Liberty Energy Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial condition and operations. Liberty Energy Inc. is a leading integrated energy services and technology company focused on providing hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production companies in North America. The company offers a range of services, including hydraulic fracturing, wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas (CNG) delivery, and data analytics. As of December 31, 2023, the company owned and operated a fleet of approximately 40 active hydraulic fracturing units and two sand mines in the Permian Basin.
In the 10-Q report, Liberty Energy Inc. discussed its management's analysis of financial condition and results of operations. The company emphasized its focus on providing innovative hydraulic fracturing services and related technologies to its customers. Liberty Energy Inc. highlighted its growth from one active hydraulic fracturing fleet in December 2011 to over 40 active fleets as of June 30, 2024. The company also discussed the launch of Liberty Power Innovations LLC, an integrated alternative fuel and power solutions provider for remote applications, primarily focused on supporting the transition towards its next-generation digiFleets and dual fuel fleets.
The report also provided insights into recent trends and the outlook for global oil and gas markets. Despite near-term volatility in commodity prices, the company expects oil and gas markets to remain constructive on favorable multi-year market fundamentals. The report highlighted a decision from OPEC+ to gradually unwind voluntary production cuts beginning in October, which drove oil prices lower in June 2024. However, prices have since recovered due to relatively balanced supply and demand dynamics.
The report also included a detailed analysis of the company's results of operations for the three and six months ended June 30, 2024, compared to the same periods in 2023. In the three months ended June 30, 2024, Liberty Energy Inc. reported a revenue of $1.16 billion, a decrease of 2.9% compared to the same period in 2023. The company attributed the decrease in revenue to a decrease in materials pricing and slightly lower services prices, partially offset by higher activity levels. The cost of services, excluding depreciation, depletion, and amortization, increased by 0.3%, while general and administrative expenses decreased by 0.6% during the same period.
For the six months ended June 30, 2024, Liberty Energy Inc. reported a revenue of $2.23 billion, a decrease of 9.1% compared to the same period in 2023. The company attributed the decrease in revenue to a decrease in materials pricing and slightly lower services prices, partially offset by higher activity levels. The cost of services, excluding depreciation, depletion, and amortization, decreased by 6.0% during the same period.
The 10-Q report provided a comprehensive overview of Liberty Energy Inc.'s financial performance, highlighting key factors impacting the company's revenue, expenses, and overall operations. Following these announcements, the company's shares moved -4.7%, and are now trading at a price of $21.43. Check out the company's full 10-Q submission here.
