Core Viewpoint - Liberty Energy Inc. has declared a dividend of $0.09 per share of Class A common stock, scheduled for payment on March 18, 2026, to shareholders of record as of March 4, 2026 [1] Group 1: Dividend Declaration - The Board of Directors has approved a dividend of $0.09 per share [1] - Future declarations of dividends are subject to the Board's approval and determination of best interests for the company and its shareholders [2] - Future dividends may be adjusted based on market conditions and capital availability [2] Group 2: Company Overview - Liberty Energy Inc. is a leading energy services company and one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America [3] - The company also operates Liberty Power Innovations LLC, which provides advanced distributed power and energy storage solutions [3] - Liberty Energy was founded in 2011 and focuses on value creation through innovation and the development of next-generation technology [3]

Core Viewpoint - Liberty Energy Inc. will release its financial results for Q4 and the full year ending December 31, 2025, on January 28, 2026, after market close, followed by a conference call on January 29, 2026, at 8:00 a.m. Mountain Time [1] Group 1 - The financial results release will be discussed by Ron Gusek, President and CEO, and Michael Stock, CFO [1] - Individuals can participate in the conference call by dialing specific numbers, with a live webcast available for 90 days post-call [2] - A telephone replay of the call will be accessible shortly after, with a specific passcode and availability until February 5, 2026 [2] Group 2 - Liberty Energy Inc. is a leading energy services company, one of the largest providers of completion services and technologies for onshore oil, natural gas, and enhanced geothermal energy producers in North America [3] - The company also operates Liberty Power Innovations LLC, which provides advanced distributed power and energy storage solutions [3] - Founded in 2011, Liberty Energy focuses on value creation through innovation and the development of next-generation technology, headquartered in Denver, Colorado [3]

Core Insights - Liberty Energy Inc. (LBRT) has formed a transformative partnership with Vantage Data Centers to meet the increasing demand for digital infrastructure through utility-scale, high-efficiency power solutions [1][12] - The collaboration aims to deliver up to 1 gigawatt (GW) of power agreements within five years, including a reservation of 400 megawatts (MW) by 2027, with potential for future expansion [2][8] Partnership Objectives - The partnership focuses on developing and deploying power solutions to support Vantage's expanding data center portfolio in North America, ensuring reliable and sustainable energy for major tech companies [1][12] - Liberty Power Innovations (LPI), a subsidiary of Liberty Energy, will manage these power solutions, leveraging over a decade of experience in advanced distributed power systems [4][12] Technological Innovations - LPI's platform includes advanced technologies such as Forte power generation and Tempo intelligent load management, which are crucial for providing reliable primary power to Vantage's facilities [5][9] - The integrated power solutions will enable data centers to operate independently from the grid or optimize their operations using grid attributes, enhancing reliability and efficiency [7][10] Market Demand and Future Outlook - The growing demand for AI technologies and cloud computing is driving the need for energy-efficient and scalable power solutions, which the LBRT and Vantage partnership aims to address [3][6] - This collaboration sets a new standard for power infrastructure in the digital age, supporting the development of next-generation data centers that can meet evolving AI and cloud computing needs [11][13] Economic and Environmental Impact - The partnership enhances local energy resilience and offers flexibility to support the local grid, addressing rising energy costs and supply constraints [9][10] - By securing long-term, reliable power sources, Vantage can maintain control over energy costs, aligning with broader goals of reducing carbon footprints and promoting sustainable energy practices [10][12]

Core Insights - Liberty Energy Inc. (LBRT) has outperformed the Field Services Oil and Gas sub-industry and the broader oil and energy sector, with shares rising 56.2% over the past six months compared to 22.8% and 6.7% respectively [1][8] Company Performance - LBRT operates in major North American basins, including the Permian, Eagle Ford, and Marcellus Shales, playing a crucial role in the U.S. energy sector [3] - The company has a strategic advantage due to its involvement in sand mining for proppants used in hydraulic fracturing, enhancing supply chain control [3] - LBRT's technological advancements, such as the digiPrime fleets and StimCommander software, have led to significant efficiency improvements, including a 30% reduction in maintenance costs and a 65% improvement in fluid injection rates [6][9] Strategic Initiatives - LBRT is expanding into the high-demand power market, particularly for data centers, with plans to deliver over 1 gigawatt of capacity by 2027 [10] - The company has doubled its sales pipeline in 90 days, focusing on long-term contracts lasting 15 years or more, which provides visibility into future revenue streams [11] Operational Resilience - Despite market downturns, LBRT maintained full fleet utilization and achieved record average daily pumping efficiency during the third quarter [12] - The company is well-positioned to benefit from the growing demand for natural gas, supported by LNG export capacity expansion [13] Financial Considerations - LBRT reported $113 million in net capital expenditures for the third quarter, with guidance of $525-$550 million for full-year 2025, raising concerns about cash flow amid aggressive capital spending [14] - The company ended the third quarter with a cash balance of $13 million and net debt of $240 million, indicating a weakening financial position [15] - Rising project costs for power generation have increased to $1.5-$1.6 million per megawatt, posing risks to project timelines and returns [16] Customer Concentration Risks - The power segment's success is heavily reliant on a small number of large clients, with approximately 70% of the data center market controlled by just 6-7 operators, creating counterparty risk [17] Market Vulnerability - LBRT's recovery forecast is contingent on supportive commodity prices, with potential delays in market recovery impacting pricing and profitability [18][19]

Core Insights - Vantage Data Centers and Liberty Energy Inc. have formed a strategic partnership to develop utility-scale, high-efficiency power solutions for Vantage's data center portfolio in North America [1][2] - The partnership aims to deliver up to 1 gigawatt (1GW) of power agreements within five years, including a reservation of 400 megawatts (MW) for 2027, with potential for future expansion beyond 1GW [2][3] - This collaboration is designed to enhance Vantage's capabilities in developing data center campuses, particularly in areas with constrained grid capacity, thereby supporting the growing demand for digital infrastructure [3][4] Company Overview - Vantage Data Centers is a global leader in digital infrastructure, serving major AI and cloud providers, with operations across North America, EMEA, and Asia Pacific [6] - Liberty Energy Inc. is a leading energy services company, specializing in completion services and technologies for oil, natural gas, and geothermal energy producers, and operates Liberty Power Innovations, which focuses on advanced distributed power solutions [8]

Core Thesis - Liberty Energy Inc. is transitioning from a cyclical oil services company to a significant player in behind-the-meter power solutions, targeting large, continuous energy demands like data centers [2][3] Business Segments - The Power platform offers a comprehensive "power-as-a-service" solution, which includes natural-gas genset procurement, installation, fuel logistics, 24/7 monitoring, and maintenance under multi-year contracts, leveraging decades of operational experience and strategic vendor relationships [4] - The core oil services business remains strong, characterized by capital discipline and robust return on invested capital (ROIC), providing a stable cash flow foundation as the Power business expands [5] Market Valuation - The market currently undervalues Liberty Energy, treating it primarily as a cyclical oil services business, which results in a stock price below its 2024 highs [3] - Valuation analysis suggests a separation of the two business segments, with the Power platform valued at 10x 2027 EBITDA and the core business at 6x through-cycle EBITDA, leading to a year-end 2027 target price of over $33, indicating a potential 2x return [5] Growth Catalysts - Key catalysts for growth include the signing of initial power contracts, which could lead to a significant stock rerating, while manageable risks involve potential declines in oil prices and execution challenges in securing power capacity contracts [5]

Core Viewpoint - Liberty Energy Inc. has been recognized for its hydraulic fracturing services in the oil and gas sector, with recent institutional interest indicating a positive outlook for the company [1][2][3]. Company Overview - Liberty Energy Inc. operates primarily in the United States, providing essential services for oil and natural gas extraction, competing with major players like Halliburton and Schlumberger [1]. - The company currently has a market capitalization of approximately $2.91 billion [4]. Stock Performance - The stock price of Liberty Energy (LBRT) is currently at $17.97, reflecting a decrease of 6.06% with a change of $1.16 [4]. - Over the past year, LBRT has experienced a peak price of $23.58 and a low of $9.50, with daily trading fluctuations between $17.42 and $18.99 [4]. Institutional Investment - Callodine Capital Management LP has significantly increased its stake in Liberty Energy by 203.3%, now holding 1,057,000 shares valued at approximately $12.1 million, which constitutes about 1.3% of its portfolio [2]. - Vanguard Group Inc. has also shown confidence by increasing its holdings in Liberty Energy by 6.5%, now owning 18,443,909 shares valued at approximately $292 million [3]. Analyst Rating Update - Barclays has updated its rating for Liberty Energy to Neutral and raised the price target from $14 to $17 [5].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **North America Energy Services & Equipment (ESE)** sector, with a particular emphasis on the outlook for 2026 and the dynamics of oil and gas markets [1][4][10]. Core Insights and Arguments - **Market Outlook**: North America is nearing a bottom in terms of oil prices, with international onshore growth driven by OPEC activity. However, offshore growth is expected to be muted due to moderating efficiency gains [1][5]. - **Earnings and Valuations**: The ESE sector has seen a rally of approximately **30%** since the lows post-Liberation Day, resulting in year-to-date gains of about **5%**. Despite this, earnings estimates have fallen, leading to higher EV/EBITDA multiples and tighter free cash flow yields, now aligning with historical median levels [4][15]. - **Spending Trends**: North American onshore spending is expected to remain constrained, while international activity is projected to be flat in 2026 before increasing in 2027, driven by OPEC+ activity and unconventional gas opportunities [5][10][26]. - **Offshore Activity**: The outlook for offshore spending is more cautious, particularly for deepwater projects, due to anticipated efficiency gains that will limit the need for additional rigs [9][10][26]. Key Themes for 2026 - **Power and Data Centers**: There is an emerging opportunity in power generation, with demand expected to grow at a **2.6% CAGR** through 2035, driven by data center growth and electrification. Companies like HAL and LBRT are positioned to provide power solutions directly to end-users [10][35][41]. - **Oil and Gas Price Forecasts**: Oil prices are expected to decline by approximately **20%** since the start of 2025, with a forecasted surplus of **~2 mb/d** in 2026, potentially reaching **~3 mb/d** in the first half of 2026. Brent prices are anticipated to drop to around **$60/bbl** before a recovery begins in mid-2027 [10][63][64]. - **Rig Counts and Efficiency**: The total US rig count has decreased by **~7%** since the beginning of 2025, with oil-directed rigs down by **~14%** and gas-focused activity up by **25%**. Efficiency improvements have led to a reduction in drilling days per well [77][80][86]. Company-Specific Insights - **Top Picks**: HAL is identified as a top pick due to its exposure to the Middle East and power generation opportunities. The strategic partnership with VoltaGrid is highlighted as a key differentiator [14][54]. - **NOV Downgrade**: NOV has been downgraded to equal-weight due to its significant offshore capex exposure and less resilience in oil and gas production opex compared to peers [14][54]. Additional Important Points - **Investment Strategy**: The report emphasizes a preference for stocks with defensive and unique revenue streams, favoring gas over oil-focused activities and spending tied to existing production [54][43]. - **Long-term Trends**: The report notes that oil capex represents only **~55%** of revenues for the covered companies, with significant contributions from gas capex and non-upstream markets, indicating a shift in revenue dynamics [45][50]. This summary encapsulates the critical insights and projections for the North America Energy Services & Equipment sector as discussed in the conference call, highlighting both opportunities and challenges in the current market landscape.

Core Viewpoint - Liberty Energy Inc. (NYSE:LBRT) experienced a significant share price increase of 9.67% from November 28 to December 5, 2025, making it one of the top-performing energy stocks during that week [1]. Group 1: Company Overview - Liberty Energy Inc. is a prominent North American oilfield services company with operations in major shale formations across the United States and Canada [2]. - The company is the second-largest frac provider in North America, holding a market share of 20% and offering integrated products through its wireline and logistics units [4]. Group 2: Recent Developments - On December 2, UBS initiated coverage of Liberty Energy with a 'Buy' rating and set a price target of $23, indicating an upside potential of nearly 18% [2]. - The positive outlook is attributed to Liberty Energy's expanding distributed power offering via Liberty Power Innovations, with a goal to add 500 MW of generation capacity by the end of next year and over 1 GW by the end of 2027 [3]. Group 3: Market Outlook - UBS forecasts an increase in crude oil prices after Q1 2026, leading to a recovery in frac demand in the latter half of 2026 and into 2027 [4].

Core Insights - Liberty Energy Inc. (LBRT) has underperformed its peers, with shares down 1.9%, contrasting with a flat Oil & Gas-Field Services sub-industry and a modest 1.2% gain in the broader Oil-Energy sector [1][3] - The company is facing significant operational challenges, market volatility, and potentially flawed business strategies impacting its market position [3] Performance Overview - LBRT's adjusted EBITDA fell 29% sequentially and 48% year over year in Q3 2025, indicating substantial profitability headwinds due to pricing pressure and lower industry activity [4] - The company forecasts capital expenditures between $525 million and $550 million for 2025, which is a heavy outlay during a market downturn [8] Challenges Affecting Performance - Liquidity pressures are evident, with LBRT ending Q3 with $13 million in cash and $253 million in debt, raising concerns about the ability to manage ongoing capital expenditures and dividends [12] - The power segment's uncertain timing and conversion of contracts create additional revenue visibility challenges, as acknowledged by the CEO [9] Strategic Risks - The aggressive push into the power generation business may dilute management focus from the core oilfield services, risking operational missteps [15] - Financial leverage is increasing, with net debt rising by $99 million in the quarter, which could strain liquidity if core business recovery is delayed [8][12] Market Conditions - Persistent macroeconomic uncertainty and oil producer discipline are expected to keep industry completions activity subdued in the near term, impacting LBRT's traditional revenue base [11] - The company's power business model is vulnerable to natural gas price volatility, which could erode competitive advantages if prices rise significantly [17]