ProPetro Announces Credit Expansion and Extension to 2028
June 05 2023 - 7:00AM
Business Wire
ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE:
PUMP) today announced the expansion and extension of its existing
asset-based loan facility (the “Amended ABL”) to a new five-year
term and an expansion of commitments from $150 million to $225
million. The Amended ABL will extend the maturity from 2027 to 2028
and, through updated advance formulas and other provisions, provide
enhanced availability and liquidity for the Company.
David Schorlemer, the Company’s Chief Financial Officer,
commented, “We want to recognize and thank our blue-chip financial
partners for their continued support of ProPetro and the oil and
gas industry as we help our customers produce affordable, safe, and
reliable energy for the world. We believe that in today's
environment of limited capital, our ABL credit facility provides
the lowest cost and most desirable capital source, along with a
strong equity base, to support our long-term business strategy. We
believe this facility, along with our working capital and cash flow
from operations, will continue to provide strong liquidity to
support ProPetro's business into the future.”
Barclays will continue to serve as the agent of the Amended ABL
along with other participants, namely, JPMorgan Chase, Bank of
America, and Goldman Sachs.
About ProPetro
ProPetro Holding Corp. is a Midland, Texas-based oilfield
services company providing premium completions 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.
Forward-Looking Statements
Except for historical information contained herein, the
statements and information in this news release and discussion in
the scripted remarks described above are forward-looking statements
that are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Statements that are
predictive in nature, that depend upon or refer to future events or
conditions or that include the words “may,” “could,” “plan,”
“project,” “budget,” “predict,” “pursue,” “target,” “seek,”
“objective,” “believe,” “expect,” “anticipate,” “intend,”
“estimate,” and other expressions that are predictions of, or
indicate, future events and trends and that do not relate to
historical matters identify forward-looking statements. Our
forward-looking statements include, among other matters, statements
about the supply of and demand for hydrocarbons, our business
strategy, industry, future profitability, expected fleet
utilization, sustainability efforts, the future performance of
newly improved technology, expected capital expenditures, the
impact of such expenditures on our performance and capital programs
and our fleet conversion strategy. A forward-looking statement may
include a statement of the assumptions or bases underlying the
forward-looking statement. We believe that we have chosen these
assumptions or bases in good faith and that they are
reasonable.
Although forward-looking statements reflect our good faith
beliefs at the time they are made, forward-looking statements are
subject to a number of risks and uncertainties that may cause
actual events and results to differ materially from the
forward-looking statements. Such risks and uncertainties include
the volatility of oil prices, the operational disruption and market
volatility resulting from the COVID-19 pandemic, the global
macroeconomic uncertainty related to the Russia-Ukraine war,
general economic conditions, including the impact of continued
inflation, central bank policy actions, bank failures, and the risk
of a global recession, and other factors described in the Company's
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q,
particularly the “Risk Factors” sections of such filings, and other
filings with the Securities and Exchange Commission (the “SEC”). In
addition, the Company may be subject to currently unforeseen risks
that may have a materially adverse impact on it, including matters
related to shareholder litigation. Accordingly, no assurances can
be given that the actual events and results will not be materially
different than the anticipated results described in the
forward-looking statements. Readers are cautioned not to place
undue reliance on such forward-looking statements and are urged to
carefully review and consider the various disclosures made in the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other filings made with the SEC from time to time that
disclose risks and uncertainties that may affect the Company’s
business. The forward-looking statements in this news release are
made as of the date of this news release. ProPetro does not
undertake, and expressly disclaims, any duty to publicly update
these statements, whether as a result of new information, new
developments or otherwise, except to the extent that disclosure is
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230605005256/en/
David Schorlemer Chief Financial Officer
david.schorlemer@propetroservices.com 432-227-0864
Matt Augustine Director, Corporate Development and Investor
Relations matt.augustine@propetroservices.com 432-848-0871
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