v3.25.1
Cover - shares
 3 Months Ended
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 $0.01  
Trading Symbol LBRT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001694028  
Current Fiscal Year End Date --12-31  
Shares of Class A Common Stock    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   161,954,214
Shares of Class B Common Stock    
Class of Stock [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ 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
v3.25.1
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
v3.25.1
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)
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
Organization and Basis of Presentation
 3 Months Ended
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.
v3.25.1
Significant Accounting Policies
 3 Months Ended
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 $0.1 million. Goodwill and intangible assets are recorded in other assets in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the IMG Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed.
As the IMG Acquisition closed on March 3, 2025, the Company is in the process of completing the initial purchase price allocation in accordance with Accounting Standards Codification (“ASC”) Topic 805.
v3.25.1
Inventories
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consist of the following:
March 31,December 31,
($ in thousands)20252024
Proppants$9,929 $9,341 
Chemicals21,015 18,629 
Maintenance parts and other171,921 175,499 
$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 $1.0 million
v3.25.1
Property and Equipment
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consist of the following:
Estimated
useful lives
(in years)		March 31,December 31,
($ in thousands)20252024
LandN/A$30,052 $30,041 
Field services equipment
2-10
3,091,712 3,068,681 
Vehicles
4-7
59,637 61,433 
Lease equipment10161,251 163,889 
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-progressN/A235,910 211,893 
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 $0.3 million.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset.
Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred.
The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
($ in thousands)20252024
Finance lease cost:
Amortization of right-of-use assets$13,591 $8,911 
Interest on lease liabilities5,036 3,373 
Operating lease cost8,723 9,035 
Variable lease cost1,560 1,767 
Short-term lease cost1,010 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)20252024
Cash paid for amounts included in measurement of liabilities:
Operating leases$8,817 $9,055 
Finance leases22,690 12,627 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases8,264 4,242 
Finance leases27,656 30,138 
Lease terms and discount rates as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025December 31, 2024
Weighted-average remaining lease term:
Operating leases3.8 years3.8 years
Finance leases2.8 years3.2 years
Weighted-average discount rate:
Operating leases7.0 %6.7 %
Finance leases7.3 %7.4 %
Future minimum lease commitments as of March 31, 2025 were as follows:
($ in thousands)FinanceOperating
Remainder of 2025$81,715 $25,291 
202687,873 23,723 
202758,562 13,916 
202863,185 5,407 
202926,528 3,169 
Thereafter115 10,594 
Total lease payments317,978 82,100 
Less imputed interest37,358 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 $12.3 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability.
Lessor Arrangements
The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. The majority of the lease agreements are short-term in nature and contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items.
The carrying amount of lease equipment, included in property, plant and equipment, that are leased to others under an operating lease or are available to lease as of March 31, 2025 and December 31, 2024 were as follows:
($ in thousands)March 31, 2025December 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 
20262,239 
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 $9.1 million, respectively.
Leases Leases
The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset.
Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred.
The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
($ in thousands)20252024
Finance lease cost:
Amortization of right-of-use assets$13,591 $8,911 
Interest on lease liabilities5,036 3,373 
Operating lease cost8,723 9,035 
Variable lease cost1,560 1,767 
Short-term lease cost1,010 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)20252024
Cash paid for amounts included in measurement of liabilities:
Operating leases$8,817 $9,055 
Finance leases22,690 12,627 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases8,264 4,242 
Finance leases27,656 30,138 
Lease terms and discount rates as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025December 31, 2024
Weighted-average remaining lease term:
Operating leases3.8 years3.8 years
Finance leases2.8 years3.2 years
Weighted-average discount rate:
Operating leases7.0 %6.7 %
Finance leases7.3 %7.4 %
Future minimum lease commitments as of March 31, 2025 were as follows:
($ in thousands)FinanceOperating
Remainder of 2025$81,715 $25,291 
202687,873 23,723 
202758,562 13,916 
202863,185 5,407 
202926,528 3,169 
Thereafter115 10,594 
Total lease payments317,978 82,100 
Less imputed interest37,358 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 $12.3 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability.
Lessor Arrangements
The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. The majority of the lease agreements are short-term in nature and contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items.
The carrying amount of lease equipment, included in property, plant and equipment, that are leased to others under an operating lease or are available to lease as of March 31, 2025 and December 31, 2024 were as follows:
($ in thousands)March 31, 2025December 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 
20262,239 
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 $9.1 million, respectively.
v3.25.1
Accrued Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities consist of the following:
($ in thousands)March 31, 2025December 31, 2024
Accrued vendor invoices$81,646 $73,591 
Operations accruals53,569 56,375 
Accrued benefits and other84,130 76,747 
$219,345 $206,713 
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt consists of the following:
March 31,December 31,
($ in thousands)20252024
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
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— 
2028210,000 
2029— 
Thereafter— 
$210,000 
v3.25.1
Fair Value Measurements and Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Financial Instruments 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.
•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
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 
v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity 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 UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 20242,938,408 $16.93 
Granted392,910 20.94 
Vested(304,437)16.27 
Forfeited(20,612)17.33 
Outstanding as of March 31, 20253,006,269 $17.52 
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 UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 20241,106,939 $15.10 
Granted237,209 20.74 
Vested(363,001)14.78 
Forfeited— — 
Outstanding as of March 31, 2025981,147 $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.
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)20252024
Shares of Class A Common Stock1,546,138 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.
v3.25.1
Net Income per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net Income per Share 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.
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, 2025March 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 outstanding161,938 166,325 
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 outstanding161,938 166,325 
Effect of dilutive securities:
Restricted stock units3,846 5,116 
Diluted weighted average common shares outstanding165,784 171,441 
Diluted net income per share attributable to Liberty Energy Inc. stockholders$0.12 $0.48 
v3.25.1
Income Taxes
 3 Months Ended
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.
v3.25.1
Defined Contribution Plan
 3 Months Ended
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.
v3.25.1
Related Party Transactions
 3 Months Ended
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 $0.3 million, to the Foundation, respectively.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments & Contingencies
Purchase Commitments (tons are not in thousands)
The Company enters into purchase and supply agreements to secure supply and pricing of proppants, transload, and equipment. As of March 31, 2025 and December 31, 2024, the agreements provide pricing and committed supply sources for the Company to purchase 365,632 and 360,000 tons, respectively, of proppant through December 31, 2025. Amounts below also include commitments to pay for transport fees on minimum amounts of proppants. Additionally, related proppant transload service commitments run through December 31, 2025.
Future proppant, transload, and equipment commitments are as follows:
($ 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.
v3.25.1
Subsequent Events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 15, 2025, the Board approved a quarterly dividend of $0.08 per share of Class A Common Stock to be paid on June 20, 2025 to holders of record as of June 6, 2025.
No other significant subsequent events have occurred that would require recognition or disclosure in the accompanying unaudited condensed consolidated financial statements and notes thereto.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income $ 20,111 $ 81,892
v3.25.1
Insider Trading Arrangements
 3 Months Ended
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
v3.25.1
Significant Accounting Policies (Policies)
 3 Months Ended
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 $0.1 million. Goodwill and intangible assets are recorded in other assets in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the IMG Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed.
As the IMG Acquisition closed on March 3, 2025, the Company is in the process of completing the initial purchase price allocation in accordance with Accounting Standards Codification (“ASC”) Topic 805.
v3.25.1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following:
March 31,December 31,
($ in thousands)20252024
Proppants$9,929 $9,341 
Chemicals21,015 18,629 
Maintenance parts and other171,921 175,499 
$202,865 $203,469 
v3.25.1
Property and Equipment (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
Property and equipment consist of the following:
Estimated
useful lives
(in years)		March 31,December 31,
($ in thousands)20252024
LandN/A$30,052 $30,041 
Field services equipment
2-10
3,091,712 3,068,681 
Vehicles
4-7
59,637 61,433 
Lease equipment10161,251 163,889 
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-progressN/A235,910 211,893 
Property and equipment, net$1,926,060 $1,890,998 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease, Cost
The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
($ in thousands)20252024
Finance lease cost:
Amortization of right-of-use assets$13,591 $8,911 
Interest on lease liabilities5,036 3,373 
Operating lease cost8,723 9,035 
Variable lease cost1,560 1,767 
Short-term lease cost1,010 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)20252024
Cash paid for amounts included in measurement of liabilities:
Operating leases$8,817 $9,055 
Finance leases22,690 12,627 
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases8,264 4,242 
Finance leases27,656 30,138 
Schedule of Lease Term and Discount Rate, Lessee
Lease terms and discount rates as of March 31, 2025 and December 31, 2024 were as follows:
March 31, 2025December 31, 2024
Weighted-average remaining lease term:
Operating leases3.8 years3.8 years
Finance leases2.8 years3.2 years
Weighted-average discount rate:
Operating leases7.0 %6.7 %
Finance leases7.3 %7.4 %
Schedule of Lessee, Operating Lease, Liability, Maturity
Future minimum lease commitments as of March 31, 2025 were as follows:
($ in thousands)FinanceOperating
Remainder of 2025$81,715 $25,291 
202687,873 23,723 
202758,562 13,916 
202863,185 5,407 
202926,528 3,169 
Thereafter115 10,594 
Total lease payments317,978 82,100 
Less imputed interest37,358 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)FinanceOperating
Remainder of 2025$81,715 $25,291 
202687,873 23,723 
202758,562 13,916 
202863,185 5,407 
202926,528 3,169 
Thereafter115 10,594 
Total lease payments317,978 82,100 
Less imputed interest37,358 9,196 
Total$280,620 $72,904 
Schedule of Carrying Amount of Equipment Leased to Others
The carrying amount of lease equipment, included in property, plant and equipment, that are leased to others under an operating lease or are available to lease as of March 31, 2025 and December 31, 2024 were as follows:
($ in thousands)March 31, 2025December 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 
20262,239 
2027— 
2028— 
2029— 
Thereafter— 
Total$6,015 
v3.25.1
Accrued Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consist of the following:
($ in thousands)March 31, 2025December 31, 2024
Accrued vendor invoices$81,646 $73,591 
Operations accruals53,569 56,375 
Accrued benefits and other84,130 76,747 
$219,345 $206,713 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consists of the following:
March 31,December 31,
($ in thousands)20252024
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— 
2028210,000 
2029— 
Thereafter— 
$210,000 
v3.25.1
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 
v3.25.1
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 UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 20242,938,408 $16.93 
Granted392,910 20.94 
Vested(304,437)16.27 
Forfeited(20,612)17.33 
Outstanding as of March 31, 20253,006,269 $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 UnitsWeighted Average Grant Date Fair Value per Unit
Non-vested as of December 31, 20241,106,939 $15.10 
Granted237,209 20.74 
Vested(363,001)14.78 
Forfeited— — 
Outstanding as of March 31, 2025981,147 $16.58 
Schedule of Repurchase Agreements
Three Months Ended March 31,
($ in thousands, except share count and per share data)20252024
Shares of Class A Common Stock1,546,138 1,480,084 
Cost of shares repurchased$23,958 $30,167 
Average price per share including commissions$15.50 $20.38 
v3.25.1
Net Income per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
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, 2025March 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 outstanding161,938 166,325 
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 outstanding161,938 166,325 
Effect of dilutive securities:
Restricted stock units3,846 5,116 
Diluted weighted average common shares outstanding165,784 171,441 
Diluted net income per share attributable to Liberty Energy Inc. stockholders$0.12 $0.48 
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Other Commitments
Future proppant, transload, and equipment commitments are as follows:
($ in thousands)
Remainder of 2025$26,053 
2026— 
2027— 
2028— 
2029— 
Thereafter— 
$26,053 
v3.25.1
Organization and Basis of Presentation (Details)
 3 Months Ended
Mar. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.25.1
Significant Accounting Policies (Details) - USD ($)
$ 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    
v3.25.1
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
v3.25.1
Inventories - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Inventory write-down $ 1.1 $ 1.0
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
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%
v3.25.1
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
v3.25.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
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
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
Debt - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
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  
v3.25.1
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
v3.25.1
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    
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
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
v3.25.1
Income Taxes (Details)
$ in Thousands
 3 Months Ended
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    
v3.25.1
Defined Contribution Plan (Details) - USD ($)
 3 Months Ended
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
v3.25.1
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            
v3.25.1
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  
v3.25.1
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
v3.25.1
Subsequent Events (Details) - $ / shares
 3 Months Ended
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