April 17, 2025 — Liberty Energy Inc. (NYSE: LBRT), one of the largest U.S. shale fracking companies, reported its lowest earnings in three years, underscoring the pressure that lower oil prices and geopolitical uncertainty are placing on the North American energy sector.

Adjusted earnings fell to just $0.04 per share in Q1 2025, down sharply from $0.48 a year ago. Still, revenue grew sequentially to $977 million, exceeding expectations and marking a 4% rebound from Q4. Capital expenditures came in at $121 million, ahead of forecasts.

Despite the bottom-line weakness, Liberty’s stock jumped over 9% in pre-market trading, as investors responded positively to stronger-than-expected sales and capital discipline.

🔧 Operational and Strategic Updates

Liberty is leaning on its technology leadership and integrated model to weather current headwinds:

The company successfully tested the industry’s first natural gas variable speed pump, a major advancement under its digiPrime initiative.
Through AI-driven predictive maintenance, Liberty achieved a new benchmark in critical equipment longevity, reducing cost of ownership for customers.
The acquisition of IMG Energy Solutions expands Liberty Power Innovations (LPI), providing entry into distributed power systems and utility-scale energy services — a growth market driven by surging data center and industrial electrification demand.
Utilization and safety performance reached record highs across Liberty’s hydraulic fracturing fleet.

CEO Ron Gusek stated, “We are better positioned than ever to navigate market uncertainties, with greater scale, vertical integration, technological advancements, and a fortress balance sheet.”

🌍 Outlook & Market Commentary

Liberty’s outlook reflects a mixed market environment:

While tariffs and OPEC+ strategies have disrupted global energy markets, North American oil producers have not yet made material changes to drilling plans.
The company expects steady U.S. oil output, supported by larger, well-capitalized producers that are more resilient across commodity cycles.
Gas producers could benefit from lower associated gas production in oil-rich basins if crude activity softens, potentially tightening gas supply in the back half of 2025.
Liberty anticipates sequential growth in Q2, driven by higher fleet utilization and ongoing demand for efficient, high-performance service.

The company also began tariff mitigation efforts and remains confident in its ability to maintain cash generation and execute its long-term strategy.

Liberty is the first major U.S.-based oilfield service firm to report earnings this quarter, with Halliburton scheduled to release results next week. The oilfield sector is now closely watching how other service companies respond to cost pressure and volatile pricing, particularly in the face of potential shifts in global trade dynamics.