ProPetro Strikes Caterpillar Deal to Scale PROPWR as Q1 Shows Weather Hit

Overview

• ProPetro announced a framework with Caterpillar that secures up to about 2.1 gigawatts of new generation for PROPWR, taking total planned deliveries to roughly 2.6 gigawatts by 2031 with full deployment in 2032.
• The company reported revenue of $271 million, a net loss of $4 million, and $36 million in adjusted EBITDA after severe weather reduced frac activity and working capital shifted to a $32 million cash use.
• Management raised 2026 capital spending guidance to $540–$610 million, earmarking about $400–$450 million for PROPWR and outlining funding from free cash flow, vendor and lease financing, bank lines, and recent equity proceeds.
• About 75% of ProPetro’s pressure‑pumping fleet uses next‑generation natural‑gas technology that is sold out, and the company plans to run roughly 12 fleets in the second quarter as scarce spare equipment supports firmer pricing.
• PROPWR’s commercial position includes about 240 megawatts under contract, advanced talks for roughly 100 megawatts of oil and gas microgrids, and several‑hundred‑megawatt data center prospects now moving through the pipeline.