DENVER–(BUSINESS WIRE)– Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today its financial and operational results for the second quarter of 2024.
Summary Results and Highlights
- Revenue: $1.2 billion, an 8% sequential increase.
- Net Income: $108 million, or $0.64 fully diluted EPS.
- Adjusted EBITDA: $273 million, a 12% sequential increase.
- ROCE: 28% TTM Adjusted Pre-Tax Return on Capital Employed.
- Shareholder Returns: Distributed $41 million through share repurchases and cash dividends.
- Share Repurchase: Repurchased and retired 0.8% of shares outstanding in Q2, totaling 13.2% since July 2022.
- Operational Milestones:
- Highest diesel displacement with natural gas-powered digiFleets and record gas substitution in dual fuel technologies.
- Commencement of Liberty Power Innovations operations in Colorado’s DJ Basin.
- Deployment of Sentinel, AI-powered logistics software, across all U.S. basins.
- Achieved record pumping efficiencies and safety performance.
CEO Comments
Chris Wright, Chief Executive Officer, highlighted Liberty’s strong performance and competitive advantages. “Our second quarter results demonstrate the value of Liberty’s innovative technologies and strategic investments. We achieved record average daily pumping efficiencies and safety performance, underpinning our robust financial results. Our focus on capital-efficient, low-emission natural gas technologies continues to yield significant benefits for our customers and shareholders.”
Operational Insights
- Natural Gas Displacement: Achieved highest level of diesel displacement with natural gas-powered equipment.
- AI Logistics Platform: The Sentinel platform significantly reduced proppant delivery downtime and truck count, optimizing logistics and lowering costs.
- LPI Operations: Expanded in the DJ Basin with new compression capacity and logistics assets.
Outlook
Liberty remains optimistic about the global oil and gas market fundamentals despite near-term volatility. The Company expects to maintain strong financial performance in the second half of 2024, supported by strategic investments in natural gas-fueled technologies and efficient operations.
Share Repurchase and Dividend
- Share Repurchase: Repurchased 1,319,885 shares at an average of $22.39 per share in Q2.
- Cash Dividend: Declared a quarterly cash dividend of $0.07 per share, payable on September 20, 2024.
Financial Results
- Revenue: $1.2 billion, an 8% sequential increase.
- Net Income: $108 million, or $0.64 fully diluted EPS.
- Adjusted EBITDA: $273 million, a 12% sequential increase.
- Liquidity: $30 million cash on hand, $271 million total liquidity including credit facility availability.
For detailed financial tables and reconciliation of non-GAAP measures, please refer to the end of this earnings release.
