Liberty Energy Inc. Files Q2 2024 10-Q

TL;DR

Liberty Energy's Q2 10-Q is in. Check financials for oilfield services performance.

AI Summary

Liberty Energy Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and business segments are presented, along with information on related and non-related parties.

Why It Matters

This filing provides investors with an update on Liberty Energy's financial health and operational status for the second quarter of 2024, crucial for understanding the company's performance in the oil and gas services sector.

Risk Assessment

Risk Level: medium — As an oil and gas services company, Liberty Energy is subject to the inherent volatility and cyclical nature of the energy market.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
• 2024-06-30 — Period End Date (End of the reporting period for the 10-Q)
• 2023-12-31 — Previous Year End Date (Comparison point for financial data)

Key Players & Entities

• Liberty Energy Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240718 (date) — Filing date
• Liberty Oilfield Services Inc. (company) — Former company name
• Oklo Inc (company) — Mentioned entity in relation to the company
• Tamboran Resources Corporation (company) — Mentioned entity in relation to the company

FAQ

Key Financial Figures

• $0.01 — tered Class A Common Stock, par value $0.01 LBRT New York Stock Exchange Indicate

Filing Documents

• lbrt-20240630.htm (10-Q) — 1172KB
• a311certq224.htm (EX-31.1) — 7KB
• a312certq224.htm (EX-31.2) — 7KB
• a321certq224.htm (EX-32.1) — 4KB
• a322certq224.htm (EX-32.2) — 4KB
• ex95miningdisclosures63024.htm (EX-95) — 19KB
• 0001694028-24-000082.txt ( ) — 7625KB
• lbrt-20240630.xsd (EX-101.SCH) — 49KB
• lbrt-20240630_cal.xml (EX-101.CAL) — 88KB
• lbrt-20240630_def.xml (EX-101.DEF) — 282KB
• lbrt-20240630_lab.xml (EX-101.LAB) — 658KB
• lbrt-20240630_pre.xml (EX-101.PRE) — 486KB
• lbrt-20240630_htm.xml (XML) — 1127KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of O perations 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Changes in Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3. Quantitative and Qualitative Disclosure about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

SIGNATURES

SIGNATURES 32 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Quarterly 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 the Russian invasion of Ukraine, 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 our most recently filed Annual Report for the year ended December 31, 2023, this Quarterly 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

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) LIBERTY ENERGY INC. Condensed Consolidated Balance Sheets (Dollars in thousands, except share data) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 30,043 $ 36,784 Accounts receivable—trade, net of allowances for credit losses of $ 939 and $ 939 , respectively 447,918 381,185 Accounts receivable—related party — 17,345 Unbilled revenue (including amounts from related parties of $ 20,729 and $ 13,379 , respectively) 227,719 188,940 Inventories 206,386 205,865 Prepaid and other current assets 90,246 124,135 Total current assets 1,002,312 954,254 Property and equipment, net 1,750,977 1,645,368 Finance lease right-of-use assets 240,750 182,319 Operating lease right-of-use assets 85,453 92,640 Other assets (including amounts from related parties of $ 0 and $ 14,785 , respectively) 124,378 138,693 Investment in Oklo Inc. 17,385 10,000 Investment in Tamboran Resources Corporation 20,100 10,283 Total assets $ 3,241,355 $ 3,033,557 Liabilities and Equity Current liabilities: Accounts payable $ 348,273 $ 293,733 Accrued liabilities 249,347 261,066 Income taxes payable 23,781 12,060 Current portion of payable pursuant to tax receivable agreements 37,444 5,170 Current portion of finance lease liabilities 56,727 39,867 Current portion of operating lease liabilities 28,325 27,528 Total current liabilities 743,897 639,424 Long-term debt 147,000 140,000 Deferred tax liability 102,287 102,340 Payable pursuant to tax receivable agreements 75,027 112,471 Noncurrent portion of finance lease liabilities 179,885 133,654 Noncurrent portion of operating lease liabilities 56,364 64,260 Total liabilities 1,304,460 1,192,149 Commitments & contingencies (Note 14) Stockholders' equity: Preferred Stock, $ 0.01 par value, 10,000 shares authorized and none issued and outstanding — — Common Stock: Class A, $ 0.01 par value, 400,000,000 shares authorized and 165,33

View Full Filing

View this 10-Q filing on SEC EDGAR