PROPWR Secures 230 MW in Power Contracts with Targa, Bringing Total Contracted Capacity to 510 MW
PUMP has more than doubled off its 52-week low of $4.73.
Summary
ProPetro's PROPWR unit signed long-term contracts to commit approximately 230 MW of power generation capacity to Targa Resources, lifting total contracted capacity to about 510 MW and positioning the company for future data center opportunities.
Key Events · M&A and Partnerships · PUMP
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230 MW Contract with Targa
PROPWR entered into new long-term contracts to commit approximately 230 MW of behind-the-meter power generation capacity to a subsidiary of Targa Resources Corp., a large investment-grade midstream operator in the Permian Basin.
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Total Contracted Capacity Reaches 510 MW
With the new Targa contracts, PROPWR's total capacity committed under contract now stands at approximately 510 MW, reflecting recontracting of previously announced oil and gas power capacity that is no longer committed.
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Redeployment Enables Data Center Optionality
The recontracting allows PROPWR to redeploy associated capacity to Targa and make additional megawatts available for potential data center deployments in 2027 and beyond.
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Full Deployment Expected Early 2028
The long-term contracts will provide behind-the-meter power to support Targa's continued investment in natural gas processing infrastructure, with full deployment expected in early 2028.
Analysis · PUMP · Energy & Transportation
ProPetro's PROPWR unit has locked in long-term behind-the-meter power contracts with Targa Resources for approximately 230 MW, pushing total contracted capacity to roughly 510 MW. The agreement replaces previously announced oil and gas power capacity that is no longer committed, enabling PROPWR to redeploy assets toward a large, investment-grade midstream counterparty while freeing up additional megawatts for potential data center deployments in 2027 and beyond. Full deployment is expected in early 2028. This represents meaningful commercial validation for ProPetro's newer power generation segment, though no financial terms were disclosed.
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At the time of this filing, PUMP was trading at $10.03 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 filing was assessed with positive market sentiment and an importance score of 7 out of 10.