UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38081 Liberty Energy Inc. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) 950 17th Street, Suite ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38081 Liberty Energy Inc. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) 950 17th Street, Suit ...

23% Return 11-Year Average CROCI(1)(2) Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Production Consumption Liberty's Investment Philosophy 3 Managing the Cycle for Long Term Returns Build the BDFC! 1 … while demand Liberty Built with Cash Flow LIBERTA ➢ North America is expected to be a meaningful supplier of incremental supply continues to increase • Recovery in travel (jet fuel) • Modest global GDP growth • China emergence from Covid lockdowns Reinvest at High Rates of Return Strong Balance She ...

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, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38081 Liberty Energy Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 81-4891595 (State or Other Jurisdiction of Incorporation or Organization) 950 17 ...

Liberty Energy Inc. (NYSE:LBRT) Q4 2022 Earnings Conference Call January 26, 2023 10:00 AM ET Company Participants Anjali Voria - Head of IR Chris Wright - CEO Ron Gusek - President Michael Stock - CFO Conference Call Participants Derek Podhaizer - Barclays Stephen Gengaro - Stifel Scott Gruber - Citigroup Marc Bianchi - Cowen Atidrip Modak - Goldman Sachs Arun Jayaram - JPMorgan Chase Waqar Syed - ATB Capital Markets Keith MacKey - RBC Capital Markets Tom Curran - Seaport Research Partners Saurabh Pant - B ...

PART I: FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for the period ended September 30, 2022, reflect significant financial performance improvement and strategic capital management [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.53 billion** as of September 30, 2022, driven by current assets and property, with total equity rising to **$1.41 billion** Condensed Consolidated Balance Sheet Highlights (as of Sep 30, 2022 vs. Dec 31, 2021) | Balance Sheet Item | Sep 30, 2022 ($ in thousands) | Dec 31, 2021 ($ in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 996,061 | 630,377 | | **Property and equipment, net** | 1,295,189 | 1,199,287 | | **Total Assets** | **2,525,158** | **2,040,660** | | **Total Current Liabilities** | 704,857 | 569,247 | | **Long-term debt, net** | 252,682 | 121,445 | | **Total Liabilities** | **1,117,720** | **810,221** | | **Retained earnings (accumulated deficit)** | 90,779 | (155,954) | | **Total Equity** | **1,407,438** | **1,230,439** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company achieved a significant turnaround in profitability, with Q3 2022 revenue surging to **$1.19 billion** and net income reaching **$147.0 million** Q3 2022 vs Q3 2021 Performance | Metric | Q3 2022 ($ in thousands) | Q3 2021 ($ in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | 1,188,247 | 653,727 | +81.8% | | **Operating Income (Loss)** | 182,983 | (39,566) | N/A | | **Net Income (Loss) to Stockholders** | 146,953 | (38,890) | N/A | | **Diluted EPS** | $0.78 | $(0.22) | N/A | Nine Months 2022 vs Nine Months 2021 Performance | Metric | Nine Months 2022 ($ in thousands) | Nine Months 2021 ($ in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | 2,923,636 | 1,787,047 | +63.6% | | **Operating Income (Loss)** | 297,426 | (117,789) | N/A | | **Net Income (Loss) to Stockholders** | 246,733 | (123,655) | N/A | | **Diluted EPS** | $1.30 | $(0.72) | N/A | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations significantly increased to **$292.6 million** for the nine months ended September 30, 2022, supporting higher capital expenditures and share repurchases Cash Flow Summary (Nine Months Ended Sep 30) | Cash Flow Activity | 2022 ($ in thousands) | 2021 ($ in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 292,610 | 80,142 | | **Net cash used in investing activities** | (333,875) | (119,319) | | **Net cash provided by financing activities** | 45,642 | 5,149 | | **Net increase (decrease) in cash** | 4,377 | (34,028) | | **Cash and cash equivalents - end of period** | 24,045 | 34,705 | - Key financing activities in the first nine months of 2022 included net borrowings of **$132.0 million** on the line-of-credit and **$70.1 million** used for share repurchases[25](index=25&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the PropX acquisition integration, ABL facility amendment, a **$250 million** share repurchase program, and the reinstatement of a quarterly dividend - On July 25, 2022, the Board authorized a share repurchase program of up to **$250.0 million** During the nine months ended Sep 30, 2022, the company repurchased **4.7 million** shares for **$70.1 million**[88](index=88&type=chunk)[91](index=91&type=chunk) - In July 2022, the ABL Facility was amended to increase the maximum borrowing amount by **$75.0 million** to **$425.0 million** and replace LIBOR with SOFR as the interest rate benchmark[60](index=60&type=chunk)[62](index=62&type=chunk) - Subsequent to quarter end, on October 18, 2022, the board approved the reinstatement of a quarterly dividend of **$0.05** per share of Class A Common Stock[126](index=126&type=chunk) - The company maintains a full valuation allowance on its U.S. net deferred tax assets but believes there is a reasonable possibility that it could be reversed as soon as Q4 2022, which would impact income tax expense and the TRA liability[102](index=102&type=chunk)[185](index=185&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q3 2022 performance to robust demand and higher pricing in a tight frac market, driving significant revenue and EBITDA growth [Recent Trends and Outlook](index=27&type=section&id=Recent%20Trends%20and%20Outlook) Management observes a tight frac market with near-full utilization, driven by capital discipline and supply constraints, potentially strengthening demand for North American energy - The frac market is described as relatively tight with near-full utilization of available capacity, making service quality and reliability important differentiators for customers[135](index=135&type=chunk) - Global supply risks, including OPEC+ production cuts and sanctions on Russia, alongside low global inventories, may strengthen demand for North American energy[134](index=134&type=chunk) Key Market Indicators (Q3 2022) | Indicator | Q3 2022 | Q3 2021 | Q2 2022 | | :--- | :--- | :--- | :--- | | **WTI Price (Avg. per Bbl)** | $93.06 | $70.58 | $108.83 | | **US & Canada Rig Count (Avg.)** | 942 | 634 | 810 | [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Financial results dramatically improved year-over-year, with Q3 2022 revenue increasing **81.8%** to **$1.2 billion** and a significant swing to operating income Q3 2022 vs Q3 2021 Results Summary | Description | Q3 2022 ($ in thousands) | Q3 2021 ($ in thousands) | Change ($ in thousands) | | :--- | :--- | :--- | :--- | | **Revenue** | 1,188,247 | 653,727 | 534,520 | | **Operating income (loss)** | 182,983 | (39,566) | 222,549 | | **Net income (loss) to Stockholders** | 146,953 | (38,890) | 185,843 | - The **$534.5 million** (**81.8%**) increase in Q3 revenue was attributed to higher service pricing and an activity-driven increase in fleet utilization and efficiency[139](index=139&type=chunk) Nine Months 2022 vs 2021 Results Summary | Description | Nine Months 2022 ($ in thousands) | Nine Months 2021 ($ in thousands) | Change ($ in thousands) | | :--- | :--- | :--- | :--- | | **Revenue** | 2,923,636 | 1,787,047 | 1,136,589 | | **Operating income (loss)** | 297,426 | (117,789) | 415,215 | | **Net income (loss) to Stockholders** | 246,733 | (123,655) | 370,388 | [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA significantly increased to **$276.9 million** for Q3 2022 and **$564.8 million** for the nine-month period, reflecting improved market conditions and operational leverage Reconciliation of Net Income (Loss) to Adjusted EBITDA | Metric ($ in thousands) | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Net income (loss)** | 147,263 | (39,379) | 247,122 | (130,467) | | **EBITDA** | 239,456 | 31,233 | 501,533 | 81,585 | | **Adjusted EBITDA** | **276,853** | **32,008** | **564,793** | **100,266** | [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$273.6 million** available under its ABL Facility and a **$250.0 million** share repurchase program - As of September 30, 2022, the company had **$273.6 million** of remaining availability under its **$425.0 million** ABL Facility[169](index=169&type=chunk) - A share repurchase program authorizes up to **$250.0 million** in repurchases through July 31, 2024[175](index=175&type=chunk) Cash Flow Summary (Nine Months Ended Sep 30) | Description ($ in thousands) | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | 292,610 | 80,142 | | Net cash used in investing activities | (333,875) | (119,319) | | Net cash provided by financing activities | 45,642 | 5,149 | [Quantitative and Qualitative Disclosure about Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20about%20Market%20Risk) The company's primary market risk is foreign currency exchange rates, resulting in an **$8.3 million** translation loss for the nine months ended September 30, 2022 - The company's main market risk is foreign currency translation due to its Canadian subsidiary For the nine months ended September 30, 2022, this resulted in a translation loss of **$8.3 million**[191](index=191&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2022, following the integration of PropX accounting functions - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of September 30, 2022[193](index=193&type=chunk) - During Q3 2022, the company integrated the accounting functions of the PropX acquisition and updated its internal controls over financial reporting to reflect the changes[194](index=194&type=chunk) PART II: OTHER INFORMATION [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to legal proceedings but does not anticipate a material adverse effect on its financial position or operations - The company is subject to legal proceedings but does not expect them to have a material adverse effect on its financial condition or operations[124](index=124&type=chunk)[198](index=198&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) Key risk factors include the Russia-Ukraine conflict, OPEC+ production decisions impacting oil and gas prices, and choice of forum provisions in the company's charter - The ongoing military conflict between Russia and Ukraine is cited as a significant risk that could lead to market disruptions, commodity price volatility, and supply chain interruptions[201](index=201&type=chunk) - Actions by OPEC+ to set and maintain oil production levels are a key uncertainty that could lead to increased volatility in oil and natural gas prices, affecting the company's business[204](index=204&type=chunk) - The company's charter includes choice of forum provisions that designate Delaware courts for certain disputes and federal courts for Securities Act claims, which may limit stockholders' ability to choose a favorable judicial forum[202](index=202&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **4.7 million** shares for **$70.1 million** during Q3 2022, with **$180.0 million** remaining authorized under the share repurchase program Share Repurchases (Q3 2022) | Period | Total Shares Purchased | Average Price Paid per Share | Value Remaining for Repurchase ($) | | :--- | :--- | :--- | :--- | | **July 2022** | — | — | 250,000,000 | | **August 2022** | 3,196,002 | $15.08 | 201,792,691 | | **September 2022** | 1,506,164 | $14.47 | 180,000,041 | | **Total Q3** | **4,702,166** | **$14.89** | **180,000,041** | [Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[207](index=207&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are provided in Exhibit 95 of this quarterly report - Mine safety disclosures required under Regulation S-K are provided in Exhibit 95 of the report[208](index=208&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) No other material information is reported in this section - None[209](index=209&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q3 2022 was $1.2 billion, representing a 26% sequential increase and an 82% year-over-year increase [7][18] - Net income for the quarter was $147 million, or $0.78 per fully diluted share, compared to $105 million and $0.55 per share in the previous quarter [7][19] - Adjusted EBITDA increased to $277 million, a 41% increase from the previous quarter [7][21] - General and administrative expenses totaled $50 million, reflecting an increase due to performance-based compensation and inflationary pressures [20] Business Line Data and Key Metrics Changes - The deployment of six fleets acquired from OneStim contributed significantly to revenue growth, with nearly half of the sequential growth attributed to this deployment [18] - The operational execution led to record-breaking metrics in profit pumped, pump hours, and technology rollouts [8] Market Data and Key Metrics Changes - The frac market is near full utilization, with operators focused on securing reliable crews and supply chains [10][15] - Demand for next-generation digiFrac fleets is strong, with expectations for deployment in customer locations soon [11] Company Strategy and Development Direction - The company aims to maintain a flexible approach to capital allocation, balancing shareholder returns with investments in growth opportunities [7][24] - Liberty is focused on technology innovation and vertical integration to enhance service quality and operational efficiency [10][12] - The company is investing in partnerships and technology developments, including a recent investment in Natron Energy for battery technology [11][57] Management's Comments on Operating Environment and Future Outlook - Management highlighted global macroeconomic concerns, including rising interest rates and inflation, but noted that oil and gas markets remained tight [13] - The outlook for oil demand continues to grow, with North America expected to be a leading supplier of incremental barrels [14] - Management expressed confidence in the company's ability to navigate challenges and capitalize on market opportunities [15] Other Important Information - The company announced a return of capital program, including a share repurchase of 2.5% of outstanding shares and the restoration of a quarterly cash dividend of $0.05 per share [7][24] - The company ended the quarter with a cash balance of $24 million and net debt of $230 million [22] Q&A Session Summary Question: Fleet count and incremental fleets - Management indicated that the current fleet count is in the low 40s and that additional fleets will only be added if compelling customer relationships exist [30] Question: CapEx expectations for next year - Management expects CapEx to be at or slightly below 2022 levels, with potential for some spending to shift into early 2023 due to supply chain delays [32] Question: Market tightness and budget exhaustion - Management noted that operators are more concerned about securing reliable crews than typical budget exhaustion, leading to less seasonal slowdown than in previous years [38][40] Question: Pricing and profitability expansion - Management discussed the potential for pricing resets and emphasized the importance of service quality and efficiency in driving profitability [42][44] Question: Vertical integration impact on earnings - Management stated that while frac remains the dominant segment, vertical integration helps ensure high-speed operations and reduces risks associated with supply [62] Question: Share buyback strategy - Management expressed interest in acquiring more shares at attractive valuations, emphasizing that buyback aggressiveness is price-dependent [66] Question: Frac sand capacity utilization - Management confirmed that frac sand capacity is running at 100% utilization, with the majority of sand supplied through Liberty's operations [69] Question: Future investments in technology - Management indicated a focus on technology investments that provide competitive advantages, with a modest investment in Natron Energy being a recent example [57][59]

Enercom C H R I S W R I G H T, C E O& C H A I R M A N • August 8, 2022 Important Disclosures 2 FORWARD LOOKING STATEMENTS The information in this presentation includes "forward-looking statements". All statements, other than statements of historical fact included in this presentation regarding Liberty Energy Inc.'s ("Liberty" or the "Company") including, without limitation, statements about our expected growth from recent acquisitions such as the acquisition from Schlumberger (the "OneStim acquisition") and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38081 LIBERTY ENERGY INC. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) 950 17th Street, Suite ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38081 Liberty Energy Inc. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) 950 17th Street, Suit ...