ProPetro Holding: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

ProPetro Holding: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

ProPetro Holding Overweight

PUMP, PUMP US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$14.65

Oil & Gas Exploration & Production

We hosted a fireside chat with PUMP CEO and Director Sam Sledge at our J.P. Arun Jayaram AC

Morgan Natural Resources Conference today. (1-212) 622-8541

arun.jayaram@jpmchase.com

• Net Takeaway: Slightly positive. PUMP’s completions outlook remains Jason Kim

intact, while CEO Sledge was able to provide a cohesive narrative and update (1-212) 622-1408

of PROPWR, PUMP’s distributed power business, that we believe will be jason.b.kim@jpmchase.com

helpful for generalist investors interested in playing the distributed power Sowmya Vemulapalli

theme. The key takeaway is that PUMP is increasingly defined by the (1-212) 270-4660

optionality in its distributed power platform, while its legacy Permian sowmya.vemulapalli@jpmchase.com

J.P. Morgan Securities LLC

completions franchise continues to generate the FCF that supports the

company's idiosyncratic growth story. The company noted that its project to

deliver 60 MW of power to a Midwest data center is up and running, which

PUMP believes is an important proof point of its capabilities in the distributed

power segment.

• Completions “torque” is building. Despite being a self-described “relative

pessimist,” CEO Sledge characterized his current optimism around the

completions market. He framed the setup around structural attrition, industry

consolidation, and capital discipline that have collectively created “torque” in

the market, in which little incremental activity is required to inflect pricing.