Liberty Energy Inc. Files Q3 2024 10-Q

TL;DR

Liberty Energy's Q3 2024 10-Q is in. Check financials.

AI Summary

Liberty Energy Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Specific financial figures and operational metrics are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Liberty Energy Inc., 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 Players & Entities

• Liberty Energy Inc. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-10-17 (date) — Filing Date
• Liberty Oilfield Services Inc. (company) — Former Company Name

FAQ

Key Financial Figures

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

Filing Documents

• lbrt-20240930.htm (10-Q) — 1161KB
• a311certq324.htm (EX-31.1) — 7KB
• a312certq324.htm (EX-31.2) — 7KB
• a321certq324.htm (EX-32.1) — 4KB
• a322certq324.htm (EX-32.2) — 4KB
• ex95miningdisclosures93024.htm (EX-95) — 19KB
• 0001694028-24-000112.txt ( ) — 7559KB
• lbrt-20240930.xsd (EX-101.SCH) — 49KB
• lbrt-20240930_cal.xml (EX-101.CAL) — 87KB
• lbrt-20240930_def.xml (EX-101.DEF) — 279KB
• lbrt-20240930_lab.xml (EX-101.LAB) — 661KB
• lbrt-20240930_pre.xml (EX-101.PRE) — 483KB
• lbrt-20240930_htm.xml (XML) — 1116KB

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 23 Item 3. Quantitative and Qualitative Disclosure about Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 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 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 our most recently filed Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report"), this Quarterly Report, and other filings that we make with the U.S. Securities Exchange Commission (the "SEC"). We unde

: 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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 23,012 $ 36,784 Accounts receivable—trade, net of allowances for credit losses of $ 939 and $ 939 , respectively 411,009 381,185 Accounts receivable—related party — 17,345 Unbilled revenue (including amounts from related parties of $ 4,035 and $ 13,379 , respectively) 183,047 188,940 Inventories 197,563 205,865 Prepaid and other current assets 107,889 124,135 Total current assets 922,520 954,254 Property and equipment, net 1,834,214 1,645,368 Finance lease right-of-use assets 276,416 182,319 Operating lease right-of-use assets 81,341 92,640 Other assets (including amounts from related parties of $ 0 and $ 14,785 , respectively) 123,636 138,693 Investment in Oklo Inc. 16,605 10,000 Investment in Tamboran Resources Corporation 18,152 10,283 Total assets $ 3,272,884 $ 3,033,557 Liabilities and Equity Current liabilities: Accounts payable $ 347,074 $ 293,733 Accrued liabilities 240,641 261,066 Income taxes payable 30,360 12,060 Current portion of payable pursuant to tax receivable agreements 37,444 5,170 Current portion of finance lease liabilities 64,114 39,867 Current portion of operating lease liabilities 28,938 27,528 Total current liabilities 748,571 639,424 Long-term debt 123,000 140,000 Deferred tax liability 102,287 102,340 Payable pursuant to tax receivable agreements 75,008 112,471 Noncurrent portion of finance lease liabilities 203,247 133,654 Noncurrent portion of operating lease liabilities 51,773 64,260 Total liabilities 1,303,886 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 163

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View this 10-Q filing on SEC EDGAR