ProPetro Holding Corp. (PUMP): Business Model Canvas [Dec-2025 Updated]

You're digging into the strategy of ProPetro Holding Corp., and honestly, the story isn't just about hydraulic fracturing anymore; it's about a smart pivot to a diversified energy player, especially with that PROPWR power segment taking shape. As a former head analyst, I see this shift clearly: they are backing up their next-generation, lower-emissions fleets with serious capital, evidenced by their Q3 2025 Total Revenue hitting $294 million while aggressively investing in 360 MW of new power generation assets. This Business Model Canvas breaks down exactly how ProPetro Holding Corp. is threading the needle between core service excellence and new, stable revenue streams-you'll want to see the details on their long-term contracts and cost structure below.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Key Partnerships

You're looking at the relationships ProPetro Holding Corp. relies on to scale its next-generation services, especially the capital-intensive PROPWR℠ power generation business. Honestly, these partnerships are critical for funding the transition away from older diesel equipment and securing long-term revenue visibility.

Financing partners for the $350 million PROPWR lease facility

The primary financial partnership supporting the PROPWR growth is an executed letter of intent for a $350 million lease financing facility. This facility is with an investment-grade partner specifically experienced in power generation financing. ProPetro Holding Corp. intends to draw on these funds judiciously, only as necessary to accelerate or expand PROPWR projects, preserving a healthy balance sheet.

Key equipment suppliers for Tier IV Dual-Fuel and FORCE electric fleets

ProPetro Holding Corp. has made significant investments in next-generation equipment, moving away from conventional Tier II diesel. The company has been acquiring its advanced fleets through a capital-light structure, specifically noting a unique lease agreement with the equipment manufacturer for the FORCE electric fleets. As of late 2025, ProPetro Holding Corp. estimates that 75% of its fleet consists of next-generation gas burning equipment, which includes the Tier IV Dual-Fuel units capable of burning natural gas at a substitution rate of 60-70% on average.

The lease expense related to the electric fleets was $15 million in the third quarter of 2025. The total available hydraulic horsepower (HHP) includes these advanced units, which are highly utilized.

Strategic partners for the new PROPWR power generation equipment

The PROPWR division has secured major commitments from energy consumers, which underpins the financing strategy. These contracts provide the long-term take-or-pay revenue streams that make the $350 million financing attractive. ProPetro Holding Corp. is targeting installed capacity of one gigawatt (1,000 MW) or greater by 2030, with an interim goal of 750 megawatts delivered by year-end 2028.

The total cost of this equipment, including the balance of plant, is estimated to average approximately $1.1 million per megawatt. As of the third quarter of 2025, ProPetro Holding Corp. had 360 megawatts of PROPWR equipment on order, with 150 megawatts already under contract, expecting to reach at least 220 megawatts by year-end 2025.

Here's a look at the major contracted capacity milestones:

Logistics providers for proppant (sand) and fluid transport

ProPetro Holding Corp. has integrated logistics capabilities through an acquisition. Specifically, the company acquired Aqua Prop LLC on June 3, 2024. Aqua Prop LLC is a leading provider of cost-effective wet sand solutions, optimizing proppant performance through advanced wet sand management and logistics solutions. This internal capability helps form a comprehensive and integrated hydraulic fracturing service.

Technology vendors for advanced well completion software

While ProPetro Holding Corp. highlights proprietary technology integration, specific external technology vendor names for advanced well completion software are not detailed in recent public filings with associated contract values. The focus is on the capabilities deployed across the FORCE Electric Fleet, which includes:

• Proprietary drive tuning for optimal fracturing operation.
• Wired or wireless Intelligent Electric Pump Control system with full unit integration.
• AccuFrac Job Center for complete remote electric backside control.
• AccuFrac Power Center for E-Frac Power monitoring and load/demand control.

The company has over 50% of its active hydraulic horsepower secured under long-term contracts, including two Tier IV DGB dual-fuel and four FORCE electric-powered hydraulic fracturing fleets as of Q2 2025, demonstrating the operational success of these technology deployments.

Finance: draft 13-week cash view by Friday.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Key Activities

You're looking at the core engine of ProPetro Holding Corp. (PUMP) right now, which is heavily focused on maximizing the efficiency of its existing assets while aggressively scaling up its newer, high-growth power segment. Here's how the key activities are shaping up based on late 2025 data.

Operating and Maintaining Hydraulic Fracturing Fleets

ProPetro Holding Corp. is actively managing its fleet count with a clear focus on quality over sheer volume, especially given market conditions. The company anticipates operating on average approximately 10 to 11 active hydraulic fracturing fleets in the fourth quarter of 2025. This reflects a proactive choice to idle certain fleets rather than run them at sub-economic levels. The fleet composition is shifting toward next-generation technology; approximately 75% of their active hydraulic horsepower now consists of gas burning equipment, including their FORCE electric fleets.

The activity within the completions segment is underpinned by firm commitments:

• Currently operating 7 contracted fleets.
• This includes 2 large simul-frac fleets.
• Approximately 75% of active hydraulic horsepower is committed under long-term contracts.

Deploying and Managing the New PROPWR Power Generation Assets

A major key activity is the deployment and management of the PROPWR℠ division, which is clearly a capital priority. The division secured its inaugural 10-year contract committing 80 megawatts of power generation capacity. This is building on an initial order that was over 110 megawatts. By the first quarter of 2025, ProPetro increased its PROPWR power generation equipment capacity to approximately 220 megawatts. The long-term plan is substantial, with 360 megawatts of PROPWR equipment currently on order, targeting a total of approximately 750 megawatts delivered by the end of 2028. The existing FORCE electric fleets alone require about 140 megawatts of mobile power generation to support their current term contracts.

Executing Long-Term, High-Efficiency Well Completion Contracts

Executing on these contracts is critical for revenue stability. The company is leveraging its next-generation equipment, which offers lower costs to customers through fuel savings. The high utilization and long-term nature of these agreements, with about 75% of horsepower committed, help derisk future earnings. The focus is on delivering industry-leading performance that provides value through efficient completions.

Managing Sand Logistics Through the AquaProp Subsidiary

ProPetro Holding Corp. manages sand logistics via the acquired AquaProp℠ subsidiary, which was purchased for an initial cash value of $35.6 million. This activity integrates on-site sand storage and handling with logistics and preferred access to wet sand supply. Aqua Prop currently has about 300 trucks running in the Permian Basin, delivering within about a 100-mile radius of the mine in Kermit, Texas. This in-house control aims for a closed loop from mine to frac site, improving efficiency and reducing non-productive time.

Disciplined Cost Control and Capital Allocation to High-Return Assets

The company is demonstrating discipline by prioritizing strategic growth areas like PROPWR over other capital uses, such as share repurchases in 2025. Total liquidity stood at $158 million as of September 30, 2025. The overall capital expenditure plan for fiscal year 2025 is set between $270 million and $290 million.

Here's the quick math on how that 2025 capital is being carved up:

What this estimate hides is that a significant portion of the PROPWR capital expenditure, approximately $104 million of the 2025 spend, is expected to be financed, reducing the immediate cash outflow. The company is focused on cost optimization to support margins amid market uncertainty. Finance: draft 13-week cash view by Friday.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Key Resources

You're looking at the core assets ProPetro Holding Corp. (PUMP) is relying on to execute its strategy in late 2025. These aren't just line items; they are the physical and financial foundations supporting their service delivery, especially the pivot toward cleaner energy solutions.

Next-generation fleet: ProPetro Holding Corp. has heavily invested in modernizing its hydraulic fracturing fleet. As of Q2 2025, approximately 75% of the active fleet included next-generation equipment, specifically Tier IV DGB (Dual Fuel) and FORCE electric units. This transition is key to meeting evolving customer demands for lower emissions services in the field.

FORCE electric-powered hydraulic fracturing fleets (e-fleets): The company's commitment to electrification is evident in its deployment of these specialized fleets. As of the second quarter of 2025, ProPetro Holding Corp. had four FORCE electric-powered hydraulic fracturing fleets under contract, with one of those being a very large single frac fleet equivalent to two standard zipper fleets. They are actively planning to accelerate the transition from older Tier II diesel equipment to this electric offering due to high demand and commercial leverage.

PROPWR power generation equipment: This growing segment represents a significant asset base. ProPetro Holding Corp. has 360 megawatts of PROPWR power generation equipment currently on order. The company has a long-term goal to have 750 megawatts delivered by the end of 2028. This capacity is being secured via long-term contracts, such as the inaugural 10-year agreement for 80 megawatts with a Permian Basin operator.

Strong balance sheet: Financial flexibility is a core resource, allowing ProPetro Holding Corp. to fund growth initiatives like PROPWR without excessive strain. As of September 30, 2025, total liquidity stood at $158 million. This figure comprised $67 million in cash and $91 million of available capacity under the ABL Credit Facility. The company prioritized this liquidity, choosing not to repurchase shares during Q3 2025 to focus capital on scaling the PROPWR business.

ProPetro Holding Corp.'s operational backbone is its deep experience in the region. Here's a quick look at some key Q3 2025 operational and financial metrics that reflect the current state of these resources:

Deep operational expertise within the Permian Basin: ProPetro Holding Corp. is headquartered in Midland, Texas, which places it directly in the heart of its primary operating area. The company's equipment, including its next-generation fleets, is specifically designed to handle the operating conditions common in the Permian Basin, such as simultaneous hydraulic fracturing (Simul-Frac), which involves longer laterals and more stages per well. This localized, specialized knowledge is critical for maintaining high utilization and securing long-term service agreements.

The company's active fleet count has been disciplined, with expectations to operate between 10 to 11 active hydraulic fracturing fleets on average in the third quarter of 2025. Also, as of Q3 2025, approximately 70% of the Company's active hydraulic horsepower is secured under long-term contracts.

Finance: draft 13-week cash view by Friday.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why E&P operators choose ProPetro Holding Corp. in the Permian Basin right now, late 2025. It's about efficiency, cleaner power, and locking in service reliability.

Lower operating costs for E&P customers via natural gas-fueled fleets.

The shift to cleaner fuel sources directly impacts the customer's bottom line. ProPetro Holding Corp.'s natural gas-burning hydraulic fracture equipment now represents about 75% of its total fleet as of the third quarter of 2025. This transition, which includes Tier IV DGB dual-fuel and FORCE® electric-powered equipment, is designed to deliver significant fuel savings compared to traditional diesel operations. The company's accelerated transition to next-generation, dual-fuel and electric fleets now comprises about 75% of its total fleet, positioning ProPetro Holding Corp. to capture premium contract pricing.

Reliable, low-emission power solutions through the PROPWR segment.

The PROPWR℠ division is a major value driver, offering power generation that meets increasing ESG and efficiency standards. You can see the rapid scaling in the numbers:

The company is aiming to multiply its installed capacity, with projections to surpass one gigawatt by 2030. This segment is also positioned to capitalize on anticipated load growth in the Permian of >4 GW.

Long-term contract stability, de-risking customer operations.

Securing long-term agreements provides revenue visibility that traditional day-rate work doesn't offer. As of the third quarter of 2025, approximately 70% of ProPetro Holding Corp.'s active hydraulic horsepower is secured under long-term contracts. This is up from about 50% in the first quarter of 2025. These agreements, particularly for the PROPWR business, can run for significant durations, such as the ten-year term on the 80 megawatt deal. Pricing within these long-term contracts for dual-fuel and electric fleets is generally stable, featuring semiannual, formulaic adjustments that typically result in low, single-digit changes.

Integrated well completion services: frac, cementing, wireline, and sand.

ProPetro Holding Corp. maintains a full suite of completion services, though the focus has sharpened. The hydraulic fracturing segment remains the core revenue generator, accounting for approximately 74.9% of total revenues as of March 31, 2025. The company bolstered its sand offering by completing the acquisition of Aqua Prop, LLC for wet sand solutions on May 31, 2024. However, the cementing business in Vernal, Utah, was sold on November 1, 2024, as part of a strategic repositioning to focus on core operations. The strength of the core completions business is evident in its cash generation: Free Cash Flow for the Completions Business in Q3 2025 was $25 million, bringing the year-to-date total through the third quarter to $92 million.

High-performance, technologically advanced equipment in the Permian.

The value proposition rests heavily on deploying premium, next-generation equipment. ProPetro Holding Corp. operated with a total available hydraulic horsepower (HHP) of 1,312,000 as of March 31, 2025. The fleet mix includes Tier IV DGB dual-fuel and FORCE® electric-powered equipment. In terms of active deployment in Q2 2025, the company had between 13 to 14 hydraulic fracturing fleets active. By Q3 2025, ProPetro Holding Corp. had executed contracts for a total of seven contracted fleets, which included two larger simul frac fleets. The company had four FORCE® fleets operating, with a fifth planned for deployment in 2025, as noted in February 2025 materials.

Finance: draft 13-week cash view by Friday.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Customer Relationships

You're looking at how ProPetro Holding Corp. (PUMP) locks in revenue and ensures asset utilization, which is key when the Permian Basin activity is shifting, as we saw with frac fleet counts dropping from around 90 to 100 at the start of 2025 to approximately 70 by the third quarter of 2025. The relationship strategy centers on securing long-term commitments, especially for its newer, capital-light ventures.

Long-term, take-or-pay contracts for e-fleets and PROPWR services.

The PROPWR℠ division is the prime example of this, securing midstream-like agreements that offer significant revenue visibility. The inaugural contract, signed with a Permian-focused E&P operator, is a 10-year agreement committing 80 megawatts of power generation capacity, which includes take-or-pay obligations. This was followed by another long-term deal to commit approximately 60 megawatts to a hyperscaler data center in the U.S. Midwest. As of the third quarter of 2025, ProPetro Holding Corp. had over 150 megawatts contracted, with management expressing confidence in reaching at least 220 megawatts contracted by the end of 2025, up from a total ordered capacity of approximately 220 megawatts. For the core completions business, the stickiness is also evident: as of the second quarter of 2025, over 50% of ProPetro's active hydraulic horsepower was under long-term contracts, a figure that improved to approximately 70% of active hydraulic horsepower committed under long-term contracts by the third quarter of 2025.

Here's a quick view of the key contracted assets as of late 2025:

Dedicated fleet deployment for top-tier E&P operators.

The contracts are heavily weighted toward high-quality, top-tier Exploration & Production (E&P) operators, which provides a stable foundation even when overall market utilization dips. For the hydraulic fracturing fleet, the long-term contracts specifically cover advanced equipment, including two Tier IV DGB dual-fuel fleets and four FORCE® electric-powered hydraulic fracturing fleets as of Q2 2025. The company noted that one of the FORCE fleets is equivalent to two standard zipper fleets, meaning the four deployed FORCE fleets effectively support five fleet equivalents of equipment. This focus on next-generation assets under contract de-risks future earnings, as the company stated it intends to continue allocating capital to FORCE electric equipment due to its high demand and contract security.

Direct sales and service teams focused on the Permian Basin.

ProPetro Holding Corp. is fundamentally a Midland, Texas-based company whose primary operational focus remains the Permian Basin. The company cites its 'strong customer base, focus on the Permian, operational excellence,' as key indicators of its differentiated service offering. The PROPWR division's inaugural contract was explicitly executed in collaboration with a Permian-focused E&P operator. Furthermore, in Q1 2025, the company secured letters of intent on approximately 75 megawatts of long-term PROPWR service capacity with two separate operators in the Permian Basin. This geographic and customer concentration is a deliberate strategy to serve the most prolific hydrocarbon production area globally.

High-touch service model for complex well completion projects.

The service model for completions is designed around operational excellence and flexibility to handle the complexities of modern well designs. ProPetro emphasizes its ability to execute complex fracturing designs and optimize well performance. Even when activity slows, the company is committed to maintaining fleet health, stating it 'will not compromise it by operating assets at sub-economic levels.' The high-touch nature is also reflected in the PROPWR service scope, which includes asset provision, onsite operations, maintenance, monitoring, and an availability guarantee for the customer. This level of comprehensive service for their power solutions is designed to be 'utility-like,' providing reliability where traditional utility power is unavailable.

Finance: draft 13-week cash view by Friday.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Channels

Direct sales force to major and independent E&P operators.

ProPetro Holding Corp. engages directly with leading upstream oil and gas companies, primarily in the Permian Basin, for its completion services.

• Hydraulic Fracturing Q3 2025 revenue was $210.2 million.
• Year-to-date revenue through Q3 2025 reached $979.5 million.
• As of the Q3 2025 announcement, approximately 70% of the Company's active hydraulic horsepower is secured under long-term contracts.
• The total available Hydraulic Horsepower (HHP) as of June 30, 2025, was 1,307,000 HHP.
• The HHP breakdown included 440,000 HHP of Tier IV DGB dual-fuel equipment and 312,000 HHP of FORCE electric-powered equipment.

Long-term service agreements for hydraulic fracturing.

Commitments are secured through term contracts, often involving the deployment of next-generation, lower-emission fleets.

Direct contracts for PROPWR power generation services.

The PROPWR℠ division secures long-term, direct capacity commitment contracts with both E&P operators and non-oil and gas customers like data centers.

• Inaugural 10-year contract secured for 80 megawatts of power capacity with a Permian E&P operator.
• Subsequent contract secured for 60 megawatts to support a hyperscaler data center operator.
• Total contracted capacity expanded to over 150 megawatts as of the Q3 2025 announcement.
• Anticipated total capacity to reach at least 220 megawatts by year-end 2025.
• Total equipment orders increased to 360 megawatts.
• Projected PROPWR business capital expenditures incurred for full-year 2025 is approximately $170 million.
• The company anticipates approximately 750 megawatts delivered by year-end 2028.

In-house logistics and service delivery via subsidiaries (e.g., AquaProp).

AquaProp, acquired in May 2024, is integrated into the Hydraulic Fracturing segment to provide in-house logistics for wet sand solutions.

The operations of AquaProp contributed to a $17.4 million increase in revenues for the three months ended June 30, 2025, and a $38.8 million increase for the six months ended June 30, 2025. The cash consideration for the AquaProp Acquisition included $13.7 million paid to the seller and $3.7 million of deferred cash consideration paid in May 2025.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Customer Segments

ProPetro Holding Corp. focuses its customer base on sophisticated operators within the North American oil and natural gas sector, primarily in the Permian Basin, but is strategically expanding into industrial power solutions.

Upstream Oil and Gas Exploration & Production (E&P) companies.

The core clientele consists of Exploration and Production (E&P) companies that require high-intensity and complex hydraulic fracturing services for well completion and stimulation. ProPetro Holding Corp. emphasizes its relationships with what it terms its 'blue-chip customers,' which are among the most active and financially robust operators in key resource areas. The company's fleet is designed to handle the most complex fracturing jobs, which appeals to the largest and most demanding public and private E&P operating companies.

Major integrated and large independent oil companies in the Permian Basin.

ProPetro Holding Corp. has strategically focused its efforts on establishing a best-in-class hydraulic fracturing platform targeting the Permian Basin since 2010. The company actively serves both the Midland and Delaware sub-basins within the Permian. This focus caters to clients with large drilling inventories and sizeable rig programs. As of the second quarter of 2025, over 50% of ProPetro Holding Corp.'s active hydraulic horsepower was under long-term contracts, ensuring a degree of stability with these key Permian operators.

Hyperscaler data center developers (emerging PROPWR segment).

The PROPWR℠ business line represents a clear expansion beyond traditional oilfield services, targeting industrial applications requiring reliable power solutions. A major milestone was achieved in the second quarter of 2025 with the securing of an inaugural 10-year contract for approximately 80 megawatts of long-term PROPWR℠ service capacity with a leading E&P operator in the Permian Basin. By the third quarter of 2025, the company had increased its total contracted PROPWR℠ capacity to over 150 megawatts, with expectations to reach at least 220 megawatts by the end of 2025. The Power Generation segment began revenue-generating activities during the third quarter of 2025.

Here's the quick math on the PROPWR℠ capacity commitments as of late 2025:

Customers prioritizing low-emissions and fuel cost savings.

Customer selection criteria are increasingly influenced by the desire to reduce environmental impact, alongside traditional factors like operational efficiency and service quality. ProPetro Holding Corp. attracts these customers by offering advanced, low-emission hydraulic fracturing fleets. By the close of 2024, approximately 75% of the company's hydraulic fracturing capacity utilized these cleaner fleets, which include Tier IV DGB dual-fuel and FORCE electric-powered options. This focus on next-generation services is a direct response to market demand for more environmentally conscious and efficient completions services.

Key fleet statistics reflecting this customer priority include:

• Approximately 75% of active hydraulic horsepower utilized cleaner fleets (Tier IV DGB dual-fuel and electric) by year-end 2024.
• As of Q3 2025, approximately 70% of active hydraulic horsepower is secured under long-term contracts.
• The company had four FORCE electric fleets operational under contract by the end of 2024, with a fifth expected in early 2025.
• The company invested over $1 billion in these advanced fleets between 2022 and 2023.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving ProPetro Holding Corp.'s operations as of late 2025. The cost structure is heavily weighted toward capital deployment for future growth, specifically in the PROPWR℠ segment, alongside managing the existing specialized fleet.

Full-year 2025 capital expenditures incurred are now guided to be between $270 million and $290 million. This reflects a slight reduction from previous guidance, showing cost optimization efforts even while investing heavily elsewhere. The completions business portion of this spend is expected to be $80 million to $100 million for the full year. That's where the maintenance and repair costs for the specialized equipment fleet factor in; for instance, Q3 2025 incurred CapEx included approximately $20 million dedicated to maintenance within the completions business.

The PROPWR℠ expansion is a major cost driver. ProPetro Holding Corp. anticipates incurring approximately $190 million in capital expenditures for the PROPWR business in 2025, driven by accelerated delivery schedules and down payments supporting new orders. For context, in the third quarter of 2025 alone, capital expenditures incurred totaled $98 million, with about $79 million of that supporting PROPWR orders.

Operating expenses include significant fixed commitments, such as the lease costs for the electric fleets. We saw electric fleet lease expense hit $15 million in the third quarter of 2025. Also, general and administrative (G&A) expense for Q3 2025 was $22 million, down from $28 million in the prior quarter, showing some immediate cost control in overhead. The cost of services, excluding depreciation and amortization of about $39 million in Q3 2025, stood at $237 million for that quarter.

Here's a quick look at the key 2025 financial figures we have for the cost side of the equation:

You should also track the following cost-related guidance points:

• PROPWR capital expenditures projected for 2026 range from $200 million to $250 million.
• Capital expenditures paid in Q3 2025 were $44 million.
• Total liquidity at September 30, 2025, was $158 million.
• The company executed a letter of intent for a $350 million lease financing facility to fund PROPWR growth.

ProPetro Holding Corp. (PUMP) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for ProPetro Holding Corp. (PUMP) as of late 2025, which shows a clear reliance on core services while aggressively building out a new power segment.

The Hydraulic Fracturing Services revenue remains the primary engine, though utilization moderated slightly in the third quarter. For Q3 2025, this core business generated $210.2 million in revenue. This segment's stability is being enhanced by securing more work under longer-term agreements; approximately 70% of the Company's active hydraulic horsepower is now secured under long-term contracts.

The total top-line performance for the third quarter of 2025 was $294 million. This figure represents a 10% decrease from the prior quarter's $326 million.

The revenue streams are detailed below, showing the segment contribution for the third quarter of 2025:

Complementary services, which include Wireline and Cementing, added significant top-line support alongside the core frac business. Sand logistics is also part of this service offering, supporting the primary operations.

The emerging PROPWR power generation service revenue is a key focus for future stability. While it only began contributing modestly to the Q3 2025 revenue, major contract milestones were achieved:

• Secured an inaugural 10-year contract for approximately 80 megawatts of capacity with a Permian-focused E&P operator, announced in Q2 2025.
• In Q3 2025, ProPetro Holding Corp. secured a separate long-term contract to commit 60 megawatts of power capacity to a leading hyperscaler data center.
• Total contracted capacity expanded to over 150 megawatts as of the end of Q3 2025.
• The company anticipates reaching at least 220 megawatts of contracted capacity by the end of 2025.

The push for revenue from long-term contracts is evident across both primary and new segments, aiming to provide stable, predictable cash flow. For the completions business, approximately 70% of active hydraulic horsepower is now under contract. The PROPWR contracts, like the 10-year agreement, lock in future revenue streams for the power division.

Here's a quick look at the cash flow metrics supporting these operations from Q3 2025:

• Net cash provided by operating activities was $42 million.
• Free Cash Flow for the Completions Business was $25 million for the quarter.
• Year-to-date total Free Cash Flow for the Completions Business reached $92 million through Q3 2025.

Finance: draft 13-week cash view by Friday.