Liberty Energy Files 2024 10-K

TL;DR

LBRT filed its 2024 10-K. Full year results are in.

AI Summary

Liberty Energy Inc. filed its 2024 10-K on February 6, 2025, reporting on its fiscal year ending December 31, 2024. The company, formerly known as Liberty Oilfield Services Inc., operates in the oil and gas field services sector. Key financial data and business operations for the fiscal year are detailed within the filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Liberty Energy's financial performance, operational activities, and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The oil and gas industry is subject to significant price volatility and regulatory changes, which can impact Liberty Energy's performance.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 1231 — Fiscal Year End (December 31st is the end of the reporting period)

Key Players & Entities

• Liberty Energy Inc. (company) — Filer of the 10-K
• Liberty Oilfield Services Inc. (company) — Former name of Liberty Energy Inc.
• 2024-12-31 (date) — Fiscal year end
• 2025-02-06 (date) — Filing date
• Denver, CO (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.01 — tered Class A Common Stock, par value $0.01 LBRT New York Stock Exchange Securiti
• $20.89 — New York Stock Exchange on that date of $20.89. Shares of common stock held by each di
• $0.9 million — 24, we made charitable contributions of $0.9 million to the Bettering Human Lives Foundation
• $40,000 — ifferent organizations, totaling nearly $40,000 in matching contributions. Cyclical Na

Filing Documents

• lbrt-20241231.htm (10-K) — 1605KB
• updated401kplan20241.htm (EX-10.16) — 1083KB
• ex10_24indemnificationagre.htm (EX-10.24) — 102KB
• a21_1listofsubsidiaries2024.htm (EX-21) — 8KB
• fsauditconsent-fy2024.htm (EX-23) — 2KB
• a311certification-10xk2024.htm (EX-31.1) — 7KB
• a312certification-10xk2024.htm (EX-31.2) — 7KB
• a321certification-10xk2024.htm (EX-32.1) — 4KB
• a322certification-10xk2024.htm (EX-32.2) — 4KB
• ex95miningdisclosures2024.htm (EX-95) — 19KB
• image_0.jpg (GRAPHIC) — 6KB
• image_2.jpg (GRAPHIC) — 10KB
• lbrt-20241231_g1.jpg (GRAPHIC) — 4KB
• lbrt-20241231_g2.gif (GRAPHIC) — 78KB
• lbrt-20241231_g3.jpg (GRAPHIC) — 92KB
• 0001694028-25-000056.txt ( ) — 10582KB
• lbrt-20241231.xsd (EX-101.SCH) — 55KB
• lbrt-20241231_cal.xml (EX-101.CAL) — 114KB
• lbrt-20241231_def.xml (EX-101.DEF) — 308KB
• lbrt-20241231_lab.xml (EX-101.LAB) — 785KB
• lbrt-20241231_pre.xml (EX-101.PRE) — 560KB
• lbrt-20241231_htm.xml (XML) — 1056KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved]

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosure about Market Risk

Item 7A. Quantitative and Qualitative Disclosure about Market Risk 45

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45

Controls and Procedures

Item 9A. Controls and Procedures 46

Other Information

Item 9B. Other Information 46 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 47

Executive Compensation

Item 11. Executive Compensation 47

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 47

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 47 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 48

Form 10-K Summary

Item 16. Form 10-K Summary 49

SIGNATURES

SIGNATURES 53 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Annual Report") and certain other communications made by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange of 1934, as amended (the "Exchange Act"), including, among others, 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, in addition to other estimates, and beliefs. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We may use the words "estimate," "outlook," "project," "forecast," "position," "potential," "likely," "believe," "anticipate," "assume," "plan," "expect," "intend," "achievable," "may," "will," "continue," "should," "could" and similar expressions to help identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. We cannot assure you that our assumptions and expectations will prove to be correct. Important factors, many of which are beyond our control, could cause our actual results to differ materially from those indicated or implied by forward-looking statements, including but not limited to the risks and uncertainties described in this Annual Report and other filings that we make with the U.S. Securities Exchange Commission (the "SEC"). We undertake no intention or obligation to update or revise any forward-looking statements, except as required by law, whether as a result of new in

Business

Item 1. Business Our Company The Company, together with its subsidiaries, is a leading integrated energy services and technology company focused on providing innovative hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production ("E&P") companies. We offer customers hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas ("CNG") delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile. Our areas of operations are in all of the most active shale basins in North America, including the Permian Basin, the Williston Basin, the Haynesville Shale, the Eagle Ford Shale, the Denver-Julesburg Basin (the "DJ Basin"), the Western Canadian Sedimentary Basin, the Powder River Basin, and the Appalachian Basin (Marcellus Shale and Utica Shale). Our operations also extend to a few smaller shale basins, including the Anadarko Basin, the Uinta Basin, the San Juan Basin, as well as the Beetaloo Basin in Northern Territory, Australia. The breadth of our operational footprint provides us an opportunity to leverage our fixed costs and to efficiently reposition our equipment in response to customer requirements. Areas of North American Operations The process of hydraulic fracturing involves pumping a pressurized stream of fracturing fluid (typically a mixture of water, chemicals and proppant) into a well casing or tubing to cause the underground formation to fracture or crack. These fractures release trapped hydrocarbon particles and provide a conductive channel for the oil or natural gas to flow freely to the wellbore for collection. The propping agent, or proppant, typically sand, becomes lodged in the cracks created by the hydraulic 1 fracturing process, "propp

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View this 10-K filing on SEC EDGAR