First Quarter 2025 Financial and Operational Results

DENVER–(BUSINESS WIRE)– Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today first quarter 2025 financial and operational results.

Summary Results and Highlights

• Revenue of $977 million, a 4% sequential increase
• Net income of $20 million, or $0.12 fully diluted earnings per share (“EPS”)
• Adjusted EBITDA¹ of $168 million, an 8% sequential increase
• Achieved 12% TTM Adjusted Pre-Tax Return on Capital Employed (“ROCE”)²
• Distributed $37 million to shareholders through share repurchases and cash dividends
• Repurchased and retired 1.0% of shares outstanding during the first quarter, and a cumulative 15.9% of shares outstanding since reinstating the repurchase program in July 2022
• Expanded LPI’s distributed power systems offering with the acquisition of IMG Energy Solutions (“IMG”)
• Successfully tested the latest digiPrime technology advancement, the industry’s first natural gas variable speed pump
• Established new benchmark in critical equipment component longevity utilizing our AI-driven predictive maintenance systems, reducing total cost of asset ownership

“Liberty delivered a solid first quarter, with revenue of $977 million and Adjusted EBITDA of $168 million, and distributed $37 million to shareholders through opportunistic share repurchases and dividends. We saw strong sequential improvement in utilization across our fleet, reached new heights in operational efficiencies and safety performance, and set a new high watermark in asset lifespan for equipment components,” commented Ron Gusek, Chief Executive Officer. “Our early year results demonstrate a positive rebound from the fourth quarter of 2024, a trend that has continued into the second quarter.”

“In recent months, tariff announcements and a more aggressive OPEC+ production strategy have sent ripples across the energy sector. Today, we have excess demand for Liberty services as our customers align themselves with top-tier providers in a clear industry ‘flight to quality,’” continued Mr. Gusek. “While North American producers have not yet meaningfully changed development plans, we expect our customers to assess a range of scenarios in anticipation of commodity price pressure, and we are staying close to our partners in this dynamic market.”

“Liberty’s differentiation is the engine of our success through both prosperous and challenging times. Our strategy of delivering strong long-term returns with a unique culture, deep customer relationships, and superior performance consistently drives differential demand for Liberty fleets,” continued Mr. Gusek. “Today, we are better positioned than ever to navigate market uncertainties, with greater scale, vertical integration, technological advancements, and a fortress balance sheet. Prior cycles have proved the resilience of our strategy, of leading the industry with discipline while strategically enhancing our competitive edge. We will adhere to our principles and continue to build enduring advantages in today’s rapidly evolving market.”

Outlook

As global oil markets contend with tariff impacts, geopolitical tensions, and oil supply concerns, North American producers are evaluating a range of macroeconomic scenarios. The recent pause on tariffs has momentarily eased pressure on the global economy, and in turn, global oil demand concerns. However, markets remain focused on supply side dynamics, including the evolving OPEC+ production strategy and potential constraints on Iranian, Russian, and Venezuelan oil exports. Natural gas fundamentals are more favorable on rising LNG export capacity demand in support of global energy security.

While the current tumult in commodity prices is not immediately driving changes in North American activity, we expect oil producers are evaluating a range of scenarios in anticipation of oil price pressure. Concurrently, gas producers could prove to be beneficiaries of potentially lower associated gas production in oily basins.

In contrast to prior oil and gas cycles, recent years have seen steadier activity in both higher and lower commodity price environments. Larger, well-capitalized producers, that comprise a larger portion of shale production today, are better able to withstand a broader range of commodity prices, while smaller producers are more sensitive to commodity prices. Since the pandemic-driven downturn, the energy sector has seen significant consolidation as well as a strong focus on capital discipline and balance sheet strength, and most producers have targeted flat to modest production growth. Today’s frac activity simply supports maintenance of current oil production levels, mitigating the possibility of steep declines experienced by the service industry in past cycles. While macroeconomic risk could lead to lower oil production in North America, the industry is operating from a higher base of production today than prior cycles, implying a decline in service activity would likely be less pronounced than in the past.

Liberty’s differential service platform is stronger today than at any point in the last 14 years. Our unmatched scale, integrated services, robust supply chain, and advanced technology systems uniquely enable us to deliver more value, lowering the total cost to produce a barrel of oil. Fleet modernization with advanced sensors, real-time data capture, and enhanced data visualization tools, is driving tangible benefits and improving decision-making, allowing our teams and customers to respond faster and more effectively in a dynamic market. We are also working closely with our customers to bring innovative engineering and designs to their completion strategies. This integrated, high-performance model reinforces our position as the service provider of choice in a competitive market.

“We started the year with positive momentum and are currently anticipating sequential growth in revenue and profitability in the second quarter from higher utilization. Amidst market uncertainties we are working closely with our customers and suppliers to deliver superior services and drive greater efficiencies that could help partially offset tariff-related impacts. We expect our strong balance sheet will allow us to navigate any potential slowdown while executing on our long-term strategic plan,” commented Mr. Gusek. “We are also actively assessing the implications of tariffs across our business and have already begun mitigation efforts.”

“Strategic investment has allowed us to develop new markets and lead technology innovation and operational efficiency in the industry. Growing power demand from data centers, manufacturing, mining, and industrial electrification is enabling us to expand our power services beyond the oilfield. The acquisition of IMG, a leader in distributed power systems, opportunistically augments LPI with power plant EPC management and PJM utility market expertise. We are excited by the opportunity ahead to expand in these key growth areas,” continued Mr. Gusek.

Share Repurchase Program

During the quarter ended March 31, 2025, Liberty repurchased and retired 1,546,138 shares of Class A common stock at an average of $15.50 per share, representing 1.0% of shares outstanding, for approximately $24 million.

Liberty has cumulatively repurchased and retired 15.9% of shares outstanding at program commencement on July 25, 2022. Total remaining authorization for future common share repurchases is approximately $270 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 March 31, 2025, the Company paid a quarterly cash dividend of $0.08 per share of Class A common stock, or approximately $13 million in aggregate to shareholders.

On April 15, 2025, the Board declared a cash dividend of $0.08 per share of Class A common stock, to be paid on June 20, 2025 to holders of record as of June 6, 2025.

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.

First Quarter Results

For the first quarter of 2025, revenue was $977 million, compared to $1.1 billion in the first quarter of 2024 and $944 million in the fourth quarter of 2024.

Net income (after taxes) totaled $20 million for the first quarter of 2025 compared to $82 million in the first quarter of 2024 and $52 million in the fourth quarter of 2024.

Adjusted Net Income³ (after taxes) totaled $7 million for the first quarter of 2025 compared to $82 million in the first quarter of 2024 and $17 million in the fourth quarter of 2024.

Adjusted EBITDA¹ of $168 million for the first quarter of 2025 decreased 31% from $245 million in the first quarter of 2024 and increased 8% from $156 million in the fourth quarter of 2024. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.

Fully diluted earnings per share was $0.12 for the first quarter of 2025 compared to $0.48 for the first quarter of 2024 and $0.31 for the fourth quarter of 2024.

Adjusted Net Income per Diluted Share³ of $0.04 for the first quarter of 2025 compared to $0.48 for the first quarter of 2024 and $0.10 for the fourth 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 March 31, 2025, Liberty had cash on hand of $24 million, an increase from fourth quarter levels, and total debt of $210 million drawn on the secured asset-based revolving credit facility (“ABL Facility”) a $20 million increase from fourth quarter. Total liquidity, including availability under the credit facility, was $164 million as of March 31, 2025.

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, April 17, 2025. Presenting Liberty’s results will be Ron Gusek, Chief Executive Officer, 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 6508118. The replay will be available until April 24, 2025.

About Liberty

Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions for the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. For more information, please visit www.libertyenergy.com and www.libertypowerinnovations.com, or contact Investor Relations at IR@libertyenergy.com.

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View the full press release on Liberty’s investor site