Oilfield operator ProPetro Electrifying part of Hydraulic Fracturing Fleet
Oil-field services firm ProPetro Holding has signed a long-term lease agreement for two electric frac fleets as part of its fleet transition strategy.
The new fleet uses conventional pumping equipment and proven technologies. The delivery of the frac fleet is expected in the third quarter of 2023.
“We are in discussions with several customers regarding multi-year projects that will use these electric fleets starting as early as the third quarter of 2023,” Sam Sledge, ProPetro CEO, said in a statement. “With these more efficient fleets, we will help advance our customers’ efforts to reduce costs and greenhouse gas emissions, while enhancing our company’s competitiveness and free cash flow profile. We are also excited to bolster our services and capabilities for the benefit of our customers while equipping our ProPetro teammates with the best tools to drive sustainable value creation through the ongoing multi-year upcycle."
The lease includes an option to buy the fleet at the end of the lease term. ProPetro also plans to operate nine lower-emitting natural gas-fueled fleets operating in the second half of next year.
Many fracturing pumps historically run on diesel fuel, which oilfield services firm Halliburton has estimated can cost more than $1 million in fuel expense per month during well completion and stimulation activities.
Hydraulic fracturing is a method that producers use in capturing oil and gas in deep, non-porous shale plays. They use a high-volume mix of water, sand and other elements to force openings in the formations and release the oil and gas.
ProPetro is not alone or first in electrifying at least of its fracking fleet. Several years ago, CNX Resources utilized Evolution Well Services’ electrified fracturing fleet at its well in the Marcellus Shale.
Midland, Texas-based ProPetro runs all of its fracturing operations in the Permian Basin of western Texas and eastern New Mexico.
