Liberty Energy's 10-Q Report Revealed

Liberty Energy Inc. has recently released its 10-Q report, providing a detailed look at the company's financial condition and operational performance. The Denver-based company offers hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production companies in North America. As of December 31, 2023, Liberty Energy Inc. owned and operated a fleet of approximately 40 active hydraulic fracturing units and two sand mines in the Permian Basin. The company also provides services in various basins across North America, including the Williston Basin, Eagle Ford Shale, and others.

In the 10-Q report, Liberty Energy Inc. highlighted its focus on providing innovative hydraulic fracturing services and related technologies to the oil and gas industry. The company's operations extend to smaller shale basins, and in early 2023, it launched Liberty Power Innovations LLC, an integrated alternative fuel and power solutions provider for remote applications, with a focus on supporting the transition to natural gas-fueled technologies.

The report also detailed the company's financial performance for the first quarter of 2024. Liberty Energy Inc. reported a revenue of $1.1 billion for the three months ended March 31, 2024, a decrease of $189.0 million, or 15.0%, compared to the same period in 2023. The decrease in revenue was primarily attributed to lower demand for hydraulic fracturing services, decreased materials pricing, and slightly lower service prices.

Cost of services, excluding depreciation, depletion, and amortization, decreased by $105.7 million, or 11.9%, to $782.7 million for the three months ended March 31, 2024, compared to $888.4 million for the same period in 2023. General and administrative expenses remained consistent with the prior year quarter, decreasing by 0.1% to $53.0 million for the three months ended March 31, 2024.

The company's net income for the first quarter of 2024 was $81.9 million, a decrease of $80.8 million compared to the same period in 2023. Liberty Energy Inc. also provided a reconciliation of EBITDA and Adjusted EBITDA to its net income, highlighting the key financial measures used to assess its performance.

The 10-Q report also discussed the company's liquidity and capital resources, emphasizing its primary sources of liquidity from cash flows from operations and borrowings under its ABL Facility. Liberty Energy Inc. stated that it expects to fund operations and organic growth with these sources and continues to monitor the availability and cost of capital resources for potential future financial obligations.

As a result of these announcements, the company's shares have moved 2.7% on the market, and are now trading at a price of $22.1. Check out the company's full 10-Q submission here.

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