Midland-based ProPetro Holding said last week its seventh Tier IV dual-fuel frac fleet is expected to begin operations in 2023Q2. The company plans to retire about 140,000 hydraulic horsepower of Tier II conventional diesel frac equipment during 2023. ProPetro now operates six Tier IV dual-fuel frac fleets. And two of the four electric frac fleets to be delivered to ProPetro in 2023 are scheduled to be deployed in 3Q and the other two in early 2024.
Sam Sledge, CEO, said May 3, “In the first quarter we repriced a substantial portion of our active fleets while continuing the transition into more next generation gas-burning equipment… Our results this (first) quarter reflect our focus on our strategic pillars, including optimizing our business, our fleet and capital-light equipment transition, and the returns from our recent Silvertip acquisition.”
Cash capital expenditures for 2023 at Pro Petro remain $250 million to $300 million – a reduction from 2022. ProPetro expects to operate 15-to-16 frac fleets in second quarter.