Liberty Energy : 2024 Annual Report and 10K
LBRT
INNOVATING ENERGY SOLUTIONS FOR THE FUTURE
TABLE OF CONTENTS
O4 10
I N T R O D U C T I O N
P O R T F O L I O
4 ---
A Letter From the CEO
10 ---
Frac Solutions
6 ---
2024 Highlights
16 ---
Technology
8 ---
Integrated Completions Portfolio
18 ---
Liberty Power Innovations
26 28
C O M M U N I T Y
F O U N D AT I O N
26 ---
Three Pillars
28 ---
Liberty's Commitment
27 ---
Partnership Spotlight
29 ---
Partnership Spotlight
I N T R O D U C T I O N 3
20
SAFE T Y & SECURIT Y
20 --- Safety & Training
21 --- IT & Cybersecurity
30
BUSINESS STRATEGY
22
PEOPLE & CULTURE
22 --- People & Culture
24 --- Leading Liberty
25 --- Featured Employees
32
FIN ANCI ALS
30 ---
Business Strategy
32 ---
Financial Reconciliations
31 ---
Growth Strategy
34 ---
Cautionary Note Regarding
Forward-Looking Statements
"At Liberty, our mission goes beyond providing abundant, affordable, and reliable energy-we strive to improve lives around the world.
A LETTER FROM THE CEO
As we reflect on another strong year for Liberty Energy, I am immensely proud of the strides we made in 2024. Despite continued softening of business conditions, Liberty delivered solid results. Fully diluted earnings per share in 2024 was $1.87, annual revenue was $4.3 billion, net income was $316 million, and Adjusted EBITDA1 was $922 million. Returns for the year remained strong with 17% Adjusted Pre-Tax Return on Capital Employed ("ROCE2") and 21% Cash Return on Capital Invested ("CROCI3"). 2023 began with exceptionally strong business conditions that gradually weakened throughout the year, as indicated by the roughly 20% decline in active rig and frac spread counts. This softening trend continued through 2024 with a further 5% reduction in active rig count over the course of the year. Regardless of these macro headwinds, the Liberty team continued to grow our competitive advantage, allowing us to thrive even as macro conditions softened.
Safety is at the core of everything we do. Our strong safety culture and proactive approach-supported by over 250,000 hours of training last year-help ensure that safety is a part of every action and decision. In 2024, the Liberty team worked approximately 20 million hours and drove more than 17 million miles, all while maintaining a Total Recordable Incident Rate (TRIR) of 0.51, one of the lowest in our history, and a Motor Vehicle Accident Rate (MVAR) of 0.46-more than three times below the compliance rate for rural drivers. We also hauled almost 1 million loads of sand to support Liberty frac operations. Our Sentinel logistics platform, now fully deployed across Liberty, is optimizing deliveries to reduce costs, congestion, and wait times while maximizing daily truck turns. During 2024, we expanded Sentinel to our LPI CNG delivery division, improving efficiency and asset utilization as we transition to fleets primarily fueled by natural gas. With our expansion into the DJ Basin, our LPI CNG business is now at a mature state, working seamlessly with our next generation frac crews to deliver service excellence at the wellsite.
The past 5+ years have been a period of significant development as we designed, engineered and commercialized our digi platform of technologies
now including digiFracSM, digiPowerSM, digiPrimeSM and digiWireSM. As we shifted from development to steady deployment, we saw an opportunity to streamline the build cycle by bringing some of our equipment packaging in house. This led to the launch of Liberty Advanced Equipment Technologies (LAET) last year. Now, with control of the entire process-from engineering and procurement through final assembly-we can innovate faster and move swiftly from opportunity to execution. In October, we were excited to deliver the first LAET- produced digiPrime pump. Going forward, the LAET team will provide baseload packaging capacity for our digiPrime units, along with other more specialized design and assembly for other critical equipment, ensuring improved control over delivery schedules and a speedier innovation cycle.
The digi platform continues to excel in the field, offering a broad suite of technologies to meet the varying end needs of our E&P partners, while delivering further efficiency improvements. This year, a digiPrime fleet set the all-time Liberty record for annual pumping hours, having pumped 7,143 hours in an 11.5 month period, averaging nearly 600 hours per month! We're also expanding our experience in power generation and will leverage it in 2025 with the launch of our power generation business for non-frac opportunities.
2024 marked a significant milestone as we launched operations outside North America, beginning in Australia. The Beetaloo Basin in the Northern Territory presents a unique opportunity for a massive new natural gas-producing field, and we're excited to bring our expertise and innovative solutions to this emerging market. Earlier this year, our Wallaroo crew kicked off operations with a two well pad for Tamboran Resources, and we look forward to supporting future projects as development progresses. We are committed to working closely with local communities, regulatory bodies, and industry partners to ensure the success of our operations in Australia. We also celebrated the grand opening of our new district in Vernal, Utah. This newly renovated facility will serve as a hub for our operations in the Uinta Basin, reinforcing our commitment to delivering top-tier service in the region.
I N T R O D U C T I O N 5
At Liberty, our mission goes beyond providing abundant, affordable, and reliable energy-we strive to improve lives around the world. In 2024, we took a significant step forward in this mission with the launch of the Bettering Human Lives Foundation (BHLF). We also published the latest version of our Bettering Human Lives report in February, distributing 30,000 copies to legislators, policy makers, students, teachers, and others. Energy powers everything we do-and the world needs more of it to ensure all 8 billion people have the opportunity for a higher quality of life. We hope this report continues to drive a more pragmatic and productive conversation about our energy future.
As we look ahead to 2025 and beyond, we remain committed to our mission of Bettering Human Lives through innovative energy solutions. We have built a strong foundation, upon which we will build the next chapter of our business. I would like to extend my heartfelt gratitude to our employees, customers, partners, and shareholders for their unwavering support and dedication. Together, we have achieved remarkable success, and I am confident that the best is yet to come.
- Ron Gusek, CEO Liberty Energy
2024 HIGHLIGHTS
This year has been one of firsts for Liberty, marked by forward momentum on projects we are passionate about and expansion in key areas that strengthen our leadership in technology and service. Our commitment to strategic investment fuels the differential experience our customers have come to expect, driving innovation, efficiency, and performance. Through continuous advancement, we enhance operations and reinforce our position as a leader in safety, innovation, culture, and community-core values that define who we are and where we're headed.
CANADA
UNITED
STATES
AUSTRALIA
L I B E RT Y F O OT P R I N T
Liberty's footprint is expanding globally, with operations across the United States, Canada, and now Australia. As we enter new markets, we remain committed to innovation, efficiency, and customer success.
I N T R O D U C T I O N 7
Q1
IMPACT
Launched the Bettering
Human Lives Foundation
EXPANSION
Opened Vernal Office (expanding in Uinta basin)
IMPACT
Released 2024 BHL Report (distributed ~30,000 copies)
Q2
TECHNOLOGY
Deployed first digiPrime unit from LAET
OPERATIONS
Launched first LPI fuel gas operations in the DJ Basin
Q3
OPERATIONS
First deployment of
PropStack delivery system
ACHIEVEMENT
Single-crew company record of 7,143 hours pumped in a year
EXPANSION
Arrival of first Liberty fleet in Australia
Q4
FINANCIAL
Achieved 21% CROCI in 2024
FINANCIAL
Revenue of $4.3 billion
INTEGRATED
COMPLETIONS PORTFOLIO
At Liberty, we're constantly improving the way energy is produced by pushing the boundaries in software development, equipment design, and engine technology. We actively pursue innovative ways to boost efficiency, reduce costs, and lower emissions.
We've built a smart, integrated system connecting our digiTechnologiesSM with cloud-based pump control, power generation, logistics, and fuel management tools. The result? A streamlined process that lowers costs and improves returns, helping our customers get more energy to the surface more efficiently than ever.
BEST IN CLASS
RATED BEST VALUE BY KIMBERLITE SURVEY
LIBERT Y ENERGY
FRAC
Liberty is a leading completions service company, delivering cutting-edge frac technology, efficiency, and safety. From Quiet Fleets to low-emission digiFleets, we innovate to optimize performance and reduce costs for our customers.
Liberty's manufacturing division, LAET, designs and builds next-generation equipment for hydraulic fracturing, wireline, and sand logistics. From revolutionary next generation natural gas digiFleets to modular, scalable digiPower solutions, our innovations continue to transform the industry.
W I R E L I N E
Liberty's wireline pumpdown perforating services provide
top efficiency for unconventional wells in North America. As a key frac partner, our expert teams and technology drive higher throughput and lower service costs.
F R A C
Value Disadvantage
Premium Offering
2020
2019
2022 2021
2024
2023
2018
Discount Offering
Value Advantage
Performance
Pricing
W I R E L I N E
INTRODUCTION
Premium Offering
2020
2021
2022
2023
2024
Discount Offering
Value Advantage
Performance
9
Pricing
L P I
P O W E R
LPI provides advanced distributed power and energy storage solutions for the commercial and industrial, data center, energy, and mining industries. LPI
also offers CNG fueling and delivery services, field gas processing, and onsite fuel management, which enhance efficiency and reduces emission. By integrating natural gas and alternative fuel technologies, LPI improves reliability, lowers costs, and fosters more sustainable power and fueling operations.
P R O P X
SAND
DELIVERY
PropX provides patented containerized solutions and software for last- mile proppant storage and delivery to hydraulic fracturing operations. PropX has pioneered and continues to innovate technology for damp sand handling, enabling the use of modular proximity mines. This approach decreases costs, simplifies trucking requirements, and reduces emissions while eliminating silica dust exposure.
FREEDOM PROPPANT
SAND
SOURCING
Our state-of-the-art mines in the heart of the Permian Basin supply the highest quality proppant and logistics services, ensuring reliability and performance for our customers. Freedom Proppants' facilities are strategically located, facilities offer fast load times and tailored logistics solutions, helping our customers execute frac operations efficiently
and cost-effectively- maximizing productivity and reducing downtime.
FRAC SOLUTIONS
FLEXIBLE & SCALABLE PURPOSE-BUILT FRAC SOLUTIONS
Liberty continues to set the standard for leadership in hydraulic fracturing through innovation, efficiency, and unmatched service quality. Our cutting-edge technology, industry expertise, and commitment to safety drive superior performance for our customers. Our suite of digiTechnologies allows us to create modular systems tailored to provide the optimal combination of components on-site, ensuring each job's specific requirements are met efficiently - while offering the lowest-emission solution on the market. As the industry evolves, Liberty remains at the forefront, shaping the future of frac with precision and reliability.
S P OT L I G H T
~90% OF FLEETS
PRIM ARILY N ATURAL GAS POWERED
After a multi-year fleet technology transition to dual fuel and digiFleets, natural gas is now the primary fuel powering our fleets. We've reduced emissions and fuel costs, reinforcing Liberty's commitment to sustainable innovation.
7,000+ HOURS PUMPED
BY A SINGLE CREW
One of our fleets set a single crew company record of 7,143 hours pumped in a year, averaging nearly 600 hours monthly (approximately 96% of available hours under normal dedicated fleet utilization). This consistent month-over-month performance highlights the team's efficiency, reliability, and dedication to maximizing uptime.
Disclaimer
Liberty Energy Inc. published this content on March 07, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 07, 2025 at 02:43:10.281.