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# ProPetro Burned Through $221.3 Million In Investing Cash As Its Power Bet Keeps Growing
- URL: https://www.bullished.co/propetro-burned-through-221-3-million-in-investing-cash-as-its-power-bet-keeps-growing-5753afe0/
- Published: 2026-10-29T12:16:52.000Z
- Updated: 2026-10-29T12:16:52.000Z
- Description: Nine-month operating cash flow fell to $115.1 million while PROPWR equipment commitments climbed, even as third-quarter profit returned.
- Author: Matteo Parrino
- Tags: Earnings, PUMP, Industry: Energy

[ProPetro](https://www.bullished.co/tag/pump/), the Midland, Texas oilfield services company that is building a power generation business, generated [$115.1 million](https://www.sec.gov/Archives/edgar/data/0001680247/000168024726000126/pump-20260930.htm?ref=bullished.co) of operating cash flow in the first nine months of 2026 against $221.3 million of investing outflows, according to its 10-Q filed Thursday. The quarter itself turned profitable, and in October the company ordered another $53.4 million of battery storage equipment.

## Cash in, cash out

Operating cash flow slid to $115.1 million for the nine months from $150.6 million a year earlier. Investing outflows climbed to $221.3 million from $111.0 million.

Capital expenditures incurred reached $327.1 million, against $210.1 million a year earlier. Power generation accounted for $246.5 million of that, including $76.1 million of equipment financed by lenders.

Third-quarter net income was [$13.0 million](https://markets.ft.com/data/announce/full?dockey=600-202610280700BIZWIRE%5FUSPRX%5F%5F%5F%5F20261028%5FBW871931-1&ref=bullished.co), versus a $2.4 million loss a year earlier. Over nine months, net income was $1.3 million.

## PROPWR turns a corner, barely

ProPetro provides hydraulic fracturing, wireline, cementing and mobile power generation services, mostly to oil and gas producers in the Permian Basin. Its PROPWR unit supplies power to producers, industrial projects and data centers.

Power Generation segment adjusted EBITDA was $7.6 million in the third quarter, versus a $0.7 million loss in the second quarter. The nine-month figure is only $1.5 million. Segment revenue reached $22.3 million in the quarter.

The commitments are growing faster. Remaining spending under the Caterpillar framework agreement stood at about $463.1 million for roughly 570 megawatts, versus about $320.4 million for roughly 360 megawatts in the [prior quarter's filing](https://www.sec.gov/Archives/edgar/data/0001680247/000168024726000097/pump-20260630.htm?ref=bullished.co).

## Funding the build-out

The company has raised $690.0 million of convertible notes due 2031 and sold 17.25 million shares at $10.00 to pay for the pivot. Its Caterpillar equipment loan had $171.8 million of term loans outstanding, leaving $19.9 million available.

The frac business is carrying margin pressure from rebuilding capacity. In its [earnings release](https://www.sec.gov/Archives/edgar/data/0001680247/000168024726000122/exhibit991-earningsrelea.htm?ref=bullished.co), CEO Sam Sledge said capacity is "essentially sold out."

In October, ProPetro said it would buy out one of its five leased FORCE electric fleets, completing the purchase in the fourth quarter at an expected $15 million to $20 million.

The company's full-year capital spending outlook for 2026 is $525 million to $575 million, including $400 million to $430 million for PROPWR.

### Sources

- [10-Q Filing — ProPetro (PUMP)](https://www.sec.gov/Archives/edgar/data/0001680247/000168024726000126/pump-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — ProPetro (PUMP), Q2 FY2026 filed 2026-07-30 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001680247/000168024726000097/pump-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, exhibit991-earningsrelea.htm) — ProPetro, filed 2026-10-28](https://www.sec.gov/Archives/edgar/data/0001680247/000168024726000122/exhibit991-earningsrelea.htm?ref=bullished.co) — SEC EDGAR
- [ProPetro Holding (PUMP) Q3 Earnings and Revenues Surpass Estimates](https://finance.yahoo.com/markets/stocks/articles/propetro-holding-pump-q3-earnings-113506026.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [ProPetro Reports Financial Results for the Third Quarter of 2026 – Company Announcement - FT.com](https://markets.ft.com/data/announce/full?dockey=600-202610280700BIZWIRE%5FUSPRX%5F%5F%5F%5F20261028%5FBW871931-1&ref=bullished.co) — Financial Times
- [ProPetro GAAP EPS of $0.09 beats by $0.10, revenue of $355M beats by $33.98M](https://seekingalpha.com/news/4658775-propetro-gaap-eps-of-0%5F09-beats-by-0%5F10-revenue-of-355m-beats-by-33%5F98m?ref=bullished.co) — seekingalpha.com
- [ProPetro: Q3 Earnings Snapshot | 9news.com](https://www.9news.com/article/syndication/associatedpress/propetro-q3-earnings-snapshot/616-c0488698-23fa-461e-90cb-dd9a828e24a7?ref=bullished.co) — Associated Press
- [ProPetro: Q3 Earnings Snapshot | wusa9.com](https://www.wusa9.com/article/syndication/associatedpress/propetro-q3-earnings-snapshot/616-c0488698-23fa-461e-90cb-dd9a828e24a7?ref=bullished.co) — Associated Press

### More on ProPetro

- [ProPetro Posts $13 Million Profit After A Loss, Says Frac Fleets Are 'Essentially Sold Out'](https://www.bullished.co/propetro-posts-13-million-profit-after-a-loss-says-frac-fleets-are-essentially-sold-out-1ca78fb2/)
- [ProPetro's Frac Fleet Is Sold Out, CEO Says — And He Won't Spend To Add Capacity](https://www.bullished.co/propetros-frac-fleet-is-sold-out-ceo-says-and-he-wont-spend-to-add-capacity-1239571f/)
- [ProPetro CEO Concedes Data Center Market Is 'Show-Me-Still' — Two Big Deals Now Active](https://www.bullished.co/propetro-ceo-concedes-data-center-market-is-show-me-still-two-big-deals-now-active-472e3958/)

[All ProPetro (PUMP) coverage →](https://www.bullished.co/tag/pump/)