ProPetro Holding: 2Q26 Preview: Looking at an In-line Print with Steady-State Completions and Sustained PROPW R Outlook

Research evidence excerpt

ProPetro Holding: 2Q26 Preview: Looking at an In-line Print with Steady-State Completions and Sustained PROPW R Outlook

ity that has

helped raise the floor for completions and, absent any massive growth capex that Quarterly Forecasts (FYE Dec)

neither PUMP nor its peers appear to be contemplating under the prevailing capital Adj. EPS ($)

discipline approach, should keep the market relatively tight moving forward. On 2025A 2026E 2027E

active fleet count, management reaffirmed ~12 active fleets in 2Q26 (up from ~11 Q1 0.22 (0.01)A 0.03

Q2 0.02 0.02 0.04

in 1Q26), with calendar tightening up rather than a wave of near-term reactivations. Q3 (0.08) 0.03 0.05

On the pricing front, guidance for 2Q26 also remains unchanged, with the Q4 0.03 0.03 0.04

profitability recovery story framed as a 3Q26 rebound, with the addition of the 12th FY 0.20 0.07 0.17

fleet and some early pricing gains mixed in (concentrated at the lower end of the Style Exposure

fleet), while Tier IV and FORCE e-fleets continue to work under term contracts at

acceptable returns.

We anticipate largely in-line 2Q26 results, while 2H26 carries the potential to come

in better than consensus, underpinned by the optionality to return 1-2 Tier II diesel

fleets and earnings contribution from the ramp at PROPWR. The Tier II fleets

benefit from PUMP’s strategic decision to “ready” stack them back in 2025,

enabling them to be reactivated below the usual $10-15mm reactivation costs that

market participants may often assume. Management has flagged that the binding

constraint on incremental reactivation is labor rather than equipment maintenance,

but with the right term and pricing the company can stand up additional spreads.

On the PROPWR front, PUMP has now officially launched its 60 MW deployment