The oilfield services provider ProPetro Holding’s PUMP completely owned subsidiary, ProPetro Services, Inc., got into an amended and reiterated pressure pumping services agreement with Pioneer Natural Resources PXD. Per the agreement, ProPetro will offer its pressure pumping services to the upstream operator.

ProPetro had signed a pressure pumping services agreement with Pioneer in 2018, in association with its acquisition of Pioneer’s pressure pumping services assets. Subsequently, both the entities worked jointly to enhance completions performance in the Permian Basin and accomplished industry-leading results.

The amended agreement offers updated performance standards, operating processes, pricing and terms, and the same is in effect as of Jan 1, 2022 and will end on Dec 31, 2022, possibly extended through 2023.

In accordance with the upgraded agreement, ProPetro will deliver and dedicate hydraulic fracturing fleets to provide fracture stimulation pumping services and offer associated products concerning such services. For this purpose, Pioneer will pay PUMP a definite fee, comprising a service fee which is to be calculated based on equipment and other services provided to Pioneer.

Commenting on the deal ProPetro’s Chief Executive Officer, Sam Sledge, mentioned that his company is excited to carry on and improve its relationship with Pioneer, showing the shared commitment to efficient and safe operations in the Permian Basin. He stated that the revised agreement venerates the fact that the operating standards of both companies have increased over the life of their collaboration. He also stated that his company looks forward to improving its relationship with Pioneer as ProPetro looks to expand its next-generation equipment offering and enhance completions performance. The CEO concluded by thanking ProPetro workers on the field and throughout the organization.

Pioneer’s President and Chief Operating Officer, Rich Dealy, mentioned that the revision to the prevailing agreement echoes his company’s desire for a continuous enhancement in completions performance, which is validated through the material progress that has been achieved from the time when the partnership began. “We thank ProPetro for its commitment to meet and exceed the high standards Pioneer expects in our operations," he further added.

Founded in 2005, Midland, TX-based ProPetro Holding Corp. is an oilfield services provider operating primarily in the Permian Basin spread over west Texas and New Mexico. The company offers a wide spectrum of specialized, complementary services and equipment for the exploration and production of oil and natural gas. Approximately 99% of ProPetro's total revenues come from the Permian Basin.