Liberty Energy Posts Stellar 2022 As Strong Frac Demand Supports Very Favorable Pricing

Liberty Energy posted a stellar fiscal 2022 as the U.S. pressure pumping market continues to operate near full capacity. Total revenue increased 68% year over year as the firm made full use of its expanded fleet capacity, acquired in early 2021 through its purchase of OneStim from Schlumberger. Consistently maxed out capacity utilization continues to support very favorable pricing for Liberty and its peers. We expect this will persist through 2023 as U.S. production activity remains elevated and as pressure pumpers maintain a commitment to limited capacity expansion.