PUMP · CIK 0001680247
What ProPetro Holding Corp. told the SEC could break it.
ProPetro's disclosures describe concentration on nearly every axis of its frac-services business. Its revenue leans on a handful of customers — the top five were about 68.2% and the top ten 84.5% of 2025 revenue — so losing any large one would materially hurt results. Geographically it is essentially a single-basin operator: roughly 100% of 2025 revenue came from the Permian Basin, leaving it disproportionately exposed to any downturn or disruption there. Its steel-intensive equipment is also exposed to 2025 U.S. tariffs — a 25% steel-import tariff and a 10% broad import tariff — that could raise its equipment and materials costs.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- top 5 = 68.2%, top 10 = 84.5% of revenuehigh
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.”
SEC filing →As of 2026
Geographic concentration
- Permian Basinhigh
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.”
SEC filing →As of 2026
Regulatory & policy
- steel & import tariffsmedium
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.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“For the year ended December 31, 2025, Exxon Mobil Corporation (“ExxonMobil”), Occidental Petroleum Corporation, EOG Resources, Inc. and Permian Resources Corporation accounted for 24.9%, 13.7%, 12.1%, and 11.2%, r”
Cited →“For the year ended December 31, 2025, Exxon Mobil Corporation (“ExxonMobil”), Occidental Petroleum Corporation, EOG Resources, Inc. and Permian Resources Corporation accounted for 24.9%, 13.7%, 12.1%, and 11.2%, r”
Cited →“For the year ended December 31, 2025, Exxon Mobil Corporation (“ExxonMobil”), Occidental Petroleum Corporation, EOG Resources, Inc. and Permian Resources Corporation accounted for 24.9%, 13.7%, 12.1%, and 11.2%, r”
Cited →
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