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Barclays Bank Supports ProPetro Fleet Expansion

March 01, 2018, 07:50 AM
Filed Under: Oil & Gas

ProPetro Holding Corp. announced the successful deployment of its 17th and 18th fleets (45,000 hydraulic horsepower  each, or a total of 90,000HHP). The fleets were put into service for existing dedicated customers in January and February and brings ProPetro’s total fleet capacity to 780,000HHP. Since May 2017, the Company has added 360,000HHP (8 fleets) in active capacity – more than an 85% increase.

On February 22, 2018, the Company expanded the capacity of its existing asset-based loan facility to $200 million – a 33% increase over the previous cap of $150 million. According to an SEC filing Barclays Bank served as administrative agent to the increase. The Amended ABL bolsters ProPetro’s commitment to maintaining financial discipline, a strong balance sheet and ample liquidity. The Company continues to target a net debt to LTM EBITDA ratio of less than 1.0x and plans to remain below that level for the foreseeable future.

“The outlook for activity in the Permian Basin continues to strengthen and we have responded to the needs of our blue-chip customer base through incremental expansion of our best-in-class fleet,” commented Dale Redman, Chief Executive Officer. “As we have done in the past, we will continue to look for additional opportunities to prudently grow the business and further position ourselves for long-term success.”

“We are pleased to announce the expansion of our revolving credit facility and the additional financial flexibility it provides,” commented Jeff Smith, Chief Financial Officer. “As important, we appreciate the continued support of our banking partners who recognize the strong long-term fundamentals and unique positioning of our business as a true industry leader.”

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