EX-99.1 2 lbrt_9302024.htm EX-99.1 Document

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自由能源公司宣佈2024年第三季度財務和運營結果
2024年10月16日
Liberty Energy公司（NYSE：LBRT；「Liberty」或「公司」）今天宣佈了2024年第三季度的財務和運營結果。
總結結果和亮點
•營業收入爲11億美元，環比下降2%
•淨利潤爲7400萬美元，每股攤薄收益（「EPS」）爲0.44美元
•調整後的EBITDA1 24800萬美元
•22%的TTM調整前稅前資本利用率（"ROCE"）2
•通過回購和現金分紅向股東分發了5100萬美元
•三季度期間回購並註銷了1.2%的流通股，自2022年7月回購計劃恢復以來，已累計註銷了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的多年車隊技術轉型計劃按計劃將於2025年開始，90%的車隊將主要採用天然氣驅動
•一支DigiPrime艦隊完成了自由公司歷史上任何船員月度泵送小時數最高的記錄
•公司抽水效率創下季度紀錄
•將Liberty艦隊運往澳洲，完工活動將於第四季度開始
“Liberty取得了令人滿意的季度成績，營業收入達到11億美元，調整後的EBITDA爲24800萬美元1 。在需求疲軟的背景下，我們再次實現了效率的新高度，在一個季度內的工作時間比以往任何時候都要長，Liberty的digiPrime車隊創造了公司歷史上任何一個工作組每月工作時間的記錄。克里斯·賴特（Chris Wright）首席執行官評論道：「我爲我們的團隊能夠在最高運營水平上執行，爲客戶創造強勁的財務表現和價值而感到自豪。」
「我們在digiFleets和發電領域的戰略投資正在擴大我們的競爭優勢和市場機會，同時實施強有力的資本回報計劃。自2022年7月以來，我們通過14%的股份退市和季度現金分紅向股東分發了50900萬美元。本週，我們宣佈將季度現金股利提高14%，達到每股0.08美元。股份回購和分紅的複利效應推動着股東在不同週期內獲得更高的總回報率，」Wright先生繼續說道。
“專注的投資使我們得以開發新市場，在行業板塊中引領科技創新和運營效率。過去一年，利群公司已經與合作伙伴共同開發了澳洲燃料幣豐富的比塔盧盆地。Wright先生繼續表示：「隨着利群公司船隊的抵達，我們已經在這個國家邁出了重要的一步。」「在第三季度，利群愛文思控股（LAET）製造和裝配部門已經交付了第一批digiPrime泵。此外，利群動力創新（LPI）在DJ盆地擴大運營已經起步良好，有助於推動我們的壓裂船隊CNG加油服務迅速發展至關鍵規模。」
「如今，商業和工業應用領域對電力需求的不斷增長爲LPI提供了令人信服的機遇。我們很高興能夠利用我們在爲壓裂艦隊建設和管理發電廠方面積累的專業知識，爲石油田內外的更多機遇提供支持。」


展望
石油市場反映了全球經濟、歐佩克+生產計劃、中國經濟增長以及中東地緣政治動態等方面的顯著不確定性。全球對石油的需求今年將增長大約一百萬桶，預計明年將超過這一數字。儘管到2025年全球石油產量可能會出現過剩，但預計石油價格將保持相對穩定，並支持北美地區的活動。
近幾周，由於生產者削減和國內強勁電力需求，天然氣價格上漲，存儲擁擠的擔憂得到緩解，但更高的價格可能會激勵撤銷削減，並被證明是暫時的。預計美國和加拿大LNG出口設施的投產將刺激2025年的燃料幣活動，並支撐更高持續的天然氣需求。
壓裂市場正在應對勘探與生產運營商2024年開發計劃放緩的情況，這是對2024年上半年效率提升的一種回應，其中包括整合、更長的水平井、以及高評級地塊的集中。能源市場的不確定性的升高進一步使運營商不願在新年來臨之前加速完井活動。我們現在預計Q4活動量會出現低兩位數的百分比降低，比典型Q4的減少略微多一些。2025年初，完井活動可能會增加，以支持E&P石油和天然氣產量目標保持不變。自2023年底以來，美國原油產量相對保持平穩，如果當前的完井活動水平持續下去，可能會出現下降。
龍頭溝氣行業板塊動態有望從2025年的水平提高。今年市銷率完善，部分原因是由於完井效率提高，並且通過更高的泵送速率增加了壓裂強度。效率提高得益於向更大型生產商的混合轉變，這些生產商受到整合以及與頂尖壓裂服務提供商的合作的益處。整個行業的壓裂效率處於歷史最高水平，但我們預計改善速度將放緩。更高強度的壓裂需要更多的馬力。較軟的活動已成爲設備損耗、設備動員和車隊停用的催化劑。綜合而言，這些暗示了壓裂車隊的供需平衡比表面的車隊數量所表明的更爲緊張。
市銷率較高、充足資金的勘探和生產公司正在各種油價區間裏享受有吸引力的經濟效益。爲了保持效率提升並進一步支持勘探和生產需求日益增長的複雜性，有必要投資於領先的服務技術。年底期間壓裂活動水平低迷正在短期內給價格施加壓力，使價格低於2025年市場對馬力供需的預期水平。服務價格支持投資非常重要，特別是考慮到設備老化、行業在下一代技術方面的投資不足和船隊規模增長的情況下。
很少的服務提供商有能力以高質量的服務和下一代技術來管理日益複雜的完成需求。 Wright先生評論道：「我們擁有深厚的客戶關係、領先的digiTechnologies產品以及集成服務，爲我們的客戶創造了強大的效率和爲股東帶來了回報。」
「在追求卓越的長期財務業績的過程中，我們在投資和資產部署方面保持紀律。在過去的兩年中，我們已經保持了大致不變的部署艦隊數量。然而，在客戶活動和市場壓力近期減少的情況下，我們計劃在繼續支持長期合作伙伴的同時，暫時和適度減少我們部署的艦隊數量。」
“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.