ProPetro Holding (NYSE: PUMP) reported Q2 EPS of ($0.26), $0.06 worse than the analyst estimate of ($0.20). Revenue for the quarter came in at $106.1 million versus the consensus estimate of $111.14 million.

Second Quarter 2020 and Recent Highlights

• Total revenue for the quarter was $106.1 million compared to $395.1 million for the first quarter of 2020.
• Net loss for the quarter was $25.9 million, or $0.26 per diluted share, versus a net loss of $7.8 million, or $0.08 per diluted share, for the first quarter of 2020.
• Adjusted EBITDA(1) for the quarter was $25.4 million compared to $74.9 million for the first quarter of 2020.
• Effective utilization for the second quarter was 4.0 fleets compared to 18.6 fleets for the first quarter of 2020.
• Became current in filing status with the Securities and Exchange Commission (“SEC”) and regained compliance with the continued listing standards of the New York Stock Exchange (“NYSE”) through filing of Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 on July 2, 2020.

Phillip Gobe, Chief Executive Officer, commented, “The global oil and gas industry faced unprecedented demand and supply disruptions during the second quarter as a result of the COVID-19 pandemic. We responded quickly to the dramatic decrease in well completions activity and future uncertainty in mid-March, which allowed us to mitigate the impact to our operational and financial results. In a volatile second quarter, our employees displayed their unwavering commitment to our loyal customers and stakeholders. The close collaboration between the ProPetro team and our customers has enabled solutions that help us remain competitive despite the challenging market conditions that we currently expect to gradually improve as we move through the remainder of 2020. I want to thank our customers, supply chain partners and teammates for outstanding toughness, perseverance and generosity. Of course, none of this would be possible without the safety of the community we operate in during the ongoing fight against COVID-19.”

Outlook

Mr. Gobe concluded, “While we believe that our effective utilization for the third quarter will be higher than the second quarter, the overall outlook for the remainder of 2020 remains uncertain as North American oilfield activity has yet to stabilize at a level conducive to earning a competitive return. The ProPetro team remains confident in our positioning based on our strong customer relationships, debt-free balance sheet and deep bench of committed talent. As in the past, we remain focused on controlling costs and driving service quality and execution to create value for us and our customers at the wellhead. We believe the support of our customers and supply chain partners will drive our continued success as we remain squarely focused on the long-term development of the Permian Basin – one of the most prolific energy-producing regions in North America and where the Company is intensely focused.”

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