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The Permian Basin is widely regarded as one of the most prolific oil and natural gas producing areas in the United States, and we believe we are one of the leading providers of energy services in the region.
−Removed: In the fourth quarter of 2024, we formed a new subsidiary, ProPetro Energy Solutions, LLC, doing business as PROPWR SM , to provide power generation services to oil and gas producers and for general industrial projects and data centers.
−Removed: PROPWR has ordered equipment, but has not yet begun revenue-generating activities.
+Added: In December 2024, we formed a new subsidiary, ProPetro Energy Solutions, LLC, doing business as PROPWR, which provides turnkey power generation services to oil and gas producers and for general industrial projects and data centers using mobile power generation equipment installed at customers’ sites.
+Added: This subsidiary began revenue-generating activities during the third quarter of fiscal year 2025 and has entered into contractual arrangements with equipment manufacturers to purchase mobile natural gas-fueled power generation equipment, including turbine generator sets, reciprocating engines, auxiliary equipment and battery energy storage solution equipment.
On November 1, 2024, we sold our cementing business located in Vernal, Utah, to a business owned by a former employee as part of a strategic repositioning.
−Removed: We received a promissory note for $13.0 million as consideration.
−Removed: The note receivable is secured by substantially all assets of the divested operations and the former employee’s ownership interests in and distributions from the business.
−Removed: The note receivable is to be paid to the Company in quarterly installments with interest of 10% per annum from March 31, 2025, to December 31, 2029.
−Removed: We recorded a gain on disposal of $8.2 million related to the sale of the business.
+Added: We received a promissory note for $13.0 million as consideration, and recorded a gain on disposal of $8.2 million related to the sale of the business.
+Added: The note receivable was fully repaid with interest in December 2025.
The former employee was part of our cementing operations until November 1, 2024, and is no longer affiliated with the Company.
−Removed: On May 31, 2024, we consummated the acquisition of all of the outstanding equity interests in Aqua Prop, LLC (“AquaProp SM ”), which provides wet sand solutions for hydraulic fracturing at well sites (the “AquaProp Acquisition”).
+Added: On May 31, 2024, we consummated the acquisition of all of the outstanding equity interests in Aqua Prop, LLC (“AquaProp”), which provides wet sand solutions for hydraulic fracturing at well sites (the “AquaProp Acquisition”).
The consideration for the AquaProp Acquisition included $13.7 million of cash paid to the seller, $3.7 million of deferred cash consideration payable to the seller by May 31, 2025, the payoff of $7.2 million of the seller’s outstanding debt , the payment of $0.3 million of certain transaction costs and estimated contingent consideration of $10.9 million .
As a result of the AquaProp Acquisition, we expanded our business to include wet sand services.
−Removed: On December 1, 2023, we consummated the purchase of the assets and operations of Par Five Energy Services LLC (“Par Five”), which provides cementing services in the Delaware Basin in exchange for $25.4 million of cash, including deferred cash consideration of $3.1 million which is payable to Par Five or its beneficiary on June 1, 2025, with interest at 4.0% per annum.
+Added: On December 1, 2023, we consummated the purchase of the assets and operations of Par Five Energy Services LLC (“Par Five”), which provides cementing services in the Delaware Basin in exchange for $25.4 million of cash, including deferred cash consideration of $3.1 million which was payable to Par Five or its beneficiary on June 1, 2025, with interest at 4.0% per annum.
(the “Par Five Acquisition”).
The Par Five Acquisition complemented our existing cementing business and enabled us to serve both the Midland and Delaware sub-basins of the Permian Basin.
−Removed: On November 1, 2022, we consummated the acquisition of all of the outstanding limited liability company interests of Silvertip Completion Services Operating, LLC (the “Silvertip Acquisition”), which provides wireline perforation and ancillary services in the Permian Basin in exchange for 10.1 million shares of our common stock valued at $106.7 million, $30.0 million of cash, the payoff of $7.2 million of assumed debt, and the payment of certain other closing and transaction costs.
−Removed: Collectively, the AquaProp Acquisition, the Par Five Acquisition and the Silvertip Acquisition have positioned the Company as a more integrated and diversified completions-focused energy service provider.
+Added: Collectively, the AquaProp Acquisition, the Par Five Acquisition and our acquisition of Silvertip Completion Services Operating, LLC (“Silvertip”) in 2022 have positioned the Company as a more integrated and diversified completions-focused energy service provider.
Business Acquisitions” in the financial statements for additional disclosures.
−Removed: Effective September 1, 2022, we disposed of our coiled tubing assets to STEP Energy Services L td.
−Removed: (“STEP”) and shut down our coiled tubing operations.
−Removed: We received approximately $2.8 million in cash and 2.6 million common shares of STEP, valued at $11.8 million, as consideration.
−Removed: Upon the sale of our coiled tubing assets, we recorded a loss on sale of $13.8 million .
−Removed: Our competitors include many large and small energy service companies, including Halliburton Company, Liberty Energy Inc., Patterson-UTI Energy Inc., ProFrac Holding Corp., Solaris Energy Infrastructure, Inc., RPC, Inc., and a number of private and locally-oriented businesses.
−Removed: The markets in which we operate are highly competitive.
−Removed: To be successful, an energy service company must provide services that meet the specific needs of oil and natural gas E&P companies at competitive prices.
−Removed: Competitive factors impacting sales of our services are price, reputation, technical expertise, technology, emissions profile, service and equipment design and quality, and health and safety standards.
−Removed: Although we believe our customers consider all of these factors, we believe price is a key factor in E&P companies' criteria in choosing a service provider.
−Removed: However, we have recently observed the energy industry and our customers’ shift to new technologies and lower emissions equipment, which we believe will be an increasingly important factor in an E&P company's selection of a service provider.
−Removed: The transition to lower
−Removed: emissions equipment has been challenging for companies in the service industry because of the capital requirements, lack of large-scale deployment of certain new technology such as electric-powered equipment, and the pricing for our services and expected return on invested capital.
−Removed: While we seek to price our services competitively, we believe many of our customers elect to work with us based on our operational efficiencies, productivity, equipment quality and technology, reliability, ability to manage multifaceted logistics challenges, commitment to safety and the ability of our people to handle the most complex Permian Basin well completions and power generation challenges.
−Removed: We believe that our substantial market presence in the Permian Basin positions us well to capitalize on drilling, and completion activity and power demand in the region.
+Added: We believe that our substantial market presence in the Permian Basin positions us well to capitalize on drilling, completion activity and power demand in the region.
Our operational focus has primarily been in the Permian Basin's Midland sub-basin, where our customers have operated.
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Additionally, we believe the significant natural gas production in the Permian Basin will become a natural market for power-intensive businesses including data centers and other industrial businesses seeking alternative solutions for reliable and available electricity requirements which are not dependent on grid or public utility limitations.
−Removed: We primarily provide hydraulic fracturing, wireline, and cementing completion services to E&P companies in the Permian Basin.
−Removed: Our equipment has been designed to handle the operating conditions commonly encountered in the Permian Basin and the region's increasingly high-intensity well completions (including simultaneous hydraulic fracturing (“Simul-Frac”), which involves fracturing multiple wellbores at the same time), which are characterized by longer horizontal wellbores, more stages per lateral and increasing amounts of proppant per well.
−Removed: We also launched a new power generation business, PROPWR, that will provide power generation services to oil and gas producers and other industrial companies and data centers.
+Added: We primarily provide hydraulic fracturing, wireline and cementing completion services to E&P companies in the Permian Basin and power generation services to oil and gas producers and non-oil and gas applications such as general industrial projects and data centers.
+Added: Our completions equipment has been designed to handle the operating conditions commonly encountered in the Permian Basin and the region's increasingly high-intensity well completions (including simultaneous hydraulic fracturing
+Added: (“Simul-Frac”), which involves fracturing multiple wellbores at the same time), which are characterized by longer horizontal wellbores, more stages per lateral and increasing amounts of proppant per well.
Commodity Price and Other Economic Conditions
The oil and gas industry has traditionally been volatile and is characterized by a combination of long-term, short-term and cyclical trends, including domestic and international supply and demand for oil and gas, current and expected future prices for oil and gas and the perceived stability and sustainability of those prices, and capital investments of E&P companies toward their development and production of oil and gas reserves.
−Removed: The oil and gas industry is also impacted by general domestic and international economic conditions such as supply chain disruptions and inflation, war and political instability in oil producing countries, government regulations (both in the United States and internationally), levels of consumer demand, adverse weather conditions, and other factors that are beyond our control.
−Removed: The geopolitical and macroeconomic consequences of military action in the Middle East, the Russian invasion of Ukraine, including the associated sanctions, and the adverse impacts of the COVID-19 pandemic have resulted in volatility in supply and demand dynamics for crude oil and associated volatility in crude oil pricing.
−Removed: As the global response to the COVID-19 pandemic began to wane, the demand and prices for crude oil increased from the lows experienced in 2020, with the West Texas Intermediate (“WTI”) average crude oil price reaching approximately $94 per barrel in 2022, the highest average price in the prior ten years.
−Removed: However, the WTI average crude oil price declined to approximately $78 per barrel in 2023 and approximately $76 per barrel in 2024.
−Removed: We believe that the volatility of crude oil prices in recent years has been partly driven by declines in crude oil supplies, concerns over sanctions resulting from Russia's invasion of Ukraine, concerns over a potential disruption of Middle Eastern oil supplies resulting from the conflict in the Middle East, slower crude oil production growth due to the lack of reinvestment in the oil and gas industry in the last three years, the extension of OPEC+ production cuts of approximately 3.9 million barrels per day originally announced in 2023 and concerns of a potential global recession resulting from high inflation and interest rates.
−Removed: With the significant increase in global crude oil prices from 2021, including the WTI crude oil price, there was a significant increase in the Permian Basin rig count from approximately 179 at the beginning of 2021 to approximately 353 at the end of 2022, according to the Baker Hughes Company (“Baker Hughes”).
−Removed: Following the increase in rig count and the WTI crude oil price, the energy service industry has experienced increased demand for its completion services, and improved pricing.
−Removed: However, the Permian Basin rig count experienced a 13% decrease to 309 at the end of 2023 and further decreased to 304 at the end of 2024 which resulted in a reduction in the demand for completion services and pressure on pricing of our services.
+Added: The power generation services industry is impacted by prices and availability of electricity and power generation equipment including turbines, reciprocating engines and necessary ancillary equipment.
+Added: Our power generation business will be negatively impacted if electricity prices decrease and grid power becomes widely available.
+Added: The oil and gas industry and the power generation services industry are also impacted by general domestic and international economic conditions such as supply chain disruptions and inflation, war and political instability in oil producing countries, government regulations (both in the United States and internationally), levels of consumer demand, adverse weather conditions, and other factors that are beyond our control.
+Added: The geopolitical and macroeconomic consequences of military action in the Middle East, the Russian invasion of Ukraine, including the associated sanctions, recent events in Venezuela, and actions by OPEC+ have contributed to volatility in supply and demand dynamics for crude oil and associated volatility in crude oil pricing in recent years.
+Added: More recently, the West Texas Intermediate (“WTI”) average crude oil price declined to approximately $65 per barrel in 2025 compared to approximately $76 per barrel in 2024 in response to tariff policies implemented by the United States government, an anticipated increase in global supply of crude oil and concerns of a potential global recession resulting from high inflation, interest rates, impacts of tariff policies on supply chains and increased costs as a whole.
+Added: Additionally, we have recently experienced a decrease in the Permian Basin rig count to 304 at the end of 2024 and a further decrease to 247 at the end of 2025, according to the Baker Hughes Company (“Baker Hughes”), which resulted in a reduction in the demand for completion services and pressure on pricing of our services.
Sustained levels of high inflation likewise caused the U.S.
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We cannot predict any future trends in the rate of inflation and crude oil prices.
−Removed: A significant increase in or continued high levels of inflation, to the extent we are unable to timely pass-through the cost increases to our
−Removed: customers, further declines in crude oil prices, or potential changes in U.S trade policy, including the imposition of tariffs and the resulting consequences, would negatively impact our business, financial condition and results of operations.
+Added: A significant increase in or continued high levels of inflation, to the extent we are unable to timely pass-through the cost increases to our customers, further declines in crude oil prices, or potential changes in the United States’ trade policy, including the imposition of tariffs and the resulting consequences, would negatively impact our business, financial condition and results of operations.
See Part II, Item 1A.
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Over time, we may be required to convert substantially all of our conventional Tier II equipment to lower emissions equipment.
−Removed: We have transitioned our hydraulic fracturing available equipment portfolio from approximately 10% lower emissions equipment in 2021 to approximately 35% in 2022, 60% in 2023 and 70% in 2024, and expect to increase to approximately 75% by the end of the first quarter of 2025.
To the extent any of our customers have certain expectations or requirements with respect to emissions reductions from their contractors, if we are unable to continue quickly transitioning to lower emissions equipment, the demand for our services could be adversely impacted.
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As a result, we typically experience declines in our operating and financial results in November and December, even in a stable commodity price and operations environment.
−Removed: We have historically conducted our business through four operating segments:
−Removed: hydraulic fracturing, wireline, cementing and coiled tubing.
−Removed: Prior to the fourth quarter of fiscal year 2023, our operating segments met the aggregation criteria and were aggregated into the “Completion Services” reportable segment and our coiled tubing operations (which were divested in September 2022) were shown in the “All Other” category.
−Removed: Effective in the fourth quarter of fiscal year 2023, we revised our segment reporting as we determined that our operating segments no longer met the criteria to be aggregated.
−Removed: In the fourth quarter of fiscal year 2024, we formed PROPWR to provide power generation services to oil and gas producers and non-oil and gas applications such as general industrial projects and data centers.
−Removed: This new subsidiary has ordered equipment, but it has not yet begun any revenue-generating activities.
−Removed: Our hydraulic fracturing, wireline and cementing operating segments meet the criteria of a reportable segment.
−Removed: Our divested coiled tubing and our newly formed power generation services segments do not meet the reportable segment criteria and are included within the “All Other” category.
−Removed: Additionally, our corporate administrative activities do not involve business activities from which it may earn revenues and its results are not regularly reviewed by the Company’s Chief Operating Decision Maker (the “CODM”) when making key operating and resource decisions.
+Added: As of December 31, 2025, we conducted our business through four operating segments:
+Added: Hydraulic Fracturing, Wireline, Cementing and Power Generation, all of which meet the criteria of a reportable segment.
+Added: Prior to the third quarter of 2025, our Power Generation segment did not meet the quantitative thresholds for a reportable segment and prior to the fourth quarter of fiscal year 2024, our Cementing segment did not meet the quantitative thresholds for a reportable segment.
+Added: Accordingly, they were shown in the “All Other” category.
+Added: Effective as of the third quarter of fiscal year 2025 and the fourth quarter of fiscal year 2024, Power Generation and Cementing, respectively, are shown as reportable segments since they meet the criteria of a reportable segment.
+Added: Additionally, our corporate administrative activities do not involve business activities from which we may earn revenues and its results are not regularly reviewed by the Company’s Chief Operating Decision Maker (the “CODM”) when making key operating and resource decisions.
As a result, corporate administrative expenses have been included under “Reconciling Items.” For additional financial information on our reportable segment presentation, please see reportable segment information in Part II - Item 8, “Financial Statements and Supplementary Data.”
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We have significant expertise in multi‑stage fracturing of horizontal oil‑producing wells in unconventional geological formations.
−Removed: Our total available hydraulic horsepower (“HHP”) at December 31, 2024, w as 1,556,500 HHP, which was comprised of 450,000 HHP of our Tier IV DGB dual-fuel equipment, 294,000 HHP of FORCE ® electric-powered equipment and 812,500 HHP of conventional Tier II equipment.
+Added: Our total available hydraulic horsepower (“HHP”) at December 31, 2025, was 1,259,500 HHP, which was comprised of 445,000 HHP of our Tier IV Dynamic Gas Blending (“DGB”) dual-fuel equipment, 312,000 HHP of FORCE ® electric-powered equipment and 502,500 HHP of conventional Tier II equipment.
Our hydraulic fracturing fleets range from approximately 50,000 to 80,000 HHP depending on the job design and customer demand at the wellsite.
−Removed: Our equipment has been designed to handle the operating conditions commonly encountered in the Permian Basin and the region’s increasingly high-intensity well completions, including (“Simul-Frac”), which are characterized by longer horizontal wellbores, more stages per lateral and increasing amounts of proppant per well.
−Removed: With the industry transition to
−Removed: lower emissions equipment and Simul-Frac, in addition to several other changes to our customers' job designs, we believe that our available fleet capacity could decline if we decide to reconfigure our fleets to increase active HHP and backup HHP at wellsites.
−Removed: In addition, in 2021 and 2022, we committed to additional conversions of some of our Tier II equipment to Tier IV DGB, and to purchase new Ti er IV DGB dual-fuel equipment.
−Removed: As such, we entered into conversion and purchase agreements with our equipment manufacturers and received all of the converted and new Tier IV DGB dual-fuel equipment by the end of 2023, representing 450,000 HHP of our Tier IV DGB dual-fuel equipment as of December 31, 2024.
−Removed: In 2022, we entered into three-year electric fleet leases for four FORCE ® electric-powered hydraulic fracturing fleets with 60,000 HHP per fleet (the “Electric Fleet Leases”) and in June 2024, we entered into an additional three-year lease for a fifth FORCE ® electric-powered hydraulic fracturing fleet with 72,000 HHP.
−Removed: As of December 31, 2024, we have re ceived 294,000 HHP of FORC E ® electric-powered equipment representing four fleets and a portion of the fifth fleet.
−Removed: We currently expect to receive the remaining equipment associated with the fifth fleet in the first half of 2025.
+Added: Our completions equipment has been designed to handle the operating conditions commonly encountered in the Permian Basin and the region’s increasingly high-intensity well completions (including simultaneous hydraulic fracturing (“Simul-Frac”), which involves fracturing multiple wellbores at the same time), which are characterized by longer horizontal wellbores, more stages per lateral and increasing amounts of proppant per well.
+Added: With the industry transition to lower emissions equipment and Simul-Frac, in addition to several other changes to our customers' job designs, we believe that our available fleet capacity could decline if we decide to reconfigure our fleets to increase active HHP and backup HHP at wellsites.
+Added: In 2021, we began to transition our fleet from traditional equipment to Tier IV DGB dual-fuel equipment.
+Added: In 2022, we entered into three-year electric fleet leases which commenced in 2023 and 2024 for four FORCE ® electric-powered hydraulic fracturing fleets worth of equipment with 60,000 HHP per fleet, and in 2024, we entered into an additional three-year lease for one more FORCE ® electric-powered hydraulic fracturing fleet worth of equipment with 72,000 HHP (collectively, the “Electric Fleet Leases”).
+Added: As of December 31, 2025, we have re ceived 312,000 HHP of FORC E ® electric-powered equipment representing five fleets worth of equipment.
The hydraulic fracturing process consists of pumping fracturing fluid into a well at sufficient pressure to fracture the formation.
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We also own and operate a fleet of trucks, trailers and other equipment that provide onsite storage and handling of wet sand used in the completion phase of shale wellbores.
−Removed: We provide dedicated equipment, personnel and services that are tailored to meet each of our customer’s needs.
+Added: We provide dedicated equipment, personnel and services that are tailored to meet each of our customers’ needs.
Each fleet has a designated team of personnel, which allows us to provide responsive and customized services, such as project design, proppant and other consumables procurement, real-time data provision and post‑completion analysis for each of our jobs.
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Power Generation Services
−Removed: In December 2024, we formed PROPWR to provide power generation services to oil and gas producers and non-oil and gas applications such as general industrial projects and data centers.
−Removed: This subsidiary has ordered equipment, but has not yet begun revenue-generating activities.
+Added: In December 2024, we launched our PROPWR SM business line which provides turnkey power generation services to oil and gas producers and non-oil and gas applications, such as general industrial projects and data centers, using mobile power generation equipment installed at customers’ sites.
+Added: These services are generally provided through contractual arrangements in which we set a price per unit of power generated or a price per period and a minimum quantity of power per period under our contracts.
+Added: We are also paid cost plus a predetermined margin for other related services.
+Added: This subsidiary began revenue generating activities during the third quarter of fiscal year 2025 and has entered into contractual arrangements with equipment manufacturers to purchase mobile natural gas-fueled power generation equipment, including turbine generator sets, reciprocating engines, auxiliary equipment and battery energy storage solution equipment.
+Added: We have received certain units of this equipment and expect to receive the remaining units currently on order from the first quarter of fiscal year 2026 through year-end 2027.
+Added: The total capacity of equipment under these contractual arrangements including equipment received through December 31, 2025 is approximately 550 megawatts, split approximately 70% and 30% between high-efficiency reciprocating engine generators and low emissions modular turbines, respectively.
+Added: As of February 19, 2026, we had total committed capacity of approximately 240 megawatts.
Our Customers
Our customers consist primarily of oil and natural gas producers in North America.
−Removed: Our top five customers accounted for a pproxim ately 58.8%, 63.2% and 84.0% of our revenue, for the years ended December 31, 2024, 2023, and 2022, respectively.
−Removed: For the year ended December 31, 2024, XTO Energy Inc.
−Removed: (“XTO”), a wholly owned subsidiary of Exxon Mobil Corporation (“ExxonMobil”), Permian Resources and EOG Resources accounted for 19.7%, 14.9%, and 10.6%, respectively, of total revenue.
−Removed: No other customer accounted for more than 10% of our total revenue for the year ended December 31, 2024.
+Added: Our top five customers accounted for a ppro ximately 68.2%, 58.8% and 63.2% of our revenue, for the years ended December 31, 2025, 2024, and 2023, respectively.
+Added: For the year ended December 31, 2025, Exxon Mobil Corporation (“ExxonMobil”), Occidental Petroleum Corporation, EOG Resources, Inc.
+Added: and Permian Resources Corporation accounted for 24.9%, 13.7%, 12.1%, and 11.2%, respectively, of total revenue.
+Added: No o ther customer accounted for more than 10% of our total revenue for the year ended December 31, 2025.
There have been many recent mergers and acquisitions in the oil and gas industry.
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Mergers and acquisitions involving our customers could negatively impact our future business with them or positively impact our business by providing us access to potential new customers.
−Removed: On April 22, 2024, we entered into a sub-agreement for hydraulic fracturing services with XTO, pursuant to which we agreed to provide hydraulic fracturing, wireline and pumpdown services with two committed FORCE ® electric-powered hydraulic fracturing fleets with the option to add a third FORCE ® fleet (also with wireline and pumpdown services) for a period of three years or for contracted hours, whichever occurs last, with respect to each fleet, subject to certain termination and release rights.
+Added: On April 22, 2024, we entered into a sub-agreement for hydraulic fracturing services with XTO Energy Inc.
+Added: (“XTO”), a wholly owned subsidiary of ExxonMobil, pursuant to which we agreed to provide hydraulic fracturing, wireline and pumpdown services with two committed FORCE ® electric-powered hydraulic fracturing fleets and the option to add a third FORCE ® fleet (also with wireline and pumpdown services) for a certain number of contracted hours with respect to each fleet, subject to certain termination and release rights.
+Added: This agreement will expire in approximately late 2026.
+Added: At this time, we do not expect
+Added: such agreement to be renewed or extended and, if we are not able to procure additional work from XTO, we will be required to seek to redeploy the equipment associated with the affected fleets with other customers.
+Added: We provide our services primarily in the Permian Basin, and we compete against different companies in each service and product line we offer.
The markets in which we operate are highly competitive.
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However, we have recently observed the energy industry and our customers shift to lower emissions equipment, which we believe will be an increasingly important factor in an E&P company’s selection of a service provider.
−Removed: The transition to lower emissions equipment has been challenging for companies in the energy service industry because of the capital requirements.
−Removed: While we seek to price our services competitively, we believe many of our customers elect to work with us based on our operational efficiencies, productivity, equipment portfolio and quality, reliability, ability to manage multifaceted logistics challenges, commitment to safety and the ability of our people to handle the most complex Permian Basin well completions.
−Removed: We provide our services primarily in the Permian Basin, and we compete against different companies in each service and product line we offer.
−Removed: Our competition includes many large and small energy service companies, including the largest integrated energy service companies.
−Removed: Our major competitors include Halliburton Company, Liberty Energy Inc., Patterson‑UTI Energy Inc., ProFrac Holding Corp., Solaris Energy Infrastructure, Inc., RPC, Inc., and a number of private and locally-oriented businesses.
−Removed: Our results of operations have historically reflected seasonal tendencies, generally in the fourth quarter, relating to the conclusion of our customers’ annual capital expenditure budgets, the holidays and inclement winter weather during which we may experience declines in our operating and financial results.
+Added: The transition to lower emissions equipment has been challenging for companies in the energy service industry because of the capital requirements, lack of large scale deployment of certain new technology such as electric-powered equipment, and the pricing of our services and expected return on invested capital.
+Added: While we seek to price our services competitively, we believe many of our customers elect to work with us based on our operational efficiencies, productivity, equipment quality and technology, reliability, ability to manage multifaceted logistics challenges, commitment to safety and the ability of our people to handle the most complex Permian Basin well completions and power generation challenges.
+Added: Our results of operations have historically reflected seasonal tendencies, generally in the fourth quarter, relating to the conclusion of our customers’ annual capital expenditure budgets, the holidays and inclement winter weather which could result in suspension of services during which we may experience declines in our operating and financial results.
Operating Risks and Insurance
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Any significant increase in the frequency or severity of these incidents, or the general level of compensation awards, could adversely affect the cost of, or our ability to obtain workers’ compensation and other forms of insurance, and could have other material adverse effects on our financial condition and results of operations.
−Removed: We maintain commercial general liability, workers’ compensation, business automobile, commercial property, umbrella liability, excess liability, and directors and officers insurance policies providing coverages of risks and amounts that we believe to be customary in our industry.
−Removed: Further, we have pollution legal liability coverage for our business entities, which would cover, among other things, third party liability and costs of clean up relating to environmental contamination on our premises while our equipment is in transit and on our customers’ job site.
−Removed: With respect to our operations, coverage would be available under our pollution legal liability policy for any surface or subsurface environmental cleanup and liability to third parties arising from any surface or subsurface contamination.
−Removed: We also have certain specific coverages for some of our businesses, including our hydraulic fracturing and wireline services.
+Added: We maintain commercial general liability, workers’ compensation, business automobile, commercial property and equipment, excess liability, and directors and officers insurance policies providing coverages of risks and amounts that we believe to be customary in our industry.
+Added: Our primary and excess liability insurance policies include liability coverage for sudden and accidental pollution incidents.
+Added: Although we are insured for environmental pollution resulting from certain environmental accidents that occur on a sudden and accidental basis, we may not be insured against all environmental accidents or events that might occur.
We maintain directors and officers insurance;
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Waste Handling.
−Removed: We handle, transport, store and dispose of wastes that are subject to the Resource Conservation and Recovery Act ( " RCRA " ) and comparable state laws and regulations, which affect our activities by imposing requirements regarding the
−Removed: generation, transportation, treatment, storage, disposal and cleanup of hazardous and non-hazardous wastes.
+Added: We handle, transport, store and dispose of wastes that are subject to the Resource Conservation and Recovery Act (“RCRA”) and comparable state laws and regulations, which affect our activities by imposing requirements regarding the generation, transportation, treatment, storage, disposal and cleanup of hazardous and non-hazardous wastes.
With federal approval, the individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements.
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Climate Change.
−Removed: In the United States, no comprehensive climate change legislation has been implemented at the federal level, though recently passed laws such as the IRA 2022 advance numerous climate-related objectives.
−Removed: Additionally, following the U.S.
−Removed: Supreme Court finding that greenhouse gas (“GHG”) emissions constitute a pollutant under the CAA, the EPA has adopted regulations that, among other things, establish construction and operating permit reviews for GHG emissions from certain large stationary sources, require the monitoring and annual reporting of GHG emissions from certain petroleum and natural gas system sources in the United States, implement New Source Performance Standards directing the reduction of certain pollutants from certain new, modified, or reconstructed facilities in the oil and natural gas sector, and together with the Department of Transportation (“DOT”), implementing GHG emissions limits on vehicles manufactured for operation in the United States.
−Removed: Additionally, the EPA has recently finalized rules covering the standards of performance for methane and volatile organic compounds emissions for oil and gas facilities, including leak detection, monitoring and repair, and a “super-
−Removed: emitter” response program to timely mitigate emissions events as detected by governmental agencies or qualified third parties, triggering certain investigation and repair requirements.
−Removed: These requirements were finalized in 2023, but are currently subject to legal challenge.
−Removed: At this time, it remains uncertain as to whether the current administration will repeal or modify this rule and the timing with respect to the same.
−Removed: Additionally, various states and groups of states have adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on such areas such as GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction of emissions.
−Removed: At the international level, the United Nations-sponsored “Paris Agreement,” requires member states to submit non-binding, individually-determined reduction goals known as Nationally Determined Contributions (“NDCs”) every five years after 2020.
−Removed: The United States rejoined the Paris Agreement and, in April 2021, established a goal of reducing economy-wide net GHG emissions 50-52% below 2005 levels by 2030.
−Removed: However, in January 2025, the current president signed an Executive Order once again withdrawing the United States from the Paris Agreement and from any other commitments made under the United Nations Framework Convention on Climate Change.
−Removed: The full impact of these recent developments is uncertain at this time.
−Removed: For more information, see our risk factors titled “Our and our customers’ operations are subject to a series of risks arising out of the threat of climate change that could result in increased operating costs, limit the areas in which oil and natural gas production may occur, and reduce demand for the products and services we provide” and “The IRA 2022 could accelerate the transition to a low carbon economy and could impose new costs on our customers’ operations.”
−Removed: Governmental, scientific, and public concern over the threat of climate change arising from GHG emissions has resulted in increasing political risks in the United States, for example, in January 2024 the government announced a temporary pause on pending decisions on liquefied natural gas exports to certain countries.
−Removed: However, upon taking office, the current president signed an Executive Order resuming the processing of permit applications for such projects.
−Removed: Litigation risks are also increasing as a number of parties have sought to bring suit against certain oil and natural gas companies operating in the United States in state or federal court, alleging among other things, that such companies created public nuisances by producing fuels that contributed to climate change or that such companies have been aware of the adverse effects of climate change but failed to adequately disclose those impacts to their investors or customers.
+Added: Notwithstanding the EPA’s recent rule revoking the “Endangerment Finding” (that greenhouse gas (“GHG”) emissions constitute a pollutant under the CAA), which supports the majority of the EPA’s GHG-related regulations, the EPA under previous presidential administrations adopted a number of regulations relating to GHG emissions that impact certain oil and gas facilities.
+Added: However, the current EPA has announced numerous proposals and initiatives to repeal or revise many of its climate-change related rulemakings.
+Added: As a result, there is significant uncertainty surrounding the future regulation of climate change at the federal level.
+Added: Additionally, various states and groups of states have adopted or are considering laws or other initiatives related to climate change.
+Added: Litigation risks have also increased as a result of suits against certain oil and natural gas companies pertaining to alleged past or future damages resulting from climate change.
Moreover, climate change may result in various physical risks, such as the increased frequency or intensity of extreme weather events or changes in the meteorological and hydrological patterns, that could adversely impact us, our customers’ and our suppliers’ operations.
−Removed: Such physical risks may result in damage to our customers’ facilities or otherwise adversely impact our operations, such as if facilities are subject to water use curtailments in response to drought, or demand for our customers’ products, such as to the extent warmer winters reduce the demand for energy for heating purposes, which may ultimately reduce demand for the products and services we provide.
−Removed: Such physical risks may also impact our suppliers, which may adversely affect our ability to provide our products and services.
−Removed: Extreme weather conditions can interfere with our operations and increase our costs, and damage resulting from extreme weather may not be fully insured.
+Added: For more information, see our risk factor titled “Our and our customers’ operations are subject to a series of risks arising out of the threat of climate change that could result in increased operating costs, limit the areas in which oil and natural gas production may occur, and reduce demand for the products and services we provide.”
Endangered and Threatened Species.
1 unchanged sentence
The ESA provides broad protection for species of fish, wildlife and plants that are listed as threatened or endangered.
−Removed: Similar protections are offered to migratory birds under the Migratory Bird Treaty Act and various state analogs.
+Added: Similar protections are offered to migratory birds under the Migratory Bird Treaty Act (“MBTA”) and various state analogs.
+Added: Under the MBTA, the taking, killing or possessing of migratory birds is unlawful without a permit.
+Added: In April 2025, the U.S.
+Added: Department of the Interior issued a memorandum that reinstated the interpretation that the MBTA’s prohibition only applied to “affirmative actions that have as their purpose the taking or killing of migratory birds, their nests, or their eggs.” In addition, the U.S.
Fish and Wildlife Service (“FWS”) may identify previously unidentified endangered or threatened species or may designate critical habitat and suitable habitat areas that it believes are necessary for survival of a threatened or endangered species.
−Removed: For example, the dunes sagebrush lizard, which is found only in the active and semi-stable shinnery oak dunes of southeastern New Mexico and adjacent portions of Texas (including areas where our customers operate), has, since May 2024, been listed as endangered under the ESA.
+Added: For example, the dunes sagebrush lizard, which is found only in the active and semi-stable shinnery oak dunes of southeastern New Mexico and adjacent portions of Texas (including areas where our customers operate), has, since May 2024, been listed as endangered under the ESA, although that decision has been challenged.
To the extent any protections are implemented for this or any other species, it could cause us or our customers to incur additional costs or become subject to operating restrictions or operating bans in the affected areas.
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However, federal agencies have asserted regulatory authority over certain aspects of the process.
−Removed: Although several of these rulemakings have been rescinded, modified or subjected to legal challenges, new or more stringent regulations may be promulgated by the current government.
−Removed: For example, in March 2024, the Bureau of Land Management (“BLM”) finalized a rule that requires operators to limit flaring from well sites on federal lands, and allows the delay or denial of permits if BLM finds that an operator’s methane waste minimization plan is insufficient.
−Removed: The rule was challenged by various states in the District Court for the District of North Dakota, and, in September 2024, that court ordered
−Removed: that the rule cannot be enforced within the plaintiff states pending the outcome of the litigation.
−Removed: Although the rule is currently being implemented in areas not covered by the order, the future of the rule is uncertain.
−Removed: The previous administration also called for revisions and restrictions to the leasing and permitting programs for oil and gas development on federal lands and, for a time, suspended federal oil and gas leasing activities.
−Removed: The Department of the Interior (“DOI”) issued a report recommending various changes to the federal leasing program, though many such changes would require congressional action.
−Removed: In July 2023, the BLM finalized a rule to update the fiscal terms of federal oil and gas leases, which increases fees, rents, royalties, and bonding requirements.
−Removed: The rule also adds new criteria for BLM to consider when determining whether to lease nominated land, including the presence of important habitats or wetlands, the presence of historical properties or sacred sites, and recreational use of the land.
−Removed: Any regulations that restrict, ban or effectively ban such operations may adversely impact demand for our products and services.
−Removed: Further, legislation to amend the Safe Drinking Water Act to repeal the exemption for hydraulic fracturing (except when diesel fuels are used) from the definition of “underground injection” and require federal permitting and regulatory control of hydraulic fracturing, as well as legislative proposals to require disclosure of the chemical constituents of the fluids used in the fracturing process, have previously been proposed in Congress.
−Removed: Several states and local jurisdictions in which we or our customers operate also have adopted or are considering adopting regulations that could restrict or prohibit hydraulic fracturing in certain circumstances, impose more stringent operating standards and/or require the disclosure of the composition of hydraulic fracturing fluids.
+Added: For example, in April and May 2024, the U.S.
+Added: Bureau of Land Management (“BLM”) finalized two rules increasing royalty rates, rentals, and minimum bids, and updating the agency’s interpretation of its mandate that conservation is a use of
+Added: federal land on par with mineral extraction and other uses (“Public Lands Rule”).
+Added: In September 2025, the U.S.
+Added: Department of the Interior announced its proposal to rescind the Public Lands Rule.
+Added: Further, in May 2025, the BLM announced a policy designed to expedite the oil and gas leasing process on public lands.
+Added: In addition, federal legislation to repeal the Safe Drinking Water Act exemption for hydraulic fracturing and require more stringent permitting of hydraulic fracturing has previously been proposed in Congress.
+Added: This federal legislation has not passed.
+Added: Elsewhere, several states and local jurisdictions in which we or our customers operate also have adopted or are considering adopting regulations that could restrict or prohibit hydraulic fracturing in certain circumstances, impose more stringent operating standards and/or require the disclosure of the composition of hydraulic fracturing fluids.
Federal and state governments have also investigated whether the disposal of produced water into underground injection wells has caused increased seismic activity in certain areas.
−Removed: In response to concerns regarding induced seismicity, regulators in some states have imposed, or are considering imposing, additional requirements in the permitting of produced water disposal wells or otherwise to assess any relationship between seismicity and the use of such wells.
−Removed: For example, Oklahoma has issued rules for wastewater disposal wells that impose permitting and operating restrictions and reporting requirements on disposal wells in proximity to faults and also, from time to time, has implemented plans directing certain wells where seismic incidents have occurred to restrict or suspend disposal well operations.
−Removed: In particular, the Oklahoma Corporation Commission’s well completion seismicity guidelines for operators in the SCOOP and STACK require hydraulic fracturing operations to be suspended following earthquakes of certain magnitudes in the vicinity.
−Removed: In addition, the Oklahoma Corporation Commission’s Oil and Gas Conservation Division has previously issued an order limiting future increases in the volume of oil and natural gas wastewater injected into the ground in an effort to reduce the number of earthquakes in the state.
−Removed: The Texas Railroad Commission (“TRRC”) has adopted similar rules including the indefinite suspension of all deep oil and gas produced water injection wells in certain areas covered by the TRRC’s seismic response program.
+Added: In response to concerns regarding induced seismicity, regulators in some states, including Oklahoma and Texas, have imposed, or are considering imposing, additional requirements in the permitting of produced water disposal wells or otherwise to assess any relationship between seismicity and the use of such wells.
+Added: For example, the Texas Railroad Commission (“TRRC”) has adopted rules restricting injection well operations following seismic activity exceeding certain magnitude and suspending all deep oil and gas produced water injection wells in certain geographical areas covered by the TRRC’s seismic response program.
Increased regulation of hydraulic fracturing and related activities could subject us and our customers to additional permitting and financial assurance requirements, more stringent construction specifications, increased monitoring, reporting and record keeping obligations, and plugging and abandonment requirements.
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As of December 31, 2025, we emplo yed approxim ately 1,700 people , and n one of our employees are represented by a union.
−Removed: All of our employees work for or support our hydraulic fracturing, wireline, cementing and power generation services operating segments.
+Added: All of our employees work for or support our Hydraulic Fracturing, Wireline, Cementing and Power Generation operating segments.
We believe that we have good relations with our employees.
We believe that our employees are a key component of our ability to attract and retain customers as a result of their operational excellence in the field.
−Removed: Some examples of significant programs and initiatives that support our objective of attracting, developing and retaining our diverse and inclusive workforce include:
+Added: Some examples of significant programs and initiatives that support our objective of attracting, developing and retaining our workforce include:
• Opportunity and Engagement.
We are an equal opportunity employer and prohibit discrimination against any employee and applicant on the basis of any legally protected characteristic.
−Removed: We believe that in order to attract and retain talent with the skill sets and expertise that can help to maximize our operational efficiencies across all levels in
−Removed: the Company, it is in our best interest to create a culture that is inclusive.
−Removed: We conducted our second annual employee engagement survey in 2024.
−Removed: The results show improvement in our overall employee engagement score over the 2023 survey and above industry benchmarks.
−Removed: The survey focuses on engagement, manager effectiveness, training and tools to ensure that employees are well equipped to do their jobs effectively and workplace culture.
+Added: We believe that in order to attract and retain talent with the skill sets and expertise that can help to maximize our operational efficiencies across all levels in the Company, it is in our best interest to create a culture that is welcoming.
+Added: We conducted a pulse employee engagement survey in 2025, which confirmed continued strong overall employee engagement results with improvement over the 2024 survey in the categories of future vision, leadership trust and belonging.
+Added: The improvement in engagement scores is attributed to action planning undertaken by department leadership and improved communication and transparency by the senior leadership team.
Attracting the right people to ProPetro remains top priority.
1 unchanged sentence
◦ a commitment to conducting business in a manner that respects all human rights in compliance within the requirements of applicable laws;
−Removed: ◦ a commitment within our business operations to promoting and encouraging respect for human rights and fundamental freedoms for all without distinctions of any kind, such as race, color, sex, language, religion, political or other opinions;
+Added: ◦ a commitment within our business operations to promoting and encouraging respect and fundamental freedoms for all without unlawful discrimination on the basis of any protected characteristic, such as race, color, sex, religion, and national origin;
◦ working with personnel, business partners and other parties directly linked to our operations that share our commitment to these same legal compliance principles;
◦ maintaining employment policies reflecting our commitments, including our code of conduct, our equal employment opportunity employer policy, and our anti-harassment and anti-discrimination policy;
−Removed: ◦ providing an anonymous Ethics and Compliance hotline that is promoted internally and accessible from our intranet and website to make it possible for grievances regarding health and safety to be addressed early and remediated directly, in confidence and without fear of retaliation.
+Added: ◦ providing an anonymous Ethics and Compliance hotline that is promoted internally and accessible from our intranet and website to make it easy for grievances regarding health and safety to be addressed early and remediated directly, in confidence and without fear of retaliation.
• Training and Safety.
1 unchanged sentence
The safety of our employees, our customers, and the communities in which we operate is paramount.
−Removed: We track and evaluate safety incidents at wellsites and offices, and if an accident does occur, we aim to take actions to mitigate similar incidents from reoccurring in the future.
−Removed: The Company seeks to incentivize employees to focus on conducting operations in accordance with our strict safety standards and encourages employees to immediately report any breach of safety protocol.
−Removed: Ten percent of our executive officers’ annual target bonuses under the 2024 annual incentive program were based upon the Company’s achievement of certain safety goals, including a target total recordable incident rate.
+Added: We track and evaluate safety incidents at wellsites and offices, and if an accident does occur, we aim to take actions to mitigate similar incidents from recurring in the future.
+Added: The Company seeks to incentivize employees to focus on conducting operations in accordance with our strict safety standards, as well as to immediately report any breach of safety protocol, which is highly encouraged.
+Added: Employees receive training to reinforce reporting rights and responsibilities, as well as non-retaliation policies.
+Added: The weighting for safety performance was increased from ten percent in 2024 to twenty percent in 2025 in the executive officers’ annual incentive program.
+Added: This change was intended to bring increased focus on safety performance.
+Added: The 2025 safety incentive was based upon the Company’s achievement of certain safety goals, including targets for total recordable incident rate and lost time incident rate.
• Professional Development.
1 unchanged sentence
Internal facilitators were trained and certified to deliver content to drive program efficiency and better associate the topics and importance of the training to the business.
−Removed: The Company also transitioned the Human Resources Information System (HRIS) from PayCom to Workday to gain greater talent related functionality and efficiency in the areas of performance management, succession planning, learning and development and compensation planning.
−Removed: Responsibility for Human Capital Management (HCM) in Workday was designed to ensure the direct supervisor working closest with the employee is at the center of the conversation driving engagement, providing feedback, rewarding performance and supporting development.
+Added: The Company launched the Workday Learning Management System (the “LMS”) in 2025 to support the leadership development program and make more resources available to employees to support general development.
+Added: These materials are easy for employees to access from any device to drive their own development interests.
+Added: Also, supervisors are able to assign specific training through the LMS during the annual performance appraisal process to emphasize position specific training to improve performance and support overall development.
• Compensation, Health, Wellness and Benefits.
−Removed: Our employee benefit offerings are designed to meet the varied and evolving needs of our entire workforce across the Company and we believe are consistent with those provided by our peer companies with which we compete for talent.
+Added: Our employee benefit offerings are designed to meet the varied and evolving needs of our entire workforce across the Company and we believe they are consistent with those provided by our peer companies with which we compete for talent.
The Company provides employees with the ability to participate in health and welfare plans, including medical, dental, life, accidental death and dismemberment and short-term and long-term disability insurance plans.
1 unchanged sentence
The program opportunities included many crucial topics ranging from budgeting and debt management to understanding plan options and investment strategy.
−Removed: Concerning health benefits, in 2024 we added additional services focused on emotional and mental health, as well as certain preventative health services related to the early detection of concerns including breast cancer, diabetes and cardiovascular disease.
+Added: Concerning health benefits, in 2025 we continued our focus on emotional and mental health, as well as certain preventative health services related to the early detection of concerns including breast cancer, diabetes and cardiovascular disease.
We also strive to give back to the areas in which we conduct business operations, and in which our employees live and work.
6 unchanged sentences
The address of that website is www.sec.gov.
−Removed: Please note that information contained on our website, whether currently posted or posted in the future, is not a part of this Annual Report or the documents incorporated by reference in this Annual Report.
+Added: In addition to its reports filed or furnished with the SEC, the Company publicly discloses material information from time to time in its press releases, at the annual meeting of Shareholders, in publicly accessible conferences and Investor presentations, and through its website (principally in its Investor Relations page).
+Added: Please note that references to the Company’s website in this Form 10-K are provided as a convenience and do not constitute, and should be deemed, an incorporation by reference of the information contained on, or available through the website, and such information should not be considered part of this Form 10-K.
Board of Directors and Executive Officers
3 unchanged sentences
Gobe stepped down as Executive Chairman on March 31, 2022, and continues serving the Company as Chairman of the Board.
−Removed: Gobe has served as a director of Pioneer since July 2014.
+Added: Gobe served as a director of Pioneer from July 2014 until Pioneer’s merger with ExxonMobil in May 2024.
Gobe previously served as Chairman of the Board for Pantheon Resources PLC until his June 2023 retirement.
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and Atlantic Richfield Company (“ARCO”) and its subsidiaries.
−Removed: Gobe has a Bachelors of Arts degree from the University of Texas and a Master of Business Administration degree from the University of Louisiana in Lafayette.
+Added: Gobe has a Bachelor of Arts degree from the University of Texas and a Master of Business Administration degree from the University of Louisiana in Lafayette.
Gobe’s extensive experience in the energy industry, including service as a director to public corporations in the industry, makes him well suited to serve as Chairman of the Board.
4 unchanged sentences
Sledge has also served as ProPetro’s Vice President of Finance, Corporate Development, and Investor Relations where his responsibilities included financial planning and analysis, strategic initiatives, and investor relations.
−Removed: Sledge received a Bachelor of Business Administration and a Masters of Business Administration from Baylor University.
+Added: Sledge also serves on the Board of the Energy Workforce and Technology Council (“EWTC”), an industry association for energy service companies, and currently serves as the Chairman of the EWTC Board.
+Added: Sledge received a Bachelor of Business Administration and a Master of Business Administration from Baylor University.
We believe Mr.
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and CES Energy Solutions Corp and is a partner at Geneses Investments.
−Removed: Armour received a B.S.
−Removed: in Economics from the University of Houston in 1977 and served on the University of Houston System Board of Regents from 2011 until 2018.
+Added: Armour received a Bachelor of Science in Economics from the University of Houston in 1977 and served on the University of Houston System Board of Regents from 2011 until 2018.
We believe that Mr.
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Berg is a senior energy industry executive with extensive commercial and operational experience, including leadership of strategic planning, business development, land, water management, completion and well services, environmental, sustainability, legal, government relations and communications.
−Removed: During his 20-year career with Pioneer Natural Resources (“Pioneer”), then an NYSE-listed independent oil and gas exploration and production company, first as Executive Vice President & General Counsel from 2005 to 2014 and then as Executive Vice President, Corporate Operations from 2014 until its merger with ExxonMobil in 2024, he played a key role in transforming the company into a major U.S.
+Added: During his 20-year career with Pioneer, then an NYSE-listed independent oil and gas exploration and production company, first as Executive Vice President & General Counsel from 2005 to 2014 and then as Executive Vice President, Corporate Operations from 2014 until its merger with ExxonMobil in 2024, he played a key role in transforming the company into a major U.S.
shale resource developer.
−Removed: He led the negotiating team for the $65 billion merger
−Removed: with ExxonMobil as well as multiple multibillion-dollar mergers, global divestitures, and cross-border joint ventures.
+Added: He led the negotiating team for the $65 billion merger with ExxonMobil as well as multiple multibillion-dollar mergers, global divestitures, and cross-border joint ventures.
Prior to joining Pioneer, Mr.
Berg served from 2002 to 2004 as Senior Vice President, General Counsel & Secretary of Hanover Compressor Company, then an NYSE-listed company specializing in natural gas compression and processing, where he instituted disciplined internal controls, resolved an SEC investigation, and settled securities class action litigation.
−Removed: From 1997 to 2002 he served as Executive Vice President & General Counsel of American General Corporation, a Fortune 200 diversified financial services company, and oversaw its $27 billion merger with American International Group (“AIG”).
+Added: From 1997 to 2002 he served as Executive Vice President & General Counsel of American General Corporation, a Fortune 200 diversified financial services company, and oversaw its $27 billion merger with American International Group.
Berg began his career with the Houston based law firm Vinson & Elkins L.L.P.
1 unchanged sentence
From 2018 to 2020, he served on the board of directors of HighPoint Resources, an exploration and production company then listed on the NYSE.
−Removed: Effective March 2025, Mr.
−Removed: Berg has been appointed to serve on the boards of Oncor Electric Delivery Holdings Company LLC and Oncor Electric Delivery Company LLC, a regulated electricity transmission and distribution company.
+Added: Berg currently serves as the Chairman of the Board of Crystal Clearwater Resources, a leading wastewater solutions company.
+Added: Additionally, Mr.
+Added: Berg serves on the boards of Oncor Electric Delivery Holdings Company LLC and Oncor Electric Delivery Company LLC, a regulated electricity transmission and distribution company.
Berg also serves as the founding Vice Chairman of the Permian Strategic Partnership, a coalition of Permian Basin energy companies and higher education institutions focused on supporting public education, healthcare, road safety and workforce development in the Permian Basin region.
+Added: Berg earned a Bachelor of Arts degree in Public Policy from Tulane University and a Juris Doctor from the University of Texas.
+Added: We believe that Mr.
+Added: Berg’s vast leadership experience in the energy industry makes him well suited to serve as a director.
Best, 76, has served as a member of our Board since January 2018 and was elected to serve as Lead Independent Director in October 2019.
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Lawrence’s broad experience in the energy industry, including his service as a director and executive officer with various companies, makes him well suited to serve as a director.
−Removed: Moore, 71 , has served as a member of our Board since March 2017.
−Removed: Moore most recently served as President and Chief Executive Officer of Cameron International Corporation (“Cameron”), an oil and gas industry equipment manufacturer and provider, from April 2008 to October 2015 and served as Chairman of the Board of Cameron from May 2011 until it was acquired by Schlumberger in April 2016.
−Removed: Prior to his employment with Cameron, Mr.
−Removed: Moore held various management positions at Baker Hughes Incorporated, where he was employed for 23 years.
−Removed: Moore currently serves on the Board of Directors of Occidental Petroleum Corporation, KBR Inc., and the University of Houston System Board of Regents.
−Removed: Moore previously served on the board of the American Petroleum Institute, the National Ocean Industries Association, Rowan Companies plc, and the Petroleum Equipment Suppliers Association.
−Removed: Moore received a Bachelor of Business Administration from the University of Houston and attended the Advanced Management Program at Harvard Business School.
−Removed: We believe that Mr.
−Removed: Moore’s wealth of experience in the oilfield service sector, including service as a director and executive officer to various public corporations in the sector, makes him well suited to serve as a director.
Ricciardello, 70 , has served as a member of our Board since January 2023.
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Ricciardello was appointed as Reliant’s Vice President and Comptroller and she served as its Senior Vice President and Chief Accounting Officer from 1999 until her retirement in 2002.
−Removed: Ricciardello earned a Bachelor of Science degree in Business Administration from the University of South Dakota and an MBA from the University of Houston.
+Added: Ricciardello earned a Bachelor of Science degree in Business Administration from the University of South Dakota and a Master of Business Administration from the University of Houston.
She is also a Texas licensed Certified Public Accountant and earned a CERT Certificate in Cybersecurity from Carnegie Mellon University.
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Vion also previously served as Vice President of Human Resources for Sun Microsystems, Inc., a computer networking company, for seven years.
−Removed: She also previously held senior human resource and client account management positions at Prudential Financial, Inc., an insurance and investment management company and JP Morgan, a global financial services firm.
+Added: She also previously held senior human resource and client account management positions at
+Added: Prudential Financial, Inc., an insurance and investment management company and JP Morgan, a global financial services firm.
Prior to joining JP Morgan, Ms.
2 unchanged sentences
Vion also served on the board and as Chair of the Compensation Committee and as member of the Audit Committee and Nominating and Corporate Governance Committee of Callidus Software Inc., a publicly-traded, cloud-based software company, from 2005 to 2016.
+Added: Currently, Ms.
+Added: Vion serves as Chief Human Resources Officer for Stored Energy Systems, a privately held company based in Longmont, CO.
Vion holds a Bachelor of Arts in East Asian Studies and Economics from Wesleyan University, has attended Stanford University’s Director’s College, and participated in the Financial Times’ Director Exchange.
2 unchanged sentences
Volkov, 53 , has served as a member of our Board since May 2024.
−Removed: Volkov is currently Vice President - Commercial & Integration, for ExxonMobil Upstream Unconventional business.
−Removed: Alex joined ExxonMobil in 1997 in Houston, Texas.
−Removed: During his early tenure with the company he has held diverse assignments in the areas of marketing, business development, supply chain logistics, and business strategy development.
−Removed: From 2014 to 2016, Alex was based in Moscow, Russia where he served as Vice President of Exxon Neftegas Limited responsible for ExxonMobil commercial activities in Russia, including natural gas sales and marketing of Sakhalin-1 gas resources.
−Removed: Alex moved to the United Kingdom in 2016 and he was appointed Vice President, International Gas, ExxonMobil Gas & Power Marketing and Chairman, ExxonMobil Gas Marketing Europe in 2018.
−Removed: In this capacity, he was responsible for ExxonMobil’s natural gas marketing and trading activities in Europe, Russia, Caspian, Malaysia, Thailand, and Australia.
−Removed: In 2019 Alex moved to Houston and was named Vice President, Global LNG Marketing.
−Removed: In this role, he had global responsibility for ExxonMobil’s Liquefied Natural Gas (LNG) portfolio and marketing of LNG for ExxonMobil’s projects and joint ventures.
−Removed: Between 2021 and 2023 Alex served first as Vice President, Commercial & Power and then as Vice President, Strategy and Business Development which included Upstream Acquisitions & Divestment team that was responsible for evaluation and negotiation of ExxonMobil / Pioneer merger announced in October 2023 and after the announcement he served as Transition Executive overseeing the integration of two companies .
−Removed: He assumed his current position in July of 2024.
−Removed: Alex graduated from the University of Nizhni Novgorod, Russia in 1994 and he also holds an MBA from the University of Alabama.
+Added: Volkov has almost three decades of experience in various roles within ExxonMobil.
+Added: Since 1997, Mr.
+Added: Volkov’s roles have spanned marketing, business development, supply chain logistics, and strategy development.
+Added: His international experience includes serving as Vice President of Exxon Neftegas Limited in Moscow, overseeing commercial activities in Russia and later moving to the United Kingdom to lead international natural gas marketing and trading efforts.
+Added: Volkov transitioned to Houston as Vice President, Global LNG Marketing, overseeing ExxonMobil’s LNG portfolio globally, a position he held until 2021.
+Added: Between 2021 and 2023, he held positions as Vice President, Commercial & Power and then as Vice President, Strategy and Business Development, culminating in his current role, the Vice President of Commercial & Integration overseeing unconventional business development, land management, and midstream infrastructure activities.
+Added: Volkov is a graduate of the University of Nizhni Novgorod, Russia, and holds a Master of Business Administration from the University of Alabama.
+Added: We believe Mr.
+Added: Volkov’s broad experience in the energy industry, including various business development roles at ExxonMobil, makes him well suited to serve as a director.
Set forth below are the name, age, position and description of the business experience of our executive officers (other than those who are also Directors and included above) as of February 19, 2026.
−Removed: Schorlemer, 57 , began serving as a Special Advisor to the Chief Financial Officer on October 12, 2020 until his appointment as Chief Financial Officer on October 23, 2020.
−Removed: Schorlemer has two decades of experience in senior level positions in public and private companies and has focused on building integrated business systems and support organizations.
−Removed: He most recently served as Executive Vice President, Chief Financial Officer, Treasurer and Secretary of Basic Energy Services, Inc., a Fort Worth, Texas based oilfield services company, from September 2018 until joining the Company.
−Removed: Prior to that, he served as the Chief Financial Officer of Gulf Island Fabrication, Inc.
−Removed: from January 2017 to August 2018.
−Removed: His work history also includes serving as Chief Financial Officer for three oilfield services companies:
−Removed: GR Energy Services Management, LP from January 2016 to December 2016, Stallion Oilfield Holdings, Inc., September 2004 to December 2015 and Q Services, Inc.
−Removed: from July 1997 until its merger with Key Energy Services, Inc.
−Removed: in July 2002.
−Removed: He also held the role of vice president, marketing and strategic planning for Key Energy Services, Inc.
−Removed: from July 2002 to September 2004.
−Removed: Prior to entering the energy services industry, Mr.
−Removed: Schorlemer was a technology consultant and project manager with Accenture’s Technology Practice
−Removed: where he worked on various domestic and international projects with Fortune 500 Companies in industries including:
−Removed: telecommunications, transportation, automotive and manufacturing and oil and gas.
−Removed: Schorlemer earned his Bachelor of Business Administration degree in finance from The University of Texas, and his Master of Business Administration from Texas A&M University.
+Added: Weatherl, 38 , has served as our Chief Financial Officer since July 2025.
+Added: Weatherl has over a decade of experience in senior level positions in private companies.
+Added: Before joining the Company, Mr.
+Added: Weatherl served as Chief Executive Officer, and as a Board Member of Garrison Energy Holdings LLC, a Midland, Texas-based oil and gas exploration and production company, from May 2023 until September 2024.
+Added: Prior to that, he served as the President and Chief Financial Officer of Stronghold Energy II Holdings, LLC, a Midland, Texas-based oil and gas exploration and production company, from December 2017 to October 2022, and as a Board Member from October 2021 to October 2022.
+Added: His work history also includes serving as Chief Financial Officer for Desert Royalty Company, L.L.C.
+Added: from June 2016 to December 2017, Vice President, Co-Founder and Board Member of Stronghold Energy Partners, L.P.
+Added: from May 2014 to June 2016 and Vice President of Weatherl Energy Investments, L.P.
+Added: from August 2013 to June 2016.
+Added: Earlier in his career, Mr.
+Added: Weatherl held positions at Bain Capital and McKinsey & Company.
+Added: Weatherl earned his Bachelor of Arts degree in economics from Harvard College, and his Master’s of Business Administration from Harvard Business School.
Adam Muñoz, 43, has served as our President and Chief Operating Officer since August 2021, and prior to that, he served as Chief Operating Officer since January 2021 and served as Senior Vice President of Operations since March 2020.
−Removed: Muñoz joined the Company in 2010 to initiate ProPetro’s Permian pressure pumping operation.
−Removed: Prior to joining ProPetro, Mr.
+Added: Muñoz joined the Company in 2010 to initiate ProPetro’s Permian Basin pressure pumping operation.
+Added: Prior to joining the Company, Mr.
Muñoz held sales and operations roles at Frac Tech Services and Weatherford International.
−Removed: Since joining ProPetro, Mr.
+Added: Since joining the Company, Mr.
Muñoz has served as the Director of Business Development and Technical Services where he was responsible for overseeing the growth of the hydraulic fracturing operations as well as managing the department’s day-to-day technical services.
25 unchanged sentences
Davila began her career as a Senior Auditor at Johnson, Miller, and Co.
−Removed: Davila is a Certified Public Accountant and holds a Bachelor of Arts in Accounting and a Master in Business Administration degree from Texas Tech University.
+Added: Davila is a Certified Public Accountant and holds a Bachelor of Arts in Accounting and a Master’s in Business Administration degree from Texas Tech University.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.