Here are 1-2 brief analogies for Liberty Energy (LBRT):

• It's like a more specialized **Halliburton** or **Schlumberger**, focusing almost exclusively on hydraulic fracturing ('fracking') to unlock oil and gas in North America.

• Hydraulic Fracturing Services: Provides services to stimulate oil and natural gas wells by pumping fluids and proppants into rock formations to enhance hydrocarbon recovery.
• Proppant & Logistics: Supplies the specialized sand (proppant) used in fracturing operations and manages its efficient sourcing, transportation, and delivery to well sites.
• Wireline Services: Offers services such as well logging, perforating, and mechanical intervention within oil and gas wells using specialized cables.
• Downhole Tools: Provides specialized equipment and technologies utilized in the wellbore for various drilling, completion, and production applications.

Liberty Energy (LBRT) primarily sells its services to other companies, specifically onshore exploration and production (E&P) companies in North America. These companies are engaged in extracting oil and natural gas.

According to Liberty Energy's latest public filings (such as their 2023 10-K), no single customer accounted for 10% or more of its total revenue for the years ended December 31, 2023, 2022, or 2021. Therefore, specific major customer companies are not individually identified or disclosed by the company.

However, Liberty Energy's customer base generally includes the following categories of companies:

• Major integrated oil and natural gas companies
• Independent oil and natural gas companies
• National oil companies

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Ron Gusek – Chief Executive Officer

Ron Gusek has served as Liberty Energy's Chief Executive Officer and a board member since February 2025, and as President since November 2016. He joined Liberty in 2014 as Vice President of Technology and Development. Prior to his time at Liberty, Mr. Gusek was Vice President, Corporate Engineering and Technology of Sanjel Corporation, a global energy service company. He also held leadership roles at Zodiac Exploration, an E&P company, and at Pinnacle Technologies, a fracture diagnostic services company founded by Liberty's original founder Chris Wright. Chris Wright founded Pinnacle Technologies in 1992, leading it as CEO until 2006, and was chairman of Stroud Energy before founding Liberty Energy in 2011.

Michael Stock – Chief Financial Officer & Treasurer

Michael Stock joined Liberty in April 2012 as CFO and assumed the Treasurer title in March 2018. He brings over 25 years of financial and systems implementation experience, including global financial management, mergers and acquisitions, strategic planning, and risk management. Before joining Liberty, Mr. Stock was CFO for TAS Energy Inc., an innovative Cleantech Energy company, from 2009 to 2012. At TAS, he was instrumental in raising equity from leading investment groups such as Kleiner Perkins, Element Partners, NGP, and Credit Suisse, indicating a pattern of managing companies backed by private equity firms. Prior to TAS, he served as CFO for Pinnacle Technologies Inc., an oilfield service company, from 1997 to 2009, during which time the company grew significantly from a startup to a dominant technology provider.

Sean Elliott – Chief Legal Officer & Corporate Secretary

Sean Elliott has been Liberty's Chief Legal Officer since January 2023 and previously served as Vice President and General Counsel since March 2017. He has also been the Corporate Secretary since 2018. Mr. Elliott has over 20 years of legal experience, much of which has been in leadership roles within publicly traded companies.

Ryan T. Gosney – Chief Accounting Officer & Vice President of Finance

Ryan T. Gosney has been the Chief Accounting Officer and Vice President of Finance of Liberty Energy since January 2025. Previously, he served as Chief Accounting Officer of Vantage Energy Inc. from July 2016 to February 2017, and as Chief Financial Officer for Dorado E&P Partners, LLC, from January 2012 to January 2016. Mr. Gosney also held Controller positions at Delta Petroleum Corporation and Patina Oil & Gas Corporation.

Jim Brady – Founder & Senior VP of Operations

Jim Brady is recognized as a founder of Liberty Energy and serves as the Senior Vice President of Operations.

The clear emerging threat to Liberty Energy (LBRT) is the rapid advancement and increasing economic viability of **Advanced Geothermal Systems (EGS)**. EGS technology aims to tap into vast, deep geothermal resources that are currently inaccessible, providing a continuous, dispatchable, and carbon-free energy source. Significant research, development, and investment are flowing into EGS, with pilot projects demonstrating its potential to provide baseload electricity. If EGS technologies achieve widespread scalability and cost-competitiveness, they could directly compete with and displace natural gas as a primary source for power generation. This would diminish the long-term demand for natural gas extraction and, consequently, the hydraulic fracturing and completion services that constitute Liberty Energy's core business, similar to how a new, superior technology can disrupt an established industry by offering a fundamentally different and more advantageous alternative.

Liberty Energy (LBRT) operates primarily in North America, providing hydraulic fracturing, wireline services, and related products and services to onshore oil and natural gas exploration and production companies.

The addressable markets for Liberty Energy's main products and services are as follows:

• Hydraulic Fracturing: The North American hydraulic fracturing market size was valued at USD 38.65 billion in 2025 and is projected to expand at a Compound Annual Growth Rate (CAGR) of 8.41% during the forecast period.

• Frac Sand: The North American frac sand market was valued at USD 2 billion in 2023.

1. Advancements in Proprietary Technology and Operational Efficiencies: Liberty Energy's continuous investment in innovative technologies, such as its natural gas-powered digiFleets and the AI-powered logistics software platform, Sentinel, is expected to drive revenue growth. These technologies aim to enhance pumping efficiencies, increase fleet utilization, and reduce operational costs, which can lead to stronger financial performance and value for customers. The company's multi-year fleet technology transition is on track to have 90% of its fleets primarily powered by natural gas by early 2025, which also contributes to highest diesel displacement and record gas substitution in dual fuel technologies.
2. Expansion of Liberty Power Innovations (LPI): Liberty Energy is strategically expanding its Liberty Power Innovations segment, focusing on power generation services for commercial and industrial applications, data centers, energy, and mining industries. This expansion, including the commencement of LPI operations in Colorado's DJ Basin and targeting over 1 gigawatt of capacity delivered by 2027, aims to diversify revenue streams beyond traditional oil and gas services and capitalize on growing demand for advanced distributed power and energy storage solutions.
3. Strategic International Market Expansion: The company has initiated strategic international expansion, notably entering partnerships to develop the Beetaloo Basin in Australia, with completions activity commencing in the fourth quarter of 2024. This move into emerging markets offers long-term growth potential and new revenue opportunities.
4. Demand for Advanced Hydraulic Fracturing Fleets and Improving Completion Activity: Despite some industry softening and pricing pressures, there remains solid demand for advanced hydraulic fracturing fleets that emphasize operational efficiency and emissions reduction. Liberty Energy's focus on maintaining and enhancing its competitive advantage through its advanced fleets and service offerings positions it to capitalize on improving completion activity and favorable market dynamics, potentially leading to increased margins and overall revenue. The company expects tightening frac capacity due to equipment attrition, which could lead to better pricing dynamics in 2026.

Share Repurchases

• Liberty Energy authorized a $250 million share repurchase program in July 2022, which was increased by an additional $250 million to a total of $500 million in January 2023.
• Since the program's inception in July 2022 through October 2025, Liberty has repurchased and retired over 17% of its outstanding shares.
• As of January 2025, approximately $294 million remained authorized for future common share repurchases.

Share Issuance

• In the second quarter of 2025, Liberty Energy reported approximately $51 million in proceeds from the sale of equity securities.

Outbound Investments

• In early March 2025, Liberty Energy acquired IMG Energy Solutions for $19.6 million, focusing on distributed power solutions.
• In July 2025, Liberty announced a partnership with Oklo to accelerate integrated power solutions for high-demand customers, particularly data centers and industrial facilities.

Capital Expenditures

• Liberty Energy's initial capital expenditure plan for 2025 was approximately $650 million, with $450 million for completions and $200 million for power generation investments. This was later revised to an expected range of $525 million to $550 million.
• A significant focus of capital expenditures is the expansion of power generation services, targeting over 1 gigawatt of capacity to be delivered through 2027.
• Net capital expenditures were $134 million in the second quarter of 2025, which included investments in digiFleets, capitalized maintenance spending, and LTI infrastructure.