EX-99.1 2 lbrt_9302024.htm EX-99.1 Document

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自由能源公司宣布2024年第三季度财务和运营结果
2024年10月16日
Liberty Energy公司（NYSE：LBRT；“Liberty”或“公司”）今天宣布了2024年第三季度的财务和运营结果。
总结结果和亮点
•营业收入为11亿美元，环比下降2%
•净利润为7400万美元，每股摊薄收益（“EPS”）为0.44美元
•调整后的EBITDA1 24800万美元
•22%的TTM调整前税前资本利用率（"ROCE"）2
•通过回购和现金分红向股东分发了5100万美元
•三季度期间回购并注销了1.2%的流通股，自2022年7月回购计划恢复以来，已累计注销了14.3%的流通股。
•2024年第四季度起，每股股息提高14％，至0.08美元。
•Liberty的多年车队技术转型计划按计划将于2025年开始，90%的车队将主要采用天然气驱动
•一支DigiPrime舰队完成了自由公司历史上任何船员月度泵送小时数最高的记录
•公司抽水效率创下季度纪录
•将Liberty舰队运往澳洲，完工活动将于第四季度开始
“Liberty取得了令人满意的季度成绩，营业收入达到11亿美元，调整后的EBITDA为24800万美元1 。在需求疲软的背景下，我们再次实现了效率的新高度，在一个季度内的工作时间比以往任何时候都要长，Liberty的digiPrime车队创造了公司历史上任何一个工作组每月工作时间的记录。克里斯·赖特（Chris Wright）首席执行官评论道：“我为我们的团队能够在最高运营水平上执行，为客户创造强劲的财务表现和价值而感到自豪。”
“我们在digiFleets和发电领域的战略投资正在扩大我们的竞争优势和市场机会，同时实施强有力的资本回报计划。自2022年7月以来，我们通过14%的股份退市和季度现金分红向股东分发了50900万美元。本周，我们宣布将季度现金股利提高14%，达到每股0.08美元。股份回购和分红的复利效应推动着股东在不同周期内获得更高的总回报率，”Wright先生继续说道。
“专注的投资使我们得以开发新市场，在行业板块中引领科技创新和运营效率。过去一年，利群公司已经与合作伙伴共同开发了澳洲燃料币丰富的比塔卢盆地。Wright先生继续表示：“随着利群公司船队的抵达，我们已经在这个国家迈出了重要的一步。”“在第三季度，利群爱文思控股（LAET）制造和装配部门已经交付了第一批digiPrime泵。此外，利群动力创新（LPI）在DJ盆地扩大运营已经起步良好，有助于推动我们的压裂船队CNG加油服务迅速发展至关键规模。”
“如今，商业和工业应用领域对电力需求的不断增长为LPI提供了令人信服的机遇。我们很高兴能够利用我们在为压裂舰队建设和管理发电厂方面积累的专业知识，为石油田内外的更多机遇提供支持。”


展望
石油市场反映了全球经济、欧佩克+生产计划、中国经济增长以及中东地缘政治动态等方面的显著不确定性。全球对石油的需求今年将增长大约一百万桶，预计明年将超过这一数字。尽管到2025年全球石油产量可能会出现过剩，但预计石油价格将保持相对稳定，并支持北美地区的活动。
近几周，由于生产者削减和国内强劲电力需求，天然气价格上涨，存储拥挤的担忧得到缓解，但更高的价格可能会激励撤销削减，并被证明是暂时的。预计美国和加拿大LNG出口设施的投产将刺激2025年的燃料币活动，并支撑更高持续的天然气需求。
压裂市场正在应对勘探与生产运营商2024年开发计划放缓的情况，这是对2024年上半年效率提升的一种回应，其中包括整合、更长的水平井、以及高评级地块的集中。能源市场的不确定性的升高进一步使运营商不愿在新年来临之前加速完井活动。我们现在预计Q4活动量会出现低两位数的百分比降低，比典型Q4的减少略微多一些。2025年初，完井活动可能会增加，以支持E&P石油和天然气产量目标保持不变。自2023年底以来，美国原油产量相对保持平稳，如果当前的完井活动水平持续下去，可能会出现下降。
龙头沟气行业板块动态有望从2025年的水平提高。今年市销率完善，部分原因是由于完井效率提高，并且通过更高的泵送速率增加了压裂强度。效率提高得益于向更大型生产商的混合转变，这些生产商受到整合以及与顶尖压裂服务提供商的合作的益处。整个行业的压裂效率处于历史最高水平，但我们预计改善速度将放缓。更高强度的压裂需要更多的马力。较软的活动已成为设备损耗、设备动员和车队停用的催化剂。综合而言，这些暗示了压裂车队的供需平衡比表面的车队数量所表明的更为紧张。
市销率较高、充足资金的勘探和生产公司正在各种油价区间里享受有吸引力的经济效益。为了保持效率提升并进一步支持勘探和生产需求日益增长的复杂性，有必要投资于领先的服务技术。年底期间压裂活动水平低迷正在短期内给价格施加压力，使价格低于2025年市场对马力供需的预期水平。服务价格支持投资非常重要，特别是考虑到设备老化、行业在下一代技术方面的投资不足和船队规模增长的情况下。
很少的服务提供商有能力以高质量的服务和下一代技术来管理日益复杂的完成需求。 Wright先生评论道：“我们拥有深厚的客户关系、领先的digiTechnologies产品以及集成服务，为我们的客户创造了强大的效率和为股东带来了回报。”
“在追求卓越的长期财务业绩的过程中，我们在投资和资产部署方面保持纪律。在过去的两年中，我们已经保持了大致不变的部署舰队数量。然而，在客户活动和市场压力近期减少的情况下，我们计划在继续支持长期合作伙伴的同时，暂时和适度减少我们部署的舰队数量。”
“Looking ahead, we expect to deliver healthy free cash flow generation in 2025. Our investment cadence within frac slows following an accelerated technology transition push in the last few years. Our strategic investment is expected to shift in support of our growing opportunities for power generation services. We are well-positioned to deliver on our dual priorities of strategic investment and return of capital to shareholders, creating value over the long-term,” continued Mr. Wright.
Share Repurchase Program
During the quarter ended September 30, 2024, Liberty repurchased and retired 1,939,072 shares of Class A common stock at an average of $20.27 per share, representing 1.2% of shares outstanding, for approximately $39 million. Liberty has cumulatively repurchased and retired 14.3% of shares outstanding at program


commencement on July 25, 2022. Total remaining authorization for future common share repurchases is approximately $323 million.
The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through the authorization period.
Cash Dividend
During the quarter ended September 30, 2024, the Company paid a quarterly cash dividend of $0.07 per share of Class A common stock, or approximately $11 million in aggregate to shareholders.
On October 15, 2024, the Board declared a cash dividend of $0.08 per share of Class A common stock, to be paid on December 20, 2024 to holders of record as of December 6, 2024.
Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.
Third Quarter Results
For the third quarter of 2024, revenue was $1.1 billion, compared to $1.2 billion in each of the third quarter of 2023 and the second quarter of 2024.
Net income (after taxes) totaled $74 million for the third quarter of 2024 compared to $149 million in the third quarter of 2023 and $108 million in the second quarter of 2024.
Adjusted Net Income3 (after taxes) totaled $76 million for the third quarter of 2024 compared to $149 million in the third quarter of 2023 and $103 million in the second quarter of 2024.
Adjusted EBITDA1 was $248 million in the third quarter of 2024 compared to $319 million in the third quarter of 2023 and $273 million in the second quarter of 2024.
Fully diluted earnings per share of $0.44 for the third quarter of 2024 compared to $0.85 for the third quarter of 2023 and $0.64 for the second quarter of 2024.
Adjusted Net Income per Diluted Share3 of $0.45 for the third quarter of 2024 compared to $0.86 for the third quarter of 2023 and $0.61 for the second quarter of 2024.
Please refer to the tables at the end of this earnings release for a reconciliation of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per Diluted Share (each, a non-GAAP financial measure) to the most directly comparable GAAP financial measures.
Balance Sheet and Liquidity
As of September 30, 2024, Liberty had cash on hand of $23 million, a decrease from second quarter levels, and total debt of $123 million, drawn on the secured asset-based revolving credit facility. Total liquidity, including availability under the credit facility, was $352 million as of September 30, 2024.


Conference Call
Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, October 17, 2024. Presenting Liberty’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.
Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyenergy.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 5442952. The replay will be available until October 24, 2024.
About Liberty
Liberty is a leading North American energy services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyenergy.com.
1    “Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure.
2    Adjusted Pre-Tax Return on Capital Employed is a non-U.S. GAAP operational measure. Please see the supplemental financial information in the table under “Calculation of Adjusted Pre-Tax Return on Capital Employed” at the end of this earnings release for a calculation of this measure.
3    “Adjusted Net Income” and “Adjusted Net Income per Diluted Share” are not presented in accordance with U.S. GAAP. Please see the supplemental financial information in the table under “Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share” at the end of this earnings release for a reconciliation of the non-GAAP financial measures of Adjusted Net Income and Adjusted Net Income per Diluted Share to the most directly comparable GAAP financial measures.
Non-GAAP Financial Measures
This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per Diluted Share, and Adjusted Pre-Tax Return on Capital Employed (“ROCE”). We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock-based compensation, new fleet or new basin start-up costs, fleet lay-down costs, gain or loss on the disposal of assets, unrealized gain or loss on investments, net, bad debt reserves, transaction and other costs, the loss or gain on remeasurement of liability under our tax receivable agreements, and other non-recurring expenses that management does not consider in assessing ongoing performance.
Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion, and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under U.S. GAAP.
We present Adjusted Net Income and Adjusted Net Income per Diluted Share because we believe such measures provide useful information to investors regarding our operating performance by excluding the after-tax impacts of unusual or one-time benefits or costs, including items such as unrealized gain or loss on investments, net, transaction and other costs, and the loss or gain on remeasurement of liability under our tax receivable agreements, primarily because management views the excluded items to be outside of our normal operating results. We define Adjusted Net Income as net income after eliminating the effects of such excluded items and Adjusted Net Income per Diluted Share as Adjusted Net Income divided by the number of weighted average diluted shares outstanding. Management analyzes net income without the impact of these items as an indicator of performance to identify underlying trends in our business.
We define ROCE as the ratio of adjusted pre-tax net income (adding back income tax and certain adjustments that include tax receivable agreement impacts, unrealized gain or loss on investments, net, and transaction and other costs, when


applicable) for the twelve months ended September 30, 2024 to Average Capital Employed. Average Capital Employed is the simple average of total capital employed (both debt and equity) as of September 30, 2024 and September 30, 2023. ROCE is presented based on our management’s belief that these non-GAAP measures are useful information to investors when evaluating our profitability and the efficiency with which management has employed capital over time. Our management uses ROCE for that purpose. ROCE is not a measure of financial performance under U.S. GAAP and should not be considered an alternative to net income, as defined by U.S. GAAP.
Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.
Forward-Looking and Cautionary Statements
The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expected growth from recent acquisitions, expected performance, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, future global economic conditions, the impact of worldwide political, military and armed conflict, the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “forecast,” “assume,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our current expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, many of which are beyond our control, actual results may differ materially from those indicated or implied by such forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.
Contact:
Michael Stock
Chief Financial Officer
Anjali Voria, CFA
Director of Investor Relations
303-515-2851
IR@libertyenergy.com



Liberty Energy Inc.
Selected Financial Data
(unaudited)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
20242024202320242023
Statement of Operations Data:(amounts in thousands, except for per share data)
Revenue$1,138,578 $1,159,884 $1,215,905 $3,371,587 $3,672,970 
Costs of services, excluding depreciation, depletion, and amortization shown separately840,274 835,798 850,247 2,458,752 2,572,119 
General and administrative58,614 57,700 55,040 169,300 166,110 
Transaction and other costs— — 202 — 1,804 
Depreciation, depletion, and amortization126,395 123,305 108,997 372,886 303,093 
Loss (gain) on disposal of assets6,017 1,248 (3,808)6,105 (6,981)
Total operating expenses1,031,300 1,018,051 1,010,678 3,007,043 3,036,145 
Operating income107,278 141,833 205,227 364,544 636,825 
Unrealized loss (gain) on investments, net2,727 (7,201)— (4,474)— 
Interest expense, net8,589 8,063 6,776 23,715 21,142 
Net income before taxes95,962 140,971 198,451 345,303 615,683 
Income tax expense22,158 32,550 49,843 81,186 151,658 
Net income73,804 108,421 148,608 264,117 464,025 
Less: Net income attributable to non-controlling interests— — — — 91 
Net income attributable to Liberty Energy Inc. stockholders$73,804 $108,421 $148,608 $264,117 $463,934 
Net income attributable to Liberty Energy Inc. stockholders per common share:
Basic$0.45 $0.65 $0.88 $1.59 $2.68 
Diluted$0.44 $0.64 $0.85 $1.55 $2.62 
Weighted average common shares outstanding:
Basic164,741 166,210 169,781 165,755 173,135 
Diluted168,595 169,669 173,984 169,947 177,284 
Other Financial and Operational Data
Capital expenditures (1)$162,835 $134,081 $161,379 $438,909 $442,779 
Adjusted EBITDA (2)$247,811 $273,256 $319,213 $765,853 $960,561 

(1)Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisitions, net of proceeds from the sales of assets.
(2)Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below.


Liberty Energy Inc.
Condensed Consolidated Balance Sheets
(unaudited, amounts in thousands)
September 30,December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$23,012 $36,784 
Accounts receivable and unbilled revenue594,056 587,470 
Inventories197,563 205,865 
Prepaids and other current assets107,889 124,135 
Total current assets922,520 954,254 
Property and equipment, net1,834,214 1,645,368 
Operating and finance lease right-of-use assets357,757 274,959 
Other assets158,393 158,976 
Total assets$3,272,884 $3,033,557 
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities$655,519 $572,029 
Current portion of operating and finance lease liabilities93,052 67,395 
Total current liabilities748,571 639,424 
Long-term debt123,000 140,000 
Long-term operating and finance lease liabilities255,020 197,914 
Deferred tax liability102,287 102,340 
Payable pursuant to tax receivable agreements75,008 112,471 
Total liabilities1,303,886 1,192,149 
Stockholders' equity:
Common Stock1,634 1,666 
Additional paid in capital996,336 1,093,498 
Retained earnings980,914 752,328 
Accumulated other comprehensive loss(9,886)(6,084)
Total stockholders’ equity
1,968,998 1,841,408 
Total liabilities and equity$3,272,884 $3,033,557 



Liberty Energy Inc.
Reconciliation and Calculation of Non-GAAP Financial and Operational Measures
(unaudited, amounts in thousands, except per share data)
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
20242024202320242023
Net income$73,804 $108,421 $148,608 $264,117 $464,025 
Depreciation, depletion, and amortization126,395 123,305 108,997 372,886 303,093 
Interest expense, net8,589 8,063 6,776 23,715 21,142 
Income tax expense22,158 32,550 49,843 81,186 151,658 
EBITDA$230,946 $272,339 $314,224 $741,904 $939,918 
Stock-based compensation expense8,121 6,870 8,595 22,318 23,738 
Unrealized loss (gain) on investments, net2,727 (7,201)— (4,474)— 
Fleet start-up and lay-down costs— — — — 2,082 
Transaction and other costs— — 202 — 1,804 
Loss (gain) on disposal of assets6,017 1,248 (3,808)6,105 (6,981)
Adjusted EBITDA$247,811 $273,256 $319,213 $765,853 $960,561 

Reconciliation of Net Income and Net Income per Diluted Share to Adjusted Net Income and Adjusted Net Income per Diluted Share
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
20242024202320242023
Net income$73,804 $108,421 $148,608 $264,117 $464,025 
Adjustments:
Less: Unrealized loss (gain) on investments, net2,727 (7,201)— (4,474)— 
Add back: Transaction and other costs— — 202 — 1,804 
Total adjustments, before taxes2,727 (7,201)202 (4,474)1,804 
Income tax expense (benefit) of adjustments656 (1,707)53 (1,051)444 
Adjusted Net Income$75,875 $102,927 $148,757 $260,694 $465,385 
Diluted weighted average common shares outstanding168,595 169,669 173,984 169,947 177,284 
Net income per diluted share$0.44 $0.64 $0.85 $1.55 $2.62 
Adjusted Net Income per Diluted Share$0.45 $0.61 $0.86 $1.53 $2.63 




Calculation of Adjusted Pre-Tax Return on Capital Employed
Twelve Months Ended
September 30,
20242023
Net income$356,500 
Add back: Income tax expense108,010 
Less: Gain on remeasurement of liability under tax receivable agreements (1)(1,817)
Less: Unrealized gain on investments, net(4,474)
Add back: Transaction and other costs249 
Adjusted Pre-tax net income$458,468 
Capital Employed
Total debt$123,000 $223,000 
Total equity1,968,998 1,788,562 
Total Capital Employed$2,091,998 $2,011,562 
Average Capital Employed (2)$2,051,780 
Adjusted Pre-Tax Return on Capital Employed (3)22 %

(1)Gain on remeasurement of the liability under tax receivable agreements is calculated using the Company’s effective tax rates and payments expected to be made under the agreements and should be excluded in the determination of adjusted pre-tax return on capital employed.
(2)Average Capital Employed is the simple average of Total Capital Employed as of September 30, 2024 and 2023.
(3)Adjusted Pre-tax Return on Capital Employed is the ratio of adjusted pre-tax net income for the twelve months ended September 30, 2024 to Average Capital Employed.