ProPetro enters power supply agreement with Coterra's unit
Dec 12 (Reuters) - Oilfield services provider ProPetro Holding Corp PUMP.N announced on Friday that its energy unit, PROPWR, signed a deal with a unit of Coterra Energy CTRA.N to supply power for building and installing microgrids in New Mexico's Permian Basin.
Big U.S. firms are increasingly turning to on-site power generation and microgrids to cut fuel costs and improve reliability, as grid constraints and rising electricity demand strains local infrastructure.
Deployment and operations for the project at the Permian Basin, the largest U.S. oilfield, are scheduled to begin in the first quarter of 2026.
PROPWR said it now has over 220 megawatts committed under contract and has placed orders for an additional 190 megawatts of equipment.
ProPetro now expects 2026 capital spending of $250 million to $275 million, higher than its earlier estimate of $200 million to $250 million, on the back of the additional orders.
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