13G Filing: Carlson Capital and Propetro Holding Corp.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

Information to be Included in Statements Filed Pursuant to § 240.13d-1(b), (c)

and (d) and Amendments Thereto Filed Pursuant to § 240.13d-2

Under the Securities Exchange Act of 1934

(Amendment No. )*

Propetro
Holding Corp.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

743474M108

(CUSIP
Number)

March 22, 2017

Date of Event Which Requires Filing of This Statement)

Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐
Rule 13d-1(d)

The information required in the remainder of this cover
page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other
provisions of the Act (however, see the Notes).

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Item 1(a). NAME OF ISSUER

ProPetro Holding Corp. (the Issuer).

Item 1(b). ADDRESS OF ISSUERS PRINCIPAL EXECUTIVE OFFICES

1706 S. Midkiff, Bldg. B

Midland, Texas 79701

Item 2(a). NAME OF
PERSON FILING

This statement is filed by:

(i) Double Black Diamond Offshore Ltd., a Cayman Islands exempted company (Double Offshore), with respect to the Common Stock (as
defined below) directly held by it;

(ii) Black Diamond Offshore Ltd., a Cayman Islands exempted company (Offshore), with
respect to the Common Stock directly held by it;

(iii) Black Diamond Energy L/S Offshore Ltd., a Cayman Islands exempted company
(Energy and together with Double Offshore and Offshore, the Funds), with respect to the Common Stock directly held by it;

(iv) Carlson Capital L.P., a Delaware limited partnership (Carlson Capital), which serves as the investment manager to the Funds,
with respect to the Common Stock directly held by the Funds;

(v) Asgard Investment Corp. II, a Delaware corporation (Asgard
II), which serves as the general partner of Carlson Capital, with respect to the Common Stock directly held by the Funds;

(vi)
Asgard Investment Corp., a Delaware corporation (Asgard), which is the sole stockholder of Asgard II, with respect to the Common Stock directly held by the Funds; and

(vii) Mr. Clint D. Carlson, a United States citizen (Mr. Carlson), who serves as president of Asgard, Asgard II and
Carlson Capital, with respect to the Common Stock directly held by the Funds.

The foregoing persons are hereinafter sometimes collectively
referred to as the Reporting Persons.

The filing of this statement should not be construed as an admission that any of the
Reporting Persons is, for the purposes of Section 13 of the Act, the beneficial owner of the Common Stock reported herein.

Item 2(b).
ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE

The address of the principal business office of each of the Reporting
Persons is 2100 McKinney Avenue, Suite 1800, Dallas, Texas 75201.

Item 2(c). CITIZENSHIP

Each of the Funds is a Cayman Islands exempted company. Carlson Capital is a Delaware limited partnership. Each of Asgard and Asgard II is a
Delaware corporation. Mr. Carlson is a United States citizen.

Item 2(d). TITLE OF CLASS OF SECURITIES

Common Stock, par value $0.01 per share (the Common Stock).

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Item 2(e). CUSIP NUMBER

743474M108

Carlson Capital is an investment adviser registered under section 8 of the Investment Company Act of 1940.

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The
Issuers Prospectus filed pursuant to Rule 424(b)(4) with the Securities and Exchange Commission on March 20, 2017 indicates that the total number of outstanding shares of Common Stock after the completion of the Issuers initial
public offering was 83,039,854. The percentages used herein and in the rest of the Schedule 13G are based upon such number of shares of Common Stock outstanding. As of March 31, 2017, the Reporting Persons beneficially own 7,749,998 shares of
Common Stock in the aggregate, representing approximately 9.3% of the outstanding Common Stock.

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If this statement is being filed to report
the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ☐.

Not applicable.

Not applicable.

Not applicable.

Not applicable.

Each of the Reporting Persons hereby makes the following certification:

By signing below, each Reporting Person certifies that, to the best of his or its knowledge and belief, the securities referred to above
were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having
that purpose or effect.

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SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this
statement is true, complete and correct.

DATED: March 31, 2017

Exhibit 1

JOINT FILING AGREEMENT

In accordance with Rule
13d-1(k) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Common Stock of
Propetro Holding Corp., and that this Joint Filing Agreement be included as an Exhibit to such joint filing.

Each of the undersigned acknowledges that
each shall be responsible for the timely filing of any statement (including amendments) on Schedule 13G, and for the completeness and accuracy of the information concerning him or it contained herein, but shall not be responsible for the
completeness and accuracy of the information concerning the other persons making such filings, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Dated: March 31, 2017