Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-38081

Liberty Energy Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

81-4891595

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

950 17th Street, Suite 2400

Denver, Colorado

80202

(Address of Principal Executive Offices)

(Zip Code)

(303) 515-2800

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.01

LBRT

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒			Accelerated filer ☐			Non-accelerated filer ☐			Smaller reporting company ☐

Emerging growth company ☐ (Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): ☐ Yes ☒ No

As of April 11, 2025, the Registrant had 161,954,214 shares of Class A Common Stock and 0 shares of Class B Common Stock outstanding.

Our Class A Common Stock is traded on the New York Stock Exchange under the symbol “LBRT.” There is no public market for our Class B Common Stock.

Table of Contents

TABLE OF CONTENTS


		Page No.
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Changes in Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosure about Market Risk	27
Item 4.	Controls and Procedures	27

PART II	OTHER INFORMATION	28
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 3.	Defaults Upon Senior Securities	28
Item 4.	Mine Safety Disclosures	28
Item 5.	Other Information	29
Item 6.	Exhibits	30
SIGNATURES		31

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Quarterly Report”) and certain other communications made by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange of 1934, as amended (the “Exchange Act”), including, among others, expected performance, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict, the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, in addition to other estimates, and beliefs. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We may use the words “estimate,” “outlook,” “project,” “forecast,” “position,” “potential,” “likely,” “believe,” “anticipate,” “assume,” “plan,” “expect,” “intend,” “achievable,” “may,” “will,” “continue,” “should,” “could” and similar expressions to help identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. We cannot assure you that our assumptions and expectations will prove to be correct. Important factors, many of which are beyond our control, could cause our actual results to differ materially from those indicated or implied by forward-looking statements, including but not limited to the risks and uncertainties described in our most recently filed Annual Report on Form 10-K for the year ended December 31, 2024, (the “Annual Report”), this Quarterly Report, and other filings that we make with the U.S. Securities Exchange Commission (the “SEC”). We undertake no intention or obligation to update or revise any forward-looking statements, except as required by law, whether as a result of new information, future events or otherwise and readers should not rely on the forward-looking statements as representing the Company’s views as of any date subsequent to the date of the filing of this Quarterly Report on Form 10-Q. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.

All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

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PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

LIBERTY ENERGY INC.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)


	March 31, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	24,100	$	19,984
Accounts receivable—trade, net of allowances for credit losses of $838 and $848, respectively	378,212		350,412
Accounts receivable—related party	—		4,234
Unbilled revenue	166,062		185,210
Inventories	202,865		203,469
Prepaid and other current assets	87,271		85,214
Total current assets	858,510		848,523
Property and equipment, net	1,926,060		1,890,998
Finance lease right-of-use assets	297,181		283,113
Operating lease right-of-use assets	73,320		73,322
Other assets	131,382		119,402
Investment in Nomad Proppant Services LLC	9,631		10,674
Investment in Oklo Inc.	38,307		51,611
Investment in Tamboran Resources Corporation	21,431		18,751

Total assets	$	3,355,822	$	3,296,394
Liabilities and Equity
Current liabilities:
Accounts payable (including amounts due to related parties of $3 and $582, respectively)	$	369,112	$	314,123
Accrued liabilities	219,345		206,713
Income taxes payable	17,096		9,693
Current portion of payable pursuant to tax receivable agreements	7,725		40,776

Current portion of finance lease liabilities	72,938		66,648
Current portion of operating lease liabilities	30,343		28,570
Total current liabilities	716,559		666,523
Long-term debt	210,000		190,500
Deferred tax liability	137,728		137,728
Payable pursuant to tax receivable agreements	67,180		74,886
Noncurrent portion of finance lease liabilities	207,682		203,511
Noncurrent portion of operating lease liabilities	42,561		44,377
Total liabilities	1,381,710		1,317,525
Commitments & contingencies (Note 14)
Stockholders’ equity:
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	—		—
Common Stock:
Class A, $0.01 par value, 400,000,000 shares authorized and 160,789,961 issued and outstanding as of March 31, 2025 and 161,858,784 issued and outstanding as of December 31, 2024	1,608		1,619
Class B, $0.01 par value, 400,000,000 shares authorized and none issued and outstanding	—		—
Additional paid in capital	965,665		977,484
Retained earnings	1,026,519		1,019,517
Accumulated other comprehensive loss	(19,680)		(19,751)
Total stockholders’ equity	1,974,112		1,978,869


Total liabilities and equity	$	3,355,822	$	3,296,394

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Revenue:
Revenue	$	971,614	$	1,050,558
Revenue—related parties	5,847		22,567
Total revenue	977,461		1,073,125
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	761,616		782,680
General and administrative	65,775		52,986
Transaction and other costs	811		—
Depreciation, depletion, and amortization	127,742		123,186
Loss (gain) on disposal of assets, net	3,345		(1,160)
Total operating costs and expenses	959,289		957,692
Operating income	18,172		115,433
Other (income) expense:

Gain on investments, net	(19,288)		—

Interest income—related party	—		(478)
Interest expense, net	9,543		7,541
Total other (income) expense, net	(9,745)		7,063
Net income before income taxes	27,917		108,370
Income tax expense	7,806		26,478
Net income	$	20,111	$	81,892




Net income per common share:
Basic	$	0.12	$	0.49
Diluted	$	0.12	$	0.48
Weighted average common shares outstanding:
Basic	161,938		166,325
Diluted	165,784		171,441

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Net income	$	20,111	$	81,892
Other comprehensive income (loss)
Foreign currency translation	71		(3,723)
Comprehensive income	$	20,182	$	78,169

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Changes in Equity

(In thousands, except per unit and per share data)

(Unaudited)


	Shares of Class A Common Stock	Shares of Class B Common Stock	Class A Common Stock, Par Value		Class B Common Stock, Par Value		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders' Equity
Balance—December 31, 2024	161,859	—	$	1,619	$	—	$	977,484	$	1,019,517	$	(19,751)	$	1,978,869





$0.08/share of Class A Common Stock dividend	—	—	—		—		—		(13,109)		—		(13,109)

Share repurchases	(1,546)	—	(16)		—		(23,942)		—		—		(23,958)
Excise tax on share repurchases	—	—	—		—		(153)		—		—		(153)
Stock-based compensation expense	—	—	—		—		18,080		—		—		18,080
Vesting of restricted stock units, net	477	—	5		—		(5,804)		—		—		(5,799)

Currency translation adjustment	—	—	—		—		—		—		71		71
Net income	—	—	—		—		—		20,111		—		20,111
Balance—March 31, 2025	160,790	—	$	1,608	$	—	$	965,665	$	1,026,519	$	(19,680)	$	1,974,112


	Shares of Class A Common Stock	Shares of Class B Common Stock	Class A Common Stock, Par Value		Class B Common Stock, Par Value		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance—December 31, 2023	166,610	—	$	1,666	$	—	$	1,093,498	$	752,328	$	(6,084)	$	1,841,408




$0.07/share of Class A Common Stock dividend	—	—	—		—		—		(11,964)		—		(11,964)
Share repurchases	(1,480)	—	(15)		—		(30,152)		—		—		(30,167)
Excise tax on share repurchases	—	—	—		—		(289)		—		—		(289)
Stock-based compensation expense	—	—	—		—		7,327		—		—		7,327
Vesting of restricted stock units, net	72	—	1		—		(1)		—		—		—

Currency translation adjustment	—	—	—		—		—		—		(3,723)		(3,723)
Net income	—	—	—		—		—		81,892		—		81,892
Balance—March 31, 2024	165,202	—	$	1,652	$	—	$	1,070,383	$	822,256	$	(9,807)	$	1,884,484

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net income	$	20,111	$	81,892
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	127,742		123,186
Loss (gain) on disposal of assets, net	3,345		(1,160)
Stock-based compensation expense	18,080		7,327


Gain on investments, net	(19,288)		—
Cash return on equity method investment	1,039		—
Other non-cash items, net	1,660		519
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(8,417)		(93,580)
Accounts receivable and unbilled revenue—related party	4,234		45,456
Inventories	(682)		(4,604)
Prepaid and other assets	(15,969)		16,350

Accounts payable and accrued liabilities	61,215		(15,583)
Accounts payable and accrued liabilities—related party	(579)		—
Initial payment of operating lease liability	(373)		(407)
Net cash provided by operating activities	192,118		159,396
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(133,930)		(144,986)
Acquisition of IMG Energy Solutions, net of cash received	(15,208)		—
Sale of equity securities	29,911		—
Proceeds from sale of assets	13,052		2,993
Net cash used in investing activities	(106,175)		(141,993)
Cash flows from financing activities:
Proceeds from borrowings on line-of-credit	493,000		573,000
Repayments of borrowings on line-of-credit	(473,500)		(547,000)

Payments on finance lease obligations	(17,645)		(9,254)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(13,191)		(11,642)
Payments pursuant to tax receivable agreements	(40,757)		(5,170)
Share repurchases	(23,958)		(30,167)
Tax withholding on restricted stock units	(5,798)		—


Net cash used in financing activities	(81,849)		(30,233)
Net increase (decrease) in cash and cash equivalents before translation effect	4,094		(12,830)
Translation effect on cash	22		(166)
Cash and cash equivalents—beginning of period	19,984		36,784
Cash and cash equivalents—end of period	$	24,100	$	23,788

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Cash Flows (cont.)

(Dollars in thousands)

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Supplemental disclosure of cash flow information:
Net cash paid for income taxes	$	825	$	16,694
Cash paid for interest	$	9,041	$	7,450
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	$	111,987	$	97,993
Capital expenditures reclassified from prepaid and other current assets	$	13,944	$	18,291
Capital expenditures reclassified from finance lease right-of-use assets	$	—	$	6,894

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1—Organization and Basis of Presentation

Organization

Liberty Energy Inc. (the “Company”), together with its consolidated subsidiaries, is a leading integrated energy services and technology company focused on providing innovative hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production (“E&P”) companies. We offer customers hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, field gas processing, compressed natural gas (“CNG”) delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report.

The U.S. dollar is the reporting currency and functional currency for most of our operations except certain of our foreign subsidiaries, which use their local currencies as their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. The effects of these translation adjustments are reflected in accumulated other comprehensive income included in the accompanying unaudited condensed consolidated statements of comprehensive income.

The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of March 31, 2025 and December 31, 2024, and the results of operations, cash flows, and equity of the Company as of and for the three months ended March 31, 2025 and 2024. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2025. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations, and cash flows.

All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources, and assess performance. Further, the CODM is regularly provided with and utilizes consolidated functional expenses, as presented in the accompanying unaudited condensed consolidated statements of operations, and total assets at the consolidated level, as included in the accompanying unaudited condensed consolidated balance sheets herein, to manage the Company’s operations.

Note 2—Significant Accounting Policies

Recently Adopted Accounting Standards

Segment Reporting: Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, which requires more detailed disclosures, on an annual and interim basis, related to the Company’s reportable segment. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. See Note 1—Organization and Basis of Presentation for further details about the impact of this ASU on the Company’s financial statements.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Recently Issued Accounting Standards

Income Taxes: Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disaggregation of certain components included in the Company’s effective tax rate and income taxes paid disclosures. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of this ASU on the Company’s financial statements but does not expect it will have a material impact.

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements.

IMG Acquisition

On March 3, 2025, the Company completed the acquisition of IMG Energy Solutions, a leading developer of distributed power systems, for cash consideration of approximately $19.6 million, subject to normal closing adjustments and net of cash received (the “IMG Acquisition”). The IMG Acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, the Company conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. In connection with the IMG Acquisition, the Company recorded goodwill and intangible assets of $12.6 million, property and equipment of $5.1 million, other long-term assets, net of $1.8 million, and net working capital of $0.1 million. Goodwill and intangible assets are recorded in other assets in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the IMG Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed.

As the IMG Acquisition closed on March 3, 2025, the Company is in the process of completing the initial purchase price allocation in accordance with Accounting Standards Codification (“ASC”) Topic 805.

Note 3—Inventories

Inventories consist of the following:


	March 31,		December 31,
($ in thousands)	2025		2024
Proppants	$	9,929	$	9,341
Chemicals	21,015		18,629
Maintenance parts and other	171,921		175,499
	$	202,865	$	203,469

During the three months ended March 31, 2025, the lower of cost or net realizable value analysis resulted in the Company recording a write-down to the inventory carrying value of $1.1 million. During the year ended December 31, 2024, the lower of cost or net realizable value analysis resulted in the Company recording a write-down to the inventory carrying value of $1.0 million.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 4—Property and Equipment

Property and equipment consist of the following:


	Estimated useful lives (in years)	March 31,		December 31,
($ in thousands)		2025		2024
Land	N/A	$	30,052	$	30,041
Field services equipment	2-10	3,091,712		3,068,681

Vehicles	4-7	59,637		61,433
Lease equipment	10	161,251		163,889
Buildings and facilities	5-30	186,012		180,010
Mineral reserves	>25	80,097		80,070
Office equipment, furniture, and software	2-7	12,730		12,532
		3,621,491		3,596,656
Less accumulated depreciation and depletion		(1,931,341)		(1,917,551)
		1,690,150		1,679,105
Construction in-progress	N/A	235,910		211,893
Property and equipment, net		$	1,926,060	$	1,890,998

Depreciation expense for the three months ended March 31, 2025 and 2024 was $110.9 million. Depletion expense for the three months ended March 31, 2025 and 2024 was $0.3 million.

Note 5—Leases

The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset.

Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Finance lease cost:
Amortization of right-of-use assets	$	13,591	$	8,911
Interest on lease liabilities	5,036		3,373
Operating lease cost	8,723		9,035
Variable lease cost	1,560		1,767
Short-term lease cost	1,010		1,022
Total lease cost, net	$	29,920	$	24,108

Supplemental cash flow and other information related to leases for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Cash paid for amounts included in measurement of liabilities:
Operating leases	$	8,817	$	9,055
Finance leases	22,690		12,627
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	8,264		4,242
Finance leases	27,656		30,138

Lease terms and discount rates as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases	3.8 years		3.8 years
Finance leases	2.8 years		3.2 years
Weighted-average discount rate:
Operating leases	7.0	%	6.7	%
Finance leases	7.3	%	7.4	%

Future minimum lease commitments as of March 31, 2025 were as follows:


($ in thousands)	Finance		Operating
Remainder of 2025	$	81,715	$	25,291
2026	87,873		23,723
2027	58,562		13,916
2028	63,185		5,407
2029	26,528		3,169
Thereafter	115		10,594
Total lease payments	317,978		82,100
Less imputed interest	37,358		9,196
Total	$	280,620	$	72,904

The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of March 31, 2025 is $12.3 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Lessor Arrangements

The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. The majority of the lease agreements are short-term in nature and contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items.

The carrying amount of lease equipment, included in property, plant and equipment, that are leased to others under an operating lease or are available to lease as of March 31, 2025 and December 31, 2024 were as follows:


($ in thousands)	March 31, 2025		December 31, 2024
Equipment leased to others - at original cost	$	161,251	$	163,889
Less: Accumulated depreciation	(45,211)		(41,223)
Equipment leased to others - net	$	116,040	$	122,666

Future payments receivable for long-term non-cancelable operating leases as of March 31, 2025 are as follows:


($ in thousands)
Remainder of 2025	$	3,776
2026	2,239
2027	—
2028	—
2029	—
Thereafter	—
Total	$	6,015

Revenues from operating leases for the three months ended March 31, 2025 and 2024 were $13.6 million and $9.1 million, respectively.

Note 6—Accrued Liabilities

Accrued liabilities consist of the following:


($ in thousands)	March 31, 2025		December 31, 2024
Accrued vendor invoices	$	81,646	$	73,591
Operations accruals	53,569		56,375
Accrued benefits and other	84,130		76,747
	$	219,345	$	206,713

Note 7—Debt

Debt consists of the following:


	March 31,		December 31,
($ in thousands)	2025		2024

Revolving Line of Credit	$	210,000	$	190,500

ABL Facility

The Company is party to a revolving line of credit up to $525.0 million (the “ABL Facility”), subject to certain borrowing base limitations based on a percentage of eligible accounts receivable and inventory. As of March 31, 2025, the borrowing base was calculated to be $363.9 million, and the Company had $210.0 million outstanding in addition to letters of credit in the amount of $14.0 million, with $139.9 million of remaining availability. Borrowings under the ABL Facility bear interest at Secured Overnight Financing Rate (“SOFR”) or a base rate, plus an applicable SOFR margin of 1.5% to 2.0% or base rate

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

margin of 0.5% to 1.0%, as described in the ABL Facility credit agreement (the “ABL Facility credit agreement”). Additionally, borrowings as of March 31, 2025 and December 31, 2024 incurred interest at a weighted average rate of 6.7% and 6.8%, respectively. The average monthly unused commitment is subject to an unused commitment fee of 0.25% to 0.375%. Interest and fees are payable in arrears at the end of each month, or, in the case of SOFR loans, at the end of each interest period. The ABL Facility matures on January 23, 2028. Borrowings under the ABL Facility are collateralized by accounts receivable and inventory, and further secured by the Company as parent guarantor.

The ABL Facility includes certain non-financial covenants, including but not limited to restrictions on incurring additional debt and certain distributions. Moreover, the ability of the Company to incur additional debt and to make distributions is dependent on maintaining a maximum leverage ratio.

The ABL Facility is not subject to financial covenants unless liquidity, as defined in the ABL Facility credit agreement, drops below a specific level. The Company is required to maintain a minimum fixed charge coverage ratio, as defined in the ABL Facility credit agreement, of 1.0 to 1.0 for each period if excess availability is less than 10% of the borrowing base or $52.5 million, whichever is greater.

The Company was in compliance with these covenants as of March 31, 2025.

Maturities of debt are as follows:


($ in thousands)

Remainder of 2025	$	—
2026	—
2027	—
2028	210,000
2029	—
Thereafter	—
	$	210,000

Note 8—Fair Value Measurements and Financial Instruments

The fair values of the Company’s assets and liabilities represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction on the reporting date. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability on the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company discloses the fair values of its assets and liabilities according to the quality of valuation inputs under the following hierarchy:

•Level 1 Inputs: Quoted prices (unadjusted) in an active market for identical assets or liabilities.

•Level 2 Inputs: Inputs other than quoted prices that are directly or indirectly observable.

•Level 3 Inputs: Unobservable inputs that are significant to the fair value of assets or liabilities.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborating market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborating market data is no longer available. Transfers occur at the end of the reporting period. There were no transfers into or out of Levels 1, 2, and 3 during the three months ended March 31, 2025 and 2024.

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, investments in equity securities, accounts payable, accrued liabilities, long-term debt, and finance and operating lease obligations. The carrying values of all of the Company’s financial instruments included in the accompanying unaudited condensed consolidated balance sheets approximated or equaled their fair values on March 31, 2025 and December 31, 2024.

•The carrying values of cash and cash equivalents, accounts receivable, and accounts payable (including accrued liabilities) approximated fair value on March 31, 2025 and December 31, 2024, due to their short-term nature.

•The carrying value of investments in equity securities were measured at fair value on March 31, 2025 and December 31, 2024 based on quoted prices in active markets.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

•The carrying value of amounts outstanding under long-term debt agreements with variable rates approximated fair value on March 31, 2025 and December 31, 2024, as the effective interest rates approximated market rates.

•The carrying values of amounts outstanding under finance and operating lease obligations approximated fair value on March 31, 2025 and December 31, 2024, as the effective borrowing rates approximated market rates.

Nonrecurring Measurements

Certain assets and liabilities are measured at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but may be subject to fair value adjustments in certain circumstances. These assets and liabilities include those acquired through the IMG Acquisition, which are required to be measured at fair value on the acquisition date in accordance with ASC Topic 805. See Note 2—Significant Accounting Policies.

Recurring Measurements

The fair values of the Company’s cash equivalents measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts. As of March 31, 2025 and December 31, 2024, the Company had cash equivalents, measured at fair value, of $0.3 million.

The Company holds an investment in Oklo Inc. (“Oklo”) made during the three months ended September 30, 2023. In May 2024, Oklo was acquired by a publicly traded special purpose acquisition company which resulted in the conversion of the Company’s investment into common shares of Oklo, which are traded on the New York Stock Exchange. The Company measures this investment in equity securities at fair value using Level 1 inputs based on quoted prices in an active market. As of March 31, 2025 and December 31, 2024, the fair value of the investment was estimated at $38.3 million and $51.6 million, respectively. The change in Oklo’s fair value along with the sale of shares in the active market, resulted in a gain of $16.6 million during the three months ended March 31, 2025, included in gain on investments, net in the accompanying unaudited condensed consolidated statements of operations. Additionally, the Company sold shares valued at $29.9 million during the three months ended March 31, 2025, included in sale of equity securities within the investing section in the accompanying unaudited condensed consolidated statements of cash flows.

Additionally, during the three months ended December 31, 2023, the Company purchased depository interests representing shares of common stock in Tamboran Resources Corporation (“Tamboran”). In June 2024, Tamboran completed its initial public offering and listed its common stock on the New York Stock Exchange. In addition to the prior purchase of depository interests, the Company participated in Tamboran’s initial public offering by purchasing an additional $10.0 million of Tamboran’s common stock. The Company measures this investment in equity securities at fair value using Level 1 inputs based on quoted prices in an active market. As of March 31, 2025 and December 31, 2024, the fair value of the investment was estimated at $21.4 million and $18.8 million, respectively. The change in Tamboran’s fair value resulted in an unrealized gain of $2.7 million during the three months ended March 31, 2025, included in gain on investments, net in the accompanying unaudited condensed consolidated statements of operations.

Nonfinancial assets

The Company estimates fair value to perform impairment tests as required on long-lived assets. The inputs used to determine such fair value are primarily based upon internally developed cash flow models and would generally be classified within Level 3 in the event that such assets were required to be measured and recorded at fair value within the accompanying unaudited condensed consolidated financial statements. No such measurements were required as of March 31, 2025 and December 31, 2024 as no triggering event was identified.

Credit Risk

The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents, and trade receivables.

The Company’s cash and cash equivalent balances on deposit with financial institutions total $24.1 million and $20.0 million as of March 31, 2025 and December 31, 2024, respectively, which exceeded Federal Deposit Insurance Corporation insured limits. The Company regularly monitors these institutions’ financial condition.

The majority of the Company’s customers have payment terms of 45 days or less.

As of March 31, 2025, Customer A, Customer B, and Customer C accounted for 12%, 11%, and 10%, respectively, of total consolidated accounts receivable and unbilled revenue. As of December 31, 2024, Customer B and Customer D accounted for 14% and 10%, respectively, of total consolidated accounts receivable and unbilled revenue. During the three months ended

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

March 31, 2025, Customer A and Customer B accounted for 13% and 10%, respectively, of consolidated revenues. During the three months ended March 31, 2024, Customer A accounted for 15% of consolidated revenues. No other customers accounted for more than 10% of accounts receivable and unbilled revenues or revenues during the respective periods.

The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers.

The Company applies historic loss factors to its receivable portfolio segments that are not expected to be further impacted by current economic developments, and an additional economic conditions factor to portfolio segments anticipated to experience greater losses in the current economic environment. While the Company has not experienced significant credit losses in the past and has not seen material changes to the payment patterns of its customers, the Company cannot predict with any certainty the degree to which unforeseen events may affect the ability of its customers to timely pay receivables when due. Accordingly, in future periods, the Company may revise its estimates of expected credit losses.

As of both March 31, 2025 and December 31, 2024, the Company had $0.8 million in allowance for credit losses as follows:


($ in thousands)
Allowance for credit losses on December 31, 2024	$	848
Credit losses:
Current period provision	—
Amounts written off, net of recoveries	(10)
Allowance for credit losses on March 31, 2025	$	838

Note 9—Equity

Restricted Stock Units

Restricted stock units (“RSUs”) granted pursuant to the Liberty Energy Inc. Amended and Restated Long Term Incentive Plan (“LTIP”), if they vest, will be settled in shares of the Company’s Class A Common Stock. RSUs were granted with vesting terms up to three years. Changes in non-vested RSUs outstanding under the LTIP during the three months ended March 31, 2025 were as follows:


	Number of Units	Weighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	2,938,408	$	16.93
Granted	392,910	20.94
Vested	(304,437)	16.27
Forfeited	(20,612)	17.33
Outstanding as of March 31, 2025	3,006,269	$	17.52

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Performance Restricted Stock Units

Performance restricted stock units (“PSUs”) granted pursuant to the LTIP, if they vest, will be settled in shares of the Company’s Class A Common Stock. PSUs were granted with a three-year cliff vesting and performance period, with the vesting percentage of the target award dependent on the satisfaction of the performance goals set forth in the applicable award agreement. The Company records compensation expense based on the Company’s best estimate of the number of PSUs that will vest at the end of the performance period. If such performance targets are not met, or are not expected to be met, no compensation expense is recognized and any recognized compensation expense is reversed. Changes in non-vested PSUs outstanding under the LTIP during the three months ended March 31, 2025 were as follows:


	Number of Units	Weighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	1,106,939	$	15.10
Granted	237,209	20.74
Vested	(363,001)	14.78
Forfeited	—	—
Outstanding as of March 31, 2025	981,147	$	16.58

Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s accompanying unaudited condensed consolidated statements of operations. The Company recognized stock-based compensation expense of $18.1 million and $7.3 million for the three months ended March 31, 2025 and 2024, respectively. Stock-based compensation expense for the three months ended March 31, 2025, includes $10.2 million of expense recognized related to the resignation of Christopher A. Wright, the Company’s former Chief Executive Officer upon confirmation as Secretary of Energy of the United States on February 3, 2025, included in general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations. There was approximately $39.5 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of March 31, 2025. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of two years.

Dividends

The Company paid cash dividends of $0.08 per share of Class A Common Stock on March 20, 2025 to stockholders of record as of March 6, 2025, which totaled $12.9 million.

The Company paid cash dividends of $0.07 per share of Class A Common Stock on March 20, 2024 to stockholders of record as of March 6, 2024, which totaled $11.6 million.

Additionally, the Company paid accrued dividend equivalents upon vesting for the RSUs and PSUs with a 2025 vesting date, which totaled $0.3 million for the three months ended March 31, 2025. The Company paid accrued dividend equivalents upon vesting for the RSUs and PSUs with a 2024 vesting date, which totaled $0.0 million for the three months ended March 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company had $1.4 million and $1.5 million of dividend equivalents payable related to RSUs and PSUs to be paid upon vesting, respectively. Dividend equivalents related to forfeited RSUs or PSUs will be forfeited.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Share Repurchase Program

On July 25, 2022, the Company’s board of directors (the “Board”) authorized and the Company announced a share repurchase program that allowed the Company to repurchase the Company’s Class A Common Stock. As of March 31, 2025 and December 31, 2024, the cumulative repurchase authorization was $750.0 million through July 31, 2026. The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions, or by other means in accordance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A Common Stock, the market price of the Company’s Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund any repurchases by using cash on hand, borrowings under the ABL Facility and expected free cash flow to be generated through the duration of the share repurchase program.


	Three Months Ended March 31,
($ in thousands, except share count and per share data)	2025		2024
Shares of Class A Common Stock	1,546,138		1,480,084
Cost of shares repurchased	$	23,958	$	30,167
Average price per share including commissions	$	15.50	$	20.38

As of March 31, 2025, $270.2 million remained authorized for future repurchases of Class A Common Stock under the share repurchase program.

The Company accounts for the purchase price of repurchased common shares in excess of par value ($0.01 per share of Class A Common Stock) as a reduction of additional paid-in capital, and will continue to do so until additional paid-in capital is reduced to zero. Thereafter, any excess purchase price will be recorded as a reduction to retained earnings.

As enacted by the Inflation Reduction Act of 2022, the Company accrued stock repurchase excise tax of $0.2 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024 the Company had excise tax payables of $1.1 million and $0.9 million, respectively, in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.

Note 10—Net Income per Share

Basic net income per share measures the performance of an entity over the reporting period. Diluted net income per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the treasury stock method to determine the potential dilutive effect of outstanding RSUs and PSUs.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table reflects the allocation of net income to common stockholders and net income per share computations for the periods indicated based on a weighted average number of Class A Common Stock outstanding:


	Three Months Ended
(In thousands, except per share data)	March 31, 2025		March 31, 2024
Basic Net Income Per Share
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$	20,111	$	81,892
Denominator:
Basic weighted average common shares outstanding	161,938		166,325
Basic net income per share attributable to Liberty Energy Inc. stockholders	$	0.12	$	0.49
Diluted Net Income Per Share
Numerator:


Diluted net income attributable to Liberty Energy Inc. stockholders	$	20,111	$	81,892
Denominator:
Basic weighted average common shares outstanding	161,938		166,325
Effect of dilutive securities:
Restricted stock units	3,846		5,116

Diluted weighted average common shares outstanding	165,784		171,441
Diluted net income per share attributable to Liberty Energy Inc. stockholders	$	0.12	$	0.48

Note 11—Income Taxes

The Company is a corporation and is subject to taxation in the United States, Canada, Australia and various state, local and provincial jurisdictions.

On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15% global minimum tax rate for large multinational corporations (the “Pillar Two Framework”). On June 20, 2024 and December 23, 2024, Canada and Australia, respectively, enacted the Pillar Two global minimum tax regime, which is not expected to have a material impact on the Company’s financial statements for the fiscal year ended December 31, 2025. The OECD continues to release additional guidance and countries are implementing legislation, with widespread adoption of the Pillar Two Framework expected by 2025. The Company is continuing to evaluate the Pillar Two Framework and its potential impact on future periods, including any legislation enacted in the jurisdictions in which the Company operates.

The Company may distribute cash from foreign subsidiaries to its U.S. parent as business needs arise. The Company has not provided for deferred income taxes on the undistributed earnings from certain foreign subsidiaries earnings as such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any income and/or withholding tax would not be significant.

The effective global income tax rate applicable to the Company for the three months ended March 31, 2025 was 28.0%, compared to 24.4% for the period ended March 31, 2024. The Company’s effective tax rate is greater than the statutory federal income tax rate of 21.0% due to state income taxes in the states the Company operates, as well as nondeductible executive compensation, partially offset by U.S. federal income tax credits. The Company recognized an income tax expense of $7.8 million and $26.5 million during the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025 and December 31, 2024, the Company recognized a net deferred tax liability in the amount of $137.7 million. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities, and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Tax Receivable Agreements

In connection with the IPO, on January 17, 2018, the Company entered into two Tax Receivable Agreements (the “TRAs”) with R/C Energy IV Direct Partnership, L.P. and the then existing owners that continued to own units in Liberty Oilfield Services New HoldCo LLC (“Liberty LLC Units”) (each such person and any permitted transferee, a “TRA Holder” and together, the “TRA Holders”). The TRAs generally provide for the payment by the Company of 85% of the net cash savings, if any, in U.S. federal, state, and local income tax and franchise tax (computed using simplifying assumptions to address the impact of state and local taxes) that the Company actually realizes (or is deemed to realize in certain circumstances) in periods after the IPO as a result, as applicable to each TRA Holder, of (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s Liberty LLC Units in connection with the IPO or pursuant to the exercise of redemption or call rights, (ii) any net operating losses available to the Company as a result of the Corporate Reorganization, and (iii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the TRAs.

At March 31, 2025, the Company’s liability under the TRAs was $74.9 million, of which $7.7 million was recorded as a current liability, and $67.2 million was recorded as a component of long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. The Company made TRA payments of $40.8 million for the three months ended March 31, 2025.

As of December 31, 2024, the Company’s liability under the TRAs was $115.7 million, of which $40.8 million was recorded as a current liability, and $74.9 million was recorded as a component of long-term liabilities. The Company made TRA payments of $5.2 million for the three months ended March 31, 2024.

Note 12—Defined Contribution Plan

The Company sponsors a 401(k) defined contribution retirement plan covering eligible employees. The Company makes matching contributions at a rate of $1.00 for each $1.00 of employee contribution, subject to a cap of 6% of the employee’s salary and federal limits. Contributions made by the Company were $9.8 million and $8.7 million for the three months ended March 31, 2025 and 2024, respectively.

Note 13—Related Party Transactions

Franklin Mountain Energy, LLC

A member of the Board, Audrey Robertson, served as Executive Vice President of Finance of Franklin Mountain Energy, LLC (“Franklin Mountain”) until its acquisition by an unaffiliated party. Accordingly, effective January 28, 2025, Franklin Mountain is no longer a related party. The amounts of the Company’s revenue related to completion services provided to Franklin Mountain for the period January 1, 2025 through January 27, 2025, and the three months ended March 31, 2024 were $5.8 million and $11.5 million, respectively.

Receivables from Franklin Mountain as of December 31, 2024 were $4.2 million.

Liberty Resources LLC

Liberty Resources LLC, an oil and gas exploration and production company, and its successor entity (collectively, the “Affiliate”) had certain common ownership and management with the Company. Effective March 14, 2024, the Affiliate is no longer a related party, following its acquisition by an unaffiliated party. The amounts of the Company’s revenue related to completion services provided to the Affiliate for the period January 1, 2024 through March 13, 2024 was $11.1 million.

During the period January 1, 2024 through March 13, 2024, interest income from the Affiliate was $0.5 million.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Oklo Inc.

During the three months ended September 30, 2023, the Company invested $10.0 million in a fission power and nuclear fuel recycling company, Oklo. Effective May 10, 2024, through an acquisition by a special purpose acquisition company, the Company’s investment converted into shares traded on the New York Stock Exchange. Additionally, Christopher A. Wright, the Company’s previous Chief Executive Officer and Chairman of the Board, was appointed to the Oklo board of directors. Effective February 3, 2025, Mr. Wright was confirmed as the United States Secretary of Energy by the United States Senate and, as a result, resigned from his position as Chief Executive Officer, Chairman of the Board, and his position on the Oklo board of directors. As a result, Oklo is no longer a related party. The change in Oklo’s fair value along with the sale of shares in the active market, resulted in a gain of $16.6 million during the three months ended March 31, 2025, included in gain on investments, net in the accompanying unaudited condensed consolidated statements of operations. Additionally, the Company sold shares of Oklo valued at $29.9 million during the three months ended March 31, 2025, included in sale of equity securities within the investing section in the accompanying unaudited condensed consolidated statements of cash flows. The Company was not party to any other transactions related to Oklo during the period January 1, 2025 through February 2, 2025 and the three months ended March 31, 2024.

Nomad Proppant Services LLC

During the year ended December 31, 2021, the Company committed to investing $10.0 million in Nomad Proppant Services LLC (“Nomad”), a mobile sand mine company. Upon the commitment, the Company had a significant but non-controlling financial interest in Nomad. Within the normal course of business, the Company purchased proppant from Nomad for $0.0 million and $1.9 million during the three months ended March 31, 2025 and 2024, respectively. Payables to Nomad were $0.0 million and $0.6 million as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025 and December 31, 2024, the value of the Company’s investment using the equity method accounting was $9.6 million and $10.7 million, respectively. During the three months ended March 31, 2025 and 2024, the Company received cash distributions from Nomad in the amounts of $1.0 million and $0.0 million, respectively, included in cash return on equity investment within the operating section in the accompanying unaudited condensed consolidated statements of cash flows.

Bettering Human Lives Foundation

In December 2023, the Company established the Bettering Human Lives Foundation (the “Foundation”), a nonprofit organization dedicated to promoting clean cooking solutions and improving the well-being of communities worldwide. Upon establishment, the Company made a commitment to make an annual charitable contribution of $1.0 million to the Foundation, subject to obtaining necessary approvals. Effective January 1, 2024, Anne Hyre, the executive director of the Foundation, is employed by a subsidiary of the Company and seconded to the Foundation and certain officers of the Company are members of the Foundation’s governance board. Effective March 24, 2025, Ron Gusek, the Company’s Chief Executive Officer, became a member of the Foundation’s Advisory Board. Additionally, the Company and the Foundation entered into a professional services agreement (the “Professional Services Agreement”), whereby the Company may provide certain administrative services with a value up to $1.0 million to the Foundation, subject to reimbursement. Under the Professional Services Agreement, the Company did not receive any reimbursement for services during the three months ended March 31, 2025 and 2024.

During the three months ended March 31, 2025 and 2024, the Company made charitable contributions of $0.2 million and $0.3 million, to the Foundation, respectively.

Note 14—Commitments & Contingencies

Purchase Commitments (tons are not in thousands)

The Company enters into purchase and supply agreements to secure supply and pricing of proppants, transload, and equipment. As of March 31, 2025 and December 31, 2024, the agreements provide pricing and committed supply sources for the Company to purchase 365,632 and 360,000 tons, respectively, of proppant through December 31, 2025. Amounts below also include commitments to pay for transport fees on minimum amounts of proppants. Additionally, related proppant transload service commitments run through December 31, 2025.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Future proppant, transload, and equipment commitments are as follows:


($ in thousands)
Remainder of 2025	$	26,053
2026	—
2027	—
2028	—
2029	—
Thereafter	—
	$	26,053

Certain supply agreements contain a clause whereby in the event that the Company fails to purchase minimum volumes, as defined in the agreement, during a specific time period, a shortfall fee may apply. In circumstances where the Company does not make the minimum purchase required under the contract, the Company and its suppliers have a history of amending such minimum purchase contractual terms and in rare cases does the Company incur shortfall fees. If the Company were unable to make any of the minimum purchases and the Company and its suppliers cannot come to an agreement to avoid such fees, the Company could incur shortfall fees in the amounts of $8.3 million for the remainder of 2025. Based on forecasted levels of activity, the Company does not currently expect to incur significant shortfall fees.

Included in the commitments for the remainder of 2025 are $2.2 million of payments expected to be made in the second quarter of 2025 for the use of certain light duty trucks, heavy tractors, and field equipment used to various degrees in frac and wireline operations. The Company is in negotiations with the third-party owner of such equipment to lease or purchase some or all of such aforementioned vehicles and equipment, subject to agreement on terms and conditions. No gain or loss is expected upon consummation of any such agreement.

Litigation

From time to time, the Company is subject to legal and administrative proceedings, settlements, investigations, claims and actions. The Company’s assessment of the likely outcome of litigation matters is based on its judgment of a number of factors including experience with similar matters, past history, precedents, relevant financial and other evidence and facts specific to the matter. Notwithstanding the uncertainty as to the final outcome, based upon the information currently available, management does not believe any matters, individually or in aggregate, will have a material adverse effect on the Company’s financial position or results of operations.

Note 15—Subsequent Events

On April 15, 2025, the Board approved a quarterly dividend of $0.08 per share of Class A Common Stock to be paid on June 20, 2025 to holders of record as of June 6, 2025.

No other significant subsequent events have occurred that would require recognition or disclosure in the accompanying unaudited condensed consolidated financial statements and notes thereto.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes. The following discussion contains “forward-looking statements” that reflect our future plans, estimates, beliefs, and expected performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, including those described in “Cautionary Note Regarding Forward-Looking Statements,” the Annual Report under the heading “Item 1A. Risk Factors,” and in “Part II – Other Information, Item 1A. Risk Factors” included herein. We assume no obligation to update any of these forward-looking statements.

Overview

The Company, together with its subsidiaries, is a leading integrated energy services and technology company focused on providing innovative hydraulic fracturing services and related technologies to onshore oil and natural gas E&P companies. We offer customers hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, field gas processing and treating, CNG delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile. We have grown from one active hydraulic fracturing fleet in December 2011 to approximately 40 active fleets as of March 31, 2025. We provide our services primarily in the major oil and gas shale basins in North America and in the Northern Territory of Australia.

In early 2023, the Company launched Liberty Power Innovations LLC (“LPI”), an integrated alternative fuel and power solutions provider for remote applications. LPI provides CNG supply, field gas processing and treating, and well site fueling and logistics. LPI was formed to support the Company’s transition towards our next generation digiFleets℠ and dual fuel fleets, as CNG fueling services can be limited in the market, yet critical to maintaining highly efficient well site operations. Through the first quarter of 2025, LPI was primarily focused on supporting an industry transition to natural gas fueled technologies, serving as a key enabler of the next step of cost and emissions reductions in the oilfield. In January 2025, we announced LPI’s intent to expand into the distributed power business, where we expect to leverage our experience in providing electric power for our digiFrac℠ pumps into other areas inside and outside of the oilfield.

Business Developments

On March 3, 2025, we completed the acquisition of IMG Energy Solutions, a leading developer of distributed power systems, for cash consideration of approximately $19.6 million, subject to normal closing adjustments and net of cash received. The IMG Acquisition brings integrated capabilities across engineering design and development, construction management, enhanced software and monitoring systems, operations and marketing. We believe the IMG Acquisition will strengthen LPI by incorporating IMG Energy Solutions’s advanced engineering designs, software control systems, utility interconnection experience and power marketing expertise.

Business Strategy and Technical Innovation

We believe technical innovation and strong relationships with our customer and supplier bases distinguish us from our competitors and are the foundations of our business. We expect that E&P companies will continue to focus on technological innovation as completion complexity and fracture intensity of horizontal wells increases, particularly as customers are increasingly focused on reducing emissions from their completions operations. We remain proactive in developing innovative solutions to industry challenges, including developing: (i) our databases of U.S. unconventional wells to which we apply our proprietary multi-variable statistical analysis technologies to provide differential insight into fracture design optimization; (ii) our Liberty Quiet Fleet® design which significantly reduces noise levels compared to conventional hydraulic fracturing fleets; (iii) hydraulic fracturing fluid systems tailored to the specific reservoir properties in the basins in which we operate; (iv) our dual fuel dynamic gas blending (“DGB”) fleets that allow our engines to run diesel or a combination of diesel and natural gas, to optimize fuel use, reduce emissions and lower costs; (v) our digiFleets℠, comprising of digiFrac℠ and digiPrime℠ pumps and other complementary equipment, including power generation units (together “digiTechnologies℠”), our innovative, purpose-built electric and hybrid frac pumps that have approximately 25% lower CO2e emission profile than the Tier IV DGB; (vi) our wet sand handling technology which eliminates the need to dry sand, enabling the deployment of mobile mines nearer to wellsites; and (vii) the launch of LPI to support the transition to our digiFleets as well as the transition to lower costs and emissions in the oilfield. In addition, our integrated supply chain includes proppant, chemicals, equipment, natural gas fueling services, logistics and integrated software which we believe promotes wellsite efficiency and leads to more pumping hours and higher productivity throughout the year to better service our customers. In order to achieve our technological objectives, we carefully manage our liquidity and debt position to promote operational flexibility and invest in the business throughout the full commodity cycle in the regions we operate.

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Recent Trends and Outlook

Global oil markets are contending with tariff impacts, geopolitical tensions, and oil supply dynamics, including the evolving OPEC+ production strategy and potential constraints on Iranian, Russian, and Venezuelan oil exports. While recent volatility in commodity prices is not immediately driving changes in North American production activity, oil producers are evaluating a range of scenarios in anticipation of oil price pressure in light of the foregoing. Gas producers could prove to be beneficiaries of potentially lower associated gas production in oily basins if oil production is curtailed. Larger, well-capitalized producers, that comprise a greater portion of present North American shale production, are better able to withstand a broader range of commodity prices.

Most producers have targeted flat to modest production growth for 2025 and today’s frac activity supports maintaining current oil production levels. Natural gas fundamentals are expected to be more favorable during the year on rising LNG export capacity demand.

During the first quarter of 2025, the posted WTI price traded at an average of $71.78 per barrel (“Bbl”), as compared to the first quarter of 2024 average of $77.50 per Bbl, and the fourth quarter of 2024 average of $70.73 per Bbl. Subsequent to March 31, 2025, the WTI price traded lower at an average of $64.18 per Bbl through April 14, 2025. In addition, the Henry Hub price traded at an average of $4.14 per one million British thermal units (“MMBtu”), as compared to the first quarter of 2024 average of $2.44 per MMBtu, and the fourth quarter of 2024 average of $2.15 per MMBtu. Subsequent to March 31, 2025, the Henry Hub traded lower at an average of $3.82 per MMBtu through April 14, 2025, still well above prior period prices. The average domestic onshore rig count for the United States and Canada was 788 rigs reported in the first quarter of 2025, down from the average in the first quarter of 2024 of 810, and up from the fourth quarter of 2024 of 765, according to a report from Baker Hughes.

Results of Operations

Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024


	Three months ended March 31,
Description	2025		2024		Change
	(in thousands)
Revenue	$	977,461	$	1,073,125	$	(95,664)
Cost of services, excluding depreciation, depletion, and amortization shown separately	761,616		782,680		(21,064)
General and administrative	65,775		52,986		12,789
Transaction and other costs	811		—		811
Depreciation, depletion, and amortization	127,742		123,186		4,556
Loss (gain) on disposal of assets, net	3,345		(1,160)		4,505
Operating income	18,172		115,433		(97,261)
Other (income) expense, net	(9,745)		7,063		(16,808)
Net income before income taxes	27,917		108,370		(80,453)
Income tax expense	7,806		26,478		(18,672)
Net income	20,111		81,892		(61,781)

Revenue

Our revenue decreased $95.7 million, or 9%, to $977.5 million for the three months ended March 31, 2025 compared to $1.1 billion for the three months ended March 31, 2024. The decrease in revenue was primarily attributable to a decrease in service and materials pricing, partially offset by higher activity levels primarily from increased fleet efficiency.

Cost of Services

Cost of services (excluding depreciation, depletion, and amortization) decreased $21.1 million, or 3%, to $761.6 million for the three months ended March 31, 2025 compared to $782.7 million for the three months ended March 31, 2024. The decrease in expense was primarily related to decreases in materials costs and lower repairs and maintenance costs, partially offset by increased personnel costs related to higher activity levels discussed above.

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General and Administrative

General and administrative increased 24%, to $65.8 million for the three months ended March 31, 2025 compared to $53.0 million for the three months ended March 31, 2024. The increase was primarily attributable to increased stock-based compensation expense recognized in connection with the resignation of Christopher A. Wright, the Company’s previous Chief Executive Officer and Chairman of the Board, from the Company upon his confirmation to the Secretary of Energy of the United States.

Transaction and Other Costs

Transaction and other costs were $0.8 million for the three months ended March 31, 2025, with no such costs recorded for the three months ended March 31, 2024, for costs related to the IMG Acquisition. See Note 2—Significant Accounting Policies to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for further details.

Depreciation, Depletion, and Amortization

Depreciation, depletion, and amortization expense increased $4.6 million, or 4%, to $127.7 million for the three months ended March 31, 2025 compared to $123.2 million for the three months ended March 31, 2024. The increase during the three months ended March 31, 2025 was due to additional finance leases entered into during the period for heavy equipment.

Loss (Gain) on Disposal of Assets, net

The Company recorded a loss on disposal of assets of $3.3 million for the three months ended March 31, 2025 compared to a gain on disposal of assets of $1.2 million for the three months ended March 31, 2024. The loss as of March 31, 2025 was primarily the result of the Company selling equipment that is no longer in use as part of normal course fleet and equipment management. The gain as of March 31, 2024 primarily related to the scrapping of fully depreciated equipment.

Other (Income) Expense, Net

Other (income) expense, net changed by $16.8 million to $9.7 million income for the three months ended March 31, 2025 compared to $7.1 million expense for the three months ended March 31, 2024. Other (income) expense, net is comprised of gain on investments, net of $19.3 million related to investments in equity securities measured at fair value for the three months ended March 31, 2025, with no such gain or loss on investments during the three months ended March 31, 2024. Interest expense, net increased $2.0 million primarily as a result of the addition of finance lease liabilities, refer to “Liquidity and Capital Resources” below for further discussion of the Company’s finance leases. Additionally, interest income—related party decreased $0.5 million related to a note receivable agreement executed in December 2022, amended in August 2023, and fully collected in March 2024.

Income Tax Expense

The Company recognized income tax expense of $7.8 million for the three months ended March 31, 2025, an effective rate of 28%, compared to $26.5 million for the three months ended March 31, 2024, an effective rate of 24%. The decrease in income tax expense was primarily attributable to the decrease in net income before income taxes, as discussed above.

Comparison of Non-GAAP Financial Measures

We view EBITDA and Adjusted EBITDA as important indicators of performance. We define EBITDA as net income before interest, income taxes, and depreciation, depletion, and amortization. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock-based compensation, new fleet or new basin start-up costs, fleet lay-down costs, gain or loss on the disposal of assets, net, bad debt reserves, transaction and other costs, the gain or loss on remeasurement of liability under our tax receivable agreements, the gain or loss on investments, net, and other non-recurring expenses that management does not consider in assessing ongoing performance.

Our Board, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion, and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP.

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Note Regarding Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures will provide useful information to investors in assessing our financial performance and results of operations. Net income is the GAAP financial measure most directly comparable to EBITDA and Adjusted EBITDA. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measure. Each of these non-GAAP financial measures has important limitations as an analytical tool due to exclusion of some but not all items that affect the most directly comparable GAAP financial measures. You should not consider EBITDA or Adjusted EBITDA in isolation or as substitutes for an analysis of our results as reported under GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

The following tables present a reconciliation of EBITDA and Adjusted EBITDA to our net income, which is the most directly comparable GAAP financial measure for the periods presented:

Three Months Ended March 31, 2025, Compared to Three Months Ended March 31, 2024: EBITDA and Adjusted EBITDA


	Three Months Ended March 31,
Description	2025		2024		Change
	(in thousands)
Net income	$	20,111	$	81,892	$	(61,781)
Depreciation, depletion, and amortization	127,742		123,186		4,556
Interest expense, net	9,543		7,063		2,480
Income tax expense	7,806		26,478		(18,672)
EBITDA	$	165,202	$	238,619	$	(73,417)
Stock-based compensation expense	18,080		7,327		10,753
Gain on investments, net	(19,288)		—		(19,288)
Transaction and other costs	811		—		811
Loss (gain) on disposal of assets, net	3,345		(1,160)		4,505


Adjusted EBITDA	$	168,150	$	244,786	$	(76,636)

EBITDA was $165.2 million for the three months ended March 31, 2025 compared to $238.6 million for the three months ended March 31, 2024. Adjusted EBITDA was $168.2 million for the three months ended March 31, 2025 compared to $244.8 million for the three months ended March 31, 2024. The decreases in EBITDA and Adjusted EBITDA primarily resulted from lower pricing and partially offset by changes in activity levels in 2025 as described above under the captions Revenue, Cost of Services, and General and Administrative for the Three Months Ended March 31, 2025, Compared to the Three Months Ended March 31, 2024.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity consist of cash flows from operations and borrowings under our ABL Facility. We believe that we can fund operations and current organic growth plans with these sources. We monitor the availability and cost of capital resources such as equity, debt, and lease financings that could be leveraged for current or future financial obligations including those related to acquisitions, capital expenditures, working capital, and other liquidity requirements. We may incur additional indebtedness or issue equity in order to meet our capital expenditure activities and liquidity requirements, as well as to fund organic and other growth opportunities that we pursue, including via acquisition. Our primary uses of capital have been capital expenditures to support growth, both organic and through acquisitions, and funding ongoing operations, including maintenance and fleet upgrades, as well as the repurchases of, and dividends on, shares of our Class A Common Stock.

Cash and cash equivalents increased by $4.1 million to $24.1 million as of March 31, 2025 compared to $20.0 million as of December 31, 2024, while working capital excluding cash and current liabilities under debt and lease arrangements decreased $36.1 million.

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As of March 31, 2025, the Company was party to one credit agreement, which provides for a revolving line of credit up to $525.0 million. The ABL Facility is subject to certain borrowing base limitations based on a percentage of eligible accounts receivable and inventory available to finance working capital needs. As of March 31, 2025, the borrowing base was calculated to be $363.9 million, and the Company had $210.0 million outstanding, in addition to letters of credit in the amount of $14.0 million, with $139.9 million of remaining availability.

The ABL Facility contains covenants that restrict our ability to take certain actions. As of March 31, 2025, we were in compliance with all debt covenants.

See Note 7— Debt to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for further details.

We have no material off balance sheet arrangements as of March 31, 2025, except for purchase commitments under supply agreements as disclosed above under Note 14—Commitments & Contingencies to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report. As such, we are not materially exposed to any other financing, liquidity, market, or credit risk that could arise if we had engaged in such financing arrangements.

Share Repurchase Program

Under our share repurchase program, the Company is authorized to repurchase up to $750.0 million of outstanding Class A Common Stock through July 31, 2026. Shares may be repurchased from time to time for cash in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions, or by other means in accordance with applicable federal securities laws. The timing and the amount of repurchases will be determined by the Company at its discretion based on an evaluation of market conditions, capital allocation alternatives and other factors. The share repurchase program does not require us to purchase any dollar amount or number of shares of our Class A Common Stock and may be modified, suspended, extended or terminated at any time without prior notice. The Company expects to fund any repurchases by using cash on hand, borrowings under the ABL Facility, and expected free cash flow to be generated through the duration of the share repurchase program. During the three months ended March 31, 2025, the Company repurchased and retired shares of Class A Common Stock for $24.0 million, under the share repurchase program.

Cash Flows

The following table summarizes our cash flows for the periods indicated:


	Three Months Ended March 31,
Description	2025		2024		Change
	(in thousands)
Net cash provided by operating activities	$	192,118	$	159,396	$	32,722
Net cash used in investing activities	(106,175)		(141,993)		35,818
Net cash used in financing activities	(81,849)		(30,233)		(51,616)

Analysis of Cash Flow Changes Between the Three Months Ended March 31, 2025 and March 31, 2024

Operating Activities. Net cash provided by operating activities was $192.1 million for the three months ended March 31, 2025, compared to $159.4 million for the three months ended March 31, 2024. The $32.7 million increase in cash from operating activities is attributable to a $39.8 million increase in cash from changes in working capital for the three months ended March 31, 2025, compared to a $52.0 million decrease in cash from changes in working capital for the three months ended March 31, 2024. This increase in cash flows was partially offset by a $95.7 million decrease in revenues, net of a $36.6 million decrease in cash operating expenses, interest expense, net, and income tax expense.

Investing Activities. Net cash used in investing activities was $106.2 million for the three months ended March 31, 2025, compared to $142.0 million for the three months ended March 31, 2024. Cash used in investing activities was lower during the three months ended March 31, 2025, compared to the three months ended March 31, 2024 primarily due to proceeds of $29.9 million from the sale of common shares on the active market of Oklo and higher proceeds from the sale of assets, offset by a nominal increase in capital expenditures, including acquisitions. During the three months ended March 31, 2025, the Company acquired IMG Energy Solutions for total cash consideration of approximately $15.2 million, net of cash received, after preliminary closing adjustments. Refer to Note 2—Significant Accounting Policies to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for additional information related to the IMG Acquisition. Investments in equipment, including the new digiTechnologies™ suite and capitalized maintenance of existing equipment decreased $11.1 million, from $145.0 million for the three months ended March 31, 2024 to $133.9 million for the three months ended March 31, 2025.

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Financing Activities. Net cash used in financing activities was $81.8 million for the three months ended March 31, 2025, compared to net cash used in financing activities of $30.2 million for the three months ended March 31, 2024. The $51.6 million increase in cash used in financing activities was primarily due to a $35.6 million increase in cash paid under the TRA liability, $8.4 million increase in cash paid for finance leases, $5.8 million increase in cash paid for tax withholding on RSU vestings, and $1.5 million increase in dividends paid. These increases were partially offset by a $6.5 million decrease in net borrowings and $6.2 million decrease in share repurchases during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

Cash Requirements

Our material uses of cash consist primarily of obligations under long-term debt on the ABL Facility, TRAs, finance and operating leases for property and equipment, cash used to pay for repurchases of, and dividends on, shares of our Class A Common Stock, and purchase obligations as part of normal operations. Certain amounts included in our contractual obligations as of March 31, 2025 are based on our estimates and assumptions about these obligations, including pricing, volumes, and duration. We have no material off balance sheet arrangements as of March 31, 2025, except for purchase commitments under supply agreements of $26.1 million payable within 2025. See Note 14—Commitments & Contingencies to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for information regarding scheduled contractual obligations. During the three months ended March 31, 2025, the Company expanded its equipment lease facilities resulting in the addition of $27.7 million in new finance lease obligations. The terms on these new leases range from three to five years.

There have been no material changes to cash requirements since the year ended December 31, 2024.

Income Taxes

The Company is a corporation and is subject to U.S. federal, state, and local income tax. The Company is also subject to Canada and Australia federal and provincial income tax on its foreign operations.

The effective global income tax rate applicable to the Company for the three months ended March 31, 2025 was 28%, compared to 24% for the period ended March 31, 2024. The Company’s effective tax rate is greater than the statutory federal income tax rate of 21% due to state income taxes in the states the Company operates, as well as nondeductible executive compensation, partially offset by U.S. federal income tax credits. The Company recognized an income tax expense of $7.8 million and $26.5 million during the three months ended March 31, 2025 and 2024, respectively.

Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities, and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. As of March 31, 2025 and December 31, 2024, the Company’s net deferred tax liabilities were $137.7 million.

Refer to Note 11—Income Taxes to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for additional information related to income tax expense.

Tax Receivable Agreements

Refer to Note 11—Income Taxes to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for additional information related to tax receivable agreements.

Critical Accounting Estimates

The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP, which require us to make estimates and assumptions (see Note 2—Significant Accounting Policies to the unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report and Note 2—Significant Accounting Policies and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in the Annual Report). A critical accounting estimate is one that requires our most difficult, subjective or complex estimates and assessments and is fundamental to our results of operations. We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the current facts and circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

There have been no material changes in our evaluation of our critical accounting policies and estimates since our Annual Report.

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Item 3. Quantitative and Qualitative Disclosure about Market Risk

Our unaudited condensed consolidated financial statements are expressed in U.S. dollars, but, effective January 1, 2021, a portion of our operations is conducted in a currency other than U.S. dollars. The Canadian dollar is the functional currency of the Company’s foreign subsidiary as it is the primary currency within the economic environment in which the subsidiary operates. Additionally, during the three months ended March 31, 2024, the Company formed an entity in Australia, in which the Australian dollar as the functional currency of the Company’s foreign subsidiary.

Changes in the exchange rates of the above foreign currencies can affect our revenues, earnings, and the carrying value of our assets and liabilities in our unaudited condensed consolidated balance sheets, either positively or negatively. Adjustments resulting from the translation of the subsidiary’s financial statements are reported in other comprehensive income (loss). For the three months ended March 31, 2025 and 2024, the Company recorded foreign currency translation income of $0.1 million and loss of $3.7 million, to comprehensive income (loss), respectively.

Other exposures to market risk have not changed materially since December 31, 2024. For quantitative and qualitative disclosures about market risk, in addition to foreign currency translation, see Part II, Item 7(a), “Quantitative and Qualitative Disclosures About Market Risk,” in the Annual Report.

Item 4. Controls and Procedures

In accordance with Rules 13a-15 and 15d-15 of the Exchange Act, we carried out an evaluation, under the supervision and with the participation of management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of March 31, 2025 to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Our disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting

During the quarter ended March 31, 2025, we completed the IMG Acquisition on March 3, 2025. The Company is in the process of integrating the internal controls over financial reporting of the entities acquired. As a result of these integration activities, certain controls will be evaluated and may be changed. Once integrated, we will update documentation of our internal controls over financial reporting, as necessary, to reflect modifications to business processes and accounting procedures impacted.

There were no other changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II: OTHER INFORMATION

Item 1. Legal Proceedings

Information relating to legal proceedings is described in Note 14—Commitments & Contingencies to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report, and the information discussed therein is incorporated by reference into this Part II, Item 1.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in the Annual Report and the risk factors and other cautionary statements contained in our other SEC filings, which could materially affect our businesses, financial condition or future results.

No other risk factors were identified in addition to the risk factors set forth in the Annual Report. There have been no material changes to the risk factors in the Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Share Repurchase Program

The following sets forth information with respect to our repurchases of shares of Class A Common Stock during the three months ended March 31, 2025:


Period	Total number of shares purchased	Average price paid per share (2)		Total number of shares purchased as part of publicly announced plans or programs (1)	Approximate dollar value of shares that may yet be purchased under the plans or programs (1)
January 1, 2025 - January 31, 2025	—	$	—	—	$	294,191,766
February 1, 2025 - February 28, 2025	270,131	$	17.34	270,131	$	289,507,608
March 1, 2025 - March 31, 2025	1,276,007	$	15.10	1,276,007	$	270,233,835
Total	1,546,138	$	15.50	1,546,138	$	270,233,835

(1) On July 25, 2022, the Board authorized and the Company announced a share repurchase program that allowed the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through July 31, 2024. Additionally, on January 24, 2023 the Board authorized and the Company announced an increase of the cumulative repurchase authorization to $500.0 million. Furthermore, on January 23, 2024, the Board authorized and the Company announced an increase of the cumulative repurchase authorization to $750.0 million and extended the authorization through July 31, 2026. Shares may be repurchased from time to time for cash in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions, or by other means in accordance with applicable federal securities laws. The timing and the amount of repurchases will be determined by the Company at its discretion based on an evaluation of market conditions, capital allocation alternatives and other factors. The share repurchase program does not require us to purchase any dollar amount or number of shares of our Class A Common Stock and may be modified, suspended, extended or terminated at any time without prior notice. The Company expects to fund any repurchases by using cash on hand, borrowings under the ABL Facility, and expected free cash flow to be generated through the duration of the share repurchase program.

(2) The average price paid per share of $15.50 was calculated including commissions.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Our mining operations are subject to regulation by the federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report.

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Item 5. Other Information

During the quarter ended March 31, 2025, none of our directors or Section 16 officers informed us of the adoption, modification, or termination of any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408(a) of Regulation S-K).

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Item 6. Exhibits

The exhibits required to be filed by Item 6 are set forth in the Exhibit Index included below.

INDEX TO EXHIBITS


Exhibit Number		Description

3.1		Amended and Restated Certificate of Incorporation of Liberty Oilfield Services Inc. (1)

3.2		Certificate of Amendment to Amended and Restated Certificate of Incorporation (2)

3.3		Second Amended and Restated Bylaws of Liberty Energy Inc., as amended effective January 24, 2023 (3)

31.1		Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) *

31.2		Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) *

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **

95		Mine Safety Disclosures *

101.INS		XBRL Instance Document *

101.SCH		XBRL Taxonomy Extension Schema Document *

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document *

101.LAB		XBRL Taxonomy Extension Label Linkbase Document *

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document *

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document *

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) *

(1)	Incorporated by reference to the registrant’s Current Report on Form 8-K, filed on January 18, 2018.

(2)	Incorporated by reference to the registrant’s Current Report on Form 8-K, filed on April 21, 2022.

(3)	Incorporated by reference to the registrant’s Current Report on Form 8-K, filed on January 26, 2023.

*	Filed herewith.

**	Furnished herewith.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


			Signature
			/s/ Ron Gusek
Date:	April 17, 2025	By:	Ron Gusek
			Chief Executive Officer and Director (Principal Executive Officer)

			/s/ Michael Stock
Date:	April 17, 2025	By:	Michael Stock
			Chief Financial Officer (Principal Financial Officer)

			/s/ Ryan T. Gosney
Date:	April 17, 2025	By:	Ryan T. Gosney
			Chief Accounting Officer and Vice President of Finance (Principal Accounting Officer)

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Ron Gusek, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Liberty Energy Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting; or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 17, 2025

By: /s/ Ron Gusek

Ron Gusek

Chief Executive Officer

(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Michael Stock, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Liberty Energy Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 17, 2025

By: /s/ Michael Stock

Michael Stock

Chief Financial Officer

(Principal Financial Officer)

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER UNDER

18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Liberty Energy Inc. (the “Company”), does hereby certify, to such officer’s knowledge, that:

The Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (“Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: April 17, 2025

By: /s/ Ron Gusek

Ron Gusek

Chief Executive Officer

(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER UNDER

18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

Date: April 17, 2025

By: /s/ Michael Stock

Michael Stock

Chief Financial Officer

(Principal Financial Officer)

Exhibit 95

Mine Safety Disclosure

The following disclosure is provided pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires certain disclosures by companies required to file periodic reports under the Securities Exchange Act of 1934, as amended, that operate mines regulated under the Federal Mine Safety and Health Act of 1977.

The table that follows reflects citations, orders, violations and proposed assessments issued by the Mine Safety and Health Administration (the “MSHA”) to indirect subsidiaries of Liberty Energy Inc. The disclosure is with respect to the three months ended March 31, 2025. Due to timing and other factors, the data may not agree with the mine data retrieval system maintained by the MSHA at www.MSHA.gov.

Three Months Ended March 31, 2025

(unaudited)

(whole dollars)


Mine or Operating Name/MSHA Identification Number	Section 104 S&S Citations	Section 104(b) Orders	Section 104(d) Citations and Orders	Section 110(b)(2) Violations	Section 107(a) Orders	Total Dollar Value of MSHA Assessments Proposed (1)		Mining Related Fatalities	Received Notice of Pattern of Violations Under Section 104(e) (yes/no)	Received Notice of Potential Have Pattern Under Section 104(e) (yes/no)	Legal Actions Pending as of Last Day of Period	Legal Actions Initiated During Period	Legal Actions Resolved During Period
Freedom Proppants—Monahans Mine/4105336	—	—	—	—	—	$	—	—	N	N	—	—	—
Freedom Proppants—Kermit Mine/4105321	2	—	—	—	—	$	—	—	N	N	—	—	—

(1) Amounts included are the total dollar value of proposed assessments received from MSHA on or before March 31, 2025, regardless of whether the assessment has been challenged or appealed, for citations and orders occurring during the three months ended March 31, 2025. Citations and orders can be contested and appealed, and as part of that process, are sometimes reduced in severity and amount, and sometimes dismissed. The number of citations, orders, and proposed assessments vary by inspector and vary depending on the size and type of the operation.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	Apr. 11, 2025
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-38081
Entity Registrant Name	Liberty Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4891595
Entity Address, Address Line One	950 17th Street
Entity Address, Address Line Two	Suite 2400
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	515-2800
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	LBRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001694028
Current Fiscal Year End Date	--12-31
Shares of Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		161,954,214
Shares of Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 24,100	$ 19,984
Unbilled revenue	166,062	185,210
Inventories	202,865	203,469
Prepaid and other current assets	87,271	85,214
Total current assets	858,510	848,523
Property and equipment, net	1,926,060	1,890,998
Finance lease right-of-use assets	297,181	283,113
Operating lease right-of-use assets	73,320	73,322
Other assets	131,382	119,402
Total assets	3,355,822	3,296,394
Current liabilities:
Accounts payable (including amounts due to related parties of $3 and $582, respectively)	369,112	314,123
Accrued liabilities	219,345	206,713
Income taxes payable	17,096	9,693
Current portion of payable pursuant to tax receivable agreements	7,725	40,776
Current portion of finance lease liabilities	72,938	66,648
Current portion of operating lease liabilities	30,343	28,570
Total current liabilities	716,559	666,523
Long-term debt	210,000	190,500
Deferred tax liability	137,728	137,728
Payable pursuant to tax receivable agreements	67,180	74,886
Noncurrent portion of finance lease liabilities	207,682	203,511
Noncurrent portion of operating lease liabilities	42,561	44,377
Total liabilities	1,381,710	1,317,525
Commitments & contingencies (Note 14)
Stockholders’ equity:
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	0	0
Common Stock:
Additional paid in capital	965,665	977,484
Retained earnings	1,026,519	1,019,517
Accumulated other comprehensive loss	(19,680)	(19,751)
Total stockholders’ equity	1,974,112	1,978,869
Total liabilities and equity	3,355,822	3,296,394
Shares of Class A Common Stock
Common Stock:
Common stock, par value $0.01	1,608	1,619
Shares of Class B Common Stock
Common Stock:
Common stock, par value $0.01	0	0
Investment in Nomad Proppant Services LLC
Current assets:
Long-term investments	9,631	10,674
Investment in Oklo Inc.
Current assets:
Long-term investments	38,307	51,611
Investment in Tamboran Resources Corporation
Current assets:
Long-term investments	21,431	18,751
Nonrelated Party
Current assets:
Accounts receivable	378,212	350,412
Related Party
Current assets:
Accounts receivable	0	4,234
Current liabilities:
Accounts payable (including amounts due to related parties of $3 and $582, respectively)	$ 3	$ 582

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accounts payable, current	$ 369,112	$ 314,123
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Shares of Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	160,789,961	161,858,784
Common stock, shares outstanding (in shares)	160,789,961	161,858,784
Shares of Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Nonrelated Party
Allowance for bad debts	$ 838	$ 848
Related Party
Accounts payable, current	$ 3	$ 582

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue:
Total revenue	$ 977,461	$ 1,073,125
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	761,616	782,680
General and administrative	65,775	52,986
Transaction and other costs	811	0
Depreciation, depletion, and amortization	127,742	123,186
Loss (gain) on disposal of assets, net	3,345	(1,160)
Total operating costs and expenses	959,289	957,692
Operating income	18,172	115,433
Other (income) expense:
Gain on investments, net	(19,288)	0
Interest expense, net	9,543	7,541
Total other (income) expense, net	(9,745)	7,063
Net income before income taxes	27,917	108,370
Income tax expense	7,806	26,478
Net income	$ 20,111	$ 81,892
Net income per common share:
Basic (in dollars per share)	$ 0.12	$ 0.49
Diluted (in dollars per share)	$ 0.12	$ 0.48
Weighted average common shares outstanding:
Basic (in shares)	161,938	166,325
Diluted (in shares)	165,784	171,441
Nonrelated Party
Revenue:
Total revenue	$ 971,614	$ 1,050,558
Related Party
Revenue:
Total revenue	5,847	22,567
Other (income) expense:
Interest income—related party	$ 0	$ (478)

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 20,111	$ 81,892
Other comprehensive income (loss)
Foreign currency translation	71	(3,723)
Comprehensive income attributable to Liberty Energy Inc.	$ 20,182	$ 78,169

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Shares of Class A Common Stock	Shares of Class A Common Stock Common Stock	Shares of Class B Common Stock	Shares of Class B Common Stock Common Stock
Beginning balance (in shares) at Dec. 31, 2023						166,610,000		0
Beginning balance at Dec. 31, 2023	$ 1,841,408	$ 1,093,498	$ 752,328	$ (6,084)		$ 1,666		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(11,964)		(11,964)
Share repurchase (shares)						(1,480,000)
Share repurchases	(30,167)	(30,152)				$ (15)
Excise tax on share repurchases	(289)	(289)
Stock-based compensation expense	7,327	7,327
Vesting of restricted stock units, net (shares)						72,000
Vesting of restricted stock units, net	0	(1)				$ 1
Currency translation adjustment	(3,723)			(3,723)
Net income	81,892		81,892
Ending balance (in shares) at Mar. 31, 2024						165,202,000		0
Ending balance at Mar. 31, 2024	1,884,484	1,070,383	822,256	(9,807)		$ 1,652		$ 0
Beginning balance (in shares) at Dec. 31, 2024					161,858,784	161,859,000	0	0
Beginning balance at Dec. 31, 2024	1,978,869	977,484	1,019,517	(19,751)		$ 1,619		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(13,109)		(13,109)
Share repurchase (shares)						(1,546,000)
Share repurchases	(23,958)	(23,942)				$ (16)
Excise tax on share repurchases	(153)	(153)
Stock-based compensation expense	18,080	18,080
Vesting of restricted stock units, net (shares)						477,000
Vesting of restricted stock units, net	(5,799)	(5,804)				$ 5
Currency translation adjustment	71			71
Net income	20,111		20,111
Ending balance (in shares) at Mar. 31, 2025					160,789,961	160,790,000	0	0
Ending balance at Mar. 31, 2025	$ 1,974,112	$ 965,665	$ 1,026,519	$ (19,680)		$ 1,608		$ 0

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Common stock dividend (in dollars per share)	$ 0.08	$ 0.07

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 20,111	$ 81,892
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	127,742	123,186
Loss (gain) on disposal of assets, net	3,345	(1,160)
Stock-based compensation expense	18,080	7,327
Gain on investments, net	(19,288)	0
Cash return on equity method investment	1,039	0
Other non-cash items, net	1,660	519
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(8,417)	(93,580)
Accounts receivable and unbilled revenue—related party	4,234	45,456
Inventories	(682)	(4,604)
Prepaid and other assets	(15,969)	16,350
Accounts payable and accrued liabilities	61,215	(15,583)
Accounts payable and accrued liabilities—related party	(579)	0
Initial payment of operating lease liability	(373)	(407)
Net cash provided by operating activities	192,118	159,396
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(133,930)	(144,986)
Acquisition of IMG Energy Solutions, net of cash received	(15,208)	0
Sale of equity securities	29,911	0
Proceeds from sale of assets	13,052	2,993
Net cash used in investing activities	(106,175)	(141,993)
Cash flows from financing activities:
Proceeds from borrowings on line-of-credit	493,000	573,000
Repayments of borrowings on line-of-credit	(473,500)	(547,000)
Payments on finance lease obligations	(17,645)	(9,254)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(13,191)	(11,642)
Payments pursuant to tax receivable agreements	(40,757)	(5,170)
Share repurchases	(23,958)	(30,167)
Tax withholding on restricted stock units	(5,798)	0
Net cash used in financing activities	(81,849)	(30,233)
Net increase (decrease) in cash and cash equivalents before translation effect	4,094	(12,830)
Translation effect on cash	22	(166)
Cash and cash equivalents—beginning of period	19,984	36,784
Cash and cash equivalents—end of period	24,100	23,788
Supplemental disclosure of cash flow information:
Net cash paid for income taxes	825	16,694
Cash paid for interest	9,041	7,450
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	111,987	97,993
Capital expenditures reclassified from prepaid and other current assets	13,944	18,291
Capital expenditures reclassified from finance lease right-of-use assets	$ 0	$ 6,894

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Liberty Energy Inc. (the “Company”), together with its consolidated subsidiaries, is a leading integrated energy services and technology company focused on providing innovative hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production (“E&P”) companies. We offer customers hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, field gas processing, compressed natural gas (“CNG”) delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile. Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The U.S. dollar is the reporting currency and functional currency for most of our operations except certain of our foreign subsidiaries, which use their local currencies as their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. The effects of these translation adjustments are reflected in accumulated other comprehensive income included in the accompanying unaudited condensed consolidated statements of comprehensive income. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of March 31, 2025 and December 31, 2024, and the results of operations, cash flows, and equity of the Company as of and for the three months ended March 31, 2025 and 2024. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2025. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations, and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources, and assess performance. Further, the CODM is regularly provided with and utilizes consolidated functional expenses, as presented in the accompanying unaudited condensed consolidated statements of operations, and total assets at the consolidated level, as included in the accompanying unaudited condensed consolidated balance sheets herein, to manage the Company’s operations.

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Recently Adopted Accounting Standards Segment Reporting: Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, which requires more detailed disclosures, on an annual and interim basis, related to the Company’s reportable segment. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. See Note 1—Organization and Basis of Presentation for further details about the impact of this ASU on the Company’s financial statements. Recently Issued Accounting Standards Income Taxes: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disaggregation of certain components included in the Company’s effective tax rate and income taxes paid disclosures. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of this ASU on the Company’s financial statements but does not expect it will have a material impact. Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements. IMG Acquisition On March 3, 2025, the Company completed the acquisition of IMG Energy Solutions, a leading developer of distributed power systems, for cash consideration of approximately $19.6 million, subject to normal closing adjustments and net of cash received (the “IMG Acquisition”). The IMG Acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, the Company conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. In connection with the IMG Acquisition, the Company recorded goodwill and intangible assets of $12.6 million, property and equipment of $5.1 million, other long-term assets, net of $1.8 million, and net working capital of $0.1 million. Goodwill and intangible assets are recorded in other assets in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the IMG Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed. As the IMG Acquisition closed on March 3, 2025, the Company is in the process of completing the initial purchase price allocation in accordance with Accounting Standards Codification (“ASC”) Topic 805.

Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following:


	March 31,		December 31,
($ in thousands)	2025		2024
Proppants	$	9,929	$	9,341
Chemicals	21,015		18,629
Maintenance parts and other	171,921		175,499
	$	202,865	$	203,469

Property and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	Estimated useful lives (in years)	March 31,		December 31,
($ in thousands)		2025		2024
Land	N/A	$	30,052	$	30,041
Field services equipment	2-10	3,091,712		3,068,681

Vehicles	4-7	59,637		61,433
Lease equipment	10	161,251		163,889
Buildings and facilities	5-30	186,012		180,010
Mineral reserves	>25	80,097		80,070
Office equipment, furniture, and software	2-7	12,730		12,532
		3,621,491		3,596,656
Less accumulated depreciation and depletion		(1,931,341)		(1,917,551)
		1,690,150		1,679,105
Construction in-progress	N/A	235,910		211,893
Property and equipment, net		$	1,926,060	$	1,890,998

Depreciation expense for the three months ended March 31, 2025 and 2024 was $110.9 million. Depletion expense for the three months ended March 31, 2025 and 2024 was $0.3 million.

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset.

The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Finance lease cost:
Amortization of right-of-use assets	$	13,591	$	8,911
Interest on lease liabilities	5,036		3,373
Operating lease cost	8,723		9,035
Variable lease cost	1,560		1,767
Short-term lease cost	1,010		1,022
Total lease cost, net	$	29,920	$	24,108

Supplemental cash flow and other information related to leases for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Cash paid for amounts included in measurement of liabilities:
Operating leases	$	8,817	$	9,055
Finance leases	22,690		12,627
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	8,264		4,242
Finance leases	27,656		30,138

Lease terms and discount rates as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases	3.8 years		3.8 years
Finance leases	2.8 years		3.2 years
Weighted-average discount rate:
Operating leases	7.0	%	6.7	%
Finance leases	7.3	%	7.4	%

Future minimum lease commitments as of March 31, 2025 were as follows:


($ in thousands)	Finance		Operating
Remainder of 2025	$	81,715	$	25,291
2026	87,873		23,723
2027	58,562		13,916
2028	63,185		5,407
2029	26,528		3,169
Thereafter	115		10,594
Total lease payments	317,978		82,100
Less imputed interest	37,358		9,196
Total	$	280,620	$	72,904

Lessor Arrangements


($ in thousands)	March 31, 2025		December 31, 2024
Equipment leased to others - at original cost	$	161,251	$	163,889
Less: Accumulated depreciation	(45,211)		(41,223)
Equipment leased to others - net	$	116,040	$	122,666

Future payments receivable for long-term non-cancelable operating leases as of March 31, 2025 are as follows:


($ in thousands)
Remainder of 2025	$	3,776
2026	2,239
2027	—
2028	—
2029	—
Thereafter	—
Total	$	6,015

Revenues from operating leases for the three months ended March 31, 2025 and 2024 were $13.6 million and $9.1 million, respectively.

Leases

The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset.

The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Finance lease cost:
Amortization of right-of-use assets	$	13,591	$	8,911
Interest on lease liabilities	5,036		3,373
Operating lease cost	8,723		9,035
Variable lease cost	1,560		1,767
Short-term lease cost	1,010		1,022
Total lease cost, net	$	29,920	$	24,108

Supplemental cash flow and other information related to leases for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Cash paid for amounts included in measurement of liabilities:
Operating leases	$	8,817	$	9,055
Finance leases	22,690		12,627
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	8,264		4,242
Finance leases	27,656		30,138

Lease terms and discount rates as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases	3.8 years		3.8 years
Finance leases	2.8 years		3.2 years
Weighted-average discount rate:
Operating leases	7.0	%	6.7	%
Finance leases	7.3	%	7.4	%

Future minimum lease commitments as of March 31, 2025 were as follows:


($ in thousands)	Finance		Operating
Remainder of 2025	$	81,715	$	25,291
2026	87,873		23,723
2027	58,562		13,916
2028	63,185		5,407
2029	26,528		3,169
Thereafter	115		10,594
Total lease payments	317,978		82,100
Less imputed interest	37,358		9,196
Total	$	280,620	$	72,904

Lessor Arrangements


($ in thousands)	March 31, 2025		December 31, 2024
Equipment leased to others - at original cost	$	161,251	$	163,889
Less: Accumulated depreciation	(45,211)		(41,223)
Equipment leased to others - net	$	116,040	$	122,666

Future payments receivable for long-term non-cancelable operating leases as of March 31, 2025 are as follows:


($ in thousands)
Remainder of 2025	$	3,776
2026	2,239
2027	—
2028	—
2029	—
Thereafter	—
Total	$	6,015

Revenues from operating leases for the three months ended March 31, 2025 and 2024 were $13.6 million and $9.1 million, respectively.

Accrued Liabilities

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consist of the following:


($ in thousands)	March 31, 2025		December 31, 2024
Accrued vendor invoices	$	81,646	$	73,591
Operations accruals	53,569		56,375
Accrued benefits and other	84,130		76,747
	$	219,345	$	206,713

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt consists of the following:


	March 31,		December 31,
($ in thousands)	2025		2024

Revolving Line of Credit	$	210,000	$	190,500

ABL Facility

The Company was in compliance with these covenants as of March 31, 2025.

Maturities of debt are as follows:


($ in thousands)

Remainder of 2025	$	—
2026	—
2027	—
2028	210,000
2029	—
Thereafter	—
	$	210,000

Fair Value Measurements and Financial Instruments

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements and Financial Instruments

•Level 1 Inputs: Quoted prices (unadjusted) in an active market for identical assets or liabilities.

•Level 2 Inputs: Inputs other than quoted prices that are directly or indirectly observable.

•Level 3 Inputs: Unobservable inputs that are significant to the fair value of assets or liabilities.

•The carrying value of investments in equity securities were measured at fair value on March 31, 2025 and December 31, 2024 based on quoted prices in active markets.

Nonrecurring Measurements

Recurring Measurements

Nonfinancial assets

Credit Risk

The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents, and trade receivables.

The majority of the Company’s customers have payment terms of 45 days or less.

The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers.

As of both March 31, 2025 and December 31, 2024, the Company had $0.8 million in allowance for credit losses as follows:


($ in thousands)
Allowance for credit losses on December 31, 2024	$	848
Credit losses:
Current period provision	—
Amounts written off, net of recoveries	(10)
Allowance for credit losses on March 31, 2025	$	838

Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity

Restricted Stock Units


	Number of Units	Weighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	2,938,408	$	16.93
Granted	392,910	20.94
Vested	(304,437)	16.27
Forfeited	(20,612)	17.33
Outstanding as of March 31, 2025	3,006,269	$	17.52

Performance Restricted Stock Units


	Number of Units	Weighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	1,106,939	$	15.10
Granted	237,209	20.74
Vested	(363,001)	14.78
Forfeited	—	—
Outstanding as of March 31, 2025	981,147	$	16.58

Dividends

The Company paid cash dividends of $0.08 per share of Class A Common Stock on March 20, 2025 to stockholders of record as of March 6, 2025, which totaled $12.9 million.

The Company paid cash dividends of $0.07 per share of Class A Common Stock on March 20, 2024 to stockholders of record as of March 6, 2024, which totaled $11.6 million.

Share Repurchase Program


	Three Months Ended March 31,
($ in thousands, except share count and per share data)	2025		2024
Shares of Class A Common Stock	1,546,138		1,480,084
Cost of shares repurchased	$	23,958	$	30,167
Average price per share including commissions	$	15.50	$	20.38

As of March 31, 2025, $270.2 million remained authorized for future repurchases of Class A Common Stock under the share repurchase program.

Net Income per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Income per Share


	Three Months Ended
(In thousands, except per share data)	March 31, 2025		March 31, 2024
Basic Net Income Per Share
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$	20,111	$	81,892
Denominator:
Basic weighted average common shares outstanding	161,938		166,325
Basic net income per share attributable to Liberty Energy Inc. stockholders	$	0.12	$	0.49
Diluted Net Income Per Share
Numerator:


Diluted net income attributable to Liberty Energy Inc. stockholders	$	20,111	$	81,892
Denominator:
Basic weighted average common shares outstanding	161,938		166,325
Effect of dilutive securities:
Restricted stock units	3,846		5,116

Diluted weighted average common shares outstanding	165,784		171,441
Diluted net income per share attributable to Liberty Energy Inc. stockholders	$	0.12	$	0.48

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is a corporation and is subject to taxation in the United States, Canada, Australia and various state, local and provincial jurisdictions. On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15% global minimum tax rate for large multinational corporations (the “Pillar Two Framework”). On June 20, 2024 and December 23, 2024, Canada and Australia, respectively, enacted the Pillar Two global minimum tax regime, which is not expected to have a material impact on the Company’s financial statements for the fiscal year ended December 31, 2025. The OECD continues to release additional guidance and countries are implementing legislation, with widespread adoption of the Pillar Two Framework expected by 2025. The Company is continuing to evaluate the Pillar Two Framework and its potential impact on future periods, including any legislation enacted in the jurisdictions in which the Company operates. The Company may distribute cash from foreign subsidiaries to its U.S. parent as business needs arise. The Company has not provided for deferred income taxes on the undistributed earnings from certain foreign subsidiaries earnings as such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any income and/or withholding tax would not be significant. The effective global income tax rate applicable to the Company for the three months ended March 31, 2025 was 28.0%, compared to 24.4% for the period ended March 31, 2024. The Company’s effective tax rate is greater than the statutory federal income tax rate of 21.0% due to state income taxes in the states the Company operates, as well as nondeductible executive compensation, partially offset by U.S. federal income tax credits. The Company recognized an income tax expense of $7.8 million and $26.5 million during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, the Company recognized a net deferred tax liability in the amount of $137.7 million. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities, and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Tax Receivable Agreements In connection with the IPO, on January 17, 2018, the Company entered into two Tax Receivable Agreements (the “TRAs”) with R/C Energy IV Direct Partnership, L.P. and the then existing owners that continued to own units in Liberty Oilfield Services New HoldCo LLC (“Liberty LLC Units”) (each such person and any permitted transferee, a “TRA Holder” and together, the “TRA Holders”). The TRAs generally provide for the payment by the Company of 85% of the net cash savings, if any, in U.S. federal, state, and local income tax and franchise tax (computed using simplifying assumptions to address the impact of state and local taxes) that the Company actually realizes (or is deemed to realize in certain circumstances) in periods after the IPO as a result, as applicable to each TRA Holder, of (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s Liberty LLC Units in connection with the IPO or pursuant to the exercise of redemption or call rights, (ii) any net operating losses available to the Company as a result of the Corporate Reorganization, and (iii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the TRAs. At March 31, 2025, the Company’s liability under the TRAs was $74.9 million, of which $7.7 million was recorded as a current liability, and $67.2 million was recorded as a component of long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. The Company made TRA payments of $40.8 million for the three months ended March 31, 2025. As of December 31, 2024, the Company’s liability under the TRAs was $115.7 million, of which $40.8 million was recorded as a current liability, and $74.9 million was recorded as a component of long-term liabilities. The Company made TRA payments of $5.2 million for the three months ended March 31, 2024.

Defined Contribution Plan	3 Months Ended
Defined Contribution Plan	Mar. 31, 2025
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution PlanThe Company sponsors a 401(k) defined contribution retirement plan covering eligible employees. The Company makes matching contributions at a rate of $1.00 for each $1.00 of employee contribution, subject to a cap of 6% of the employee’s salary and federal limits. Contributions made by the Company were $9.8 million and $8.7 million for the three months ended March 31, 2025 and 2024, respectively.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Franklin Mountain Energy, LLC A member of the Board, Audrey Robertson, served as Executive Vice President of Finance of Franklin Mountain Energy, LLC (“Franklin Mountain”) until its acquisition by an unaffiliated party. Accordingly, effective January 28, 2025, Franklin Mountain is no longer a related party. The amounts of the Company’s revenue related to completion services provided to Franklin Mountain for the period January 1, 2025 through January 27, 2025, and the three months ended March 31, 2024 were $5.8 million and $11.5 million, respectively. Receivables from Franklin Mountain as of December 31, 2024 were $4.2 million. Liberty Resources LLC Liberty Resources LLC, an oil and gas exploration and production company, and its successor entity (collectively, the “Affiliate”) had certain common ownership and management with the Company. Effective March 14, 2024, the Affiliate is no longer a related party, following its acquisition by an unaffiliated party. The amounts of the Company’s revenue related to completion services provided to the Affiliate for the period January 1, 2024 through March 13, 2024 was $11.1 million. During the period January 1, 2024 through March 13, 2024, interest income from the Affiliate was $0.5 million. Oklo Inc. During the three months ended September 30, 2023, the Company invested $10.0 million in a fission power and nuclear fuel recycling company, Oklo. Effective May 10, 2024, through an acquisition by a special purpose acquisition company, the Company’s investment converted into shares traded on the New York Stock Exchange. Additionally, Christopher A. Wright, the Company’s previous Chief Executive Officer and Chairman of the Board, was appointed to the Oklo board of directors. Effective February 3, 2025, Mr. Wright was confirmed as the United States Secretary of Energy by the United States Senate and, as a result, resigned from his position as Chief Executive Officer, Chairman of the Board, and his position on the Oklo board of directors. As a result, Oklo is no longer a related party. The change in Oklo’s fair value along with the sale of shares in the active market, resulted in a gain of $16.6 million during the three months ended March 31, 2025, included in gain on investments, net in the accompanying unaudited condensed consolidated statements of operations. Additionally, the Company sold shares of Oklo valued at $29.9 million during the three months ended March 31, 2025, included in sale of equity securities within the investing section in the accompanying unaudited condensed consolidated statements of cash flows. The Company was not party to any other transactions related to Oklo during the period January 1, 2025 through February 2, 2025 and the three months ended March 31, 2024. Nomad Proppant Services LLC During the year ended December 31, 2021, the Company committed to investing $10.0 million in Nomad Proppant Services LLC (“Nomad”), a mobile sand mine company. Upon the commitment, the Company had a significant but non-controlling financial interest in Nomad. Within the normal course of business, the Company purchased proppant from Nomad for $0.0 million and $1.9 million during the three months ended March 31, 2025 and 2024, respectively. Payables to Nomad were $0.0 million and $0.6 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, the value of the Company’s investment using the equity method accounting was $9.6 million and $10.7 million, respectively. During the three months ended March 31, 2025 and 2024, the Company received cash distributions from Nomad in the amounts of $1.0 million and $0.0 million, respectively, included in cash return on equity investment within the operating section in the accompanying unaudited condensed consolidated statements of cash flows. Bettering Human Lives Foundation In December 2023, the Company established the Bettering Human Lives Foundation (the “Foundation”), a nonprofit organization dedicated to promoting clean cooking solutions and improving the well-being of communities worldwide. Upon establishment, the Company made a commitment to make an annual charitable contribution of $1.0 million to the Foundation, subject to obtaining necessary approvals. Effective January 1, 2024, Anne Hyre, the executive director of the Foundation, is employed by a subsidiary of the Company and seconded to the Foundation and certain officers of the Company are members of the Foundation’s governance board. Effective March 24, 2025, Ron Gusek, the Company’s Chief Executive Officer, became a member of the Foundation’s Advisory Board. Additionally, the Company and the Foundation entered into a professional services agreement (the “Professional Services Agreement”), whereby the Company may provide certain administrative services with a value up to $1.0 million to the Foundation, subject to reimbursement. Under the Professional Services Agreement, the Company did not receive any reimbursement for services during the three months ended March 31, 2025 and 2024. During the three months ended March 31, 2025 and 2024, the Company made charitable contributions of $0.2 million and $0.3 million, to the Foundation, respectively.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments & Contingencies

Purchase Commitments (tons are not in thousands)

Future proppant, transload, and equipment commitments are as follows:


($ in thousands)
Remainder of 2025	$	26,053
2026	—
2027	—
2028	—
2029	—
Thereafter	—
	$	26,053

Litigation

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 15, 2025, the Board approved a quarterly dividend of $0.08 per share of Class A Common Stock to be paid on June 20, 2025 to holders of record as of June 6, 2025. No other significant subsequent events have occurred that would require recognition or disclosure in the accompanying unaudited condensed consolidated financial statements and notes thereto.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 20,111	$ 81,892

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The U.S. dollar is the reporting currency and functional currency for most of our operations except certain of our foreign subsidiaries, which use their local currencies as their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. The effects of these translation adjustments are reflected in accumulated other comprehensive income included in the accompanying unaudited condensed consolidated statements of comprehensive income. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of March 31, 2025 and December 31, 2024, and the results of operations, cash flows, and equity of the Company as of and for the three months ended March 31, 2025 and 2024. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2025. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations, and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources, and assess performance. Further, the CODM is regularly provided with and utilizes consolidated functional expenses, as presented in the accompanying unaudited condensed consolidated statements of operations, and total assets at the consolidated level, as included in the accompanying unaudited condensed consolidated balance sheets herein, to manage the Company’s operations.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards Segment Reporting: Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures, which requires more detailed disclosures, on an annual and interim basis, related to the Company’s reportable segment. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. See Note 1—Organization and Basis of Presentation for further details about the impact of this ASU on the Company’s financial statements. Recently Issued Accounting Standards Income Taxes: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires disaggregation of certain components included in the Company’s effective tax rate and income taxes paid disclosures. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of this ASU on the Company’s financial statements but does not expect it will have a material impact. Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements.
IMG Acquisition	IMG Acquisition On March 3, 2025, the Company completed the acquisition of IMG Energy Solutions, a leading developer of distributed power systems, for cash consideration of approximately $19.6 million, subject to normal closing adjustments and net of cash received (the “IMG Acquisition”). The IMG Acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, the Company conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. In connection with the IMG Acquisition, the Company recorded goodwill and intangible assets of $12.6 million, property and equipment of $5.1 million, other long-term assets, net of $1.8 million, and net working capital of $0.1 million. Goodwill and intangible assets are recorded in other assets in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the IMG Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed. As the IMG Acquisition closed on March 3, 2025, the Company is in the process of completing the initial purchase price allocation in accordance with Accounting Standards Codification (“ASC”) Topic 805.

Inventories (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


	March 31,		December 31,
($ in thousands)	2025		2024
Proppants	$	9,929	$	9,341
Chemicals	21,015		18,629
Maintenance parts and other	171,921		175,499
	$	202,865	$	203,469

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


	Estimated useful lives (in years)	March 31,		December 31,
($ in thousands)		2025		2024
Land	N/A	$	30,052	$	30,041
Field services equipment	2-10	3,091,712		3,068,681

Vehicles	4-7	59,637		61,433
Lease equipment	10	161,251		163,889
Buildings and facilities	5-30	186,012		180,010
Mineral reserves	>25	80,097		80,070
Office equipment, furniture, and software	2-7	12,730		12,532
		3,621,491		3,596,656
Less accumulated depreciation and depletion		(1,931,341)		(1,917,551)
		1,690,150		1,679,105
Construction in-progress	N/A	235,910		211,893
Property and equipment, net		$	1,926,060	$	1,890,998

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Finance lease cost:
Amortization of right-of-use assets	$	13,591	$	8,911
Interest on lease liabilities	5,036		3,373
Operating lease cost	8,723		9,035
Variable lease cost	1,560		1,767
Short-term lease cost	1,010		1,022
Total lease cost, net	$	29,920	$	24,108

Schedule of Lessee, Supplemental Cash Flow Information

Supplemental cash flow and other information related to leases for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
($ in thousands)	2025		2024
Cash paid for amounts included in measurement of liabilities:
Operating leases	$	8,817	$	9,055
Finance leases	22,690		12,627
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	8,264		4,242
Finance leases	27,656		30,138

Schedule of Lease Term and Discount Rate, Lessee

Lease terms and discount rates as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases	3.8 years		3.8 years
Finance leases	2.8 years		3.2 years
Weighted-average discount rate:
Operating leases	7.0	%	6.7	%
Finance leases	7.3	%	7.4	%

Schedule of Lessee, Operating Lease, Liability, Maturity

Future minimum lease commitments as of March 31, 2025 were as follows:


($ in thousands)	Finance		Operating
Remainder of 2025	$	81,715	$	25,291
2026	87,873		23,723
2027	58,562		13,916
2028	63,185		5,407
2029	26,528		3,169
Thereafter	115		10,594
Total lease payments	317,978		82,100
Less imputed interest	37,358		9,196
Total	$	280,620	$	72,904

Schedule of Finance Lease, Liability, Maturity

Future minimum lease commitments as of March 31, 2025 were as follows:


($ in thousands)	Finance		Operating
Remainder of 2025	$	81,715	$	25,291
2026	87,873		23,723
2027	58,562		13,916
2028	63,185		5,407
2029	26,528		3,169
Thereafter	115		10,594
Total lease payments	317,978		82,100
Less imputed interest	37,358		9,196
Total	$	280,620	$	72,904

Schedule of Carrying Amount of Equipment Leased to Others


($ in thousands)	March 31, 2025		December 31, 2024
Equipment leased to others - at original cost	$	161,251	$	163,889
Less: Accumulated depreciation	(45,211)		(41,223)
Equipment leased to others - net	$	116,040	$	122,666

Schedule of Lessor, Operating Lease, Payment to be Received, Maturity

Future payments receivable for long-term non-cancelable operating leases as of March 31, 2025 are as follows:


($ in thousands)
Remainder of 2025	$	3,776
2026	2,239
2027	—
2028	—
2029	—
Thereafter	—
Total	$	6,015

Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following:


($ in thousands)	March 31, 2025		December 31, 2024
Accrued vendor invoices	$	81,646	$	73,591
Operations accruals	53,569		56,375
Accrued benefits and other	84,130		76,747
	$	219,345	$	206,713

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt consists of the following:


	March 31,		December 31,
($ in thousands)	2025		2024

Revolving Line of Credit	$	210,000	$	190,500

Schedule of Maturities of Long-term Debt

Maturities of debt are as follows:


($ in thousands)

Remainder of 2025	$	—
2026	—
2027	—
2028	210,000
2029	—
Thereafter	—
	$	210,000

Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Allowance for Doubtful Accounts

As of both March 31, 2025 and December 31, 2024, the Company had $0.8 million in allowance for credit losses as follows:


($ in thousands)
Allowance for credit losses on December 31, 2024	$	848
Credit losses:
Current period provision	—
Amounts written off, net of recoveries	(10)
Allowance for credit losses on March 31, 2025	$	838

Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Nonvested Restricted Stock Units Activity

Changes in non-vested RSUs outstanding under the LTIP during the three months ended March 31, 2025 were as follows:


	Number of Units	Weighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	2,938,408	$	16.93
Granted	392,910	20.94
Vested	(304,437)	16.27
Forfeited	(20,612)	17.33
Outstanding as of March 31, 2025	3,006,269	$	17.52

Schedule of Performance Restricted Stock Units Activity

Changes in non-vested PSUs outstanding under the LTIP during the three months ended March 31, 2025 were as follows:


	Number of Units	Weighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	1,106,939	$	15.10
Granted	237,209	20.74
Vested	(363,001)	14.78
Forfeited	—	—
Outstanding as of March 31, 2025	981,147	$	16.58

Schedule of Repurchase Agreements


	Three Months Ended March 31,
($ in thousands, except share count and per share data)	2025		2024
Shares of Class A Common Stock	1,546,138		1,480,084
Cost of shares repurchased	$	23,958	$	30,167
Average price per share including commissions	$	15.50	$	20.38

Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended
(In thousands, except per share data)	March 31, 2025		March 31, 2024
Basic Net Income Per Share
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$	20,111	$	81,892
Denominator:
Basic weighted average common shares outstanding	161,938		166,325
Basic net income per share attributable to Liberty Energy Inc. stockholders	$	0.12	$	0.49
Diluted Net Income Per Share
Numerator:


Diluted net income attributable to Liberty Energy Inc. stockholders	$	20,111	$	81,892
Denominator:
Basic weighted average common shares outstanding	161,938		166,325
Effect of dilutive securities:
Restricted stock units	3,846		5,116

Diluted weighted average common shares outstanding	165,784		171,441
Diluted net income per share attributable to Liberty Energy Inc. stockholders	$	0.12	$	0.48

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Commitments

Future proppant, transload, and equipment commitments are as follows:


($ in thousands)
Remainder of 2025	$	26,053
2026	—
2027	—
2028	—
2029	—
Thereafter	—
	$	26,053

Organization and Basis of Presentation (Details)	3 Months Ended
Organization and Basis of Presentation (Details)	Mar. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1
Number of operating segments	1

Significant Accounting Policies (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 03, 2025	Mar. 31, 2025	Mar. 31, 2024
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired		$ 15,208	$ 0
IMG Acquisition
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 19,600
Finite-lived intangibles	12,600
Goodwill	12,600
Property and equipment	5,100
Liabilities	1,800
Business combination, net working capital	$ 100

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Inventories	$ 202,865	$ 203,469
Proppants
Inventory [Line Items]
Inventories	9,929	9,341
Chemicals
Inventory [Line Items]
Inventories	21,015	18,629
Maintenance parts and other
Inventory [Line Items]
Inventories	$ 171,921	$ 175,499

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory write-down	$ 1.1	$ 1.0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and depletion	$ (1,931,341)	$ (1,917,551)
Property and equipment, net	1,926,060	1,890,998
Depreciable Property, Plant And Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,621,491	3,596,656
Property and equipment, net	1,690,150	1,679,105
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,052	30,041
Field services equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,091,712	3,068,681
Field services equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	2 years
Field services equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 59,637	61,433
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	4 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Lease equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 161,251	163,889
Estimated useful lives (in years)	10 years
Buildings and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 186,012	180,010
Buildings and facilities \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Buildings and facilities \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	30 years
Mineral reserves
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 80,097	80,070
Estimated useful lives (in years)	25 years
Office equipment, furniture, and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,730	12,532
Office equipment, furniture, and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	2 years
Office equipment, furniture, and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Construction in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 235,910	$ 211,893

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation	$ 110.9	$ 110.9
Depletion	$ 0.3	$ 0.3

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Amortization of right-of-use assets	$ 13,591	$ 8,911
Interest on lease liabilities	5,036	3,373
Operating lease cost	8,723	9,035
Variable lease cost	1,560	1,767
Short-term lease cost	1,010	1,022
Total lease cost, net	$ 29,920	$ 24,108

Leases - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash paid for amounts included in measurement of liabilities:
Operating leases	$ 8,817	$ 9,055
Finance leases	22,690	12,627
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	8,264	4,242
Finance leases	$ 27,656	$ 30,138

Leases - Schedule of Lease Term and Discount Rates (Details)	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating leases	3 years 9 months 18 days	3 years 9 months 18 days
Finance leases	2 years 9 months 18 days	3 years 2 months 12 days
Operating leases	7.00%	6.70%
Finance leases	7.30%	7.40%

Leases - Schedule of Finance and Operating Leases Maturity (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Finance
Remainder of 2025	$ 81,715
2026	87,873
2027	58,562
2028	63,185
2029	26,528
Thereafter	115
Total lease payments	317,978
Less imputed interest	37,358
Total	280,620
Operating
Remainder of 2025	25,291
2026	23,723
2027	13,916
2028	5,407
2029	3,169
Thereafter	10,594
Total lease payments	82,100
Less imputed interest	9,196
Total	$ 72,904

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Operating lease, residual value of leased asset	$ 12.3
Operating lease, lease income, statement of income or comprehensive income [Extensible Enumeration]	Total revenue	Total revenue
Revenue from operating leases	$ 13.6	$ 9.1

Leases - Schedule of Carrying Amount of Equipment Leased to Others (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Equipment leased to others - at original cost	$ 161,251	$ 163,889
Less: Accumulated depreciation	(45,211)	(41,223)
Equipment leased to others - net	$ 116,040	$ 122,666

Leases - Schedule of Lessor, Operating Lease, Payment to be Received, Maturity (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Leases [Abstract]
Remainder of 2025	$ 3,776
2026	2,239
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 6,015

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued vendor invoices	$ 81,646	$ 73,591
Operations accruals	53,569	56,375
Accrued benefits and other	84,130	76,747
Accrued Liabilities	$ 219,345	$ 206,713

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 210,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 210,000	$ 190,500

Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 210,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	210,000	$ 190,500
Revolving Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate		6.80%
Revolving Credit Facility \| ABL Credit Facility \| Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	525,000	$ 525,000
Current borrowing capacity	363,900
Long-term debt, gross	$ 210,000
Weighted average interest rate	6.70%
Line of credit facility, covenant compliance, fixed charge coverage ratio	1.0
Line of credit facility, covenant compliance, excess availability threshold, percent of borrowing base	10.00%
Line of credit facility, covenant compliance, excess availability threshold, amount	$ 52,500
Revolving Credit Facility \| ABL Credit Facility \| Revolving Line of Credit \| Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.25%
Revolving Credit Facility \| ABL Credit Facility \| Revolving Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility \| ABL Credit Facility \| Revolving Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility \| ABL Credit Facility \| Revolving Line of Credit \| Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.375%
Revolving Credit Facility \| ABL Credit Facility \| Revolving Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility \| ABL Credit Facility \| Revolving Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Letter of Credit \| ABL Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 14,000
Remaining borrowing capacity	$ 139,900

Debt - Schedule of Maturities of Debt (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
Remainder of 2025	$ 0
2026	0
2027	0
2028	210,000
2029	0
Thereafter	0
Long-term debt, gross	$ 210,000

Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value		$ 300		$ 300
Gain on investments, net		19,288	$ 0
Cash and cash equivalents		$ 24,100		$ 19,984
Customer payment terms		45 days
Customer A \| Account Receivable and Unbilled Revenue \| Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		12.00%
Customer A \| Total Revenue \| Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		13.00%	15.00%
Customer B \| Account Receivable and Unbilled Revenue \| Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		11.00%		14.00%
Customer B \| Total Revenue \| Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		10.00%
Customer C \| Account Receivable and Unbilled Revenue \| Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		10.00%
Customer D \| Account Receivable and Unbilled Revenue \| Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage				10.00%
Investment in Oklo Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		$ 38,300	$ 51,600
Gain on investments, net		16,600
Additional sold shares valued, amount		29,900
Investment in Tamboran Resources Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		21,400		$ 18,800
Additional contribution of investment amount	$ 10,000
Unrealized gain (loss) on investments		$ 2,700

Fair Value Measurements and Financial Instruments - Schedule of Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on December 31, 2024	$ 848
Credit losses:
Current period provision	0
Amounts written off, net of recoveries	(10)
Allowance for credit losses on March 31, 2025	$ 838

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.08	$ 0.07
Payments of dividends	$ 13,191	$ 11,642
Remaining authorized repurchase amount	270,200
Stock repurchase, accrued excise tax	200	$ 300
Stock repurchase, accrued capital expenditures	$ 1,100		$ 900
Shares of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.08	$ 0.07
Dividends, common stock, cash	$ 12,900	$ 11,600
Stock repurchase program, authorized amount	$ 750,000		750,000
Par value reduction (in dollars per share)	$ 0.01
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards	3 years
Share-based compensation expense	$ 18,100	7,300
Unamortized compensation expense	$ 39,500
Weighted average remaining vesting period	2 years
Restricted Stock Units \| Former Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10,200
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards	3 years
Restricted Stock and Performance Restricted Stock Units \| Shares of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of dividends	$ 300	$ 0
Restricted Stock and Restricted Stock Units (RSUs) \| Shares of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends payable	$ 1,400		$ 1,500

Equity - Restricted Stock Units and Performance Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) \| shares	2,938,408
Granted (in shares) \| shares	392,910
Vested (in shares) \| shares	(304,437)
Forfeited (in shares) \| shares	(20,612)
Outstanding at end of period (in shares) \| shares	3,006,269
Weighted Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 16.93
Granted (in dollars per share) \| $ / shares	20.94
Vested (in dollars per share) \| $ / shares	16.27
Forfeited (in dollars per share) \| $ / shares	17.33
Outstanding at end of period (in dollars per share) \| $ / shares	$ 17.52
Performance Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) \| shares	1,106,939
Granted (in shares) \| shares	237,209
Vested (in shares) \| shares	(363,001)
Forfeited (in shares) \| shares	0
Outstanding at end of period (in shares) \| shares	981,147
Weighted Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 15.10
Granted (in dollars per share) \| $ / shares	20.74
Vested (in dollars per share) \| $ / shares	14.78
Forfeited (in dollars per share) \| $ / shares	0
Outstanding at end of period (in dollars per share) \| $ / shares	$ 16.58

Equity - Schedule of Repurchase Agreements (Details) - Shares of Class A Common Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of Class A Common Stock (in shares)	1,546,138	1,480,084
Cost of shares repurchased	$ 23,958	$ 30,167
Average price per share including commissions (in dollars per share)	$ 15.50	$ 20.38

Net Income per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$ 20,111	$ 81,892
Denominator:
Basic weighted average shares outstanding (in shares)	161,938	166,325
Basic net income per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.12	$ 0.49
Numerator:
Diluted net income attributable to Liberty Energy Inc. stockholders	$ 20,111	$ 81,892
Denominator:
Basic weighted average common shares outstanding (in shares)	161,938	166,325
Effect of dilutive securities:
Restricted stock units (in shares)	3,846	5,116
Diluted weighted average common shares outstanding (in shares)	165,784	171,441
Diluted net income per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.12	$ 0.48

Income Taxes (Details) $ in Thousands	3 Months Ended
Income Taxes (Details) $ in Thousands	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Jan. 17, 2018 property
Operating Loss Carryforwards [Line Items]
Effective combined income tax rate	28.00%	24.40%
Income tax expense	$ 7,806	$ 26,478
Deferred tax liability	137,728		$ 137,728
Number of tax receivable agreements \| property				2
Total liability under TRA	17,096		9,693
Payable pursuant to tax receivable agreements	67,180		74,886
Tax Receivable Agreement
Operating Loss Carryforwards [Line Items]
Total liability under TRA	74,900		115,700
Taxes payable, current	7,700		40,800
Payable pursuant to tax receivable agreements	67,200		$ 74,900
Tax Receivable Agreement \| Shares of Class B Common Stock \| Common Stock
Operating Loss Carryforwards [Line Items]
Payments for tax receivable agreements	$ 40,800	$ 5,200

Defined Contribution Plan (Details) - USD ($)	3 Months Ended
Defined Contribution Plan (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Retirement Benefits [Abstract]
Employer matching contribution per one dollar of employee contribution	$ 1.00
Maximum annual contribution per employee, percent	6.00%
Contributions made by the employer	$ 9,800,000	$ 8,700,000

Related Party Transactions (Details) - USD ($) $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended			12 Months Ended
	Mar. 24, 2025	Jan. 27, 2025	Mar. 13, 2024	Mar. 31, 2025	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2024
Related Party Transaction [Line Items]
Total revenue				$ 977,461	$ 1,073,125
Gain on investments, net				19,288	0
Stock repurchase, accrued capital expenditures				1,100					$ 900
Proceeds from limited partnership investments				1,000	0
Noncash contribution expense				200	300		$ 1,000
Investment in Oklo Inc.
Related Party Transaction [Line Items]
Gain on investments, net				16,600
Additional sold shares valued, amount				29,900
Long-term investments				38,307					51,611
Investment in Nomad Proppant Services LLC
Related Party Transaction [Line Items]
Payments to acquire equity method investments				0	1,900
Stock repurchase, accrued capital expenditures				0					600
Long-term investments				9,631					10,674
Investment in Oklo Inc.
Related Party Transaction [Line Items]
Payments to acquire equity method investments						$ 10,000
Investment in Nomad Proppant Services LLC
Related Party Transaction [Line Items]
Payments to acquire equity method investments								$ 10,000
Long-term investments				9,600					10,700
Related Party
Related Party Transaction [Line Items]
Total revenue				5,847	22,567
Accounts receivable, after allowance for credit loss, current				0					4,234
Interest income				0	478
Professional Services Agreement
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 1,000
Related party transaction, reimbursements received				$ 0	0
Franklin Mountain Energy, LLC \| Hydraulic Fracturing Services \| Related Party
Related Party Transaction [Line Items]
Total revenue		$ 5,800			$ 11,500
Accounts receivable, after allowance for credit loss, current									$ 4,200
Liberty Resources LLC \| Hydraulic Fracturing Services \| Affiliated Entity
Related Party Transaction [Line Items]
Total revenue			$ 11,100
Interest income			$ 500

Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) T	Dec. 31, 2024 T
Shortfall Fees
Loss Contingencies [Line Items]
Shortfall fees, remainder of 2025	$ 8.3
Proppants
Loss Contingencies [Line Items]
Minimum mass required (in tons) \| T	365,632	360,000
Transition Services \| Schlumberger
Loss Contingencies [Line Items]
Shortfall fees, remainder of 2025	$ 2.2

Commitments and Contingencies - Schedule of Proppant, Chemical and Rail Car Commitments (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2025	$ 26,053
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Other commitment	$ 26,053

Subsequent Events (Details) - $ / shares		3 Months Ended
Subsequent Events (Details) - $ / shares	Apr. 15, 2025	Mar. 31, 2025	Mar. 31, 2024
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.08	$ 0.07
Shares of Class A Common Stock
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.08	$ 0.07
Shares of Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.08

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Liberty Energy (NYSE:LBRT)
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From Jun 2024 to Jun 2025

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