, much of if values that oilfield think best standpoint. the report decisions those just back boardroom we'll over and But

David Schorlemer

is from a working improvement. balance performance Derek, capital about also a being little sheet a sheet. better but more end made kind the just add of significantly XXXX. the We're XXXX balance had a story in This that bit, durable, remarks just position of the perspective our hangover a in And we also at around CapEx not to were some I've

something So really a forward. to at be to I that's really we'll high-grade to take able look going our capital think how allocations see

Derek Podhaizer

Also, That's to display on dual-fuel wanted the fleet. helpful. Got about sort it. very the diesel I ask of

a XX% had you? where And to behind through potential in And another chart delivery, new anything that? to you XX% You there showed are is the that go talk there then as increase for could just separately, gas, maybe displacement areas that of diesel about as guess for a bringing bolt-on what XXXX. drivers I around it XX%? field that, beyond you far see or M&A the

Sam Sledge

question. Yes. Good

I times think to see someone does diesel type to what offering fuel dual displacement you just hard like it of benefits likely you're do do for question not I think bring, type is what the that? mean those inside is is asking investor, the excellence. bring, how it's benefits public what put yourself but plainly, I a of only operational of

we is I expect rates. on gas deploying when to that don't you to a be these dual-fuel what we were there equipment high think the just displacement things and began on lot flip learn

to in hours basis, have a high make real-time to day operational ensure displacement. You a XX almost decisions

kind the appropriate have to an enables gas on basis fuel which of condition displacement can high You chain, have second -- and that also of ongoing I question there, also type value rate. is think that your your supply

the of right the it and We've work operational being low of to inside more right work of the a team good gas things. with and the our to right to combination for customers suppliers, excellence, talked few in But integrating a to at to vendors, of site. amounts our the get it's interest decisions well make right starts So us, able a time. with location case lot the in about the past to kind gas get operational

getting do a Our more the the that first inquisitive SoRtip gas ago. We've value wireline with stayed services little chain. year to a step about things into was than like

to that because and as for the -- to not gas any -- that around we've site. our move I right from kind have positions our gas preference and the on think the yet seen pertains versus CNG acreage field movement the we're well customers us going base you've we've to it get they're of movement different seen within and customer

a So curve it continue that that evolve value but to that's it's we're radar little on we -- of launch something bit our a learning to gas there, the pertains as chain.

Operator

The with next John question Partners. Daniel is Energy Daniel from

John Daniel

Just quoting one the the to remarks, Can frac see and you work? more and apologize, that this just -- actually evolution prepared activity in for the impact business? your I how question. you said do now right of what's you but the trial And

Sam Sledge

Yes. that's it frac it's in. as from had frac, something a evident small like things successfully. niche John, a we'll a few that that that trial we're We transition successful And but frac lot zipper the example about business, watching very go. nothing feels a into comes. simul very now. a operated and talk right pretty we're of take industrialization competitively, of It's could ago pretty participating right. where our We and years

if out like in our all we'll prove in that no have doubt comes I confidence will So operational. and future, operational be the excellence something player, it and team a in the our have that

Operator

with Arun The Jayaram question from next JPMorgan Chase. is

Arun Jayaram

and to comparing bit my seasonality a appears some of to business North American your other more things. had results your just peers, your question related it first little seasonality. frac In Sam, a holidays regarding that question is

why that sort So had the you than working nuanced you Is more help think seasonality? with, could just anything just us level but of customers business that? you're wondering if through your it do

Sam Sledge

question, Good Arun.

of what focus the one really -- on our our makes Permian fairly all I us geographic chunky our think hand unique customer kind in can basin count really. and customers consolidated is you It's portfolio. of

the peers U.S. and profile across us. couple of weeks the So a heard more that last report you've over say, than larger verse multiple probably are comparatively, I in would our have basins customer

we is in year different do unfavorable. at standpoint of an was we're pleased indicative and that external January couple all think outlook pretty a not what prepared think think our obviously that here of our is us XXXX. it's -- We for where we unexpected we and said and But are this remarks. We're in with February times positioned. something from strategy. this circumstances our I how just That's hit

Arun Jayaram

Got it. your enough. thinking consistent then it. pretty Fair Got through revenue Street. as numbers, we the is look with the about And quarter just fourth

think on think this think XQ from get about you is mentioned about XXXX? for about that knock-on for go-forward EBITDA. as fine-tuning I XXXX? the costs under we held to just just we are that, But just I for XXXX. we to see ready our impacts as you I is any XXXX, year Or impacts that there million numbers that in today anomaly $XXX to full the modeling, of an earnings think, think some Street

XXXX So be helpful. general on some would just thoughts

David Schorlemer

David. Yes, this is Arun,

I maintain think customers wanted going that, as a and our certain early we to January, crewed which we we did back in be because to starting did. believe are we up continuity they mentioned, level, crude up had

that So I forward. those will think essentially come costs

financial over start to quarter to addition leases number that, deploy a we little fourth the Those will in had fleets. is we've results. blended in into the $X our additional up. We got there. being go as electric That operating Now going million

address And cost work supply so to strategic we're structure work, But will I we at need some we're to doing but in. be that go that our operational things optimization, we'll that that's as year. think ongoing some and doing look modeled throughout something the additional we've optimize got chain that

Sam Sledge

Arun, add Sam. this just is to that. I'll

the really saw the do biggest were pricing service definitely in and X levers talked in, the pricing, the little with maybe market We haven't We've service 'XX. that a haven't part we last we also top dual a talked the the I'm is in and yes, peak fuel in the believe which it's pricing about which form just electric half really burning to high-quality offering, the bifurcated that the questions what today. of about and what bit. business of year. feel kind of one calls. a gas We got this of solutions might think we in of lever of I be operating X not couple of question. we oilfield the about good natural first surprised we're down But in, It's end pricing that's

going sector. spot is not in out most with lot things good the and market. gives that we're a mini that get this through we're ever lot these us kind my our strategy Strategy like and pricing of seeing that seen sector our seeing a it's for This today. been of a to confidence value portion around how XX So cycles in to picked I've of our more the our is today. and we of on discipline by career. we're also forward discipline go years the And a fridges diesel the competitors. confident us much we peers from are working in and how I've

is important behaving and pricing think really is is market healthy. how So pretty the whole

Operator

The next Scott from Citigroup. question with Gruber is

Scott Gruber

I'm or that, above that level? that's for XQ? expect, XQ? base a forecast see Can XQ of today, a to always know in of and do upon you're to Or the Sam, XX% XQ activity having quarter. difficult I is should what it's XX% But Look, you conversations case that we your is with customers path kind curious, based kind beyond that level get you to improvement kind just of

Sam Sledge

question. Good

the could activity we half improving earliest opportunity think probably see I year. the of is second

We're of now. think, over that frac as Now the this the feels saying way there where back we're I frac It's from pretty wells here like operate of begin load inventory of quickly. years management. we as it much looking as a a uncompleted big rig there's to just-in-time activity to lying out could year, an happen. last not know opportunity right snap far operators, more that's as X sitting at to But the is flattish majority year the going the anything through activity crew standpoint

several say to flat the guess, I rig happen and plainly, counts So last that more for are months.

see to before activity. So XX a what's on know you'll have kind the or that inflection don't see that. days maybe frac I delay you like a something count of rig

you see rig before if X months today, in activity. frac be big count might to up So started see inflection it X, you that a show

Scott Gruber

Are of the Got for it. it just kind there what's there And it allocated services? able broad like to fleet e-frac. ancillary some contemplate sounds And of ancillary frac the you kind budget, strokes budget, CapEx the the growth base in on split some between is and then additional of active provide services. doesn't the thinking to about maintenance

Sam Sledge

of make million on of and electric about on I'll comment, David inside range. let We and to fleet Yes. kind guided takes deploy just pie. talk $XXX comment a general the -- to your $XXX and I'll FORCE puts could CapEx that million, FORCE we fifth

our in given at just coming we forward commentary. is activity. offering, the to half that CapEx back Activity expressed, impact we've We fits David that or and point fifth. which orders of remainder times now. think electric our quoted. CapEx a expressed a today some why that has with part within the that's one, decent likelihood there's wide about have I've don't spend we're call to heavy this the a range right of commitments there's because, any the But add that range So unknowns multiple But confidence know it on I do wants that our on we've don't reason always CapEx.

David Schorlemer

the granularity a CapEx give to around guidance. just little Scott, more Yes, you

CapEx. million. per our then but to of electric million it, which we've the talked $XXX $XXX our And we've other $XX fleet. and also is million The deployments, enhance business. very with call that think investments got long-term growth million you, toward That, about other other will along I refurbishments majority fleet about of $XX gets allocated service lines

believe, we flow environment. in our it able are how somewhat position, increase we this to call balance along top really free cash with line is that, So stagnant sheet year an otherwise

Operator

Piper Next Lemoine Luke Instructions] is follow-up question from Sandler. [Operator with a

Luke Lemoine

being more fleets. and learning being you an or savings you Sam, cost be for operational you or on David, XX% talked curve the could fleets FORCE the X optimization XX% about talked maybe for past about the

Just wanted there, you to a see could seeing still kind of range. good think that's you're and what

Sam Sledge

business make -- maintenance I'll into just really if you specific of Like type size, the a a engines our units bigger. general field. comment at has I'll you pretty frac infrastructure and the of say look amount talk even all company size all numbers. shop on have -- in is diesel we do significant work the the -- that happen and traditional the Dave for These the maintenance, don't of the to to will technical about our shop and can come or have

we electric approach mindset to offering, our change As our business. support cost begins to to of into fixed functions a continue within our evolve the lot it this and

So into units. It's dual maintenance shop, you our walked if conventional there. out fuel there's than XX it's units more out all or

just So sign. positive you say really that's David, want do a something? to

David Schorlemer

up the Director and for Yes, of and just sites shot exactly none. asked things maintenance Sam, how yesterday many message X the them been to of brought shop, we've are our said a Maintenance you've in that of looking at he

related OpEx towards XX% anecdote, think with have is an So our a to XX% impact that's to improvement maintenance but looking we're CapEx. similar just in what I

There's of again, diesel our really touch. box units, horsepower those should they is variable you in front and a on the really of transformer. meaningful our a it's X,XXX electric X dual-fuel equipment drive and front low about no the parts be no think what's and trailers, on frequency So moving conventional engine. What's a to or

to going but so So to looking what more you a over pans to we're that think time. benefits see I on think over I we're few us yet, but time, realizing able that we to specifics quarters don't give like how just those we're give far. be out forward seeing

Luke Lemoine

Okay. follow I And should fleets, correct? just of the mean David, then, optimize lease to the up. cost the the on once force cost payment, savings structure you operating kind offset

David Schorlemer

under still got seeing think pretty September. very to we new But something certainly We've our I launch and belts that some far. FORCE again, this in experience We've we're would product that's expect, positive that fleet that operating is realize so we're phase a pleased. had a customer in. enough is the results

very management this. like is But we're to seeing, in still with we're still Stay but fresh. performance strong tuned. field. what operate into new able look, well operations Our the We

Operator

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

Sam Sledge

everybody, again, joining and for I today. for you business us ProPetro possible. this like and all hard to our to I'd all teammates, talk hope Thanks, to thank again of throughout our all work making soon, their

to So soon. you hope talk to again

Operator

for presentation. The Thank conference today's has now attending concluded. you

now may You disconnect.

ProPetro Holding (PUMP) 21 Feb 242023 Q4 Earnings call transcript