The Company was founded in 2005. In 2010, management strategically focused the Company's efforts on establishing a best-in-class hydraulic fracturing platform targeting the Permian Basin. Our fleet has been designed to handle the highest-intensity, most complex hydraulic fracturing jobs, and is largely standardized across units to facilitate efficient maintenance and repair and reduce equipment downtime, like the Southwest Airlines standardized fleet model.
Through a handful of acquisitions and a robust newbuild program during the rapid growth period in the oilfield of 2010 through 2018, the Company built a fleet of over 600,000 hydraulic horsepower. Then in 2019, the Company negotiated a strategic transaction in which ProPetro acquired the pumping services assets of Pioneer Natural Resources along with a 10-year service contract to provide hydraulic fracturing services. This timely transaction resulted in total pumping horsepower of nearly 1.5 million hydraulic horsepower.
ProPetro is known today as one of the most efficient and productive pressure pumping companies in the oilfield service industry. With our combination of some of the largest and most demanding public and private E&P operating companies, we have established ourselves as the premium pumping company.
Our operations team works side-by-side our customers to ensure we meet and exceed their expectations in execution at the wellsite. While our customers are demanding, together, we deliver record-breaking efficiency and completions productivity at the wellsite. We have developed disciplined and proactive support services infrastructure that ensures our equipment and procurement activities drive profitability for our business.
The Company is focused on capital discipline to ensure our ability to operate throughout the industry cycles and maintain an ability to invest in our equipment to operate efficiently and with safety for our employees and the communities in which we operate. These conservative financial policies have helped the Company maintain resources to run our business successfully for the benefit of our stakeholders.
Early on, we have made investments in innovative technologies in business systems and equipment to drive leading profitability and customer solutions. With industry leading cloud-based systems and infrastructure in procurement, logistics, maintenance and back-office processes, we are able to maintain an agile organization and efficient cost structure. Additionally, our investments in electric frac technology, alternative power sources and innovative equipment combined with a continuous improvement management process, we are able to drive industry leading profitability and flexibility during industry cycles.
We partner with global leaders in equipment technology, artificial intelligence, machine learning and robotic process automation to bring best-in-class solutions to ProPetro. Our customers benefit through increased productivity and reduced non-productive time during their completions projects. This not only drives our customer satisfaction but also enhances our efficient cost structure.
In 2019, we announced our investment in electric powered frac fleet technology with DuraStim’s innovative pump technology and electric hydraulic systems. In early 2021, we continued our commitment to lower emissions technology by announcing an investment in Tier IV Dynamic Gas Blending (DGB) dual gas equipment and conversions. These combined actions are examples of our commitment to lowering our emissions and delivering innovative solutions to our customers.
We continue to evaluate the most productive and innovative equipment technology and processes to drive our Customer Focused Team Driven operating philosophy. In turn, this management environment inspires our workforce to perform at the highest level. ProPetro is recognized as one of the best places to work in the Permian Basin region because we are a dynamic workplace where excellence is pursued every day.
Welcome to the ProPetro website and we hope you learn more about what makes us a leader in our industry.
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