ProPetro Holding Corp.

Good morning and welcome to the ProPetro Holding Corp. Third Quarter 2021 conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw from the question queue, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Josh Jones, Director of Finance. Please go ahead.

Thank you and good morning. We appreciate your participation in today's call. With me today is Chief Executive Officer Sam Sledge, Chief Financial Officer David Shorlimer, and President and Chief Operating Officer Adam Munoz. Yesterday afternoon, we released our earnings announcement for the third quarter of 2021. Please note that any comments we make on today's call regarding projections or our expectations for future events are forward looking statements covered by the Private Securities Litigation Reform Act. Forward looking statements are subject to several risks and uncertainties, many of which are beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review our earnings release and risk factors discussed in our filings with the SEC. Also, during today's call, we will reference certain non-gap financial measures. Reconciliations of these non-gap measures to the most directly comparable gap measures are included in our earnings release. Finally, after our prepared remarks, we will hold a question and answer session. With that, I would like to turn the call over to Sam.

Thanks, Josh, and good morning, everyone. We're pleased with our third quarter operating and financial performance, which reflects our capital discipline and operating strategy, coupled with a continued focus on customers and teamwork. Our activity levels continue to increase throughout the third quarter, resulting in a 15% increase in revenues and an 18% increase in adjusted EBITDA. ProPetro continued to differentiate itself from its peers by generating solid margin and positive free cash flow, while continuing to introduce ESG-friendly solutions to our service lines, which we will discuss more later. Our team remains committed to executing on our disciplined and focused strategy, and it shows. With steady improvement in the global economy and improving oil prices, North American oil service activity has continued to improve. That said, we still believe we are in the early stages of what appears to be a sustained upcycle in the oil field. We are currently seeing stronger demand for and tight supply of efficient pressure pumping fleets as continued plans for modest growth from the EMP community collide with pressure pumping equipment attrition. We expect pressure pumping utilization to continue to rise as we head into 2022 potentially to full capacity as incremental demand for efficient fleets from private and public EMPs trends upward. Additionally, higher effective utilization in the frac market coupled with inflationary forces across our supply chains have led to gross and net pricing increases across all of our fleets. Our emissions-friendly equipment, including our recently announced Tier 4 DGB dual fuel conversions, are now garnering strong demand and differentiated pricing. As a reminder, those conversions support existing capacity and do not add effective horsepower to our fleet. We've also been active in recovering what we will call pandemic price discounts with our objective to recover all discounts and completely transition back to normalized financial performance and improve profitability for our shareholders. Our pricing discussions with customers have been and will continue to be collaborative to help both parties share the fruits of maximizing efficiency and complement their corporate planning and budgeting processes. To date, our team has received pricing increases from all customers and our price deck continues to migrate up. ProPetro's proven track record for quickly and effectively responding to the needs of our customers, albeit in a mutually beneficial manner, continues to differentiate ProPetro in our industry. During the third quarter, our execution at the wellhead continued with high pump time and productivity improvements relative to the second quarter. Congratulations to our team for those accomplishments and continuing to make our equipment reliable and ready for our customers and for performing their work in a safe manner. As we move forward, disciplined deployment of our equipment to profitable projects is essential to achieving success in this current and future operating environment. This applies not only to ProPetro, but our sector as a whole. As we have discussed in the past, we will not activate additional crews without adequate pricing, long-term visibility to consistent work schedule, and expectations of high efficiency targets so as to enable an opportunity to earn solid operating margins. The dedicated fleet model is our preferred method of operating and recurring EMP consolidation in the basin continues to produce more opportunities under that model. We remain steadfast in the belief that this upstream consolidation will benefit sophisticated and efficient pumping companies that can quickly assist oil and gas operators in the development of large acreage positions and do so in a very consistent and Predictable Manor. Of note, private operators and smaller public companies have and continue to lead the increases in drilling rig counts, certainly in the Permian Basin. We expect these activity increases to result in incremental demand for efficient and high-performing pressure pumping equipment, as we previously noted. With that, I'd like to turn the call over to David to discuss our third quarter financial performance and capital resources. David?