ProPetro Holding Corp.’s board is increasing the company’s share repurchase program by $100 million, bringing its total buybacks to $200 million worth of common shares.

The repurchase program is also being extended by a year, to May 31, 2025.

Since buybacks began in May 2023, ProPetro has repurchased 8%, or approximately $74 million, of its outstanding common stock. With the new expansion of the program, another $126 million is authorized for future common share repurchases, or 14% of ProPetro’s market capitalization based on the current share price.

"We are pleased to announce the expansion of our share repurchase program, which reflects the strong support of our board of directors in our strategy and ability to execute," said CEO Sam Sledge in the press release. "We are confident we have the right strategy in place to benefit from our position as a sophisticated service provider. Our proven discipline and transformed, bifurcated fleet give us confidence in our strategy and earnings potential.”

The company plans to buy shares opportunistically, taking into account market conditions, the company’s business outlook, its capital position and liquidity, the company said in the press release.

The company plans to use different methods to repurchase, including in open market transactions, block trades, accelerated share repurchases, privately negotiated transactions and derivative transactions. Repurchases will be funded using cash on hand and expected free cash flow.

ProPetro is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified or discontinued at any time without prior notice.