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I N N OVAT I NG ENERGY SOLUTIONS FOR T H E F U T U RE
TA BLE OF CON T EN T S O4 10 INTRODUCTION PORTFOLIO 4 --- A Letter From the CEO 6 --- 2024 Highlights 8 --- Integrated Completions Portfolio 10 --- Frac Solutions 16 --- Technology 18 --- Liberty Power Innovations 26 28 COMMUNITY F O U N D AT I O N 26 --- Three Pillars 27 --- Partnership Spotlight 28 --- Liberty s Commitment 29 --- Partnership Spotlight
INTRODUCTION 20 22 SAFETY & SECURITY P E O P L E & C U LT U R E 20 --- Safety & Training 21 --- IT & Cybersecurity 22 --- People & Culture 24 --- Leading Liberty 25 --- Featured Employees 30 32 B U S I N E S S S T R AT E G Y FINANCIALS 30 --- Business Strategy 31 --- Growth Strategy 32 --- Financial Reconciliations 34 --- Cautionary Note Regarding Forward-Looking Statements 3
A LE T T ER FROM T HE CEO %W [I VI IGX SR ERSXLIV WXVSRK ]IEV JSV 0MFIVX] )RIVK] I am immensely proud of the strides we made in 2024. (IWTMXI GSRXMRYIH WSJXIRMRK SJ FYWMRIWW GSRHMXMSRW Liberty delivered solid results. Fully diluted earnings TIV WLEVI MR [EW ERRYEP VIZIRYI [EW FMPPMSR RIX MRGSQI [EW QMPPMSR ERH %HNYWXIH EBITDA1 was $922 million. Returns for the year remained WXVSRK [MXL %HNYWXIH 4VI 8E\ 6IXYVR SR 'ETMXEP Employed ( ROCE2 ) and 21% Cash Return on Capital Invested ( CROCI3 FIKER [MXL I\GITXMSREPP] strong business conditions that gradually weakened XLVSYKLSYX XLI ]IEV EW MRHMGEXIH F] XLI VSYKLP] decline in active rig and frac spread counts. This softening trend continued through 2024 with a further 5% reduction in active rig count over the course of the ]IEV 6IKEVHPIWW SJ XLIWI QEGVS LIEH[MRHW XLI 0MFIVX] XIEQ GSRXMRYIH XS KVS[ SYV GSQTIXMXMZI EHZERXEKI allowing us to thrive even as macro conditions softened. At Liberty, our mission goes beyond providing abundant, affordable, and reliable energy we strive to improve lives around the world. Safety is at the core of everything we do. Our strong safety culture and proactive approach supported by SZIV LSYVW SJ XVEMRMRK PEWX ]IEV LIPT IRWYVI that safety is a part of every action and decision. In XLI 0MFIVX] XIEQ [SVOIH ETTVS\MQEXIP] QMPPMSR LSYVW ERH HVSZI QSVI XLER QMPPMSR QMPIW EPP [LMPI maintaining a Total Recordable Incident Rate (TRIR) SJ SRI SJ XLI PS[IWX MR SYV LMWXSV] ERH E 1SXSV :ILMGPI %GGMHIRX 6EXI 1:%6 SJ QSVI XLER XLVII times below the compliance rate for rural drivers. We also hauled almost 1 million loads of sand to support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at the wellsite. 8LI TEWX ]IEVW LEZI FIIR E TIVMSH SJ WMKRM GERX HIZIPSTQIRX EW [I HIWMKRIH IRKMRIIVIH ERH GSQQIVGMEPM^IH SYV HMKM TPEXJSVQ SJ XIGLRSPSKMIW
INTRODUCTION now including digiFrac71 HMKM4S[IV71 HMKM4VMQI71 and digiWire71. As we shifted from development to steady HITPS]QIRX [I WE[ ER STTSVXYRMX] XS WXVIEQPMRI XLI build cycle by bringing some of our equipment packaging in house. This led to the launch of Liberty Advanced )UYMTQIRX 8IGLRSPSKMIW 0%)8 PEWX ]IEV 2S[ [MXL control of the entire process from engineering and TVSGYVIQIRX XLVSYKL REP EWWIQFP] [I GER MRRSZEXI JEWXIV ERH QSZI W[MJXP] JVSQ STTSVXYRMX] XS I\IGYXMSR -R 3GXSFIV [I [IVI I\GMXIH XS HIPMZIV XLI VWX 0%)8 TVSHYGIH HMKM4VMQI TYQT +SMRK JSV[EVH XLI 0%)8 team will provide baseload packaging capacity for SYV HMKM4VMQI YRMXW EPSRK [MXL SXLIV QSVI WTIGMEPM^IH HIWMKR ERH EWWIQFP] JSV SXLIV GVMXMGEP IUYMTQIRX ensuring improved control over delivery schedules and a speedier innovation cycle. 8LI HMKM TPEXJSVQ GSRXMRYIW XS I\GIP MR XLI IPH SJJIVMRK a broad suite of technologies to meet the varying end RIIHW SJ SYV ) 4 TEVXRIVW [LMPI HIPMZIVMRK JYVXLIV I GMIRG] MQTVSZIQIRXW 8LMW ]IEV E HMKM4VMQI IIX set the all-time Liberty record for annual pumping LSYVW LEZMRK TYQTIH LSYVW MR ER QSRXL TIVMSH EZIVEKMRK RIEVP] LSYVW TIV QSRXL ;I VI EPWS I\TERHMRK SYV I\TIVMIRGI MR TS[IV KIRIVEXMSR ERH will leverage it in 2025 with the launch of our power generation business for non-frac opportunities. 5 %X 0MFIVX] SYV QMWWMSR KSIW FI]SRH TVSZMHMRK EFYRHERX EJJSVHEFPI ERH VIPMEFPI IRIVK] [I WXVMZI XS MQTVSZI PMZIW EVSYRH XLI [SVPH -R [I XSSO E WMKRM GERX WXIT JSV[EVH MR XLMW QMWWMSR [MXL XLI launch of the Bettering Human Lives Foundation (BHLF). We also published the latest version of our Bettering Human Lives VITSVX MR *IFVYEV] HMWXVMFYXMRK GSTMIW XS PIKMWPEXSVW TSPMG] QEOIVW WXYHIRXW XIEGLIVW ERH SXLIVW )RIVK] TS[IVW IZIV]XLMRK [I do and the world needs more of it to ensure all 8 billion people have the opportunity for a higher quality of life. We hope this report continues to drive a more pragmatic and productive conversation about our energy future. As we look ahead to 2025 and beyond, we remain committed to our mission of Bettering Human Lives through innovative energy solutions. We have built a strong foundation, upon which we will build the next chapter of our business. I would like to extend my heartfelt gratitude to our employees, customers, partners, and shareholders for their unwavering support and dedication. Together, we have achieved VIQEVOEFPI WYGGIWW ERH - EQ GSR HIRX XLEX XLI best is yet to come. 6SR +YWIO ')3 0MFIVX] )RIVK] QEVOIH E WMKRM GERX QMPIWXSRI EW [I PEYRGLIH STIVEXMSRW SYXWMHI 2SVXL %QIVMGE FIKMRRMRK MR Australia. The Beetaloo Basin in the Northern Territory presents a unique opportunity for a massive new REXYVEP KEW TVSHYGMRK IPH ERH [I VI I\GMXIH XS FVMRK SYV I\TIVXMWI ERH MRRSZEXMZI WSPYXMSRW XS XLMW IQIVKMRK QEVOIX )EVPMIV XLMW ]IEV SYV ;EPPEVSS GVI[ OMGOIH SJJ STIVEXMSRW [MXL E X[S [IPP TEH JSV 8EQFSVER 6IWSYVGIW ERH [I PSSO JSV[EVH XS WYTTSVXMRK JYXYVI TVSNIGXW EW development progresses. We are committed to working GPSWIP] [MXL PSGEP GSQQYRMXMIW VIKYPEXSV] FSHMIW and industry partners to ensure the success of our operations in Australia. We also celebrated the grand STIRMRK SJ SYV RI[ HMWXVMGX MR :IVREP 9XEL 8LMW RI[P] renovated facility will serve as a hub for our operations MR XLI 9MRXE &EWMR VIMRJSVGMRK SYV GSQQMXQIRX XS delivering top-tier service in the region. 1 &IOZXYJI *'.9)& NX F STS ,&&5 SFSHNFQ RJFXZWJ 5QJFXJ XJJ +NSFSHNFQX TS UFLJ KTW WJHTSHNQNFYNTS FSI HFQHZQFYNTS TK STS ,&&5 SFSHNFQ FSI operational measures. 2 Adjusted Pre-Tax Return on Capital Employed is a non-GAAP operational RJFXZWJ 5QJFXJ XJJ +NSFSHNFQX TS UFLJ KTW WJHTSHNQNFYNTS FSI HFQHZQFYNTS TK STS ,&&5 SFSHNFQ FSI TUJWFYNTSFQ RJFXZWJX 3 Cash Return on Capital Invested is a non-GAAP operational measure. 5QJFXJ XJJ +NSFSHNFQX TS UFLJ KTW WJHTSHNQNFYNTS FSI HFQHZQFYNTS TK STS ,&&5 SFSHNFQ FSI TUJWFYNTSFQ RJFXZWJX
 • shareholder letter icon 3/6/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/7/2023 LBRT Stockholder Letter
 • stockholder letter icon 3/7/2024 LBRT Stockholder Letter
 • stockholder letter icon More "Oil & Gas Equipment & Services" Category Stockholder Letters
 • Benford's Law Stocks icon LBRT Benford's Law Stock Score = 93


LBRT Shareholder/Stockholder Letter Transcript:

I N N OVAT I NG
ENERGY
SOLUTIONS FOR
T H E F U T U RE

TA BLE OF CON T EN T S
O4
10
INTRODUCTION
PORTFOLIO
4 --- A Letter From the CEO
6 --- 2024 Highlights
8 --- Integrated Completions Portfolio
10 --- Frac Solutions
16 --- Technology
18 --- Liberty Power Innovations
26
28
COMMUNITY
F O U N D AT I O N
26 --- Three Pillars
27 --- Partnership Spotlight
28 --- Liberty   s Commitment
29 --- Partnership Spotlight

INTRODUCTION
20
22
SAFETY & SECURITY
P E O P L E & C U LT U R E
20 --- Safety & Training
21 --- IT & Cybersecurity
22 --- People & Culture
24 --- Leading Liberty
25 --- Featured Employees
30
32
B U S I N E S S S T R AT E G Y
FINANCIALS
30 --- Business Strategy
31 --- Growth Strategy
32 --- Financial Reconciliations
34 --- Cautionary Note Regarding
Forward-Looking Statements
3

A LE T T ER FROM T HE CEO
%W [I VI  IGX SR ERSXLIV WXVSRK ]IEV JSV 0MFIVX] )RIVK]  
I am immensely proud of the strides we made in 2024.
(IWTMXI  GSRXMRYIH  WSJXIRMRK  SJ  FYWMRIWW  GSRHMXMSRW  
Liberty delivered solid results. Fully diluted earnings
TIV WLEVI MR      [EW        ERRYEP VIZIRYI [EW      
FMPPMSR   RIX  MRGSQI  [EW        QMPPMSR   ERH  %HNYWXIH 
EBITDA1 was $922 million. Returns for the year remained
WXVSRK  [MXL       %HNYWXIH  4VI 8E\  6IXYVR  SR  'ETMXEP 
Employed (   ROCE2   ) and 21% Cash Return on Capital
Invested (   CROCI3            FIKER  [MXL  I\GITXMSREPP] 
strong business conditions that gradually weakened
XLVSYKLSYX  XLI  ]IEV   EW  MRHMGEXIH  F]  XLI  VSYKLP]      
decline in active rig and frac spread counts. This
softening trend continued through 2024 with a further
5% reduction in active rig count over the course of the
]IEV   6IKEVHPIWW SJ XLIWI QEGVS LIEH[MRHW  XLI 0MFIVX] 
XIEQ  GSRXMRYIH  XS  KVS[  SYV  GSQTIXMXMZI  EHZERXEKI  
allowing us to thrive even as macro conditions softened.

At Liberty, our mission goes beyond
providing abundant, affordable, and reliable
energy   we strive to improve lives around
the world.
Safety is at the core of everything we do. Our strong
safety culture and proactive approach   supported by
SZIV           LSYVW  SJ  XVEMRMRK  PEWX  ]IEV  LIPT  IRWYVI 
that safety is a part of every action and decision. In
      XLI 0MFIVX] XIEQ [SVOIH ETTVS\MQEXIP]    QMPPMSR 
LSYVW  ERH  HVSZI  QSVI  XLER      QMPPMSR  QMPIW   EPP  [LMPI 
maintaining a Total Recordable Incident Rate (TRIR)
SJ         SRI  SJ  XLI  PS[IWX  MR  SYV  LMWXSV]   ERH  E  1SXSV 
:ILMGPI %GGMHIRX 6EXI  1:%6  SJ       QSVI XLER XLVII 
times below the compliance rate for rural drivers. We
also hauled almost 1 million loads of sand to support
0MFIVX] JVEG STIVEXMSRW  3YV 7IRXMRIP PSKMWXMGW TPEXJSVQ  
RS[  JYPP]  HITPS]IH  EGVSWW  0MFIVX]   MW  STXMQM^MRK 
HIPMZIVMIW XS VIHYGI GSWXW  GSRKIWXMSR  ERH [EMX XMQIW 
[LMPI  QE\MQM^MRK  HEMP]  XVYGO  XYVRW   (YVMRK         [I 
I\TERHIH  7IRXMRIP  XS  SYV  04-  '2+  HIPMZIV]  HMZMWMSR  
MQTVSZMRK  I  GMIRG]  ERH  EWWIX  YXMPM^EXMSR  EW  [I 
XVERWMXMSR XS   IIXW TVMQEVMP] JYIPIH F] REXYVEP KEW  ;MXL 
SYV I\TERWMSR MRXS XLI (. &EWMR  SYV 04- '2+ FYWMRIWW 
MW RS[ EX E QEXYVI WXEXI  [SVOMRK WIEQPIWWP] [MXL SYV 
RI\X KIRIVEXMSR JVEG GVI[W XS HIPMZIV WIVZMGI I\GIPPIRGI 
at the wellsite.
8LI  TEWX      ]IEVW  LEZI  FIIR  E  TIVMSH  SJ  WMKRM  GERX 
HIZIPSTQIRX  EW  [I  HIWMKRIH   IRKMRIIVIH  ERH 
GSQQIVGMEPM^IH  SYV  HMKM  TPEXJSVQ  SJ  XIGLRSPSKMIW 

INTRODUCTION
now including digiFrac71  HMKM4S[IV71  HMKM4VMQI71 and
digiWire71. As we shifted from development to steady
HITPS]QIRX   [I  WE[  ER  STTSVXYRMX]  XS  WXVIEQPMRI  XLI 
build cycle by bringing some of our equipment packaging
in house. This led to the launch of Liberty Advanced
)UYMTQIRX  8IGLRSPSKMIW  0%)8   PEWX  ]IEV   2S[   [MXL 
control of the entire process   from engineering and
TVSGYVIQIRX XLVSYKL   REP EWWIQFP]  [I GER MRRSZEXI 
JEWXIV ERH QSZI W[MJXP] JVSQ STTSVXYRMX] XS I\IGYXMSR  
-R  3GXSFIV   [I  [IVI  I\GMXIH  XS  HIPMZIV  XLI    VWX  0%)8 
TVSHYGIH  HMKM4VMQI  TYQT   +SMRK  JSV[EVH   XLI  0%)8 
team will provide baseload packaging capacity for
SYV HMKM4VMQI YRMXW  EPSRK [MXL SXLIV QSVI WTIGMEPM^IH 
HIWMKR  ERH  EWWIQFP]  JSV  SXLIV  GVMXMGEP  IUYMTQIRX  
ensuring improved control over delivery schedules and
a speedier innovation cycle.
8LI HMKM TPEXJSVQ GSRXMRYIW XS I\GIP MR XLI   IPH  SJJIVMRK 
a broad suite of technologies to meet the varying end
RIIHW  SJ  SYV  ) 4  TEVXRIVW   [LMPI  HIPMZIVMRK  JYVXLIV 
I  GMIRG]  MQTVSZIQIRXW   8LMW  ]IEV   E  HMKM4VMQI    IIX 
set the all-time Liberty record for annual pumping
LSYVW   LEZMRK  TYQTIH         LSYVW  MR  ER        QSRXL 
TIVMSH   EZIVEKMRK  RIEVP]       LSYVW  TIV  QSRXL   ;I  VI 
EPWS I\TERHMRK SYV I\TIVMIRGI MR TS[IV KIRIVEXMSR ERH 
will leverage it in 2025 with the launch of our power
generation business for non-frac opportunities.
5
%X  0MFIVX]   SYV  QMWWMSR  KSIW  FI]SRH  TVSZMHMRK 
EFYRHERX  EJJSVHEFPI  ERH VIPMEFPI IRIVK]  [I WXVMZI 
XS MQTVSZI PMZIW EVSYRH XLI [SVPH  -R       [I XSSO 
E  WMKRM  GERX  WXIT  JSV[EVH  MR  XLMW  QMWWMSR  [MXL  XLI 
launch of the Bettering Human Lives Foundation
(BHLF). We also published the latest version of our
Bettering Human Lives VITSVX MR *IFVYEV]  HMWXVMFYXMRK 
       GSTMIW XS PIKMWPEXSVW  TSPMG] QEOIVW  WXYHIRXW  
XIEGLIVW  ERH SXLIVW  )RIVK] TS[IVW IZIV]XLMRK [I 
do   and the world needs more of it to ensure all 8
billion people have the opportunity for a higher
quality of life. We hope this report continues to drive
a more pragmatic and productive conversation
about our energy future.
As we look ahead to 2025 and beyond, we remain
committed to our mission of Bettering Human Lives
through innovative energy solutions. We have built
a strong foundation, upon which we will build the
next chapter of our business. I would like to extend
my heartfelt gratitude to our employees, customers,
partners, and shareholders for their unwavering
support and dedication. Together, we have achieved
VIQEVOEFPI  WYGGIWW   ERH  -  EQ  GSR  HIRX  XLEX  XLI 
best is yet to come.
  6SR +YWIO  ')3 0MFIVX] )RIVK]
      QEVOIH  E  WMKRM  GERX  QMPIWXSRI  EW  [I  PEYRGLIH 
STIVEXMSRW  SYXWMHI  2SVXL  %QIVMGE   FIKMRRMRK  MR 
Australia. The Beetaloo Basin in the Northern Territory
presents a unique opportunity for a massive new
REXYVEP  KEW TVSHYGMRK    IPH   ERH  [I  VI  I\GMXIH  XS  FVMRK 
SYV I\TIVXMWI ERH MRRSZEXMZI WSPYXMSRW XS XLMW IQIVKMRK 
QEVOIX   )EVPMIV  XLMW  ]IEV   SYV  ;EPPEVSS  GVI[  OMGOIH  SJJ 
STIVEXMSRW [MXL E X[S [IPP TEH JSV 8EQFSVER 6IWSYVGIW  
ERH  [I  PSSO  JSV[EVH  XS  WYTTSVXMRK  JYXYVI  TVSNIGXW  EW 
development progresses. We are committed to working
GPSWIP]  [MXL  PSGEP  GSQQYRMXMIW   VIKYPEXSV]  FSHMIW  
and industry partners to ensure the success of our
operations in Australia. We also celebrated the grand
STIRMRK SJ SYV RI[ HMWXVMGX MR :IVREP  9XEL  8LMW RI[P] 
renovated facility will serve as a hub for our operations
MR  XLI  9MRXE  &EWMR   VIMRJSVGMRK  SYV  GSQQMXQIRX  XS 
delivering top-tier service in the region.
1
 &IOZXYJI *'.9)& NX F STS ,&&5         SFSHNFQ RJFXZWJ   5QJFXJ XJJ +NSFSHNFQX 
TS  UFLJ      KTW  WJHTSHNQNFYNTS  FSI  HFQHZQFYNTS  TK  STS ,&&5          SFSHNFQ  FSI 
operational measures.
2
Adjusted Pre-Tax Return on Capital Employed is a non-GAAP operational
RJFXZWJ  5QJFXJ XJJ +NSFSHNFQX TS UFLJ    KTW WJHTSHNQNFYNTS FSI HFQHZQFYNTS 
TK STS ,&&5         SFSHNFQ FSI TUJWFYNTSFQ RJFXZWJX 
3
Cash Return on Capital Invested is a non-GAAP operational measure.
5QJFXJ XJJ +NSFSHNFQX TS UFLJ    KTW WJHTSHNQNFYNTS FSI HFQHZQFYNTS TK STS 
,&&5         SFSHNFQ FSI TUJWFYNTSFQ RJFXZWJX 



shareholder letter icon 3/6/2025 Letter Continued (Full PDF)
 

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