ProPetro Holding第二季收入跌6.3% 淨虧損811萬美元 提交10-Q季度報告

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
FORM 10-Q 
______________________________

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026 
or

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     
Commission File Number: 001-38035 
______________________________
ProPetro Holding Corp. 
(Exact name of registrant as specified in its charter)
______________________________

Delaware26-3685382
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

One Marienfeld Place, 110 N. Marienfeld Street, Suite 300, Midland, Texas 79701 
(Address of principal executive offices) (Zip Code)
(432) 688-0012 
(Registrant’s telephone number, including area code) 

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

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per sharePUMPNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒  No  ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☒  No  ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
The number of the registrant’s common shares, par value $0.001 per share, outstanding at July 24, 2026, was 122,823,917.

PROPETRO HOLDING CORP. 
TABLE OF CONTENTS

Page
Cautionary Note Regarding Forward-Looking Statements
ii

PART I – FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
1

Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025
2

Condensed Consolidated Statements of Shareholders' Equity
3

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
4

Notes to Condensed Consolidated Financial Statements
6

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
33

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
49

Item 4.
Controls and Procedures
49

PART II – OTHER INFORMATION

Item 1.
Legal Proceedings
50

Item 1A.
Risk Factors
50

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
51

Item 3.
Defaults Upon Senior Securities
51

Item 4.
Mine Safety Disclosures
51

Item 5.
Other Information
51

Item 6.
Exhibits
52

Signatures
53

-i-

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this "Form 10-Q") contains 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 (the "Exchange Act"). All statements other than statements of historical facts contained in this Form 10-Q are forward-looking statements. Forward-looking statements are all statements other than statements of historical fact, and give our expectations or forecasts of future events as of the effective date of this Form 10-Q. Words such as "may," "could," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," "will," "should," "continue" and similar expressions are generally used to identify forward-looking statements. These statements include, but are not limited to statements about our business strategy, industry, future profitability, future capital expenditures, our fleet conversion strategy, our power generation business development strategy and our share repurchase program. Such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those implied or projected by the forward-looking statements. Factors that could cause our actual results to differ materially from those contemplated by such forward-looking statements include: 

•changes in general economic and geopolitical conditions, including as a result of regulatory changes by the current presidential administration, central bank policy actions and associated liquidity risks and other factors, higher interest rates, the rate of inflation, a potential economic recession and potential changes in United States' trade policy, including the imposition of tariffs and the resulting consequences;
•the severity and duration of any world events and armed conflict, including the war between Israel, Iran and the United States, the Russian-Ukraine war, events in Venezuela, and associated repercussions to supply and demand for oil and gas and the economy generally;
•the actions taken by the members of the Organization of the Petroleum Exporting Countries ("OPEC"), United Arab Emirates and Russia (together with OPEC and other allied producing countries, "OPEC+") with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations;
•governmental actions, such as executive orders or new regulations, including climate-related regulations, that may negatively impact the future production of oil and natural gas in the United States and may adversely affect our future operations;
•the level of production and resulting market prices for crude oil, natural gas and other hydrocarbons;
•the effects of existing and future laws and governmental regulations (or the interpretation thereof) on us, our suppliers and our customers;
•cost increases and supply chain constraints related to our services, including any delays and/or supply chain disruptions due to increased hostilities in the Middle East or increased tariffs;
•competitive conditions in our industry;
•our ability to attract and retain employees;
•changes in the long-term supply of, and demand for, oil and natural gas;
•actions taken by our customers, suppliers, competitors and third-party operators and the possible loss of customers or work to our competitors;
•our ability to successfully implement our business plan, including execution of potential mergers and acquisitions;
•our ability to successfully grow our power generation business line;
•technological changes, including lower emissions energy service equipment and similar advancements;
•the development of alternative power generation technologies or increased grid capacity that could reduce the demand for our services;
•changes in the availability and cost of capital that impact the price and availability of debt and equity financing (including higher interest rates) for us and our customers; 
•large or multiple customer defaults, including defaults resulting from actual or potential insolvencies; 
•the effects of consolidation on our customers or competitors;
•our ability to complete growth projects on time and on budget;
-ii-

•increases in tax rates or types of taxes enacted that specifically impact exploration and production ("E&P") and related operations resulting in changes in the amount of taxes owed by us;
•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, that may over time reduce demand for oil and gas and therefore the demand for our services;
•new or expanded regulations that materially limit our customers’ access to federal and state lands for oil and gas development, thereby reducing demand for our services in the affected areas;
•growing demand for electric vehicles that result in reduced demand for gasoline and therefore the demand for our services;
•our ability to successfully implement technological developments and enhancements, including our Tier IV Dynamic Gas Blending ("DGB") dual-fuel and FORCE® electric-powered hydraulic fracturing equipment, power generation equipment, and other lower-emissions equipment we may acquire or that may be sought by our customers;
•the projected timing, purchase price and number of shares purchased under our share repurchase program, the sources of funds under the share repurchase program and the impacts of the share repurchase program;
•operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, such as fires, which risks may be self-insured, or may not be fully covered under our insurance programs;
•exposure to cyber-security events which could cause information theft, data corruption, operational disruptions, reputational harm and/or financial loss;
•acts of terrorism, war or political or civil unrest in the United States or elsewhere; and
•the effects of current and future litigation.
Whether actual results and developments will conform with our expectations and predictions contained in forward-looking statements is subject to a number of risks and uncertainties which could cause actual results to differ materially from such expectations and predictions, including, without limitation, in addition to those specified in the text surrounding such statements, the risks described under Part II, Item 1A, "Risk Factors" in this Form 10-Q and elsewhere throughout this report, the risks described under Part I, Item 1A, "Risk Factors" in our Form 10-K for the year ended December 31, 2025 (the "Form 10-K"), filed with the United States Securities and Exchange Commission (the "SEC") and elsewhere throughout that report, and other risks, many of which are beyond our control.
Readers are cautioned not to place undue reliance on our forward-looking statements, which are made as of the date of this Form 10-Q. We do not undertake, and expressly disclaim, any duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Investors are also advised to carefully review and consider the various risks and other disclosures discussed in our SEC reports, including the risk factors described in the Form 10-K.
-iii-

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

PROPETRO HOLDING CORP. 
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

June 30, 2026December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$783,958 $91,334 
Accounts receivable - net of allowance for credit losses of $0 and $0, respectively
232,768 200,753 
Inventories23,028 13,323 
Prepaid expenses12,110 19,896 
Other current assets3,051 1,398 
Total current assets1,054,915 326,704 
PROPERTY AND EQUIPMENT - net of accumulated depreciation876,207 793,475 
OPERATING LEASE RIGHT-OF-USE ASSETS
69,629 99,787 
FINANCE LEASE RIGHT-OF-USE ASSETS1,762 10,637 
OTHER NONCURRENT ASSETS:

Intangible assets - net of amortization50,751 55,476 
Other noncurrent assets6,567 4,811 
Total other noncurrent assets57,318 60,287 
TOTAL ASSETS$2,059,831 $1,290,890 

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:

Accounts payable$121,178 $115,009 
Accrued and other current liabilities 64,671 65,981 
Interim debt - net of debt issuance costs10,915 2,113 
Current maturities of long-term debt - net of debt issuance costs21,387 13,844 
Operating lease liabilities36,707 43,572 
Finance lease liabilities2,906 12,442 
Total current liabilities257,764 252,961 
DEFERRED INCOME TAXES55,724 63,433 
LONG-TERM DEBT - net of debt issuance costs and current maturities 764,941 105,613 
NONCURRENT OPERATING LEASE LIABILITIES20,888 35,641 
NONCURRENT FINANCE LEASE LIABILITIES147 — 
OTHER LONG-TERM LIABILITIES2,942 3,400 
Total liabilities1,102,406 461,048 
COMMITMENTS AND CONTINGENCIES (Note 13)
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.001 par value, 30,000,000 shares authorized, none issued, respectively
— — 
Common stock, $0.001 par value, 200,000,000 shares authorized, 122,823,917 and 104,310,266 shares issued, respectively 
123 104 
Additional paid-in capital1,037,059 897,739 
Accumulated deficit(79,757)(68,001)
Total shareholders’ equity957,425 829,842 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$2,059,831 $1,290,890 

See notes to condensed consolidated financial statements.
-1-

PROPETRO HOLDING CORP. 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
REVENUE - Service revenue
$305,811 $326,151 $576,496 $685,567 
COSTS AND EXPENSES
Cost of services (excluding depreciation and amortization)233,993 253,173 445,687 517,029 
General and administrative expenses (including stock-based compensation)33,129 28,490 60,283 56,122 
Depreciation and amortization43,463 43,309 84,077 91,990 
Loss (gain) on disposal of assets(1,590)4,346 (2,330)14,092 
Total costs and expenses308,995 329,318 587,717 679,233 
OPERATING (LOSS) INCOME(3,184)(3,167)(11,221)6,334 
OTHER INCOME (EXPENSE):
Interest expense(3,007)(1,811)(5,671)(3,541)
Other income, net4,009 195 5,395 3,138 
Total other income (expense), net1,002 (1,616)(276)(403)
INCOME (LOSS) BEFORE INCOME TAXES(2,182)(4,783)(11,497)5,931 
INCOME TAX (EXPENSE) BENEFIT(5,931)(2,372)(259)(3,484)
NET (LOSS) INCOME$(8,113)$(7,155)$(11,756)$2,447 

NET (LOSS) INCOME PER COMMON SHARE:
Basic$(0.07)$(0.07)$(0.10)$0.02 
Diluted$(0.07)$(0.07)$(0.10)$0.02 

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic122,714 103,900 119,829 103,611 
Diluted122,714 103,900 119,829 104,920 

See notes to condensed consolidated financial statements.
-2-

PROPETRO HOLDING CORP. 
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY 
(In thousands)
(Unaudited)

Six Months Ended June 30, 2026
Common Stock
SharesAmountAdditional Paid-In CapitalAccumulated DeficitTotal
BALANCE - January 1, 2026104,310 $104 $897,739 $(68,001)$829,842 
Stock-based compensation cost— — 4,671 — 4,671 
Issuance of common stock under public equity offering17,250 17 164,289 — 164,306 
Costs related to issuance of common stock under public equity offering— — (932)— (932)
Issuance of equity awards, net1,057 1 (1)— — 
Tax withholdings paid for net settlement of equity awards— — (5,571)— (5,571)
Net loss— — — (3,643)(3,643)
BALANCE - March 31, 2026122,617 $122 $1,060,195 $(71,644)$988,673 
Stock-based compensation cost— — 5,950 — 5,950 
Costs related to issuance of common stock under public equity offering— — (272)— (272)
Purchase of capped calls related to convertible senior notes, net of deferred tax impact— — (28,879)— (28,879)
Issuance of equity awards, net207 1 91 — 92 
Tax withholdings paid for net settlement of equity awards— — (26)— (26)
Net loss— — — (8,113)(8,113)
BALANCE - June 30, 2026122,824 $123 $1,037,059 $(79,757)$957,425 

Six Months Ended June 30, 2025
Common Stock
SharesAmountAdditional Paid-In CapitalAccumulated DeficitTotal
BALANCE - January 1, 2025102,995 $103 $884,995 $(68,825)$816,273 
Stock-based compensation cost— — 3,337 — 3,337 
Issuance of equity awards, net789 1 (1)— — 
Tax withholdings paid for net settlement of equity awards— — (2,723)— (2,723)
Net income— — — 9,602 9,602 
BALANCE - March 31, 2025103,784 $104 $885,608 $(59,223)$826,489 
Stock-based compensation cost— — 4,733 — 4,733 
Issuance of equity awards, net184 — — — — 
Tax withholdings paid for net settlement of equity awards— — (94)— (94)
Net income (loss)— — — (7,155)(7,155)
BALANCE - June 30, 2025103,968 $104 $890,247 $(66,378)$823,973 

See notes to condensed consolidated financial statements.
-3-

PROPETRO HOLDING CORP. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In thousands)
(Unaudited)

Six Months Ended June 30,
20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income$(11,756)$2,447 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization84,077 91,990 
Deferred income tax expense258 3,531 
Amortization of deferred debt issuance costs941 216 
Stock-based compensation10,621 8,070 
Loss (gain) on disposal of assets(2,330)14,092 
Unrealized gain on short-term investment— (314)
Business acquisition contingent consideration adjustments(500)(400)
Changes in operating assets and liabilities:
Accounts receivable(32,016)(14,731)
Other current assets(1,459)(1,903)
Inventories(9,705)(220)
Prepaid expenses7,786 6,191 
Accounts payable16,855 2,461 
Accrued and other current liabilities6,007 (2,527)
Net cash provided by operating activities68,779 108,903 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(104,722)(78,044)
Proceeds from sale of assets5,509 8,676 
Proceeds from note receivable from sale of business— 844 
Net cash used in investing activities(99,213)(68,524)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of revolving credit facility borrowings(45,000)— 
Repayments of equipment financing term loans(8,281)— 
Payments of finance lease obligations(9,671)(9,231)
Repayments of insurance financing— (2,979)
Payment of debt issuance costs(24,741)(425)
Proceeds from issuance of convertible senior notes690,000 — 
Purchase of capped calls related to convertible senior notes(36,846)— 
Proceeds from issuance of common stock under public equity offering164,306 — 
Payment of costs related to issuance of common stock under public equity offering(1,204)— 
Proceeds from exercise of equity awards92 — 
Tax withholdings paid for net settlement of equity awards(5,597)(2,816)
Payment of excise tax on share repurchases— (531)
Net cash provided by (used in) financing activities723,058 (15,982)
NET INCREASE IN CASH AND CASH EQUIVALENTS692,624 24,397 
CASH AND CASH EQUIVALENTS - Beginning of period91,334 50,443 
CASH AND CASH EQUIVALENTS - End of period$783,958 $74,840 

See notes to condensed consolidated financial statements.
-4-

PROPETRO HOLDING CORP. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

SUPPLEMENTAL CASH FLOWS DISCLOSURE:
Interest paid - net of amounts capitalized$5,335 $3,472 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures included in accounts payable and accrued liabilities$18,675 $29,136 
Equipment purchases financed and corresponding issuances of loans$60,370 $18,910 
Leasehold improvements financed by operating lease landlord$— $350 
Deferred tax asset recognized on purchase of capped calls$7,967 $— 

See notes to condensed consolidated financial statements.
-5-

PROPETRO HOLDING CORP. 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 - Basis of Presentation
The accompanying condensed consolidated financial statements of ProPetro Holding Corp. and its subsidiaries (the "Company," "we," "us" or "our") have been prepared in accordance with the requirements of the United States Securities and Exchange Commission ("SEC") for interim financial information and do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for annual financial statements. Those adjustments (which consisted of normal recurring accruals) that are, in the opinion of management, necessary for a fair presentation of the results of the interim periods have been made. Results of operations for such interim periods are not necessarily indicative of the results of operations for a full year due to changes in market conditions and other factors. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025, included in our Form 10-K filed with the SEC (our "Form 10-K"). 
Revenue Recognition
The Company’s services are sold based upon contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer.
Hydraulic fracturing is an oil well completion technique, which is part of the overall well completions process. It is a well-stimulation technique intended to optimize hydrocarbon flow paths during the completion phase of shale wellbores. The process involves the injection of water, sand and chemicals under high pressure into shale formations. Our hydraulic fracturing contracts with our customers have one performance obligation, which is the contracted total stages, satisfied over time. We recognize revenue over time using a progress output, unit-of-work performed method, which is based on the agreed fixed transaction price and actual stages completed. We believe that recognizing revenue based on actual stages completed accurately depicts how our hydraulic fracturing services are transferred to our customers over time. 
Acidizing, which is part of our hydraulic fracturing operating segment, involves a well-stimulation technique where acid or similar chemicals are injected under pressure into formations to form or expand fissures. Our acidizing contracts have one performance obligation, satisfied at a point-in-time, upon completion of the contracted service or sale of the acid or chemical when control is transferred to the customer. Jobs for these services are typically short term in nature, with most jobs completed in less than a day. We recognize acidizing revenue at a point-in-time, upon completion of the performance obligation.
Wet sand solutions, which is part of our hydraulic fracturing operating segment, involve providing onsite storage and handling of wet sand used in the completion phase of shale wellbores. We recognize revenue from the sale of wet sand, location services and transportation services over time using a progress output, unit-of-work performed method, which is based on the agreed fixed transaction price, fixed units per stage and actual stages completed.
Our cementing services use pressure pumping equipment to deliver a slurry of liquid cement that is pumped down a well between the casing and the borehole. Our cementing contracts have one performance obligation, satisfied at a point-in-time, upon completion of the contracted service when control is transferred to the customer. Jobs for these services are typically short term in nature, with most jobs completed in less than a day. We recognize cementing revenue at a point-in-time, upon completion of the performance obligation. 
Wireline services (including pumpdown) are oil well completion techniques, which are part of the well completions process. Our wireline services utilize equipment with a drum of wireline to deploy perforating guns in the well to perforate the casing, cement, and formation. Once the well is perforated, the well can be fractured. Pumpdown utilizes pressure pumping equipment to pump water into the well to deploy perforating guns attached to wireline through the lateral section of a well. Our wireline contracts with our customers have one performance obligation, which is the contracted total stages, satisfied over time. We recognize revenue over time using a progress output, unit-of-work performed method, which is based on the agreed fixed transaction price and actual stages completed. We believe that recognizing revenue based on actual stages completed accurately depicts how our wireline services are transferred to our customers over time. In addition, certain of our wireline equipment is entitled to daily equipment charges while the equipment is on the customers' locations. The Company recognizes revenue related to daily equipment charges on a daily basis as the performance obligations are met.
Our power generation arrangements involve providing turnkey power generation services to oil and gas producers and non-oil and gas applications such as data centers and general industrial projects using mobile power generation equipment installed at customers’ sites. The Company evaluates whether the use of its power generation equipment installed at customers’ sites to provide power generation services represents a lease in accordance with FASB ASC Topic 842, Leases. As discussed further in "Note 11 - Leases", for power generation equipment installed at customers’ sites in conjunction with providing power 
-6-

PROPETRO HOLDING CORP. 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 - Basis of Presentation (Continued)

generation services, the Company accounts for lease and nonlease components of power generation arrangements as a single performance obligation and accounts for the combined component in accordance with FASB ASC Topic 606, Revenue from Contracts with Customers, since power generation services (nonlease components) represent the predominant component. The Company accounts for revenue earned in the form of variable consideration related to power generation output in accordance with the guidance on variable consideration in FASB ASC Topic 606. The Company recognizes its power services revenues over time based on the agreed fixed transaction price and the greater of actual output of power produced or the minimum agreed quantity of output, and any variable consideration from output of power produced in excess of the minimum agreed quantity of output. The Company recognizes revenue related to other ancillary services over time as customers simultaneously receive and consume the benefits.
The transaction price for each performance obligation for all our completion services and our power generation services is fixed per our contracts with our customers.
The Company assesses customers’ ability and intention to pay, which is based on a variety of factors including historical payment experience and financial condition. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days.
Accounts Receivable
Accounts receivable are stated at the amount billed and billable to customers. 
The table below shows a summary of accounts receivable:

(in thousands)
June 30, 2026December 31, 2025June 30, 2025December 31, 2024
Amounts billed to customers - net of allowance for credit losses
$164,986 $171,812 $153,545 $148,783 
Accrued revenue (unbilled receivable)
67,782 28,941 57,180 47,211 
Total accounts receivable - net of allowance for credit losses$232,768 $200,753 $210,725 $195,994 

Transaction price allocated to the remaining performance obligation for our partially completed hydraulic fracturing and wireline operations (1)
$38,835 $31,558 $24,727 $38,708 

(1)The remaining performance obligation at June 30, 2026 is expected to be completed and recognized as revenue within one month following the current period balance sheet date. The remaining performance obligations at the remaining dates were recorded as revenue within one month following those dates.
Allowance for Credit Losses
As of June 30, 2026, the Company had no allowance for credit losses. Our allowance for credit losses is based on the evaluation of both our historic collection experience and the economic outlook for the oil and gas industry. We evaluated the historic loss experience on our accounts receivable and separately considered customers with receivable balances that may be negatively impacted by current or future economic developments and market conditions. While the Company has not experienced significant credit losses in the past and has not yet seen material adverse changes to the payment patterns of its customers, the Company cannot predict with any certainty the degree to which the impacts of depressed economic activities, including the potential impact of periodically adjusted borrowing base limits, level of hedged production, or unforeseen well shut-downs may affect the ability of its customers to timely pay receivables when due. Accordingly, in future periods, the Company may revise its estimates of expected credit losses.
-7-

PROPETRO HOLDING CORP. 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 - Basis of Presentation (Continued)

The table below shows a summary of allowance for credit losses:

(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Beginning balance$— $— $— $— 
Provision for credit losses during the period— — — — 
Write-off during the period—