ProPetro Issues Inaugural ProPetro ProEnergy ProPeople Sustainability Report
MIDLAND, Texas--(BUSINESS WIRE)-- ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) today published its inaugural Sustainability Report. The report describes the Company’s commitment to building a sustainable business that supports the safe, reliable production of the energy the world needs by offering competitive, value-driving services to customers, while benefitting ProPetro's shareholders, communities, and other stakeholders. ProPetro actively seeks to promote the success of its employees and reduce the environmental impact of its operations.
2023 Sustainability Report Highlights
- Completed the deployment of the Company’s seven Tier IV Dynamic Gas Blending (“dual-fuel”) hydraulic fracturing fleets and commenced operations with the first of four FORCE℠ electric fleets, advancing the Company’s fleet transition strategy
- Disclosed Scope 1 and Scope 2 carbon emissions
- Invested in ProPetro’s team through substantial training programs and the implementation of a focused leadership development initiative
- Enhanced disclosure guided by the Sustainability Accounting Standards Board (SASB) and Task Force on Climate-related Financial Disclosures (TCFD) frameworks
Sam Sledge, Chief Executive Officer, commented, “At ProPetro, we take great pride in providing safe, mission-critical services that help our customers responsibly develop their oil and natural gas resources. We are committed to applying innovative solutions to deliver our services in the most efficient and sustainable manner possible. In alignment with our strategic priorities, we look forward to promoting energy access and affordability, while simultaneously maintaining our Company’s position as one of the most efficient and productive completion services companies in the industry.”
Sustainability Report Information
The report is available on the Sustainability section of the Company’s website at https://www.propetroservices.com/sustainability.
ProPetro Holding Corp. is a Midland, Texas-based provider of premium completion services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. We help bring reliable energy to the world. For more information visit www.propetroservices.com.
Certain statements in this release and in the report described herein, together with oral statements made in connection the same are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “may,” “could,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “anticipate,” “expect,” “intend,” “estimate,” “will,” “should,” “potential,” “plan,” “forecast” and similar expressions are generally to identify forward-looking statements. All statements, other than statements of historical facts, included in this release and the report described herein that address activities, events or developments that ProPetro expects, believes or anticipates will or may occur in the future, are forward-looking statements. In particular, these materials contain forward-looking statements pertaining to, but not limited to, information with respect to the following: ProPetro’s strategic plans, priorities, outlook and expected performance; sustainability-related goals, strategies, priorities and initiatives, including, among others, those related to GHG emissions reduction and energy efficiency improvement (including lower-emission fleet conversion), waste management, biodiversity, spill prevention, health and safety (including the “incident free” goal), human capital management (including DEI efforts and employee training and development), community engagement, and cybersecurity; ProPetro’s plans to achieve its sustainability-related goals and to monitor and report progress thereon; sustainability-related engagement, commitments and disclosure; and other related items.
The actual conduct of ProPetro’s activities, including the development, implementation, progress towards, or continuation of any goals, strategies, priorities and initiatives discussed or forecasted in this release or the report described herein may differ materially in the future. Moreover, many of the assumptions, standards, methodologies, metrics and measurements used in preparing this release and the report and in any oral statements describing the same or the contents thereof continue to evolve and are based on management assumptions believed to be reasonable at the time of preparation, but should not be considered guarantees. These forward-looking statements in this report rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside ProPetro’s control, which could cause results to differ materially from those expected by management. Therefore, the reader should not place undue reliance on these forward-looking statements. Such risks and uncertainties include, but are not limited to, the cyclicality of the oil and natural gas industry; the level of capital spending and exploration and production activity within the United States and in the Permian Basin; a decline in prices for oil and natural gas; risks associated with primarily concentrating operations in one major geographic area; the transition to a low carbon economy; a deterioration in general economic, business or industry conditions, including weakening of the broader energy industry; new technology; ProPetro’s inability to obtain capital or financing on satisfactory terms; indebtedness and liquidity needs; restrictions in ProPetro’s ABL Credit Facility (as defined in ProPetro’s most recent Annual Report on Form 10-K) and future financing agreements; losses or impairment charges related to goodwill and long-lived assets including intangible assets; unforeseen interruptions and hazards inherent in the oil and natural gas industry; a terrorist attack, armed conflict or political or civil unrest, including the Russian-Ukraine war, the conflict in Israel and the potential for broader regional conflict in the Middle East, and associated repercussions to supply and demand for oil and gas and the economy generally; claims for personal injury and property damage; cyber security risks; ProPetro’s ability to successfully implement its business plan, including execution of potential mergers and acquisitions; inflation; significant competition; ability to obtain specialized equipment, parts, and key raw materials; reliance on a few key employees; inability to employ a significant number of skilled and qualified workers; regulatory and related policy actions intended by federal, state and/or local governments to reduce fossil fuel use and associated carbon emissions, or to drive the substitution of renewable forms of energy for oil and gas, may over time reduce demand for oil and gas and therefore the demand for ProPetro’s services; physical and transitional risks associated with climate change; and increased attention to sustainability matters, conservation measures, commercial development, and technological advances. These and other applicable uncertainties, factors and risks are described more fully in ProPetro’s filings with the Securities and Exchange Commission (“SEC”), including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Other unpredictable or unknown factors not discussed in this release or the report could also have material adverse effects on ProPetro, its operations or the outcomes described in the forward-looking statements in this report. The forward-looking statements and statements of intention in this release and the report speak only as of the date of the preparation of the same. ProPetro does not undertake, and expressly disclaims, any obligation to update or revise any forward-looking statement or statements of intention, whether as a result of new information, future events, or otherwise.
While this release and the report described herein describe potential future events and matters that may be significant, and with respect to which ProPetro may even use the word “material” or “materiality”, the potential significance of these events and matters should not be read as equating to “materiality” as the concept is used in connection with ProPetro’s required disclosures made in response to SEC and exchange rules and regulations.
Moreover, while this release and the report described herein provide information on several sustainability related topics, including goals and ambitions, there are inherent uncertainties in providing such information, due to the complexity and novelty of many methodologies established for collecting, measuring, and analyzing sustainability and related data. While ProPetro anticipates continuing to monitor and report on certain sustainability-related information, ProPetro cannot guarantee that such data will be consistent year-to-year, as methodologies and expectations continue to evolve. ProPetro hereby expressly disclaims any obligation or duty not otherwise required by legal, contractual, and other regulatory requirements to update, correct, provide additional details regarding, supplement, or continue providing such data, in any form, in the future. Furthermore, there are sources of uncertainty and limitations that exist that are beyond ProPetro’s control and could impact ProPetro’s plans and timelines, including the reliance on technological and regulatory advancements and market participants’ behaviors and preferences.
In some cases, the information in the report described in this release is prepared, or based on information prepared, by third-party vendors and consultants and is not independently verified by ProPetro. This data should not be interpreted as any form of guaranty or assurance of accuracy, future results or trends, and ProPetro makes no representation or warranty as to third-party information. Unless otherwise provided, the information contained in the report is expressly not incorporated by reference into any filing of ProPetro made with the SEC, or any other filing, report, application, or statement made by ProPetro to any federal, state, tribal, or local governmental authority.
Chief Financial Officer
Director, Corporate Development and Investor Relations
Source: ProPetro Holding Corp.
Released October 25, 2023