PUMP on NYSE

ProPetro Holding Corp.

American oil and gas field services company based in Midland, active since 20172

In its 2026 annual report the company says: “We are a leading integrated energy service company, located in Midland, Texas, focused on providing innovative hydraulic fracturing, wireline, and other complementary energy and power generation services to leading upstream oil and gas companies engaged in the E&P of North American oil and natural gas resources. Our operations are primarily focused in the Permian Basin, where we have cultivated longstanding customer relationships with some of the region’s most active and well‑capitalized E&P companies.”5 Its shares trade on NYSE under the symbol PUMP.2

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Last updated Oct 21, 2026.

Overview

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  • TickerPUMP on NYSE2
  • IndustryOil & Gas Field Services, NEC2
  • HeadquartersMidland, United States2
  • Incorporated inTX3
  • Business addressP.O. Box 873, Midland, Tx 797023
  • Filer categoryAccelerated filer3
  • Legal formCorporation2
  • LEI254900RBXU2DAMHEX1952
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 63417362

We are a leading integrated energy service company, located in Midland, Texas, focused on providing innovative hydraulic fracturing, wireline, and other complementary energy and power generation services to leading upstream oil and gas companies engaged in the E&P of North American oil and natural gas resources. Our operations are primarily focused in the Permian Basin, where we have cultivated longstanding customer relationships with some of the region’s most active and well‑capitalized E&P companies. The Permian Basin is widely regarded as one of the most prolific oil and natural gas producing areas in the United States, and we believe we are one of the leading providers of energy services in the region.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

0.5%Operating margin6
0.1%Net margin6
-12.1%Revenue growth, 20256
0.1%Return on equity6
0.13×Debt to equity6
$45.3MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Hydraulic Fracturing brought in 73% of the revenue ProPetro Holding Corp. broke down this way in fiscal 2025.

  1. Hydraulic Fracturing$929.2M673%down 15% from 2024
  2. Wireline Operating$209.0M616%up 3% from 2024
  3. Cementing Operating$130.3M610%down 13% from 2024
  4. Power Generation$1.5M60%
Business segments by year
Business segments202320242025
Hydraulic Fracturing$1.3B$1.1B$929.2M
Wireline Operating$229.6M$203.2M$209.0M
Cementing Operating$120.3M$149.4M$130.3M
Power Generation$0$0$1.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$1.3B
  • Income tax1¢$7.0M
  • Profit0¢$824.0K

Out of $1.3B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending80¢$186.3M
  • Kept or used elsewhere20¢$45.3M

Out of $231.6M of cash from operations.6

Financial statements

Revenue789106$1.3B in 2025−38% since 2019
0$1.0B$2.0B$3.0B2019: $2.1B$2.1B20192020: $789.2M$789.2M2020−62%2021: $874.5M$874.5M2021+11%2022: $1.3B$1.3B2022+46%2023: $1.6B$1.6B2023+27%2024: $1.4B$1.4B2024−11%2025: $1.3B$1.3B2025−12%
Operating income789106$6.3M in 2025−97% since 2019
-$200.0M-$100.0M0$100.0M$200.0M$300.0M2019: $221.4M$221.4M20192020: -$131.2M-$131.2M20202021: -$68.7M-$68.7M2021−48%2022: -$2.6M-$2.6M2022−96%2023: $130.3M$130.3M20232024: -$167.0M-$167.0M20242025: $6.3M$6.3M2025
Net income789106$824.0K in 2025−99% since 2019
-$200.0M-$100.0M0$100.0M$200.0M2019: $163.0M$163.0M20192020: -$107.0M-$107.0M20202021: -$54.2M-$54.2M2021−49%2022: $2.0M$2.0M20222023: $85.6M$85.6M2023+4118%2024: -$137.9M-$137.9M20242025: $824.0K$824.0K2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
REVENUE - Service revenue$1.3B$1.4B$1.6B
Cost of services (exclusive of depreciation and amortization)$968.2M$1.1B$1.1B
General and administrative expenses (inclusive of stock-based compensation)$107.6M$114.3M$114.4M
Depreciation and amortization$174.9M$224.1M$219.6M
Property and equipment impairment expense$0$188.6M$0
Goodwill impairment expense$0$23.6M$0
Loss (gain) on disposal of assets and businesses, net$12.2M-$4.9M$34.3M
Total costs and expenses$1.3B$1.6B$1.5B
OPERATING INCOME (LOSS)$6.3M-$167.0M$130.3M
Interest expense-$8.2M-$7.8M-$5.3M
Other income (expense), net$9.7M$5.5M-$9.5M
Total other income (expense), net$1.5M-$2.3M-$14.8M
INCOME (LOSS) BEFORE INCOME TAXES$7.8M-$169.2M$115.5M
INCOME TAX (EXPENSE) BENEFIT-$7.0M$31.4M-$29.9M
NET INCOME (LOSS)$824.0K-$137.9M$85.6M
Basic (in dollars per share)$0.01-$1.31$0.76
Diluted (in dollars per share)$0.01-$1.31$0.76
Basic (in shares)103.8M shares105.5M shares113.0M shares
Diluted (in shares)105.4M shares105.5M shares113.4M shares

Compare ProPetro Holding Corp. with another company

Corporate structure

ProPetro Holding Corp. sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ProPetro Holding Corp.

  • VR Advisory Services Ltd Filed SCHEDULE 13G on ProPetro Holding Corp., latest Jul 10, 2026
  • Intec S.l. Jeal Filed SCHEDULE 13G/A on ProPetro Holding Corp., latest Jun 29, 2026 (2 filings since May 28, 2024)
  • ExxonMobil Filed SCHEDULE 13D/A on ProPetro Holding Corp., latest May 20, 2026 (2 filings since May 3, 2024)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on ProPetro Holding Corp., latest Mar 27, 2026 (7 filings since Feb 10, 2022)
  • Sourcerock Group LLC Filed SCHEDULE 13G/A on ProPetro Holding Corp., latest Feb 13, 2026 (3 filings since Aug 15, 2025)
  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on ProPetro Holding Corp., latest Oct 9, 2025 (2 filings since Feb 9, 2024)
  • BlackRock Filed SCHEDULE 13G/A on ProPetro Holding Corp., latest Oct 2, 2025 (7 filings since Jan 26, 2022)
  • LIME ROCK PARTNERS VIII, L.P. Filed SC 13G/A on ProPetro Holding Corp., latest Jun 7, 2024 (2 filings since Nov 14, 2022)
  • THRC Holdings, LP Filed SC 13D/A on ProPetro Holding Corp., latest Jul 20, 2022 (5 filings since Dec 22, 2021)
  • ProPetro Holding Corp. Midland, Texas, United States
    • Aqua Prop, LLC Subsidiary · Texas, United States
    • ProPetro Energy Solutions, LLC Subsidiary · Texas, United States
    • ProPetro Services, Inc. Subsidiary · Texas, United States
    • Silvertip Completion Services Operating, LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ProPetro Holding Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.3B6 Dec 31, 2025$1.1B6 Dec 31, 2024+14.3%
Accumulated depreciation$465.2M6 Dec 31, 2025$413.4M6 Dec 31, 2024+12.5%
Property and equipment, net$793.5M6 Dec 31, 2025$688.2M6 Dec 31, 2024+15.3%
Finance-lease assets$10.6M6 Dec 31, 2025$30.7M6 Dec 31, 2024−65.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$91.3M6 Dec 31, 2025$50.4M6 Dec 31, 2024+81.1%
Marketable securities, current$06 Dec 31, 2025$7.8M6 Dec 31, 2024−100.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$920.0K6 Dec 31, 2025$920.0K6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$55.5M6 Dec 31, 2025$64.9M6 Dec 31, 2024−14.5%
Finite-lived intangibles, gross$79.5M6 Dec 31, 2025$79.5M6 Dec 31, 20240%
Accumulated amortization$24.0M6 Dec 31, 2025$14.6M6 Dec 31, 2024+64.9%
Finite-lived intangibles, net$55.5M6 Dec 31, 2025$64.9M6 Dec 31, 2024−14.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$13.3M6 Dec 31, 2025$16.2M6 Dec 31, 2024−17.6%

Properties, in its own words

Our corporate headquarters is located at One Marienfeld Place, 110 N. Marienfeld Street, Suite 300, Midland, Texas 79701. In addition to our headquarters, we also own and lease other properties that are used for field offices, yards, or storage in the Permian Basin. We believe that our facilities are adequate for our current operations.

Item 2 of the 10-K filed Feb 19, 2026.5

Leadership

Who has led ProPetro Holding Corp., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (31)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Aqua Prop, LLC Texas4
  • ProPetro Energy Solutions, LLC Texas4
  • ProPetro Services, Inc. Texas4
  • Silvertip Completion Services Operating, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 22, 20268-K Regulation FD disclosure54
  2. Sep 21, 20268-K Executive or director change55
  3. Jul 29, 20268-K Results of operations56
  4. Jun 1, 20268-K Executive or director change57
  5. May 22, 20268-K Executive or director change; Shareholder vote58
  6. May 7, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares59
  7. May 4, 20268-K Regulation FD disclosure; Other events60
  8. Apr 30, 20268-K Entered a material agreement; Results of operations; Regulation FD disclosure61
  9. Feb 18, 20268-K Results of operations62
  10. Feb 10, 20268-K Entered a material agreement; New debt or obligation63
  11. Jan 28, 20268-K Regulation FD disclosure; Other events64
  12. Jan 26, 20268-K Results of operations; Regulation FD disclosure; Other events65
  13. Sep 1, 2021New chief executive Samuel D. Sledge becomes CEO14
  14. Mar 17, 2020New chief executive Phillip A. Gobe becomes CEO15
  15. Mar 16, 2017New chief executive Dale Jackie Redman becomes CEO16
  16. Mar 8, 2017Founded ProPetro Holding Corp. is founded2

Calendar

Coming up

  1. Oct 28, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.02) a share, on Oct 29, 2025.66

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results56
  2. Apr 30, 2026Reported quarterly or annual results61
  3. Feb 18, 2026Reported quarterly or annual results62
  4. Jan 26, 2026Reported quarterly or annual results65
  5. Oct 29, 2025Reported quarterly or annual results67
  6. Jul 30, 2025Reported quarterly or annual results68
  7. Apr 29, 2025Reported quarterly or annual results69
  8. Feb 19, 2025Reported quarterly or annual results70

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

415 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 68 major events, 252 insider forms, 31 large holders, 44 other. The latest 20:

  1. Sep 22, 20268-K EDGAR
  2. Sep 21, 20268-K EDGAR
  3. Sep 8, 20264 EDGAR
  4. Aug 20, 20268-A12B EDGAR
  5. Aug 20, 2026CERT NYSE TEXAS CERTIFICATION EDGAR
  6. Aug 5, 20264 EDGAR
  7. Aug 5, 20264 EDGAR
  8. Aug 5, 20264 EDGAR
  9. Aug 4, 2026144 EDGAR
  10. Aug 4, 2026144 EDGAR
  11. Aug 3, 20264 EDGAR
  12. Jul 30, 202610-Q EDGAR
  13. Jul 29, 20268-K EDGAR
  14. Jul 10, 2026SCHEDULE 13G EDGAR
  15. Jun 29, 2026SCHEDULE 13G/A EDGAR
  16. Jun 4, 2026S-8 EDGAR
  17. Jun 1, 20268-K EDGAR
  18. May 22, 20264 EDGAR
  19. May 22, 20268-K EDGAR
  20. May 21, 20264 EDGAR

The 415 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

47 open-market trades by officers, directors and large owners since October 2021: 5 buys and 42 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 4, 2026Munoz AdamPresident and COOSale70,696$11.17$789.7KForm 4
Aug 4, 2026Lawrence G LarryDirectorSale35,831$11.16$399.9KForm 4
May 20, 2026EXXON MOBIL CORP10% ownerSale16,600,000$16.66$276.6MForm 4
Nov 14, 2025Munoz AdamPresident and COOSale17,230$10.14$174.7KForm 4
Oct 31, 2025Lawrence G LarryDirectorSale27,000$10.84$292.7KForm 4
Oct 31, 2025Vion MicheleDirectorSale6,916$10.64$73.6KForm 4
Aug 6, 2025Sledge Samuel DChief Executive OfficerBuy4,900$4.98$24.4KForm 4
Aug 4, 2025Munoz AdamPresident and COOSale75,000$4.87$365.2KForm 4
Aug 1, 2025Weatherl Caleb LyleChief Financial OfficerBuy2,000$4.91$9.8KForm 4
Mar 7, 2025Lawrence G LarryDirectorSale10,137$7.39$74.9KForm 4
Nov 4, 2024SCHORLEMER DAVID SCOTTBuy4,500$6.86$30.9KForm 4
Aug 26, 2024Vion MicheleDirectorSale5,000$8.26$41.3KForm 4
Jun 12, 2024Vion MicheleDirectorSale7,778$9.21$71.6KForm 4
May 3, 2024Munoz AdamPresident and COOSale42,573$9.28$395.1KForm 4
Nov 3, 2023Vion MicheleDirectorSale14,426$10.48$151.2KForm 4
Sep 18, 2023GOBE PHILLIP ADirectorSale20,000$11.00$220.0KForm 4
Sep 12, 2023GOBE PHILLIP ADirectorSale15,000$10.50$157.5KForm 4
Sep 1, 2023GOBE PHILLIP ADirectorSale20,000$10.01$200.2KForm 4
Aug 15, 2023Omavuezi EloChief Accounting OfficerSale5,000$10.05$50.2KForm 4
Aug 11, 2023Omavuezi EloChief Accounting OfficerSale4,182$10.28$43.0KForm 4

All 47 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Samuel D. SledgeChief Executive Officer39$975.0K$6.5M80
2025Adam MuñozPresident and Chief Operating Officer43$612.0K$3.2M80
2025Shelby FietzChief Commercial Officer44$505.0K$2.0M80
2025John J. “Jody” MitchellGeneral Counsel43$500.0K$2.0M80
2025David S. Schorlemer Former Chief Financial Officer$91.7K$1.7M80
2025Caleb L. Weatherl Chief Financial Officer39$246.0K$1.5M80
2025Celina A. Davila Former Interim Principal Financial Officer45$320.0K$853.3K80
2024Samuel D. SledgeChief Executive Officer39$946.0K$6.0M80
2024Adam MuñozPresident and Chief Operating Officer43$600.0K$3.3M80
2024David S. Schorlemer Former Chief Financial Officer$540.0K$2.7M80
2024Shelby FietzChief Commercial Officer44$495.0K$2.0M80
2024John J. “Jody” MitchellGeneral Counsel43$450.0K$1.8M80
2023Samuel D. SledgeChief Executive Officer39$800.0K$5.8M80
2023Shelby FietzChief Commercial Officer44$365.2K$4.3M80
2023Adam MuñozPresident and Chief Operating Officer43$572.0K$3.2M80
2023David S. Schorlemer Former Chief Financial Officer$515.0K$2.5M80
2023John J. “Jody” MitchellGeneral Counsel43$387.0K$1.5M80

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.9,105,609$130.6M0.0%+534,291
Sourcerock Group LLC7,713,646$110.6M5.8%+471,833
Dimensional Fund Advisors LP6,838,598$98.1M0.0%+356,628
D. E. Shaw & Co., Inc.6,034,264$86.5M0.1%+1,290,711
Vanguard Capital Management LLC5,133,454$73.6M0.0%+776,946
Encompass Capital Advisors LLC4,574,591$65.6M2.8%New
American Century Companies Inc4,316,013$61.9M0.0%+469,133
Valiant Capital Management, L.P.4,242,475$60.8M3.8%+199,482
VR Advisory Services Ltd4,097,401$58.8M5.2%+1,632,488
State Street Corp3,488,719$50.0M0.0%+433,995
Morgan Stanley3,097,319$44.4M0.0%−78,747
Vanguard Portfolio Management LLC3,081,768$44.2M0.0%+373,551
Citadel Advisors LLC3,064,445$43.9M0.0%+1,638,764
Millennium Management LLC2,980,656$42.7M0.0%+1,427,787
Philosophy Capital Management LLC2,964,348$42.5M4.1%+680,775
Geode Capital Management, LLC2,791,848$40.0M0.0%+448,884
Assenagon Asset Management S.A.2,608,110$37.4M0.0%New
Van Eck Associates Corp2,443,444$35.0M0.0%−315,539
Nuveen, LLC2,359,930$33.8M0.0%+862,704
Wellington Management Group Llp2,290,361$32.8M0.0%+2,057,195
Two Sigma Investments, LP2,093,342$30.0M0.0%+1,148,312
Charles Schwab Investment Management Inc2,086,479$29.9M0.0%−401,193
Situational Awareness LP1,960,382$28.1M0.1%+1,050,082
Fund 1 Investments, LLC1,793,882$25.7M4.5%+1,728,736
Bwcp, LP1,594,569$22.9M3.3%+794,206

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 3, 2019Donna Shalala, HouseSale$1,001 - $15,000+233.2%Report
Mar 19, 2019Donna Shalala, HousePartial sale$1,001 - $15,000+235.0%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How ProPetro Holding Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARProPetro Holding Corp.1
  • CIK0001680247
  • Employer ID (EIN)26-36853825
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)1389 Oil & Gas Field Services, NEC1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business addressP.O. Box 873, Midland, TX 797021
  • Phone(432) 688-00121
  • Shares outstanding122,823,917 as of Jul 24, 202612
  • Public float$513.6M as of Jun 30, 20255
  • AuditorRSM US LLP, Houston, Texas PCAOB ID 49; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJul 22, 20161
  • Filings781 in all: 4 (404), 8-K (132), 3 (38), 10-Q (29), SC 13G/A (26), 144 (20), SC 13G (11), DEFA14A (10)1
    All 41 form types

    SCHEDULE 13G/A (10), 10-K (9), DEF 14A (9), CORRESP (8), SC 13D/A (7), S-8 (5), 424B3 (4), 424B4 (4), ARS (4), S-1/A (4), S-3ASR (4), UPLOAD (4), 8-A12B (3), 8-K/A (3), DRS (3), EFFECT (3), NT 10-Q (3), S-1 (3), 4/A (2), CERT (2), D (2), NT 10-K (2), SC 13D (2), SCHEDULE 13G (2), 3/A (1), CERTNYS (1), D/A (1), DRS/A (1), DRSLTR (1), POS EX (1), PRE 14A (1), S-1MEF (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Jul 30, 2026
    Proxy statement (DEF 14A) Apr 8, 2026
    Latest 8-K (8-K) Sep 22, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock ($0.001 par value)PUMPNew York Stock Exchange

From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks ProPetro Holding Corp. names in Item 1A of its 10-K filed Feb 19, 2026: 48 risks under these headings, as written.5

  • Risks Inherent in Our Business and Industry
  • Our business and financial performance depends on the historically cyclical oil and natural gas industry and particularly on the level of capital spending and E&P activity within the United States and in the Permian Basin, and a decline in prices for oil and natural gas may cause fluctuation in operating results or otherwise have an adverse effect on our revenue, cash flows, profitability and growth.
  • The cyclical nature of the oil and natural gas industry may cause our operating results to fluctuate.
  • Many of our power generation services involve long sales cycles.
  • Our PROPWRSM business line exposes us to the significant risks and uncertainties associated with establishment of a new line of business, and such business line may not achieve the results we anticipate.
  • The majority of our operations are located in the Permian Basin, making us vulnerable to risks associated with operating in one major geographic area.
  • Our business may be adversely affected by a deterioration in general economic conditions or a weakening of the broader energy industry.
  • New technology may cause us to become less competitive.
  • Our operations require substantial capital, and we may be unable to obtain needed capital or financing on satisfactory terms, or at all, which could limit our ability to grow.
  • Concerns over general economic, business or industry conditions may have a material adverse effect on our results of operations, liquidity and financial condition.
  • Changes in U.S. trade policy and the impact of tariffs and other trade measures may have a material adverse effect on our business and results of operations.
  • Our indebtedness and liquidity needs could restrict our operations and adversely affect our financial condition.
The other 37 risks
  • Restrictions in our ABL Credit Facility, our Caterpillar Equipment Loan Agreement, our Stonebriar Equipment Lease Facility, and any future financing agreements may limit our ability to finance future operations or capital needs or capitalize on potential acquisitions and other business opportunities.
  • We may record losses or impairment charges related to goodwill and long-lived assets including intangible assets.
  • Our operations are subject to unforeseen interruptions and hazards inherent in the oil and natural gas and mobile power generation industries, for which we may not be adequately insured, and which could cause us to lose customers and substantial revenue.
  • A terrorist attack, armed conflict or political or civil unrest could harm our business.
  • We may be subject to claims for personal injury and property damage, which could materially adversely affect our financial condition and results of operations.
  • We are subject to cyber security risks. A cyber incident could occur and result in information theft, data corruption, operational disruptions, reputational harm and/or financial loss.
  • We may pursue acquisitions, internal expansions or other strategic transactions, and our failure to properly plan and manage such growth may adversely affect our performance.
  • We may be adversely affected by the effects of inflation.
  • Risks Related to Customers, Suppliers and Competition
  • Reliance upon a few large customers may adversely affect our revenue and operating results.
  • We face significant competition that may cause us to lose market share, and competition in our industry has intensified as a result of customer consolidation and industry downturns.
  • We expect to face significant competition in the future as the mobile and modular power industry evolves.
  • Our customers may not continue to outsource their power generation needs.
  • We are exposed to the credit risk of our customers, and any material nonpayment or nonperformance by our customers could adversely affect our business, results of operations and financial condition.
  • Our business depends upon the ability to obtain specialized equipment, parts and key raw materials, including power generation assets, balance of plant components, power distribution equipment and associated ancillary equipment, from third‑party suppliers. We may be vulnerable to supply chain disruptions, delayed deliveries and future price increases, which could adversely impact our ability to provide our services.
  • We may be required to pay fees to certain of our sand suppliers based on minimum volumes under long-term contracts regardless of actual volumes received.
  • We may be unable to adapt our power generation technologies to meet increasing customer needs and power loads, which could result in increased downtime of our power generation offering and disruptions to the power supply to our customers.
  • Distributed power generation services in some applications compete with access to the grid.
  • Risks Related to Employees
  • We rely on a few key employees whose absence or loss could adversely affect our business.
  • If we are unable to employ a sufficient number of skilled and qualified workers, our capacity and profitability could be diminished and our growth potential could be impaired.
  • Risks Related to Regulatory Matters
  • We are subject to environmental laws and regulations, and future compliance, claims, and liabilities relating to such matters may have a material adverse effect on our results of operations, financial position or cash flows.
  • Our and our customers’ operations are subject to a series of risks arising out of the threat of climate change that could result in increased operating costs, limit the areas in which oil and natural gas production may occur, and reduce demand for the products and services we provide.
  • Federal and state legislative and regulatory changes relating to air permits could result in increased costs and additional operating restrictions or delays.
  • Federal and state legislative and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
  • Increasing trucking regulations may increase our costs and negatively impact our results of operations.
  • Increased attention to sustainability matters, conservation measures, commercial development and technological advances could reduce demand for oil and natural gas, power generation and our services.
  • Certain of our completion services, particularly our hydraulic fracturing services, are substantially dependent on the availability of water. Restrictions on our or our customers’ ability to obtain water may have an adverse effect on our financial condition, results of operations and cash flows.
  • Certain aspects of our power generation services business are dependent on the availability of specific resources. Inability to obtain those resources could adversely impact our business.
  • Risks Related to Tax Matters
  • Our ability to use our net operating loss carryforwards (“NOLs”) may be limited.
  • Changes to applicable tax laws and regulations or exposure to additional tax liabilities could adversely affect our operating results and cash flows.
  • Risks Inherent to an Investment in our Common Stock
  • We are subject to certain requirements of Section 404. If we or our auditors identify and report material weaknesses in internal control over financial reporting, our investors may lose confidence in our reported information and our stock price may be negatively affected.
  • Certain provisions of our certificate of incorporation, and bylaws, as well as Delaware law, may discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.
  • Our business could be negatively affected as a result of the actions of activist shareholders.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could limit our shareholders’ ability to pursue actions in another judicial forum for disputes with us or our directors, officers, employees or agents.
  • The market price of our common stock is subject to volatility.
  • There may be future sales or other dilution of our equity, which may adversely affect the market price of our common stock.
  • There can be no assurance that we will purchase all the shares authorized under our share repurchase program or that such program will enhance the long-term value of our share price.
  • If securities or industry analysts adversely change their recommendations regarding our common stock or if our operating results do not meet their expectations, our stock price could decline.

Legal proceedings

Disclosure concerning legal proceedings is incorporated by reference to “Note 18. Commitments and Contingencies— Contingent Liabilities” of our Consolidated Financial Statements contained in this Annual Report.

From time to time, we may be subject to various other legal proceedings and claims incidental to or arising in the ordinary course of our business.

The opening of Item 3, Legal Proceedings.5

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