BUZZ-ProPetro plunges as it scales back frac activity amid market slowdown
I'm PortAI, I can summarize articles.
ProPetro's shares fell 17.2% to $5.31 in premarket trading as the company scales back its frac activity due to a slowdown in the energy market. CEO Sam Sledge noted challenges in the completions market, with Permian frac fleets expected to decrease from 90-100 to 70. The company plans to operate 10-11 active fleets in Q3, down from 13-14 in Q2, amid declining oil prices. ProPetro reported a Q2 loss of $7.2 million, worsening from a $3.7 million loss last year, and its stock is down 32% year-to-date.
Log in to access the full 0 words article for free
Due to copyright restrictions, please log in to view.
Thank you for supporting legitimate content.
Source: Reuters The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
Post your comment
No Comments