8-K - PUMP - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 23, 2021

ProPetro Holding Corp.

(Exact name of registrant as specified in its charter)

Delaware	001-38035	26-3685382
(State or Other Jurisdiction<br>of Incorporation)	(Commission<br>File Number)	(IRS Employer<br>Identification No.)

1706 South Midkiff,

Midland, Texas 79701

(Address of principal executive offices)

(432) 688-0012

(Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	PUMP	New York Stock Exchange
Preferred Stock Purchase Rights	N/A	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR230.405) of Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On February 23, 2021, ProPetro Holding Corp. (the “Company”) issued a press release announcing preliminary financial and operational results for the quarter ended December 31, 2020. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

On February 23, 2021, the Company posted an investor presentation to its website pertaining to the preliminary financial and operational results for the quarter ended December 31, 2020. The presentation is posted on the Company's website at ir.propetroservices.com/presentations and attached hereto as Exhibit 99.2.

The information furnished with this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit<br>Number	Description of Exhibit
99.1	Press Release dated February 23, 2021.
99.2	Investor Presentation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 23, 2021

PROPETRO HOLDING CORP.
/s/ David S. Schorlemer
David S. Schorlemer<br>Chief Financial Officer

Document

Exhibit 99.1

ProPetro Reports Full Year and Fourth Quarter 2020 Results

MIDLAND, TX, February 23, 2021 (Businesswire) – ProPetro Holding Corp. (“ProPetro” or “the Company”) (NYSE: PUMP) today announced financial and operational results for the full year and fourth quarter of 2020.

Full Year 2020 and Recent Operational Highlights

•Initiated transition towards lower emissions equipment with investment in fully electric DuraStim® and commitment to purchase Tier IV Dynamic Gas Blending (DGB) pumps.

•Set company safety record with Full Year 2020 Total Recordable Incident Rate (TRIR) of 0.49.

•All time company high operational efficiencies in 2020, including record pumping hours per day and record low downtime per day.

•Reduced Hydraulic Horsepower (HHP) emissions footprint through recent commitment to permanently retire 150,000 HHP of Tier II Diesel equipment.

Full Year 2020 Financial Highlights

•Total revenue of $789 million as compared to the $2.1 billion in the full year 2019.

•Net loss of $107 million as compared to net income of $163 million in the full year 2019.

•Net cash provided by operating activities of $139 million as compared to $455 million in the full year 2019.

•Adjusted EBITDA(1) of $141 million as compared to $519 million in the full year 2019.

•Free Cash Flow(2) of approximately $45 million as compared to an approximately $40 million loss in 2019.

•Effective Utilization of 10.2 fleets as compared to 23.9 fleets in the full year 2019.

•Capital expenditures incurred(3) of $81 million as compared to $401 million in 2019 (capital expenditures paid as shown on the Statement of Cash Flows of $101 million during 2020).

Fourth Quarter 2020 Highlights

•Total revenue of $154 million as compared to the $134 million in the third quarter.

•Net Loss of $44 million as compared to net loss of $29 million in the third quarter.

•Net cash provided by operating activities of $21 million, consistent with the third quarter.

•Adjusted EBITDA(1) increased to $24 million from $17 million in the third quarter.

•Free Cash Flow(2) of approximately $9 million as compared to approximately $17 million in the third quarter.

•Effective Utilization of 9.6 fleets compared to 8.5 fleets in the third quarter.

•Impairment expense of $21 million related to the retirement of approximately 150,000 HHP of Tier II diesel pumping equipment.

•Capital expenditures incurred(3) were $21 million as compared to $8 million in the third quarter (capital expenditures paid as shown on the Statement of Cash Flows of $14 million during the fourth quarter).

(1)Adjusted EBITDA is a Non-GAAP financial measure and is described and reconciled to net income (loss) in the table under “Non-GAAP Financial Measures.”

Exhibit 99.1

(2)Free cash flow (FCF) is a Non-GAAP financial measure and is defined as net cash flow provided from operating activities less net cash used in investing activities. During the year ended December 31, 2020, net cash provided by operating activities of $139 million less net cash used in investing activities of $94 million result in a free cash flow of $45 million. During the year ended December 31, 2019, net cash provided by operating activities of $455 million less net cash used in investing activities of $495 million result in a loss of $40 million. During the three months ended December 31, 2020, net cash provided by operating activities of $21 million less net cash used in investing activities of $12 million result in a free cash flow of $9 million. During the three months ended September 30, 2020, net cash provided by operating activities of $21 million less net cash used in investing activities of $4 million result in a free cash flow of $17 million.

(3)Capital expenditures incurred represents all maintenance, growth and conversion expenditures in the period, which may differ from the capital expenditures line in the Investing section of the Statement of Cash Flows.

Phillip Gobe, Chief Executive Officer, commented, “I would like to thank our customers and dedicated workforce for their resilience throughout 2020. Our best-in-class operations team steered our company to record efficiencies and safety performance despite a challenging market for oilfield services. We worked with our customers in the depths of a historic disruption to keep their operations going at a level that fit their needs, pulling through the downturn together as our relationships are designed to do. The innovation and teamwork I observed were impressive to say the least, especially considering the uncertainty we faced in our day to day lives. The accomplishments of ProPetro can be directly attributed to the close collaborative efforts of our teammates, customers and supply chain partners.”

Fourth Quarter 2020 Financial Summary

Revenue for the fourth quarter of 2020 was $154 million, or 15% higher than $134 million for the third quarter of 2020. The increase was primarily attributable to increased activity. During the fourth quarter of 2020, 98.1% of total revenue was associated with pressure pumping services, consistent with the third quarter.

Costs of services, excluding depreciation and amortization of approximately $35.4 million, for the fourth quarter of 2020 increased to $116 million from $100 million during the third quarter of 2020 primarily due to increased activity. As a percentage of pressure pumping segment revenues, pressure pumping costs of services increased slightly to 74.5% from 74.1% in the third quarter of 2020 primarily due to reactivation of fleets.

General and administrative expense was $20 million as compared to $22 million in the third quarter of 2020. General and administrative expense, exclusive of $3 million of stock-based compensation and $2 million of other general and administrative expense, was $15 million, or 10% of revenue, for the fourth quarter of 2020.

Net loss for the fourth quarter of 2020 totaled $44 million, or $0.44 per diluted share, versus a net loss of $29 million, or $0.29 per diluted share, for the third quarter of 2020.

Adjusted EBITDA increased to $24 million for the fourth quarter of 2020 from $17 million in the previous quarter.

Liquidity and Capital Spending

As of December 31, 2020, total cash was $69 million, and the Company was debt free. Total liquidity at the end of 2020 was $121 million, including cash and $52 million of available capacity under the Company’s revolving credit facility.

Exhibit 99.1

Capital expenditures incurred during the fourth quarter of 2020 were $21 million mainly consisting of maintenance capital. Capital expenditures paid (as would appear in the investing section of the Statement of Cash Flows) in the fourth quarter were $14 million.

Operational Update

Consistent with the Company’s previously announced plans, ProPetro has initiated a transition to lower emissions equipment through its commitment to purchase 50,000 HHP, or one fleet, of Tier IV DGB equipment as well as an additional investment of $17 million to convert legacy Tier II equipment to Tier IV DGB. The Company also plans to permanently retire 150,000 HHP of Tier II conventional equipment resulting in a $21 million impairment in the fourth quarter.

In the fourth quarter of 2020, the Company had an effective utilization of 9.6 fleets. In the first quarter of 2021 the Company now expects effective utilization of 9.5-11 fleets, which includes the recent extreme winter weather events in the Permian Basin.

Outlook

Mr. Gobe concluded, “Notwithstanding recent extreme weather impacts in Texas, we are excited for the opportunities ahead in 2021 as we work to capitalize on our competitive advantages of efficiency and collaboration. Considering the global recovery in commodity prices, ProPetro is well-positioned to benefit from increasing activity and service pricing in the Permian Basin. Importantly, we will strive to enhance our efficiencies and lean on our strong customer relationships to reinvest in technologies that improve the sustainability of our business. Our team is excited to prove, yet again, their ability to adapt and thrive in all conditions. Along with our customers, supply chain partners and stakeholders, we look forward to the opportunity to develop our sustainable, efficient and resilient business model.”

Conference Call Information

The Company will host a conference call at 8:00 AM Central Time on Wednesday, February 24, 2021 to discuss financial and operating results for the full year and fourth quarter of 2020 and recent developments. This call will also be webcast, along with a presentation slide deck on ProPetro’s website at www.propetroservices.com. The slide deck will be published on the website the morning of the call. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 10151285.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com.

Forward-Looking Statements

Except for historical information contained herein, the statements and information in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform

Exhibit 99.1

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 our business strategy, industry, future profitability, expected fleet utilization, sustainability efforts, the future performance of newly improved technology (such as our DuraStim® fleets), expected capital expenditures and the impact of such expenditures on our performance and capital programs. 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 and recent declines in oil prices, the operational disruption and market volatility resulting from the COVID-19 pandemic 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 and the SEC investigation. 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.

Contact: ProPetro Holding Corp

Sam Sledge, 432-688-0012

Chief Strategy and Administrative Officer

sam.sledge@propetroservices.com

Exhibit 99.1

Non-GAAP Financial Measures

This presentation references “Adjusted EBITDA” and “Free Cash Flow,” which are non-GAAP financial measures. We define EBITDA as our earnings, before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA, plus (i) loss/(gain) on disposal of assets, (ii) stock-based compensation, and (iii) other unusual or nonrecurring (income)/expenses, such as impairment charges, severance, costs related to asset acquisitions, costs related to SEC investigation and class action lawsuits and one-time professional and advisory fees. Free cash flow (FCF) is defined as net cash flow provided by operating activities less net cash used in investing activities. These non-GAAP financial measures are not intended to be an alternative to any measure calculated in accordance with GAAP. We believe the presentation of Adjusted EBITDA and Free Cash Flow provide useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to Adjusted EBITDA. Net cash flow provided from operating activities is the GAAP measure most directly comparable to Free Cash Flow. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider these non-GAAP financial measures in isolation or as a substitute for an analysis of our results as reported under GAAP. Further, Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in our industry, and our definitions of Adjusted EBITDA and Free Cash Flow may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Reconciliations of non-GAAP financial measures to the most directly comparable measures calculated in accordance with GAAP, are set forth in the

Exhibit 99.1

Appendix hereto.

q42020investordeckvf

Q4 2020 INVESTOR PRESENTATION February 23, 2021 Exhibit 99.2

2 FORWARD LOOKING STATEMENTS Except for historical information contained herein, the statements and information in this presentation, including the oral statements made in connection herewith, 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 our business strategy, industry, future profitability, expected fleet utilization, sustainability efforts, the future performance of newly improved technology (such as our DuraStim® fleets), [expected cost reductions,] expected capital expenditures and the impact of such expenditures on our performance and capital programs. 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 and recent declines in oil prices, the operational disruption and market volatility resulting from the COVID-19 pandemic and other factors described in our 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, we may be subject to currently unforeseen risks that may have a materially adverse impact on us, including matters related to shareholder litigation and the SEC investigation. 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 our 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 our business. The forward-looking statements in this presentation are made as of the date of this presentation. We do not undertake, and expressly disclaim, 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. Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 3 PROPETRO AT A GLANCE 2005 Founded 2010 Begins hydraulic fracturing operations in the Permian Basin 2013 Company recapitalization 2017 Initial public offering (NYSE: PUMP) 2019 Announces initial phase of DuraStim project 2020 Electrically Powered DuraStim field trials 2021 Announces Tier IV DGB sustainability investments Teamwork & Collaboration Execution Capital Discipline .49 Full Year 2020 TRIR Customer Focused Team Driven Sustainability Investments 100% Concentration of Frac operations in the Permian 2011 50,000 HHP 2016 420,000 HHP 2019 1.4 million HHP 2021 1.3 million HHP Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 4 ProPetro is solely focused where capital is migrating CAPITAL MIGRATING TO OUR BACKYARD Over $60 billion in Permian E&P transactions since 2018 99% Permian 1% Non- Permian ProPetro FY2020 Revenue Mix $8bn $13bn $3bn$3bn $13bn Date Buyer Value ($MM) 10/20/20 Pioneer Natural Resources $7,621 10/19/20 ConocoPhillips $13,337 12/16/19 WPX Energy $2,500 12/21/20 Diamondback Energy Inc $2,962 10/14/19 Parsley Energy Inc $2,270 11/19/18 Cimarex Energy Co $1,616 8/14/18 Diamondback Energy Inc $9,200 8/8/18 Diamondback Energy Inc $1,245 3/28/18 Concho Resources Inc $9,500 Recent Permian Upstream Transactions Notable Transactions * Source: Company filings and industry research, values as of time of announcement Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 5 Capitalizing on demand for efficient services • Driven by E&P acquisitions, dedicated fleet model, and completion intensity • Strategic investments in both Tier IV DGB and fully electric DuraStim to reduce emissions profile • E&P customers need flexibility to operate in volatile commodity price environments; reduced costs amid historic downturn PERMIAN MACRO Permian shift to manufacturing mode • Driven by customer shift to multi-well pad development • Simul-Frac operations require flexibility and capable HHP capacity • Customers value ability to lower costs to ensure continued operations at minimum levels despite commodity price disruption Leveraging our scale in the Permian to drive profitability • Low-cost basin supports recovering activity levels • Permian focus streamlines logistics and enhances efficiencies (1) Baker Hughes Rig Data as of February 5, 2021 Total U.S. Onshore Rigs Oil Directed Rig Count: 299(1) 66% Permian Basin 34% Other Total U.S. Onshore Oil Rigs Added Since Recent Trough (August 2020): 82(1) 65% Permian Basin 35% Other Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 6 SAFETY CULTURE ON DISPLAY Continue to maintain safety standards 100% DOT pass rate in 2020 Training & Education expertise yields performance through best practices Safety performance driven by commitment to training and collaborative culture Total Recordable Incident Rate (TRIR) FY2019 0.83 FY2020 0.49 Best in class workforce operating safely and efficiently through market volatility Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 7 0 90 180 Diesel Propane Field Gas Liquefied Natural Gas (LNG) Pounds of CO2 per mmbtu(1) POSITIONING FOR A CLEANER FUTURE Tier II Diesel 100% Hydraulic Horsepower (HHP) Composition YE2020 YE2021(2) (1) Emissions data from EIA (2) Management estimates subject to change, DuraStim contribution dependent upon commercialization (3) Total investments since 2019 DuraStim $145mm Tier IV DGB $37mm Investing in displacement of legacy fuels(3) Emissions Friendly Conventional Diesel Conventional Diesel Displacing Conventional Diesel Fleets with Tier IV Dynamic Gas Blending (DGB) Dual Fuel Equipment through Conversions and New-Build Purchases Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 8 RECENT HIGHLIGHTS (1) For a reconciliation to net income (loss), please see Appendix (2) Free cash flow (FCF) is a Non-GAAP financial measure; please see appendix for reconciliation to Net Cash from operating activities Prudent approach to utilization • Effective utilization of 9.6 fleets in Q4 • Plans to deploy 50,000 HHP of Tier IV DGB in 2021, and invest $17 million in Tier IV DGB conversions Valuable through-cycle partner • Worked with customers to reduce costs amid unprecedented downturn • Future re-investment cycle will be underwritten by customer relationships built on collaboration Revenue Adj. EBITDA(1) Free Cash Flow(2) $395.1 $106.1 $133.7 $154.3 Q1 2020 Q2 2020 Q3 2020 Q4 2020 (in $millions) (in $millions) $74.9 $25.4 $17.4 $23.8 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 Job Mix 13% Single Well 87% Zipper Frac (in $millions) +34% 2019 2020 Pumping Hours per Working Day $15.2 $3.7 $17.0 $9.1 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Net Loss $(7.8) $(25.9) $(29.2) $(44.1) Q1 2020 Q2 2020 Q3 2020 Q4 2020 (in $millions) Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 9 Net Loss: $44.1 MM 2020 Q4 FINANCIAL HIGHLIGHTS Adjusted EBITDA: $23.8 MM (1) Free Cash Flow: $9.1 MM (2) (1) Adjusted EBITDA is a Non-GAAP financial measure, please see appendix for reconciliation to Net Income (2) Free cash flow (FCF) is a Non-GAAP financial measure and is defined as net cash flow provided from operating activities less net cash used in investing activities (3) Inclusive of cash and available capacity under revolving credit facility as of 12/31/2020 Durable Capital Structure: • Cash: $68.8 MM • Total Debt: $0 MM • Total Liquidity: $120.8 MM (3) 2020 Q4 Revenue Mix 99% Permian 1% Non- Permian 98% Pressure Pumping 2% All Other Revenue: $154.3 MM Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 10 UNIQUELY POSITIONED FOR SUCCESS Permian Focus Positioned in the low cost basin with sector leading operating scale Blue Chip Customers Large drilling inventories and sizeable rig programs Superior Performance Consistently outperforming the competition on location and efficient Simul-Frac completions partner Sustainable Future Investing in lower emissions equipment to reduce our carbon footprint Capital Discipline Strong Balance Sheet with no debt; disciplined capital allocation and asset deployment Safety Culture Full year 2020 Total Recordable Incident Rate of 0.49 Access to Premier Projects Meeting customer needs on their most complex jobs; dedicated contract with Pioneer Natural Resources including Simul-Frac Technology Leveraging best-in-class cloud-based solutions to drive well-site performance to pull innovation forward Exhibit 99.2

APPENDIX Exhibit 99.2

12 NON-GAAP RECONCILIATIONS Three Months Ended (in $ thousands) December 31, 2020 September 30, 2020 Net (loss) income ($44,111) ($29,184) Depreciation and amortization $35,445 $37,467 Interest expense $174 $137 Income tax (expense) benefit ($12,393) ($7,717) Loss on disposal of assets $18,262 $11,286 Impairment Expense $21,349 - Stock-based compensation $3,132 $2,535 Other expense $291 $312 Other general and administrative expenses $620 $2,481 Deferred IPO and retention bonus and severance expense $1,007 $37 Adjusted EBITDA $23,776 $17,354 Years Ended December 31, 2020 December 31, 2019 ($107,020) $163,010 $153,290 $145,304 $2,382 $7,141 ($27,480) $50,494 $58,136 $106,811 $38,003 $3,405 $9,100 $7,776 $874 $717 $13,038 $25,208 $1,140 $9,203 $141,463 $519,069 This presentation references “Adjusted EBITDA” and “Free Cash Flow,” which are non-GAAP financial measures. We define EBITDA as our earnings, before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA, plus (i) loss/(gain) on disposal of assets, (ii) stock-based compensation, and (iii) other unusual or nonrecurring (income)/expenses, such as impairment charges, severance, costs related to asset acquisitions, costs related to SEC investigation and class action lawsuits and one-time professional and advisory fees. Free cash flow (FCF) is defined as net cash flow provided by operating activities less net cash used in investing activities. These non-GAAP financial measures are not intended to be an alternative to any measure calculated in accordance with GAAP. We believe the presentation of Adjusted EBITDA and Free Cash Flow provide useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to Adjusted EBITDA. Net cash flow provided from operating activities is the GAAP measure most directly comparable to Free Cash Flow. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider these non-GAAP financial measures in isolation or as a substitute for an analysis of our results as reported under GAAP. Further, Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in our industry, and our definitions of Adjusted EBITDA and Free Cash Flow may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Exhibit 99.2

13 NON-GAAP RECONCILIATIONS Three Months Ended (in $ thousands) March 31, 2020 June 30, 2020 September 30, 2020 December 31, 2020 Net Cash from Operating Activities $61,724 $35,186 $21,116 $21,136 Net Cash used in Investing Activities ($46,557) ($31,468) ($4,154) ($12,038) Free Cash Flow $15,167 $3,718 $16,962 $9,098 Exhibit 99.2

© 2021 ProPetro Holding Corp. All Rights Reserved. 14 CONTACT www.propetroservices.com Corporate Headquarters Investor Relations 1706 S. Midkiff Rd Midland, TX 79701 432.688.0012 Sam Sledge sam.sledge@propetroservices.com Office Direct 432.253.5111 Exhibit 99.2