ProPetro is a Texas-based oilfield services company that specializes in hydraulic fracturing—essentially the crew that cracks open shale rock so oil and gas can flow out. Think of it as the heavy-equipment contractor for fracking jobs.
Revenue comes from pressure pumping and related services, with annual sales around USD 1.27B in 2025. The business is thin-margin and volatile: gross margin was 9.93% in 2025, and net income was essentially breakeven, showing it's a low-profit, high-volume ope
ProPetro's moat is weak—fracking services are commoditized, and customers can easily switch to larger competitors like Halliburton, Schlumberger, or Liberty Oilfield Services. The company's thin margins and negative quarters show no pricing power or unique tec
Key events, in time order
Common stock to be additionally listed on NYSE Texas, expanding trading venues
First $1M buyback day since April; at this pace 3% of circulating supply burned monthly
FY2026 capex guided at $525-595M, with PROPWR spending $400-450M
Q2 EPS loss of $0.07 vs. $0.01 expected; revenue $306M, up 13% QoQ, but net loss widened to $8M.
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