UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38081 Liberty Oilfield Services Inc. (Exact name of registrant as specified in its charter) Delaware 81-4891595 (State or other jurisdiction of incorporation or organizat ...

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Financial Data and Key Metrics Changes - Revenue for 2018 increased by 45% to $2.16 billion from $1.49 billion in 2017, driven by a 41% increase in average frac fleets and improved efficiency [24][8] - Net income before taxes rose 72% to $289 million, with adjusted EBITDA increasing by 56% to $438 million [8][25] - Fourth quarter revenue decreased by 15% to $473 million from $559 million in the third quarter, with net income totaling $34 million compared to $66 million in the previous quarter [31][12] - Adjusted EBITDA for the fourth quarter decreased to $72 million from $117 million in the third quarter [32] Business Line Data and Key Metrics Changes - The fourth quarter saw a challenging environment with customer project deferrals impacting fleet utilization, leading to a decrease in revenue and EBITDA [12][31] - Despite challenges, the company pumped the highest monthly volume of sand in its history in January 2019, indicating strong operational performance [14] Market Data and Key Metrics Changes - The company noted a rapid drop in commodity prices in November and December 2018, which led to customers deferring completions [12] - The market is expected to stabilize as operators focus on capital discipline, potentially leading to less volatile activity levels [12] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet while investing in technology and returning capital to shareholders [21][19] - Liberty is focused on operational excellence, technology innovations, and building long-term partnerships with customers to drive efficiency and returns [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for the shale revolution and the company's ability to generate strong returns despite current market challenges [22][40] - The company anticipates a clearer picture of 2019 completions demand by the end of the first quarter, as customers finalize budgets [15][30] Other Important Information - Capital expenditures for 2019 are projected to be approximately $175 million, a decrease of 36% from 2018 [19] - The company plans to continue its quarterly dividend of $0.05 per share and has authorized an additional $100 million for share repurchases [37][36] Q&A Session Summary Question: Market behavior and competitor actions - Management noted a significant decline in the number of active frac fleets, with many competitors rationalizing their operations in response to market conditions [51][53] Question: Consolidation in the industry - Management acknowledged the potential for consolidation among less efficient players, which could improve market dynamics [56] Question: First quarter guidance and pricing - Management indicated that pricing has declined by more than 10% due to market conditions, but they expect to stabilize and potentially improve pricing later in the year [64][67] Question: Visibility for 2019 - Management expressed confidence in fleet utilization and demand, indicating that they are fully booked for the near term [84] Question: Technology investments - Management highlighted that approximately 40% of the capital budget is allocated to new technology initiatives aimed at improving efficiency and safety [118] Question: Capital return strategy - Management stated that they will evaluate capital return strategies throughout the year, maintaining a focus on balance sheet strength and shareholder returns [120]