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ProPetro Holding Corp. supplies crews and equipment to oil and gas producers completing wells, primarily in the Permian Basin. Hydraulic fracturing brings in most of its revenue; the company quotes each job using the customer’s well design, number of fracturing stages and material requirements. Its complementary wireline services make openings through well casing into the surrounding formation, while cementing secures casing and isolates underground fluid zones.
The business depends on producers’ completion budgets and Permian activity, which are closely tied to oil and gas prices. A small group of customers supplies most revenue, with ExxonMobil the largest. An agreement with ExxonMobil subsidiary XTO Energy for committed FORCE electric fracturing fleets is expected to expire in late 2026. ProPetro does not expect renewal and would need other work for the equipment without additional XTO business. Restrictions on water use and wastewater disposal can also constrain customers’ operations and demand for its services.
Its newer PROPWR business installs mobile generating equipment at customer sites, supplying power to oil and gas producers, industrial projects and data centers. Customers pay for electricity generated or for contracted periods with minimum power quantities. PROPWR has begun earning revenue but remains a small part of the business; it depends on customers choosing outsourced generation rather than their own systems or other power sources.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Liberty Energy Inc. competes with ProPetro for oil and gas producers’ fracturing and wireline work, including in the Permian Basin. Its completion-services revenue is a useful comparison for demand for ProPetro’s crews and equipment.
ProFrac Holding Corp. competes with ProPetro to supply fracturing fleets to unconventional oil and gas producers. Watch its active dual-fuel and electric fleets for a comparison with the equipment ProPetro offers those customers.
Patterson-UTI Energy Inc competes with ProPetro for oil and gas producers’ well-completion work. Its completion-services segment is the relevant comparison, rather than its separate drilling-services and drilling-products businesses.
ProPetro depends heavily on oil and gas producer ExxonMobil, which paid it for services accounting for 24.9% of 2025 revenue. Watch the two electric fracturing fleets contracted to ExxonMobil’s XTO subsidiary: the agreement is expected to expire around late 2026, ProPetro does not expect renewal, and without additional XTO work it would need other customers for that equipment.
RPC, Inc. competes with ProPetro for U.S. oil and gas producers’ well-completion work through its pressure-pumping operations.
Halliburton Company competes with ProPetro for producers’ work to stimulate oil and gas flow and secure wells with cement. Its Completion and Production segment contains these stimulation and cementing services, making it the part to compare with ProPetro.
Occidental Petroleum Corporation buys ProPetro’s well-completion services and accounted for 13.7% of its 2025 revenue. The oil and gas producer’s Permian completion activity is the part of its business to watch for ProPetro’s service demand.
EOG Resources, Inc. pays ProPetro to complete oil and gas wells and contributed 12.1% of its 2025 revenue. EOG’s completion activity and service purchasing matter directly to that revenue stream.
Permian Resources Corporation buys ProPetro’s completion services and accounted for 11.2% of its 2025 revenue. Its oil and gas assets are concentrated in the Delaware Basin, so its completion program is a concrete customer-level signal for ProPetro’s activity there.
Atlas Energy Solutions Inc. shares ProPetro’s exposure to Permian completion activity: Atlas sells sand and delivery services to oil and gas customers, while ProPetro performs the sand-intensive fracturing work. Atlas’s Sand and Logistics business is the part to watch for demand for those completion materials.
Ranger Energy Services, Inc. competes with ProPetro in wireline and completion-support work paid for by U.S. onshore oil and gas producers. Its wireline business is the closest comparison with ProPetro’s wireline services, which generated approximately 16.5% of ProPetro’s 2025 revenue.
Nine Energy Service, Inc. competes with ProPetro for North American unconventional oil and gas producers’ work to secure wells with cement and deploy tools downhole by cable—cementing and wireline completion services.
KLX Energy Services Holdings, Inc. competes with ProPetro for onshore oil and gas producers’ completion work, including in the Permian Basin. Its Southwest segment covers the Permian and Eagle Ford, making it the regional comparison to watch rather than KLX’s company-wide results.
Select Water Solutions, Inc. and ProPetro depend on producers’ completion programs: Select supplies and recycles water for the work, while ProPetro pumps hydraulic fractures. Demand for Select’s recycled completion water is a useful signal for the activity that also puts ProPetro’s equipment to work.
Solaris Energy Infrastructure, Inc. overlaps with ProPetro’s growing PROPWR business by supplying on-site power equipment to energy, industrial and data-center customers. Watch its Power Solutions business for demand for customer-site generation, especially where grid access is unavailable, delayed or unreliable.
Liberty Energy Inc. earningsLBRT
Liberty Energy’s completion-services results show how producer demand for fracturing and wireline work is changing, offering a comparison with ProPetro’s core business.
Compare Liberty’s completion-services revenue and comments on activity and pricing with ProPetro’s latest reported hydraulic-fracturing revenue and margin. Both holding up would support the view that producer demand is firm. Liberty holding up while ProPetro weakens could mean competitive pressure, or different customer and service mixes; one company’s results alone cannot establish an industry-wide trend. Weakness at both would point more toward producers cutting completion work.
EIA Crude Oil Stocks Change (Oct/16)
ProPetro’s fracturing, wireline and cementing services for Permian oil producers depend on what U.S. crude and fuel inventories signal about supply and oil prices, which can change customers’ completion budgets, service prices and fleet use.
A build in crude and fuel stocks points to looser supply and possible pressure on oil prices, which could lead Permian producers to reduce completion budgets, service prices or fleet use; a draw points to tighter supply and possible price support, which could encourage spending and deployment.
ProPetro Holding Corp. earningsThis company
ProPetro still earns most of its revenue from hydraulic fracturing, and this report will show whether customer work is filling its fleets without squeezing segment margins.
Read Hydraulic Fracturing revenue alongside the segment’s adjusted EBITDA margin—the company-adjusted earnings before interest, taxes, depreciation and amortization as a share of segment revenue. Steady or rising revenue and margin would show that fleets are finding work without as much pressure from prices or costs. Falling revenue with a steady margin would point to cost control, not a recovery in demand, supporting profitability. If both fall, weaker activity or pricing is also eroding profit.
ExxonMobil Holdings Corporation earningsXOM
ExxonMobil’s report can show whether its Permian activity is holding up, a demand signal for ProPetro but not proof that XTO will renew its two-fleet agreement.
Look for ExxonMobil’s disclosed Permian activity and completion spending, and for any detail on XTO’s work plans. Sustained activity would support demand for services such as ProPetro’s, but would not mean XTO will renew. ProPetro does not expect its agreement covering two electric fracturing fleets to be renewed, so weaker activity would leave those fleets needing other work as the agreement expires.
Atlas Energy Solutions Inc. earningsAESI
Atlas Energy Solutions’ Sand and Logistics results show how demand for sand used in Permian completions is changing, a signal for ProPetro’s fracturing work.
Read Atlas’s Sand and Logistics volumes and logistics activity alongside its comments on completion demand. Rising volumes with steady activity would indicate that Permian completions are continuing, supporting work for ProPetro’s fracturing fleets. Falling volumes or weaker activity could mean fewer completions—or less sand used per well—so ProPetro may not see the same level of work.
Permian Resources Corporation earningsPR
Permian Resources’ report can show whether it is maintaining Delaware Basin completion activity; the company accounted for 11.2% of ProPetro’s 2025 revenue.
Look for Permian Resources’ disclosed Delaware Basin completion activity and related spending. Steady or higher activity would support demand from this customer for ProPetro’s work in the basin. Cuts would mean less potential work from a major customer and a weaker demand backdrop for ProPetro’s expansion there.
Solaris Energy Infrastructure, Inc. earningsSEI
Solaris Energy Infrastructure’s Power Solutions results show demand and deployments for customer-site generation, a market comparison for ProPetro’s PROPWR business.
Look at deployments and equipment use in Solaris’s Power Solutions business, along with its comments on customer demand and pricing. More deployments with equipment in use would show the market absorbing on-site power capacity, supporting the opportunity for ProPetro’s PROPWR business. Slow deployments or pricing pressure would mean ProPetro’s substantial equipment investment could take longer to generate revenue and returns.
