ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE: PUMP) today announced it has executed a long-term lease agreement for two electric frac fleets with expected delivery in the third quarter of 2023.

Sam Sledge, Chief Executive Officer, commented, “As part of our fleet transition strategy initiated last year, we have executed an order to acquire two electric frac fleets from a leading manufacturer. These new electric fleets utilize conventional pumping equipment and proven technologies that are well-known across our industry. As demand for electric solutions continues to gain momentum, ProPetro is playing a significant role in bringing new technologies and more efficient, environmentally responsible solutions to the Permian Basin.”

Sledge added, “We are in discussions with several customers regarding multi-year projects that will use these electric fleets starting as early as the third quarter of 2023. With these more efficient fleets, we will help advance our customers’ efforts to reduce costs and greenhouse gas emissions, while enhancing our company’s competitiveness and free cash flow profile. We are also excited to bolster our services and capabilities for the benefit of our customers while equipping our ProPetro teammates with the best tools to drive sustainable value creation through the ongoing multi-year upcycle."

David Schorlemer, Chief Financial Officer, commented, "This agreement is another important step in our strategic plan of transitioning to emissions-friendly services using capital efficient financing terms. Further, we are pleased that this long-term lease agreement includes an option to purchase each fleet at the end of its respective lease term. As we look ahead to fiscal year 2023 where we will couple these next generation assets with our first class services, we expect significant free cash flow supported by a decreased capital expenditure plan and at least nine natural gas burning lower-emissions fleets operating in the second half of next year.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.

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