ProPetro Launches ProPWR, Shares Soar 8.3% in Pre-Market Trading

Texas-based ProPetro Holding Corp saw an 8.3% increase in its stock during pre-market trading following the announcement of a new initiative in mobile natural gas-powered generators. The oilfield services company disclosed that it has placed an initial order for 110 megawatts of these generators.

The newly formed subsidiary, ProPetro Energy Solutions, will operate under the name ProPWR and will focus on meeting the increasing energy demands in the Permian Basin, a region known for large-scale oil and natural gas production, which is currently experiencing growth in infrastructure development.

ProPetro's CEO, Sam Sledge, emphasized the strategic move, stating: "ProPWR is directly aimed at addressing the growing power demand for both oil and gas across the Permian Basin, as well as emerging infrastructure opportunities within the market."

This initiative represents a significant step for the company in diversifying its services and meeting the energy needs in one of the most active drilling areas in the U.S. Despite the positive news, ProPetro Holding's stock has declined by 6% since the beginning of the year. The company’s move to provide energy solutions through ProPWR could potentially create new revenue streams and growth opportunities within the evolving energy sector.