U.S. shale frackers have proven resilient during a more than two-year oil price downturn, and a recovery is now in order, said Dale Redman, CEO of oilfield services company ProPetro.
"You can only be waterboarded so long before you come up for air, and it's very encouraging, what's going on in the business community, looking at things globally with low oil prices," Redman told CNBC's "Squawk on the Street" on Friday.
Shares of ProPetro debuted Friday on the New York Stock Exchange and were trading at $15, about 7 percent above their IPO price, in midafternoon trading.
The company went public amid an early recovery in U.S. drilling, after a dearth of activity as oil prices slipped below $30 a barrel a year ago. That made much new American output unprofitable and put financial strain on companies like ProPetro, which sell services to drillers.
Revenue for Midland, Texas-based ProPetro declined by more than $100 million and its profit margins shrank last year, but Redman said the company has aligned itself with drillers operating in core oil-producing basins. Going public will provide the access to capital ProPetro needs to take advantage of the recovery and help its customers grow, he said.