ProPetro's PROPWR Signs 230 MW Power Contracts with Targa, Total Contracted Capacity Hits 510 MW
PUMP has more than doubled off its 52-week low of $4.73.
Summary
ProPetro's PROPWR unit signed new long-term contracts with Targa Resources for approximately 230 MW of behind-the-meter power generation, bringing total contracted capacity to about 510 MW. The deal includes redeployment of previously announced oil and gas power capacity, freeing up additional megawatts for potential data center deployments in 2027 and beyond. Full deployment is expected in early 2028, supporting Targa's natural gas processing expansion in the Permian Basin. This follows ProPetro's Q2 report showing PROPWR contracted capacity at 350 MW, so the new contracts represent a significant step-up in committed power generation. The agreement with an investment-grade counterparty like Targa validates PROPWR's business model and provides long-term revenue visibility. Investors should watch for further announcements on data center power contracts, which could accelerate growth beyond the current 510 MW.
At the time of this announcement, PUMP was trading at $10.10 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $4.73 to $18.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.