What ProPetro Holding Corp. told the SEC could break it.

Beyond its four >10% named customers, ProPetro's revenue is highly concentrated overall — its top five customers were ~68.2% and top ten ~84.5% of 2025 revenue; losing any large customer would materially hurt results.

“Our top ten customers represented approximately 84.5%, 75.3% and 85.5% of our consolidated revenue for the years ended December 31, 2025, 2024 and 2023, respectively. It is likely that we will depend on a relatively small number of customers for a significant portion of our revenue in the future.”

ProPetro's operations are almost entirely in the Permian Basin — ~100.0% of 2025 revenue (vs 98.5% in 2024) — leaving it disproportionately exposed to any downturn or disruption in that single basin.

“Our operations are geographically concentrated in the Permian Basin. For the years ended December 31, 2025, 2024 and 2023, approximately 100.0%, 98.5% and 98.1%, respectively, of our revenues were attributable to our operations in the Permian Basin.”

ProPetro's steel-intensive equipment is exposed to US tariffs — a 25% steel-import tariff (Mar 12, 2025) and a 10% broad import tariff (Apr 2, 2025) could raise its equipment and materials costs.

“For example, on March 12, 2025, the U.S. government imposed a 25% tariff on steel imports, and on April 2, 2025, the U.S. government announced a 10% tariff on product imports from almost all foreign countries and individualized higher tariffs on certain other countries.”