Liberty Energy (LBRT) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2019	Oct. 25, 2019
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-38081
Entity Registrant Name	Liberty Oilfield Services 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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Amendment Flag	false
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		75,868,419
Shares of Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		36,655,925

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 139,995	$ 103,312
Accounts receivable—trade	203,215	153,589
Accounts and notes receivable—related party	9,351	15,139
Unbilled revenue	33,778	79,233
Inventories	86,985	60,024
Prepaid and other current assets	23,015	49,924
Total current assets	496,339	461,221
Property and equipment, net	638,686	627,053
Other assets	33,848	28,227
Note receivable—related party, less current portion	11,115	0
Finance lease right-of-use assets	57,991	0
Operating lease right-of-use assets	57,251	0
Total assets	1,295,230	1,116,501
Current liabilities:
Accounts payable	91,019	80,490
Accrued liabilities:
Accrued vendor invoices	54,053	67,771
Operational accruals	29,596	36,414
Accrued salaries and benefits	31,491	22,791
Other accrued liabilities (including payables to related parties of $1,264 and $0, respectively)	10,441	9,585
Accrued liabilities—related party	0	2,300
Current portion of long-term debt, net of discount of $1,348 and $1,365, respectively	401	385
Current portion of finance lease liabilities	20,366	0
Current portion of operating lease liabilities	16,613	0
Total current liabilities	253,980	219,736
Long-term debt, net of discount of $2,817 and $3,826, respectively, less current portion	105,837	106,139
Deferred tax liability	19,560	32,994
Payable pursuant to tax receivable agreements (including payables to related parties of $18,637 and $2,857, respectively)	40,306	16,818
Noncurrent portion of finance lease liabilities	31,820	0
Noncurrent portion of operating lease liabilities	40,262	0
Total liabilities	491,765	375,687
Commitments & contingencies (Note 13)
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	368,502	312,659
Retained earnings	159,448	119,274
Total stockholders’ equity	529,076	433,069
Noncontrolling interest	274,389	307,745
Total equity	803,465	740,814
Total liabilities and equity	1,295,230	1,116,501
Class A, $0.01 par value, 400,000,000 shares authorized and 75,868,419 issued and outstanding as of September 30, 2019 and 68,359,871 issued and outstanding as of December 31, 2018
Common Stock:
Common stock, par value $0.01	759	684
Class B, $0.01 par value, 400,000,000 shares authorized and 36,655,925 issued and outstanding as of September 30, 2019 and 45,207,372 issued and outstanding as of December 31, 2018
Common Stock:
Common stock, par value $0.01	$ 367	$ 452

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables to related parties	$ 1,330	$ 0
Payable pursuant to tax receivable agreements, related parties	18,637	2,857
Current portion of long-term debt, discount	1,348	1,365
Long-term debt, discount	$ 2,817	$ 3,826
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)	75,868,419	68,359,871
Common stock, shares outstanding (in shares)	75,868,419	68,359,871
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)	36,655,925	45,207,372
Common stock, shares outstanding (in shares)	36,655,925	45,207,372

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Revenue	$ 507,948	$ 552,525	$ 1,574,101	$ 1,671,707
Revenue—related parties	7,131	6,252	18,273	10,314
Total revenue	515,079	558,777	1,592,374	1,682,021
Operating costs and expenses:
Cost of services (exclusive of depreciation and amortization shown separately below)	421,007	418,867	1,276,750	1,251,163
General and administrative	25,302	24,659	71,379	73,648
Depreciation and amortization	42,324	32,305	121,079	90,927
(Gain) loss on disposal of assets	(124)	701	1,242	1,266
Total operating costs and expenses	488,509	476,532	1,470,450	1,417,004
Operating income	26,570	82,245	121,924	265,017
Other expense:
Interest expense	3,726	3,648	11,505	13,682
Net income before income taxes	22,844	78,597	110,419	251,335
Income tax expense	4,004	12,229	17,147	36,238
Net income	18,840	66,368	93,272	215,097
Less: Net income attributable to Predecessor, prior to Corporate Reorganization	0	0	0	8,705
Less: Net income attributable to noncontrolling interests	7,842	32,275	42,121	99,028
Net income attributable to Liberty Oilfield Services Inc. stockholders	$ 10,998	$ 34,093	$ 51,151	$ 107,364
Net income attributable to Liberty Oilfield Services Inc. stockholders per common share:
Basic (in dollars per share)	$ 0.15	$ 0.50	$ 0.73	$ 1.56
Diluted (in dollars per share)	$ 0.15	$ 0.49	$ 0.71	$ 1.53
Weighted average common shares outstanding:
Basic (in shares)	74,173	68,548	70,026	68,823
Diluted (in shares)	113,064	118,470	109,006	118,426

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Members’ Equity	Additional Paid in Capital	Retained Earnings	Total Stockholders’ equity	Noncontrolling Interest	Shares of Class A Common Stock	Shares of Class A Common StockCommon Stock	Shares of Class B Common Stock	Shares of Class B Common StockCommon Stock
Beginning Balance at Dec. 31, 2017		$ 392,766
Beginning balance (in shares) at Dec. 31, 2017								0		0
Beginning balance at Dec. 31, 2017	$ 392,766		$ 0	$ 0	$ 0	$ 0		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Return on redeemable common units	(149)	(149)
Net income prior to Corporate Reorganization	8,705	8,705
Ending Balance at Jan. 17, 2018		401,322
Ending balance (in shares) at Jan. 17, 2018								0		0
Ending balance at Jan. 17, 2018	401,322		0	0	0	0		$ 0		$ 0
Beginning Balance at Dec. 31, 2017		392,766
Beginning balance (in shares) at Dec. 31, 2017								0		0
Beginning balance at Dec. 31, 2017	392,766		0	0	0	0		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income prior to Corporate Reorganization	107,364
Ending Balance at Sep. 30, 2018		0
Ending balance (in shares) at Sep. 30, 2018								67,110,000		48,207,000
Ending balance at Sep. 30, 2018	743,596		311,772	103,820	416,745	326,851		$ 671		$ 482
Beginning Balance at Jan. 17, 2018		401,322
Beginning balance (in shares) at Jan. 17, 2018								0		0
Beginning balance at Jan. 17, 2018	401,322		0	0	0	0		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
$0.15/unit distributions to noncontrolling unitholders	(2,410)					(2,410)
$0.15/share of Class A Common Stock dividend	(3,544)			(3,544)	(3,544)
Share repurchase (shares)								(2,843,000)
Share repurchases	(53,922)		(39,642)		(39,670)	(14,252)		$ (28)
Stock based compensation expense	3,122		3,122		3,122
Exchange of Liberty LLC Units for Class A Common Stock and Class B Common Stock and extinguishment of Redeemable Common Units (shares)								55,986,000		48,207,000
Exchange of Liberty LLC Units for Class A Common Stock and Class B Common Stock and extinguishment of Redeemable Common Units	46,544	(401,322)	446,824	0	447,866	0		$ 560		$ 482
Net deferred tax liability due to corporate reorganization	(28,620)		(28,620)		(28,620)
Issuance of Class A Common Stock, net of underwriter discount and offering costs (shares)								14,340,000
Issuance of Class A Common Stock, net of underwriter discount and offering costs	220,260		220,117		220,260			$ 143
Redemption of Legacy Ownership, net of underwriting discount (shares)								(1,609,000)
Redemption of legacy ownership, net of underwriter discount	(25,897)		(25,881)		(25,897)			$ (16)
Issuance of Restricted Stock (shares)								1,258,000
Issuance of Restricted Stock	0		(13)		0			$ 13
Liability due to tax receivable agreements	(2,291)		(2,291)		(2,291)
Initial allocation of noncontrolling interest of Liberty LLC effective on the date of the IPO	0		(261,844)		(261,844)	261,844
Other distributions and advance payments to noncontrolling interest unitholders	(17,359)					(17,359)
Restricted stock and RSU forfeitures (shares)								(22,000)
Restricted stock and RSU forfeitures	(1)				(1)			$ (1)
Net income	206,392			107,364	107,364	99,028
Ending Balance at Sep. 30, 2018		0
Ending balance (in shares) at Sep. 30, 2018								67,110,000		48,207,000
Ending balance at Sep. 30, 2018	743,596		311,772	103,820	416,745	326,851		$ 671		$ 482
Beginning balance (in shares) at Jun. 30, 2018								69,958,000		48,207,000
Beginning balance at Jun. 30, 2018	739,496		349,488	73,270	423,940	315,556		$ 700		$ 482
Increase (Decrease) in Stockholders' Equity [Roll Forward]
$0.15/unit distributions to noncontrolling unitholders	(2,410)					(2,410)
$0.15/share of Class A Common Stock dividend	(3,544)			(3,544)	(3,544)
Share repurchase (shares)								(2,844,000)
Share repurchases	(53,922)		(39,642)		(39,670)	(14,252)		$ (28)
Stock based compensation expense	1,926		1,926		1,926
Other distributions and advance payments to noncontrolling interest unitholders	(4,318)					(4,318)
Restricted stock and RSU forfeitures (shares)								(4,000)
Restricted stock and RSU forfeitures	(1)				(1)
Net income prior to Corporate Reorganization	34,093
Net income	66,369			34,094	34,094	32,275
Ending Balance at Sep. 30, 2018		$ 0
Ending balance (in shares) at Sep. 30, 2018								67,110,000		48,207,000
Ending balance at Sep. 30, 2018	743,596		311,772	103,820	416,745	326,851		$ 671		$ 482
Beginning balance (in shares) at Dec. 31, 2018							68,359,871	68,360,000	45,207,372	45,207,000
Beginning balance at Dec. 31, 2018	740,814		312,659	119,274	433,069	307,745		$ 684		$ 452
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)								8,551,000		(8,551,000)
Exchanges of Class B Common Stock for Class A Common Stock	0		64,065		64,065	(64,065)		$ 85		$ (85)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	4,466		4,466		4,466
Deferred tax impact of ownership changes from exchanges and repurchases	(7,148)		(7,148)		(7,148)
$0.15/unit distributions to noncontrolling unitholders	(6,215)					(6,215)
$0.15/share of Class A Common Stock dividend	(10,978)			(10,978)	(10,978)
Share repurchase (shares)								(1,303,000)
Share repurchases	(17,098)		(13,017)		(13,030)	(4,068)		$ (13)
Stock based compensation expense	9,993		8,802		8,802	1,191
Vesting of restricted stock units (shares)								268,000
Vesting of restricted stock units	(1,039)		(302)		(299)	(740)		$ 3
Offering Costs	(1,499)		(1,001)		(1,001)	(498)
Other distributions and advance payments to noncontrolling interest unitholders	(1,104)					(1,104)
Restricted stock and RSU forfeitures (shares)								8,000
Restricted stock and RSU forfeitures	(1)		22	(1)	21	(22)		$ 0
Net income prior to Corporate Reorganization	51,151
Net income	93,272			51,151	51,151	42,121
Ending balance (in shares) at Sep. 30, 2019							75,868,419	75,868,000	36,655,925	36,656,000
Ending balance at Sep. 30, 2019	803,465		368,502	159,448	529,076	274,389		$ 759		$ 367
Beginning balance (in shares) at Jun. 30, 2019								68,962,000		43,570,000
Beginning balance at Jun. 30, 2019	792,446		318,099	152,322	471,547	320,899		$ 690		$ 436
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)								6,914,000		(6,914,000)
Exchanges of Class B Common Stock for Class A Common Stock	0		52,652		52,652	(52,652)		$ 69		$ (69)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	3,570		3,570		3,570
Deferred tax impact of ownership changes from exchanges and repurchases	(7,148)		(7,148)		(7,148)
$0.15/unit distributions to noncontrolling unitholders	(1,857)					(1,857)
$0.15/share of Class A Common Stock dividend	(3,871)			(3,871)	(3,871)
Stock based compensation expense	3,542		2,351		2,351	1,191
Vesting of restricted stock units	0		1		1	(1)
Offering Costs	(1,499)		(1,001)		(1,001)	(498)
Other distributions and advance payments to noncontrolling interest unitholders	(557)					(557)
Restricted stock and RSU forfeitures (shares)								(8,000)
Restricted stock and RSU forfeitures	(1)		(22)	(1)	(23)	22		$ 0
Net income prior to Corporate Reorganization	10,998
Net income	18,840			10,998	10,998	7,842
Ending balance (in shares) at Sep. 30, 2019							75,868,419	75,868,000	36,655,925	36,656,000
Ending balance at Sep. 30, 2019	$ 803,465		$ 368,502	$ 159,448	$ 529,076	$ 274,389		$ 759		$ 367

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Distributions to noncontrolling unitholders (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.05
Common stock dividend (in dollars per share)	$ 0.05	$ 0.05	$ 0.15	$ 0.05

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 93,272	$ 215,097
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	121,079	90,927
(Gain) loss on disposal of assets	1,242	1,266
Interest expense on finance lease liability	2,015	0
Amortization of debt issuance costs	1,656	3,442
Inventory write-down	649	3,389
Non-cash lease expense	3,061	0
Share based compensation expense	9,993	3,122
Deferred income taxes	9,194	15,246
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(4,171)	(66,834)
Accounts receivable and unbilled revenue—related party	(5,326)	(170)
Inventories	(27,611)	(3,701)
Other assets	14,479	(31,699)
Accounts payable and accrued liabilities	31,740	(6,458)
Accounts payable and accrued liabilities—related party	(1,000)	0
Payment of operating lease liability	(5,197)	0
Net cash provided by operating activities	245,075	223,627
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(158,235)	(187,079)
Proceeds from sale of assets	541	3,138
Net cash used in investing activities	(157,694)	(183,941)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of underwriter discount	0	230,174
Redemption of Liberty LLC Units from legacy owners	0	(25,897)
Repayments of borrowings on term loan	(1,313)	(61,972)
Repayments of borrowings on line-of-credit	0	(30,000)
Proceeds from Liberty Oilfield Services Holdings LLC	0	2,115
Payments on finance lease obligations	(10,504)	0
Class A Common Stock dividends	(10,626)	(3,450)
Per unit distributions to noncontrolling interest unitholders	(6,215)	(2,410)
Tax withholding on restricted stock unit vesting	(1,039)	0
Share repurchases	(18,398)	(53,922)
Payment of equity offering costs	(1,499)	(5,927)
Payments of debt issuance costs	0	(282)
Other distributions and advance payments to noncontrolling interest unitholders	(1,104)	(17,359)
Net cash (used in) provided by financing activities	(50,698)	31,070
Net increase in cash and cash equivalents	36,683	70,756
Cash and cash equivalents—beginning of period	103,312	16,321
Cash and cash equivalents—end of period	139,995	87,077
Supplemental disclosure of cash flow information:
Cash paid for income taxes	1,042	19,829
Cash paid for interest	9,640	10,760
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	$ 12,870	$ 16,105

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Liberty Oilfield Services Inc. (the “Company”) was incorporated as a Delaware corporation on December 21, 2016, to become a holding corporation for Liberty Oilfield Services New HoldCo LLC (“Liberty LLC”) and its subsidiaries upon completion of a corporate reorganization (the “Corporate Reorganization”) and planned initial public offering of the Company (“IPO”). The Company has no material assets other than its ownership of units in Liberty LLC (“Liberty LLC Units”). Please refer to the Company’s 2018 Annual Report (the “Annual Report”) for additional information on the Corporate Reorganization and IPO that were completed on January 17, 2018. Prior to the Corporate Reorganization, Liberty Oilfield Services Holdings LLC (“Liberty Holdings”) wholly owned Liberty Oilfield Services LLC (“LOS”) and LOS Acquisition CO I LLC (“ACQI” and, together with LOS, the “Predecessor”). Following the Corporate Reorganization, Liberty LLC wholly owns the Predecessor. Effective March 22, 2018, the assets of ACQI were contributed into LOS and ACQI was dissolved. The Company, together with its subsidiaries, is a multi-basin provider of hydraulic fracturing services, with a focus on deploying the latest technologies in the technically demanding oil and gas reservoirs in which it operates, principally in North Dakota, Colorado, Wyoming, and Texas. 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 generally accepted accounting principles for annual financial statements and should be read together with the annual financial statements included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position, results of operations, cash flows, and equity of the Company as of and for the three and nine months ended September 30, 2019 and the financial position, results of operations, cash flows, and equity of the Company as of December 31, 2018 and for the three and nine months ended September 30, 2018. 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 and nine months ended September 30, 2019 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2019. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Comprehensive income is not reported due to the absence of items of other comprehensive income or loss during the periods presented. The condensed consolidated financial statements include financial data at historical cost as the contribution of assets is considered to be a reorganization of entities under common control. The condensed consolidated financial statements may not be indicative of the actual level of assets, liabilities, and costs that would have been incurred by the Predecessor if it had operated as an independent, publicly-traded company during the periods prior to the IPO or of the costs expected to be incurred in the future. The condensed consolidated and combined financial statements for periods prior to January 17, 2018 reflect the historical results of the Predecessor. The condensed consolidated financial statements include the amounts of the Company and all majority owned subsidiaries where the Company has the ability to exercise control. The Company’s operations are organized into a single reportable segment, which consists of hydraulic fracturing services.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Recently Adopted Accounting Standards Leases On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Accounting Standard Codification (“ASC”) Topic 842), as amended by other ASUs issued since February 2016 (“ASU 2016-02” or “ASC Topic 842”), using the modified retrospective transition method applied at the effective date of the standard. By electing this optional transition method, information prior to January 1, 2019 has not been restated and continues to be reported under the accounting standards in effect for the period (ASC Topic 840). The Company elected the package of practical expedients permitted under the transition guidance within the new standard, including the option to carry forward the historical lease classifications and assessment of initial direct costs, account for lease and non-lease components as a single lease, and to not include leases with an initial term of less than 12 months in the lease assets and liabilities. The adoption of ASC Topic 842 resulted in the recognition of finance lease right-of-use assets, operating lease right-of-use assets, and lease liabilities for finance and operating leases. As of January 1, 2019, the adoption of the new standard resulted in the recognition of finance lease assets of $57.2 million, including $2.1 million and $2.0 million reclassified from prepaid and other current assets and other assets, respectively, and finance lease liabilities of $53.2 million. Additionally, the Company recorded operating lease assets of $64.0 million, including $1.9 million reclassified from prepaid and other current assets, and operating lease liabilities of $63.6 million, including $1.5 million reclassified from accrued interest and other liabilities as of January 1, 2019. There was no significant impact to the condensed consolidated statements of income, equity or cash flows. Refer to Note 5—Leases for additional disclosures required under ASC Topic 842. For leases entered into after January 1, 2019, the Company determines if an arrangement is a lease at inception and evaluates identified leases for operating or finance lease treatment. Operating or finance lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease terms may include options to renew, however, the Company typically cannot determine its intent to renew a lease with reasonable certainty at inception. Revenue Recognition In connection with the adoption of ASC Topic 842, the Company determined that certain of its service revenue contracts contain a lease component. The Company elected to adopt a practical expedient available to lessors, which allows the Company to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. Therefore, the Company combines the lease and service component for certain of the Company’s service contracts and continues to account for the combined component under ASC Topic 606, Revenue from Contracts with Customers. Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which is effective for fiscal years and interim periods within fiscal years beginning after December 15, 2019, with a modified-retrospective approach to be used for implementation. ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Specifically, this new guidance requires using a forward looking, expected loss model for trade and other receivables, held-to-maturity debt securities, loans, and other instruments. This will replace the currently used model and may result in an earlier recognition of allowance for losses. The Company plans to adopt the standard effective January 1, 2020. Although the Company is continuing to evaluate the impact the adoption will have, the Company currently does not expect the adoption to have a material impact on its condensed consolidated financial statements. Fleet Start-up Costs The Company incurs start-up costs to commission a new fleet or district. These costs include hiring and training of personnel, and acquisition of consumable parts and tools. Start-up costs are expensed as incurred, and are reflected in general and administrative expenses in the condensed consolidated statements of income. Start-up costs for the three and nine months ended September 30, 2019 were $1.3 million and $2.7 million , respectively. The Company deployed zero and one fleet during the three and nine months ended September 30, 2019, respectively. Start-up costs for the three and nine months ended September 30, 2018 were $2.2 million and $8.8 million, respectively, related to zero and three new fleets deployed during each respective period. The total amount of start-up costs incurred for the commissioning of each new fleet depends primarily on the number and timing of hiring additional personnel to staff such fleets, and such costs may not be entirely incurred in the same period as the fleet is deployed. The terms and conditions of the Credit Facilities, defined herein, between the Company and its lenders provides for the add-back of costs or expenses incurred in connection with the acquisition, deployment, and opening of any new hydraulic fracturing fleet or district in the computation of certain financial covenants (see Note 6—Debt).

Inventories

Inventories	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: September 30, December 31, ($ in thousands) 2019 2018 Proppants $ 16,849 $ 22,038 Chemicals 8,589 10,781 Maintenance parts 61,547 27,205 $ 86,985 $ 60,024 As of September 30, 2019, the lower of cost or net realizable value analysis resulted in the Company recording a write-down to inventory carrying values of $0.6 million, included as a component in cost of services in the condensed consolidated statements of income for the three and nine months ended September 30, 2019 .

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: Estimated September 30, December 31, ($ in thousands) 2019 2018 Land N/A $ 5,400 $ 5,400 Field services equipment 2-7 949,419 778,423 Vehicles 4-7 60,452 59,807 Buildings and facilities 5-30 28,900 27,795 Office equipment, furniture, and software 2-7 6,442 6,200 1,050,613 877,625 Less accumulated depreciation and amortization (416,545) (307,277) 634,068 570,348 Construction in-progress N/A 4,618 56,705 $ 638,686 $ 627,053 Depreciation expense for the three months ended September 30, 2019 and 2018 was $39.3 million and $32.3 million, respectively. Depreciation expense for the nine months ended September 30, 2019 and 2018 was $112.4 million and $90.9 million, respectively.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
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 and nine months ended September 30, 2019 were as follows: September 30, 2019 ($ in thousands) Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 2,625 $ 7,602 Interest on lease liabilities 665 2,015 Operating lease cost 5,167 15,431 Variable lease cost 746 2,353 Total lease cost $ 9,203 $ 27,401 Rent expense recorded for the three and nine months ended September 30, 2018 was $11.7 million and $29.0 million, respectively. Supplemental cash flow and other information related to leases for the three and nine months ended September 30, 2019 were as follows: September 30, 2019 ($ in thousands) Three Months Ended Nine Months Ended Cash paid for amounts included in measurement of liabilities: Operating leases $ 5,025 $ 15,575 Finance leases 3,710 10,504 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 446 70,501 Finance leases 1,194 65,333 Lease terms and discount rates as of September 30, 2019 were as follows: September 30, 2019 Weighted-average remaining lease term: Operating leases 6.4 years Finance leases 1.6 years Weighted-average discount rate: Operating leases 5.4 % Finance leases 5.2 % Future minimum lease commitments as of September 30, 2019 are as follows: ($ in thousands) Finance Operating Remainder of 2019 $ 3,679 $ 4,868 2020 27,019 18,509 2021 20,626 13,664 2022 4,135 7,223 2023 — 4,345 Thereafter — 19,664 Total lease payments 55,459 68,273 Less imputed interest (3,273) (11,398) Total $ 52,186 $ 56,875 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 September 30, 2019 is $3.0 million ; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as financing leases, the Company includes the residual value guarantee in the financing lease liability. At December 31, 2018, future minimum lease payments under operating leases were as follows: ($ in thousands) Years Ending December 31, 2019 $ 42,717 2020 48,685 2021 32,390 2022 6,093 2023 4,303 Thereafter 19,742 $ 153,930
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 and nine months ended September 30, 2019 were as follows: September 30, 2019 ($ in thousands) Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 2,625 $ 7,602 Interest on lease liabilities 665 2,015 Operating lease cost 5,167 15,431 Variable lease cost 746 2,353 Total lease cost $ 9,203 $ 27,401 Rent expense recorded for the three and nine months ended September 30, 2018 was $11.7 million and $29.0 million, respectively. Supplemental cash flow and other information related to leases for the three and nine months ended September 30, 2019 were as follows: September 30, 2019 ($ in thousands) Three Months Ended Nine Months Ended Cash paid for amounts included in measurement of liabilities: Operating leases $ 5,025 $ 15,575 Finance leases 3,710 10,504 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 446 70,501 Finance leases 1,194 65,333 Lease terms and discount rates as of September 30, 2019 were as follows: September 30, 2019 Weighted-average remaining lease term: Operating leases 6.4 years Finance leases 1.6 years Weighted-average discount rate: Operating leases 5.4 % Finance leases 5.2 % Future minimum lease commitments as of September 30, 2019 are as follows: ($ in thousands) Finance Operating Remainder of 2019 $ 3,679 $ 4,868 2020 27,019 18,509 2021 20,626 13,664 2022 4,135 7,223 2023 — 4,345 Thereafter — 19,664 Total lease payments 55,459 68,273 Less imputed interest (3,273) (11,398) Total $ 52,186 $ 56,875 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 September 30, 2019 is $3.0 million ; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as financing leases, the Company includes the residual value guarantee in the financing lease liability. At December 31, 2018, future minimum lease payments under operating leases were as follows: ($ in thousands) Years Ending December 31, 2019 $ 42,717 2020 48,685 2021 32,390 2022 6,093 2023 4,303 Thereafter 19,742 $ 153,930

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: September 30, December 31, ($ in thousands) 2019 2018 Term Loan outstanding $ 110,403 $ 111,715 Deferred financing costs and original issue discount (4,165) (5,191) Total debt, net of deferred financing costs and original issue discount $ 106,238 $ 106,524 Current portion of long-term debt, net of discount $ 401 $ 385 Long-term debt, net of discount and current portion 105,837 106,139 $ 106,238 $ 106,524 The Company has two credit agreements in effect for a revolving line of credit up to $250.0 million (the “ABL Facility”) and a $175.0 million term loan (the “Term Loan Facility”, and together with the ABL Facility the “Credit Facilities”). Following is a description of the ABL Facility and the Term Loan Facility. ABL Facility Under the terms of the ABL Facility, up to $250.0 million may be borrowed, subject to certain borrowing base limitations based on a percentage of eligible accounts receivable and inventory. As of September 30, 2019, the borrowing base was calculated to be $204.1 million, and the Company had no borrowings outstanding, except for a letter of credit in the amount of $0.3 million, with $203.8 million o f remaining availability. The unused commitment fee is 0.375% to 0.5% of average monthly unused commitment. The ABL Facility matures on the earlier of (i) September 19, 2022 and (ii) to the extent the debt under the Term Loan Facility remains outstanding, 90 days prior to the final maturity of the Term Loan Facility, which matures on September 19, 2022. Term Loan Facility The Term Loan Facility provides for a $175.0 million term loan, of which $110.4 million remained outstanding as of September 30, 2019. The rate on borrowing was 9.7% as of September 30, 2019. The Company is required to make quarterly principal payments of 1% per annum of the initial principal balance, commencing on December 31, 2017, with final payment due at maturity on September 19, 2022. The Credit Facilities include 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 Term Loan Facility requires mandatory prepayments upon certain dispositions of property or issuance of other indebtedness, as defined, and annually a percentage of excess cash flow (25% to 50%, depending on leverage ratio, of consolidated net income less capital expenditures and other permitted payments, as defined, commencing with the year ending December 31, 2018). The Credit Facilities are not subject to financial covenants unless liquidity, as defined in the respective credit agreements, drops below a specified level. Under the ABL Facility, the Company is required to maintain a minimum fixed charge coverage ratio, as defined in the credit agreement governing the ABL Facility, of 1.0 to 1.0 for each period if excess availability is less than 10% of the borrowing base or $12.5 million, whichever is greater. Under the Term Loan Facility, the Company is required to maintain a minimum fixed charge coverage ratio, as defined, of 1.2 to 1.0 for each trailing twelve-month period if the Company’s liquidity, as defined, is less than $25.0 million for at least five consecutive business days. The Company was in compliance with these covenants as of September 30, 2019. Maturities of debt are as follows: ($ in thousands) Remainder of 2019 $ 438 2020 1,750 2021 1,750 2022 106,465 2023 — $ 110,403

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	9 Months Ended
	Sep. 30, 2019
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 at 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 at 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 nine months ended September 30, 2019 and 2018. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, accounts payable, accrued liabilities, long-term debt, and finance and operating lease obligations. These financial instruments do not require disclosure by level. The carrying values of all of the Company’s financial instruments included in the accompanying condensed consolidated balance sheets approximated or equaled their fair values at September 30, 2019 and December 31, 2018. • The carrying values of cash and cash equivalents, accounts receivable and accounts payable (including accrued liabilities) approximated fair value at September 30, 2019 and December 31, 2018, due to their short-term nature. • The carrying value of amounts outstanding under long-term debt agreements with variable rates approximated fair value at September 30, 2019 and December 31, 2018, as the effective interest rates approximated market rates. Nonrecurring Measurements Certain assets are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These assets consist of notes receivable—related party from the Affiliate, as described in Note 12—Related Party Transactions. The note was initially recorded for the trade receivables, created in the normal course of business, due from the Affiliate as of the Agreement Date, as defined in Note 12—Related Party Transactions. There were no identified events or changes in circumstances that had a significant adverse effect on the fair value of the notes receivable. These notes are classified as Level 3 in the fair value hierarchy as the inputs to the determination of fair value are based upon unobservable inputs. As of September 30, 2019 and December 31, 2018, notes receivable—related party from the Affiliate totaled $13.3 million and $0, respectively. 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 September 30, 2019 and December 31, 2018, the Company had cash equivalents, measured at fair value, of $118.5 million and $0, respectively. 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 financial statements. There were no such measurements required as of September 30, 2019 and December 31, 2018. 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 $140.0 million and $103.3 million as of September 30, 2019 and December 31, 2018, respectively, which exceeded FDIC 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 September 30, 2019 and December 31, 2018, customer A accounted f or 15% a nd customers A and B accounted for 28% of total accounts receivable and unbilled revenue, respectively. The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers. During the three months ended September 30, 2019, no customers accounted for more than 10% o f total revenue, and during the three months ended September 30, 2018, customer B accounted for 12% of total revenue. During the nine months ended September 30, 2019 and 2018, no customers accounted for more t han 10% a nd customer C accounted for 13% of total revenue, respectively. As of September 30, 2019 and December 31, 2018, the Company had no provision for doubtful accounts.

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity	Equity Preferred Stock As of September 30, 2019, the Company had 10,000 shares of preferred stock authorized, par value $0.01, with none issued and outstanding. If issued, each class or series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications, limitations, and restrictions determined by the Company ’ s board of directors, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights, and redemption rights. Except as provided by law or in a preferred stock designation, the holders of preferred stock will not be entitled to vote at or receive notice of any meeting of stockholders. Class A Common Stock The Company had a total o f 75,868,419 shares of Class A Common Stock outstanding as of September 30, 2019, which includes 536,410 shares of unvested restricted stock. Holders of Class A Common Stock are entitled to one vote per share on all matters to be voted upon by the stockholders and are entitled to ratably receive dividends when and if declared by the Company’s board of directors. Class B Common Stock The Company had a total of 36,655,925 s hares of Class B Common Stock outstanding as of September 30, 2019. Holders of the Class B Common Stock are entitled to one vote per share on all matters to be voted upon by stockholders. Holders of Class A Common Stock and Class B Common Stock vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval, except with respect to amendment of certain provisions of the Company’s certificate of incorporation that would alter or change the powers, preferences or special rights of the Class B Common Stock so as to affect them adversely, which amendments must be by a majority of the votes entitled to be cast by the holders of the shares affected by the amendment, voting as a separate class, or as otherwise required by applicable law. Restricted Stock Awards Restricted stock awards are awards of Class A Common Stock that are subject to restrictions on transfer and to a risk of forfeitures if the award recipient is no longer an employee or director of the Company for any reason prior to the lapse of the restrictions. The following table summarizes the Company’s unvested restricted stock activity for the nine months ended September 30, 2019: Number of Shares Grant Date Fair Value per Share (1) Outstanding at December 31, 2018 634,653 $ — Vested (98,243) — Forfeited — — Outstanding at September 30, 2019 536,410 $ — (1) Prior to the IPO and Corporate Reorganization, Liberty Holdings issued Class B units of Liberty Holdings (“Legacy Units”). The Legacy Units were determined to have a de minimis grant-date fair value based on their assigned benchmark values. In connection with the Corporate Reorganization, the unvested Legacy Units were exchanged for 1,258,514 shares of restricted stock with the same terms and requisite vesting conditions. The shares of restricted stock retain the grant date fair value of the Legacy Units. Restricted Stock Units Restricted stock units (“RSUs”) granted pursuant to the 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 five Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 1,193,683 $ 19.24 Granted 881,547 15.09 Vested (327,799) 19.97 Forfeited (24,025) 17.99 Outstanding at September 30, 2019 1,723,406 $ 17.00 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 ’ results over the three year period from January 1, 2019 through December 31, 2021. 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 nine months ended September 30, 2019 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 — $ — Granted 356,908 14.93 Vested — — Forfeited — — Outstanding at September 30, 2019 356,908 $ 14.93 Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s condensed consolidated statements of income. The Company recognized stock based compensation expense of $3.5 million and $10.0 million for the three and nine months ended September 30, 2019, respectively. The Company recognized stock based compensation expense of $1.9 million and $3.1 million in the three and nine months ended September 30, 2018, respectively. There was approximately $25.7 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of September 30, 2019. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of 2.0 years. Dividends The Company paid quarterly cash dividends of $0.05 per share of Class A Common Stock on March 20, June 20, and September 20, 2019 to stockholders of record as of March 6, June 6, and September 6, 2019, respectively. During the nine months ended September 30, 2019 Liberty LLC paid distributions of $16.8 million , or $0.05 per Liberty LLC Unit, to all holders of Liberty LLC Units as of the dates above, $10.6 million of which was paid to the Company. The Company used the proceeds of the distributions to pay the dividends to all holders of shares of Class A Common Stock as of March 6, June 6, and September 6, 2019, which totaled $10.6 million . Additionally, the Company accrued $0.4 million of dividends payable related to restricted shares and RSUs to be paid upon vesting. Dividends related to forfeited restricted shares and RSUs will be forfeited. Share Repurchase Program On September 10, 2018 the Company’s board of directors authorized a share repurchase plan to repurchase up to $100.0 million of the Company’s Class A Common Stock through September 30, 2019. On January 22, 2019, the Company’s board of directors authorized an additional $100.0 million under the share repurchase plan through January 31, 2021. During the nine months ended September 30, 2019, Liberty LLC purchased and retired 1,303,003 Liberty LLC Units from the Company for $18.4 million , and the Company repurchased and retired 1,303,003 shares of Class A Common Stock for $18.4 million , or $14.66 average price per share. The repurchase in January completed the share repurchase amount authorized on September 10, 2018. Of the total amount of Class A Common Stock repurchased, 117,647 shares were repurchased or returned from R/C Energy IV Direct Partnership, L.P., R/C IV Liberty Holdings, L.P., and Riverstone/Carlyle Energy Partners IV, L.P. (“R/C” and collectively, the “Riverstone Sellers”). For further details of this related party transaction, see Note 12—Related Party Transactions. As of September 30, 2019, $98.7 million remains authorized for future repurchases of Class A Common Stock under the share repurchase program.

Net Income per Share

Net Income per Share	9 Months Ended
	Sep. 30, 2019
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 “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding restricted stock and restricted stock units. 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 common stock outstanding for periods subsequent to the Corporate Reorganization on January 17, 2018: Three Months Ended Nine Months Ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Basic Net Income Per Share Numerator: Net income attributable to Liberty Oilfield Services Inc. stockholders $ 10,998 $ 34,093 $ 51,151 $ 107,364 Denominator: Basic weighted average common shares outstanding 74,173 68,548 70,026 68,823 Basic net income per share attributable to Liberty Oilfield Services Inc. stockholders $ 0.15 $ 0.50 $ 0.73 $ 1.56 Diluted Net Income Per Share Numerator: Net income attributable to Liberty Oilfield Services Inc. stockholders $ 10,998 $ 34,093 $ 51,151 $ 107,364 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock 5,435 23,755 26,776 74,242 Diluted net income attributable to Liberty Oilfield Services Inc. stockholders $ 16,433 $ 57,848 $ 77,927 $ 181,606 Denominator: Basic weighted average shares outstanding 74,173 68,548 70,026 68,823 Effect of dilutive securities: Restricted stock 545 933 567 972 Restricted stock units 1,690 782 1,757 424 Class B Common Stock 36,656 48,207 36,656 48,207 Diluted weighted average shares outstanding 113,064 118,470 109,006 118,426 Diluted net income per share attributable to Liberty Oilfield Services Inc. stockholders $ 0.15 $ 0.49 $ 0.71 $ 1.53

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is a corporation and is subject to U.S. federal, state, and local income tax on its share of Liberty LLC’s taxable income. The effective combined U.S. federal and state income tax rate applicable to the Company for the nine months ended September 30, 2019 was 15.5% , compared to 14.4% for the period ended September 30, 2018 commencing on January 17, 2018, the date of the Corporate Reorganization. The Company’s effective tax rate is significantly less than the statutory federal tax rate of 21.0% primarily because no taxes are payable by the Company for the noncontrolling interest’s share of Liberty LLC’s pass-through results for federal, state, and local income tax reporting. The Company’s effective tax rate is lower for the period ended September 30, 2018, the shortened taxable period, as the Company was a pass-through entity prior to the IPO. The Company recognized income tax expense of $4.0 million and $17.1 million during the three and nine months ended September 30, 2019, respectively, compared to $12.2 million during the three months ended September 30, 2018, and $36.2 million for the peri od commencing on January 17, 2018, the date of the Corporate Reorganization, through September 30, 2018. 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 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. During the nine months ended September 30, 2019, redemptions of Liberty LLC Units and shares of Class B Common Stock resulted in an increase of $25.3 million in amounts payable under the TRAs, and a net increase of $29.8 million in deferred tax assets, all of which were recorded through equity. At September 30, 2019, the Company ’ s liability under the TRA was $42.1 million , a portion of which is presented as a component of current liabilities of $1.8 million, a nd a portion of which is presented as a component of long-term liabilities of $40.3 million, a nd the related deferred tax assets totaled $49.6 million . In addition to the TRAs related impact described above, the Company has also recorded deferred tax assets and liabilities based on the differences between the book value of the Company’s investment in Liberty LLC for financial reporting purposes and those amounts applicable for income tax purposes. During the three months ended September 30, 2019, a deferred tax liability of $7.1 million was recorded through equity, primarily as a result of the exchanges that occurred during the quarter.

Defined Contribution Plan

Defined Contribution Plan	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The 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. Contributions made by the Company w ere $11.9 million and $10.3 million for the nine months ended September 30, 2019 and 2018, respectively, and $3.9 million and $3.6 million f

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to the Corporate Reorganization, one of the members of Liberty Holdings contributed a portion of its member interest in Liberty Holdings to R/C IV Non-U.S. LOS Corp (“R/C IV”). Subsequently, in conjunction with the Corporate Reorganization, R/C IV was contributed to Liberty LLC. R/C IV had net operating loss carryforwards for federal and state income tax purposes which resulted in the recognition of a $2.9 million payable pursuant to the TRAs. During July 2019, R/C IV Liberty Holdings, L.P. exercised its redemption right and redeemed 5,588,821 shares of Class B Common Stock resulting in an increase in tax basis, as described in Note—10 Income Taxes - Tax Receivable Agreements , and recognition of $17.1 million in amounts payable under the TRAs. As of September 30, 2019 and December 31, 2018, the Company ’ s current liabilities under the TRAs payable to R/C IV Liberty Holdings, L.P. and R/C IV Non-US were $1.3 million and $0, respectively, included in accrued interest and other and non-current liabilities were $18.6 million and $2.9 million, respectively, in payable pursuant to tax receivable agreements in the accompanying condensed consolidated balance sheets. During January 2019, the Company repurchased 117,647 shares of Class A Common Stock from the Riverstone Sellers, at a weighted average purchase price of $17.00 per share, pursuant to the share repurchase program (see Note 8—Equity - Share Repurchase Program ). In connection with the Corporate Reorganization, the Company engaged in transactions with affiliates including entering into the TRAs with affiliates (see Note 10—Income Taxes). Also in conjunction with the Corporate Reorganization, Liberty Holdings contributed $2.1 million of assets to Liberty LLC and Redeemable Common Units in the amount of $42.6 million were settled. In September 2011, Liberty Resources LLC, an oil and gas exploration and production company, and its successor entity (collectively, the “Affiliate”) and LOS, companies with common ownership and management, entered into a services agreement (the “Services Agreement”) whereby the Affiliate was to provide certain administrative support functions to LOS and a master service agreement whereby LOS provides hydraulic fracturing services to the Affiliate at market service rates. The Services Agreement was terminated during June 2018. The amounts of the Company’s revenue related to hydraulic fracturing services provided to the Affiliate for the three months ended September 30, 2019 and 2018 w as $7.1 million and $6.3 million, respectively, and $18.3 million and $10.3 million for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019 and December 31, 2018, $7.1 million and $15.1 million, respectively, of the Company’s accounts receivable was with the Affiliate. The Company had no unbilled revenue with the Affiliate as of September 30, 2019 and December 31, 2018. On June 24, 2019 (the “Agreement Date”), the Company entered into an agreement with the Affiliate to amend payment terms for outstanding invoices due as of the Agreement Date to be due on July 31, 2020. On September 30, 2019, the agreement was amended to extend the due date for remaining amounts outstanding to October 31, 2020. Amounts outstanding from the Affiliate as of the Agreement Date were $15.6 million. As of September 30, 2019, amounts outstanding under the amended payment terms from the Affiliate ar e $13.3 million, $2.2 million of which is presented in Accounts and notes receivable—related party and the remaining $11.1 million is presented as a Note receivable—related party, less current portion in the accompanying condensed consolidated balance sheet. The balance outstanding is subject to interest at 13% annual percent yield, retroactively applied to the respective invoice date. During the three and nine months ended September 30, 2019, interest income from the Affiliate wa s $0.5 million and $1.2 million , respectively, and accrued interest as of September 30, 2019 was $0 . Receivables earned for services performed after the Agreement Date continue to be subject to normal 30-day payment terms, provided that any amount unpaid after 60 days will be subject to 13% interest. Liberty Holdings entered into an advisory agreement dated December 30, 2011 with R/C, in which R/C agreed to provide certain administrative advisory services to Liberty Holdings. The Company incurre d no serv ice fees during the three and nine months ended September 30, 2019 and 2018, and fees accrued as of September 30, 2019 and December 31, 2018 wer e $0 and $2.3 million, respectively. The advisory services agreement was terminated pursuant to an agreement effective as of January 11, 2018. On January 11, 2018, Liberty Holdings, R/C, and other parties entered into a Master Reorganization Agreement that, among other things, crystallized the “waterfall” provisions of Article VI of the Third Amended and Restated Limited Liability Agreement of Liberty Holdings, dated October 11, 2016 (the “Holdings LLC Agreement”) in connection with the IPO. As part of this crystallization, R/C and affiliated entities (collectively, the “R/C Affiliates”) received shares of Class A Common Stock, including 117,647 shares of Class A Common Stock (such 117,647 shares referred to as the “Issued Shares”) to compensate R/C Affiliates for certain accrued preferred returns but which would not have been issued had the $2.0 million in fees owed under the advisory agreement been paid in cash. Had this fee been paid in cash on or prior to January 11, 2018, R/C and Liberty Holdings acknowledge that R/C Affiliates would not have received the Issued Shares in the crystallization pursuant to the provisions of the Holdings LLC Agreement. Subsequently, during the fourth quarter of 2018, R/C asserted that certain provisions of the termination of services agreement provided for R/C to receive $2.0 million in cash as payment of those accrued fees. To resolve this matter, the Company agreed to pay R/C Affiliates $2.0 million in cash in exchange for the purchase, at the IPO price, or return of the Issued Shares and $0.3 million for interest and the settlement of the matter. Accordingly, $2.3 million was recorded as accrued liabilities—related party in the accompanying condensed consolidated balance sheet as of December 31, 2018 and subsequently paid in January 2019. The purchased and returned shares of Class A Common Stock were canceled and retired, and the Company does not expect to incur future expense related to the advisory agreement or termination thereof. During 2016, Liberty Holdings entered into a future commitment to invest and become a noncontrolling minority member in Proppant Express Investments, LLC, the owner of Proppant Express Solutions, LLC (“PropX”), a provider of proppant logistics equipment. LOS was party to a services agreement (the “PropX Services Agreement”) whereby LOS was to provide certain administrative support functions to PropX, and LOS is to purchase and lease proppant logistics equipment from PropX. The PropX Services Agreement was terminated on May 29, 2018, however the Company continues to purchase and lease equipment from PropX. For the three months ended September 30, 2019 and 2018, the Company purchased proppant logistics equipment of $0 and $0.7 million, respectively, and leased proppant logistics equipment for $2.4 million and $0.7 million, respectively. During the nine months ended September 30, 2019 and 2018, the Company purchased proppant logistics equipment of $0 and $2.8 million, respectively, and incurred lease expenses of $7.3 million and $3.4 million, respectively. During the three months ended March 31, 2018, in exchange for a 5% discount, the Company made a prepayment to PropX for rented equipment in the amount of $5.4 million, all of which was recognized in the year ended December 31, 2018. The Company made an additional $4.2 million prepayment, in exchange for a 5% discount, during the three months ended March 31, 2019, all of which was recognized in the six months ended June 30, 2019. Receivables from PropX as of September 30, 2019 and December 31, 2018 were $0. P ayables to PropX as of September 30, 2019 and December 31, 2018 wer e $0.9 million a nd $0.2 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments & Contingencies Purchase Commitments (tons and gallons are not in thousands) The Company enters into purchase and supply agreements to secure supply and pricing of proppants and chemicals. As of September 30, 2019 and December 31, 2018, the agreements commit the Company to purchas e 8,171,950 a nd 11,266,000 tons, respectively, of proppant through December 31, 2021. Amounts above also include commitments to pay for transport fees on minimum amounts of proppants or railcars. Certain proppant 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. The Company accrued$0.5 million of sh ortfall fees as of September 30, 2019. As of September 30, 2019 and December 31, 2018, the Company had commitments to purchase 11,782,500 and 18,852,000 gallons, respectively, of chemicals through December 31, 2020. Future proppant, including rail car transport, and chemical commitments are as follows: ($ in thousands) Remainder of 2019 $ 89,353 2020 282,100 2021 125,209 2022 16,031 2023 12,598 Thereafter 6,405 $ 531,696 Litigation The Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. While the outcome of these matters is currently undeterminable, the Company does not expect that the ultimate costs to resolve these matters will have a material adverse effect on its condensed consolidated financial position or results of operations.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited)	9 Months Ended
	Sep. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (unaudited)	Selected Quarterly Financial Data The following tables summarizes consolidated changes in equity for the three months ended September 30, 2019 and 2018: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2019 68,962 43,570 $ 690 $ 436 $ 318,099 $ 152,322 $ 471,547 $ 320,899 $ 792,446 Other distributions and advance payments to noncontrolling interest unitholders — — — — — — — (557) (557) Exchanges of Class B Common Stock for Class A Common Stock 6,914 (6,914) 69 (69) 52,652 — 52,652 (52,652) — Offering Costs — — — — (1,001) — (1,001) (498) (1,499) Effect of exchange on deferred tax asset, net of liability under tax receivable agreements — — — — 3,570 — 3,570 — 3,570 Deferred tax impact of ownership changes from exchanges and repurchases — — — — (7,148) — (7,148) — (7,148) $0.05/unit distributions to noncontrolling unitholders — — — — — — — (1,857) (1,857) $0.05/share of Class A Common Stock dividend — — — — — (3,871) (3,871) — (3,871) Restricted stock and RSU forfeitures (8) — — — (22) (1) (23) 22 (1) Stock based compensation expense — — — — 2,351 — 2,351 1,191 3,542 RSU Vesting — — — — 1 — 1 (1) — Net income — — — — — 10,998 10,998 7,842 18,840 Balance—September 30, 2019 75,868 36,656 $ 759 $ 367 $ 368,502 $ 159,448 $ 529,076 $ 274,389 $ 803,465 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2018 69,958 48,207 $ 700 $ 482 $ 349,488 $ 73,270 $ 423,940 $ 315,556 $ 739,496 Other distributions and advance payments to noncontrolling interest unitholders — — — — — — — (4,318) (4,318) $0.05/unit distributions to noncontrolling interest unitholders — — — — — — — (2,410) (2,410) $0.05/share of Class A Common Stock dividend — — — — — (3,544) (3,544) — (3,544) Stock based compensation expense — — — — 1,926 — 1,926 — 1,926 Restricted stock forfeited (4) — (1) — — — (1) — (1) Share repurchases (2,844) — (28) — (39,642) — (39,670) (14,252) (53,922) Net income — — — — — 34,094 34,094 32,275 66,369 Balance—September 30, 2018 67,110 48,207 $ 671 $ 482 $ 311,772 $ 103,820 $ 416,745 $ 326,851 $ 743,596

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 22, 2019, the Company’s board of directors approved a quarterly dividend of $0.05 per share of Class A Common Stock, and a distribution of $0.05 per Liberty LLC Unit, to be paid on December 20, 2019 to holders of record as of December 6, 2019. The Company will use the proceeds from the Liberty LLC distribution to pay the dividend.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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 generally accepted accounting principles for annual financial statements and should be read together with the annual financial statements included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position, results of operations, cash flows, and equity of the Company as of and for the three and nine months ended September 30, 2019 and the financial position, results of operations, cash flows, and equity of the Company as of December 31, 2018 and for the three and nine months ended September 30, 2018. 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 and nine months ended September 30, 2019 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2019.
Leases	Leases On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Accounting Standard Codification (“ASC”) Topic 842), as amended by other ASUs issued since February 2016 (“ASU 2016-02” or “ASC Topic 842”), using the modified retrospective transition method applied at the effective date of the standard. By electing this optional transition method, information prior to January 1, 2019 has not been restated and continues to be reported under the accounting standards in effect for the period (ASC Topic 840). The Company elected the package of practical expedients permitted under the transition guidance within the new standard, including the option to carry forward the historical lease classifications and assessment of initial direct costs, account for lease and non-lease components as a single lease, and to not include leases with an initial term of less than 12 months in the lease assets and liabilities. The adoption of ASC Topic 842 resulted in the recognition of finance lease right-of-use assets, operating lease right-of-use assets, and lease liabilities for finance and operating leases. As of January 1, 2019, the adoption of the new standard resulted in the recognition of finance lease assets of $57.2 million, including $2.1 million and $2.0 million reclassified from prepaid and other current assets and other assets, respectively, and finance lease liabilities of $53.2 million. Additionally, the Company recorded operating lease assets of $64.0 million, including $1.9 million reclassified from prepaid and other current assets, and operating lease liabilities of $63.6 million, including $1.5 million reclassified from accrued interest and other liabilities as of January 1, 2019. There was no significant impact to the condensed consolidated statements of income, equity or cash flows. Refer to Note 5—Leases for additional disclosures required under ASC Topic 842. For leases entered into after January 1, 2019, the Company determines if an arrangement is a lease at inception and evaluates identified leases for operating or finance lease treatment. Operating or finance lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease terms may include options to renew, however, the Company typically cannot determine its intent to renew a lease with reasonable certainty at inception.
Revenue Recognition	Revenue Recognition In connection with the adoption of ASC Topic 842, the Company determined that certain of its service revenue contracts contain a lease component. The Company elected to adopt a practical expedient available to lessors, which allows the Company to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. Therefore, the Company combines the lease and service component for certain of the Company’s service contracts and continues to account for the combined component under ASC Topic 606, Revenue from Contracts with Customers.
Recently Issued Accounting Standards	Recently Issued Accounting StandardsIn June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which is effective for fiscal years and interim periods within fiscal years beginning after December 15, 2019, with a modified-retrospective approach to be used for implementation. ASU 2016-13 changes the impairment model for most financial assets and certain other instruments. Specifically, this new guidance requires using a forward looking, expected loss model for trade and other receivables, held-to-maturity debt securities, loans, and other instruments. This will replace the currently used model and may result in an earlier recognition of allowance for losses. The Company plans to adopt the standard effective January 1, 2020. Although the Company is continuing to evaluate the impact the adoption will have, the Company currently does not expect the adoption to have a material impact on its condensed consolidated financial statements.
Fleet Start-up Costs	Fleet Start-up Costs The Company incurs start-up costs to commission a new fleet or district. These costs include hiring and training of personnel, and acquisition of consumable parts and tools. Start-up costs are expensed as incurred, and are reflected in general and administrative expenses in the condensed consolidated statements of income. Start-up costs for the three and nine months ended September 30, 2019 were $1.3 million and $2.7 million , respectively. The Company deployed zero and one fleet during the three and nine months ended September 30, 2019, respectively. Start-up costs for the three and nine months ended September 30, 2018 were $2.2 million and $8.8 million, respectively, related to zero and three new fleets deployed during each respective period. The total amount of start-up costs incurred for the commissioning of each new fleet depends primarily on the number and timing of hiring additional personnel to staff such fleets, and such costs may not be entirely incurred in the same period as the fleet is deployed.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 30, December 31, ($ in thousands) 2019 2018 Proppants $ 16,849 $ 22,038 Chemicals 8,589 10,781 Maintenance parts 61,547 27,205 $ 86,985 $ 60,024

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following: Estimated September 30, December 31, ($ in thousands) 2019 2018 Land N/A $ 5,400 $ 5,400 Field services equipment 2-7 949,419 778,423 Vehicles 4-7 60,452 59,807 Buildings and facilities 5-30 28,900 27,795 Office equipment, furniture, and software 2-7 6,442 6,200 1,050,613 877,625 Less accumulated depreciation and amortization (416,545) (307,277) 634,068 570,348 Construction in-progress N/A 4,618 56,705 $ 638,686 $ 627,053

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease, Cost	The components of lease expense for the three and nine months ended September 30, 2019 were as follows: September 30, 2019 ($ in thousands) Three Months Ended Nine Months Ended Finance lease cost: Amortization of right-of-use assets $ 2,625 $ 7,602 Interest on lease liabilities 665 2,015 Operating lease cost 5,167 15,431 Variable lease cost 746 2,353 Total lease cost $ 9,203 $ 27,401
Lessee, Supplemental Cash Flow Information	Supplemental cash flow and other information related to leases for the three and nine months ended September 30, 2019 were as follows: September 30, 2019 ($ in thousands) Three Months Ended Nine Months Ended Cash paid for amounts included in measurement of liabilities: Operating leases $ 5,025 $ 15,575 Finance leases 3,710 10,504 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 446 70,501 Finance leases 1,194 65,333
Lease Term And Discount Rate, Lessee	Lease terms and discount rates as of September 30, 2019 were as follows: September 30, 2019 Weighted-average remaining lease term: Operating leases 6.4 years Finance leases 1.6 years Weighted-average discount rate: Operating leases 5.4 % Finance leases 5.2 %
Lessee, Operating Lease, Liability, Maturity	Future minimum lease commitments as of September 30, 2019 are as follows: ($ in thousands) Finance Operating Remainder of 2019 $ 3,679 $ 4,868 2020 27,019 18,509 2021 20,626 13,664 2022 4,135 7,223 2023 — 4,345 Thereafter — 19,664 Total lease payments 55,459 68,273 Less imputed interest (3,273) (11,398) Total $ 52,186 $ 56,875
Finance Lease, Liability, Maturity	($ in thousands) Finance Operating Remainder of 2019 $ 3,679 $ 4,868 2020 27,019 18,509 2021 20,626 13,664 2022 4,135 7,223 2023 — 4,345 Thereafter — 19,664 Total lease payments 55,459 68,273 Less imputed interest (3,273) (11,398) Total $ 52,186 $ 56,875
Schedule of Future Minimum Rental Payments for Operating Leases	At December 31, 2018, future minimum lease payments under operating leases were as follows: ($ in thousands) Years Ending December 31, 2019 $ 42,717 2020 48,685 2021 32,390 2022 6,093 2023 4,303 Thereafter 19,742 $ 153,930

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following: September 30, December 31, ($ in thousands) 2019 2018 Term Loan outstanding $ 110,403 $ 111,715 Deferred financing costs and original issue discount (4,165) (5,191) Total debt, net of deferred financing costs and original issue discount $ 106,238 $ 106,524 Current portion of long-term debt, net of discount $ 401 $ 385 Long-term debt, net of discount and current portion 105,837 106,139 $ 106,238 $ 106,524
Schedule of Maturities of Long-term Debt	Maturities of debt are as follows: ($ in thousands) Remainder of 2019 $ 438 2020 1,750 2021 1,750 2022 106,465 2023 — $ 110,403

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Nonvested Restricted Stock Shares Activity	The following table summarizes the Company’s unvested restricted stock activity for the nine months ended September 30, 2019: Number of Shares Grant Date Fair Value per Share (1) Outstanding at December 31, 2018 634,653 $ — Vested (98,243) — Forfeited — — Outstanding at September 30, 2019 536,410 $ — (1) Prior to the IPO and Corporate Reorganization, Liberty Holdings issued Class B units of Liberty Holdings (“Legacy Units”). The Legacy Units were determined to have a de minimis grant-date fair value based on their assigned benchmark values. In connection with the Corporate Reorganization, the unvested Legacy Units were exchanged for 1,258,514 shares of restricted stock with the same terms and requisite vesting conditions. The shares of restricted stock retain the grant date fair value of the Legacy Units.
Schedule of Nonvested Restricted Stock Units Activity	Changes in non-vested RSUs outstanding under the LTIP during the nine months ended September 30, 2019 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 1,193,683 $ 19.24 Granted 881,547 15.09 Vested (327,799) 19.97 Forfeited (24,025) 17.99 Outstanding at September 30, 2019 1,723,406 $ 17.00
Schedule Of Performance Restricted Stock Units Activity	Changes in non-vested PSUs outstanding under the LTIP during the nine months ended September 30, 2019 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 — $ — Granted 356,908 14.93 Vested — — Forfeited — — Outstanding at September 30, 2019 356,908 $ 14.93

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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 common stock outstanding for periods subsequent to the Corporate Reorganization on January 17, 2018: Three Months Ended Nine Months Ended (In thousands) September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Basic Net Income Per Share Numerator: Net income attributable to Liberty Oilfield Services Inc. stockholders $ 10,998 $ 34,093 $ 51,151 $ 107,364 Denominator: Basic weighted average common shares outstanding 74,173 68,548 70,026 68,823 Basic net income per share attributable to Liberty Oilfield Services Inc. stockholders $ 0.15 $ 0.50 $ 0.73 $ 1.56 Diluted Net Income Per Share Numerator: Net income attributable to Liberty Oilfield Services Inc. stockholders $ 10,998 $ 34,093 $ 51,151 $ 107,364 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock 5,435 23,755 26,776 74,242 Diluted net income attributable to Liberty Oilfield Services Inc. stockholders $ 16,433 $ 57,848 $ 77,927 $ 181,606 Denominator: Basic weighted average shares outstanding 74,173 68,548 70,026 68,823 Effect of dilutive securities: Restricted stock 545 933 567 972 Restricted stock units 1,690 782 1,757 424 Class B Common Stock 36,656 48,207 36,656 48,207 Diluted weighted average shares outstanding 113,064 118,470 109,006 118,426 Diluted net income per share attributable to Liberty Oilfield Services Inc. stockholders $ 0.15 $ 0.49 $ 0.71 $ 1.53

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Future proppant, including rail car transport, and chemical commitments are as follows: ($ in thousands) Remainder of 2019 $ 89,353 2020 282,100 2021 125,209 2022 16,031 2023 12,598 Thereafter 6,405 $ 531,696

Selected Quarterly Financial _2

Selected Quarterly Financial Data (unaudited) (Tables)	9 Months Ended
	Sep. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables summarizes consolidated changes in equity for the three months ended September 30, 2019 and 2018: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2019 68,962 43,570 $ 690 $ 436 $ 318,099 $ 152,322 $ 471,547 $ 320,899 $ 792,446 Other distributions and advance payments to noncontrolling interest unitholders — — — — — — — (557) (557) Exchanges of Class B Common Stock for Class A Common Stock 6,914 (6,914) 69 (69) 52,652 — 52,652 (52,652) — Offering Costs — — — — (1,001) — (1,001) (498) (1,499) Effect of exchange on deferred tax asset, net of liability under tax receivable agreements — — — — 3,570 — 3,570 — 3,570 Deferred tax impact of ownership changes from exchanges and repurchases — — — — (7,148) — (7,148) — (7,148) $0.05/unit distributions to noncontrolling unitholders — — — — — — — (1,857) (1,857) $0.05/share of Class A Common Stock dividend — — — — — (3,871) (3,871) — (3,871) Restricted stock and RSU forfeitures (8) — — — (22) (1) (23) 22 (1) Stock based compensation expense — — — — 2,351 — 2,351 1,191 3,542 RSU Vesting — — — — 1 — 1 (1) — Net income — — — — — 10,998 10,998 7,842 18,840 Balance—September 30, 2019 75,868 36,656 $ 759 $ 367 $ 368,502 $ 159,448 $ 529,076 $ 274,389 $ 803,465 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Total Stockholders ’ equity Noncontrolling Interest Total Equity Balance—June 30, 2018 69,958 48,207 $ 700 $ 482 $ 349,488 $ 73,270 $ 423,940 $ 315,556 $ 739,496 Other distributions and advance payments to noncontrolling interest unitholders — — — — — — — (4,318) (4,318) $0.05/unit distributions to noncontrolling interest unitholders — — — — — — — (2,410) (2,410) $0.05/share of Class A Common Stock dividend — — — — — (3,544) (3,544) — (3,544) Stock based compensation expense — — — — 1,926 — 1,926 — 1,926 Restricted stock forfeited (4) — (1) — — — (1) — (1) Share repurchases (2,844) — (28) — (39,642) — (39,670) (14,252) (53,922) Net income — — — — — 34,094 34,094 32,275 66,369 Balance—September 30, 2018 67,110 48,207 $ 671 $ 482 $ 311,772 $ 103,820 $ 416,745 $ 326,851 $ 743,596

Significant Accounting Polici_3

Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)fleet	Sep. 30, 2018USD ($)fleet	Sep. 30, 2019USD ($)fleet	Sep. 30, 2018USD ($)fleet	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Deferred Revenue Arrangement [Line Items]
Finance lease right-of-use assets	$ 57,991		$ 57,991			$ 0
Finance lease, liability	52,186		52,186
Operating lease right-of-use assets	57,251		57,251			$ 0
Operating lease, liability	56,875		56,875
Start-up costs	$ 1,300	$ 2,200	$ 2,700	$ 8,800
Number of fleets established | fleet	0	0	1	3
Accounting Standards Update 2016-02
Deferred Revenue Arrangement [Line Items]
Finance lease right-of-use assets					$ 57,200
Finance lease, liability					53,200
Operating lease right-of-use assets					64,000
Operating lease, liability					63,600
Prepaid Expenses and Other Current Assets | Accounting Standards Update 2016-02
Deferred Revenue Arrangement [Line Items]
Cumulative effect of new accounting principle in period of adoption					1,900
Prepaid Expenses and Other Current Assets | Operating Lease | Accounting Standards Update 2016-02
Deferred Revenue Arrangement [Line Items]
Cumulative effect of new accounting principle in period of adoption					2,100
Other Assets | Operating Lease | Accounting Standards Update 2016-02
Deferred Revenue Arrangement [Line Items]
Cumulative effect of new accounting principle in period of adoption					2,000
Accrued Interest and Other Liabilities | Accounting Standards Update 2016-02
Deferred Revenue Arrangement [Line Items]
Cumulative effect of new accounting principle in period of adoption					$ 1,500

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Inventory [Line Items]
Inventories	$ 86,985		$ 60,024
Inventory write-down	649	$ 3,389
Proppants
Inventory [Line Items]
Inventories	16,849		22,038
Chemicals
Inventory [Line Items]
Inventories	8,589		10,781
Maintenance parts
Inventory [Line Items]
Inventories	$ 61,547		$ 27,205

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,050,613		$ 1,050,613		$ 877,625
Less accumulated depreciation and amortization	(416,545)		(416,545)		(307,277)
Property and equipment, before construction in-progress, net	634,068		634,068		570,348
Construction in-progress	4,618		4,618		56,705
Property and equipment, net	638,686		638,686		627,053
Depreciation	39,300	$ 32,300	112,400	$ 90,900
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,400		5,400		5,400
Field services equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	949,419		$ 949,419		778,423
Field services equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			2 years
Field services equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			7 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	60,452		$ 60,452		59,807
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			4 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			7 years
Buildings and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,900		$ 28,900		27,795
Buildings and facilities | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			5 years
Buildings and facilities | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			30 years
Office equipment, furniture, and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,442		$ 6,442		$ 6,200
Office equipment, furniture, and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives			2 years
Office equipment, furniture, and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives			7 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Leases [Abstract]
Amortization of right-of-use assets	$ 2,625		$ 7,602
Interest on lease liabilities	665		2,015	$ 0
Operating lease cost	5,167		15,431
Variable lease cost	746		2,353
Total lease cost	9,203		27,401
Rent expense		$ 11,700		$ 29,000
Operating lease, residual value of leased asset	$ 3,000		$ 3,000

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Cash paid for amounts included in measurement of liabilities:
Operating leases	$ 5,025	$ 15,575
Finance leases	3,710	10,504
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	446	70,501
Finance leases	$ 1,194	$ 65,333

Leases - Lease Term And Discoun

Leases - Lease Term And Discount Rates (Details)	Sep. 30, 2019
Leases [Abstract]
Operating lease, weighted average remaining lease term	6 years 4 months 24 days
Finance lease, weighted average remaining lease term	1 year 7 months 6 days
Operating lease, weighted average discount rate	5.40%
Finance lease, weighted average discount rate	5.20%

Leases - Finance and Operating

Leases - Finance and Operating Leases Maturity (Details) $ in Thousands	Sep. 30, 2019USD ($)
Finance
Remainder of 2019	$ 3,679
2020	27,019
2021	20,626
2022	4,135
2023	0
Thereafter	0
Total lease payments	55,459
Less imputed interest	(3,273)
Total	52,186
Operating
Remainder of 2019	4,868
2020	18,509
2021	13,664
2022	7,223
2023	4,345
Thereafter	19,664
Total lease payments	68,273
Less imputed interest	(11,398)
Total	$ 56,875

- Operating Lease Future Minimu

- Operating Lease Future Minimum Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 42,717
2020	48,685
2021	32,390
2022	6,093
2023	4,303
Thereafter	19,742
Total lease payments	$ 153,930

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 110,403,000
Deferred financing costs and original issue discount	(4,165,000)	$ (5,191,000)
Total debt, net of deferred financing costs and original issue discount	106,238,000	106,524,000
Current portion of long-term debt, net of discount	401,000	385,000
Long-term debt, net of discount and current portion	105,837,000	106,139,000
Term Loan Outstanding
Debt Instrument [Line Items]
Long-term debt, gross	110,403,000	$ 111,715,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 19, 2017USD ($)agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 110,403,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	0
Revolving Credit Facility
Debt Instrument [Line Items]
Number of credit agreements | agreement		2
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 204,100,000
Line of credit, maturity, number of days prior maturity of another facility	90 days
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 175,000,000
Letter of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 300,000
Remaining borrowing capacity	$ 203,800,000
Minimum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.375%
Maximum | Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage	0.50%

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 19, 2017
Debt Instrument [Line Items]
Long-term debt, gross	$ 110,403,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 175,000,000
Weighted average interest rate	9.70%
Line of credit facility, outstanding balance, quarterly principal payments, percent	1.00%
Line of credit facility, covenant compliance, fixed charge coverage ratio	1.2
Line of credit facility, covenant compliance, excess availability threshold, amount	$ 25,000,000
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | Minimum
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, annual percentage of excess cash flow	25.00%
Revolving Credit Facility | Revolving Line of Credit | Term Loan Facility | Maximum
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, annual percentage of excess cash flow	50.00%
Revolving Credit Facility | Revolving Line of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Line of credit facility, covenant compliance, fixed charge coverage ratio	1
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	$ 12,500,000

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in Thousands	Sep. 30, 2019USD ($)
Debt Disclosure [Abstract]
Remainder of 2019	$ 438
2020	1,750
2021	1,750
2022	106,465
2023	0
Long-term debt, gross	$ 110,403

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	$ 118,500,000		$ 118,500,000		$ 0
Cash balances on deposit with financial institutions	139,995,000		$ 139,995,000		103,312,000	$ 103,300,000
Customer payment terms			45 days
Allowance for uncollectible accounts	0		$ 0		0
Liberty Resources LLC | Hydraulic Fracturing Services | Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due from related parties	$ 13,300,000		$ 13,300,000		$ 0
Customer Concentration Risk | Largest Two Customers | Accounts Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage			15.00%
Customer Concentration Risk | Largest Two Customers | Total Revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		12.00%
Customer Concentration Risk | Largest Customer | Accounts Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage					28.00%
Customer Concentration Risk | Largest Customer | Total Revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage	10.00%		10.00%	13.00%

Equity - Additional Information

Equity - Additional Information (Details) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of Class A Common Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares)	75,868,419	68,359,871
Shares of Class A Common Stock | Restricted Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares)	536,410
Shares of Class B Common Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares)	36,655,925	45,207,372

Equity - Restricted Stock Award

Equity - Restricted Stock Awards and Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 17, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Share-based compensation expense			$ 1.9	$ 10	$ 3.1
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)				1,193,683
Granted (in shares)				881,547
Vested (in shares)				(327,799)
Forfeited (in shares)				(24,025)
Outstanding at end of period (in shares)		1,723,406		1,723,406
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)				$ 19.24
Granted (in dollars per share)				15.09
Vested (in dollars per share)				19.97
Forfeited (in dollars per share)				17.99
Outstanding at end of period (in dollars per share)		$ 17		$ 17
Vesting period of awards				5 years
Share-based compensation expense		$ 3.5
Unamortized compensation expense		$ 25.7		$ 25.7
Weighted average remaining vesting period				2 years
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)				0
Granted (in shares)				356,908
Vested (in shares)				0
Forfeited (in shares)				0
Outstanding at end of period (in shares)		356,908		356,908
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)				$ 0
Granted (in dollars per share)				14.93
Vested (in dollars per share)				0
Forfeited (in dollars per share)				0
Outstanding at end of period (in dollars per share)		$ 14.93		$ 14.93
Vesting period of awards				3 years
Shares of Class A Common Stock | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)				634,653
Vested (in shares)				(98,243)
Forfeited (in shares)				0
Outstanding at end of period (in shares)		536,410		536,410
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Forfeited (in dollars per share)				$ 0
Shares issued (in shares)	1,258,514
Shares of Class A Common Stock | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of period (in dollars per share)				0
Vested (in dollars per share)				0
Outstanding at end of period (in dollars per share)		$ 0		$ 0

Equity - Dividends and Repurcha

Equity - Dividends and Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 10, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.05	$ 0.05	$ 0.15	$ 0.05
Shares of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount						$ 100
Shares of Class A Common Stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, common stock, cash		$ 10.6		$ 10.6
Treasury stock, shares, retired (in shares)		1,303,003
Treasury stock, retired, amount		$ 18.4
Remaining authorized repurchase amount		$ 98.7		98.7
Liberty LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.05
Liberty LLC | LLC Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, common stock, cash		$ 16.8
Treasury stock, shares, retired (in shares)		1,303,003
Treasury stock, retired, amount		$ 18.4
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		$ 0.4		$ 0.4
Riverstone | Affiliated Entity | Shares of Class A Common Stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock, shares, retired (in shares)	117,647
Treasury stock acquired, average cost per share (in dollars per share)	$ 17	$ 14.66

Net Income per Share - Earnings

Net Income per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 17, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to Liberty Oilfield Services Inc. Stockholders	$ 8,705	$ 10,998	$ 34,093	$ 51,151	$ 107,364
Denominator, Basic [Abstract]
Basic weighted average shares outstanding (in shares)		74,173	68,548	70,026	68,823
Basic net income per share attributable to Liberty Oilfield Services Inc. Stockholders (in dollars per share)		$ 0.15	$ 0.50	$ 0.73	$ 1.56
Numerator, Diluted [Abstract]
Net income attributable to Liberty Oilfield Services Inc. Stockholders	$ 8,705	$ 10,998	$ 34,093	$ 51,151	$ 107,364
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock		5,435	23,755	26,776	74,242
Net Income (Loss) Available to Common Stockholders, Diluted		$ 16,433	$ 57,848	$ 77,927	$ 181,606
Denominator, Diluted [Abstract]
Basic weighted average shares outstanding (in shares)		74,173	68,548	70,026	68,823
Effect of dilutive securities:
Restricted stock (in shares)		545	933	567	972
Restricted stock units (in shares)		1,690	782	1,757	424
Class B Common Stock (in shares)		36,656	48,207	36,656	48,207
Diluted weighted average shares outstanding (in shares)		113,064	118,470	109,006	118,426
Diluted net income per share attributable to Liberty Oilfield Services Inc. Stockholders (in dollars per share)		$ 0.15	$ 0.49	$ 0.71	$ 1.53

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	Jan. 17, 2018agreement	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Operating Loss Carryforwards [Line Items]
Effective combined income tax rate					15.50%	14.40%
Income tax expense		$ 4,004	$ 12,229	$ 36,200	$ 17,147	$ 36,238
Number of tax receivable agreements | agreement	2
Deferred tax asset		49,600			49,600
Taxes payable		42,100			42,100
Taxes payable, current		1,800			1,800
Taxes payable, noncurrent		40,306			40,306		$ 16,818
Deferred tax liabilty		7,100			7,100
Shares of Class B Common Stock | Tax Receivable Agreement | Common Stock
Operating Loss Carryforwards [Line Items]
Deferred tax asset		29,800			29,800
Taxes payable		$ 25,300			$ 25,300

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Contribution Plan Disclosure [Line Items]
Maximum annual contribution per employee, percent			6.00%
401(k) Defined Contribution Retirement Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution per one dollar of employee contribution			$ 1
Contributions made by the employer	$ 3,900,000	$ 3,600,000	$ 11,900,000	$ 10,300,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jun. 24, 2019	Jan. 17, 2018	Jan. 11, 2018	Jul. 31, 2019	Jan. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Payables to related parties						$ 1,330,000		$ 0				$ 1,330,000
Taxes payable						42,100,000						42,100,000
Payable pursuant to tax receivable agreements, related parties						18,637,000		2,857,000				18,637,000
Revenue from related parties						7,131,000			$ 6,252,000			18,273,000	$ 10,314,000
Accrued liabilities—related party						0		2,300,000				0
Note receivable—related party, less current portion						11,115,000		0				11,115,000
Prepaid expense and other current assets						23,015,000		49,924,000				23,015,000
Cost of goods sold						421,007,000			418,867,000			1,276,750,000	1,251,163,000
Affiliated Entity | Equity transaction, reorganization
Related Party Transaction [Line Items]
Asset contribution, reorganization		$ 2,100,000
Consideration received		$ 42,600,000
Liberty Resources LLC | Affiliated Entity | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Revenue from related parties						7,100,000			6,300,000			18,300,000	10,300,000
Accounts receivable, related parties						7,100,000		15,100,000				7,100,000
Due from related parties						13,300,000		0				13,300,000
Unbilled receivables, related parties						0		0				0
Note receivable—related party, less current portion	$ 15,600,000
Accounts and notes receivable, related party						2,200,000						2,200,000
Notes receivable, related parties						11,100,000						11,100,000
Receivable with imputed interest, effective yield (interest rate)	13.00%
Interest income, related party						500,000						1,200,000
Accrued interest receivable, related party						0						0
Riverstone | Affiliated Entity | Service Fees
Related Party Transaction [Line Items]
Accrued liabilities—related party			$ 2,000,000			0		2,300,000				0
Interest And Settlement Expense								300,000
Expenses from transactions with related party						0			0			0	0
Proppant Express Investments, LLC | Affiliated Entity | Administrative Support and Purchase and Lease Proppant Logistics Equipment
Related Party Transaction [Line Items]
Due to related parties						900,000		200,000				900,000
Accounts receivable, related parties						0		$ 0				0
Purchases from related party						0			700,000			0	2,800,000
Leases from related party						$ 2,400,000			$ 700,000			7,300,000	$ 3,400,000
Discount, percentage							5.00%			5.00%
Prepayment expense							$ 4,200,000			$ 5,400,000
R/C IV Non-U.S. LOS Corp | Tax Receivable Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Taxes payable			$ 2,900,000
Shares of Class A Common Stock | Common Stock
Related Party Transaction [Line Items]
Stock redeemed (in shares)											1,609,000
Treasury stock, shares, retired (in shares)						1,303,003
Shares of Class A Common Stock | Common Stock | Riverstone | Affiliated Entity
Related Party Transaction [Line Items]
Treasury stock, shares, retired (in shares)					117,647
Treasury stock acquired, average cost per share (in dollars per share)					$ 17	$ 14.66
Shares of Class B Common Stock | R/C IV Non-U.S. LOS Corp | Tax Receivable Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Taxes payable				$ 17,100,000
Stock redeemed (in shares)				5,588,821
Shares of Class B Common Stock | Common Stock | Tax Receivable Agreement
Related Party Transaction [Line Items]
Taxes payable						$ 25,300,000						$ 25,300,000
IPO | Shares of Class A Common Stock | Common Stock | Riverstone | Affiliated Entity | Service Fees
Related Party Transaction [Line Items]
Number of shares issued (shares)			117,647

Commitments and Contingencies -

Commitments and Contingencies - Proppant, Chemical and Rail Car Commitments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2019	$ 89,353
2020	282,100
2021	125,209
2022	16,031
2023	12,598
Thereafter	6,405
Other commitment	$ 531,696

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)Tgal	Dec. 31, 2018Tgal
Proppant
Long-term Purchase Commitment [Line Items]
Minimum mass required (in tons) | T	8,171,950	11,266,000
Shortfall fee, accrued | $	$ 0.5
Chemicals
Long-term Purchase Commitment [Line Items]
Minimum volume required | gal	11,782,500	18,852,000

Selected Quarterly Financial _3

Selected Quarterly Financial Data - Equity Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		8 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 792,446	$ 739,496	$ 401,322	$ 740,814	$ 392,766
Other distributions and advance payments to noncontrolling interest unitholders	(557)	(4,318)	(17,359)	(1,104)
Exchanges of Class B Common Stock for Class A Common Stock	0			0
Offering Costs	(1,499)			(1,499)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	3,570			4,466
Deferred tax impact of ownership changes from exchanges and repurchases	(7,148)			(7,148)
$0.15/unit distributions to noncontrolling unitholders	(1,857)	(2,410)	(2,410)	(6,215)
Restricted stock and RSU forfeitures	(1)	(1)	(1)	(1)
Stock based compensation expense	3,542	1,926	3,122	9,993
$0.15/share of Class A Common Stock dividend	(3,871)	(3,544)	(3,544)	(10,978)
RSU Vesting	0			(1,039)
Share repurchases		(53,922)	(53,922)	(17,098)
Net income	18,840	66,369	206,392	93,272
Ending balance	$ 803,465	$ 743,596	743,596	$ 803,465	$ 743,596
Distributions to noncontrolling unitholders (in dollars per share)	$ 0.05	$ 0.05		$ 0.15	$ 0.05
Common stock dividend (in dollars per share)	$ 0.05	$ 0.05		$ 0.15	$ 0.05
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 318,099	$ 349,488	0	$ 312,659	$ 0
Exchanges of Class B Common Stock for Class A Common Stock	52,652			64,065
Offering Costs	(1,001)			(1,001)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	3,570			4,466
Deferred tax impact of ownership changes from exchanges and repurchases	(7,148)			(7,148)
Restricted stock and RSU forfeitures	(22)			22
Stock based compensation expense	2,351	1,926	3,122	8,802
RSU Vesting	1			(302)
Share repurchases		(39,642)	(39,642)	(13,017)
Ending balance	368,502	311,772	311,772	368,502	311,772
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	152,322	73,270	0	119,274	0
Restricted stock and RSU forfeitures	(1)			(1)
$0.15/share of Class A Common Stock dividend	(3,871)	(3,544)	(3,544)	(10,978)
Net income	10,998	34,094	107,364	51,151
Ending balance	159,448	103,820	103,820	159,448	103,820
Total Stockholders’ equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	471,547	423,940	0	433,069	0
Exchanges of Class B Common Stock for Class A Common Stock	52,652			64,065
Offering Costs	(1,001)			(1,001)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	3,570			4,466
Deferred tax impact of ownership changes from exchanges and repurchases	(7,148)			(7,148)
Restricted stock and RSU forfeitures	(23)	(1)	(1)	21
Stock based compensation expense	2,351	1,926	3,122	8,802
$0.15/share of Class A Common Stock dividend	(3,871)	(3,544)	(3,544)	(10,978)
RSU Vesting	1			(299)
Share repurchases		(39,670)	(39,670)	(13,030)
Net income	10,998	34,094	107,364	51,151
Ending balance	529,076	416,745	416,745	529,076	416,745
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	320,899	315,556	0	307,745	0
Other distributions and advance payments to noncontrolling interest unitholders	(557)	(4,318)	(17,359)	(1,104)
Exchanges of Class B Common Stock for Class A Common Stock	(52,652)			(64,065)
Offering Costs	(498)			(498)
$0.15/unit distributions to noncontrolling unitholders	(1,857)	(2,410)	(2,410)	(6,215)
Restricted stock and RSU forfeitures	22			(22)
Stock based compensation expense	1,191			1,191
RSU Vesting	(1)			(740)
Share repurchases		(14,252)	(14,252)	(4,068)
Net income	7,842	32,275	99,028	42,121
Ending balance	$ 274,389	$ 326,851	$ 326,851	$ 274,389	$ 326,851
Shares of Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				68,359,871
Ending balance (in shares)	75,868,419			75,868,419
Shares of Class A Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	68,962,000	69,958,000	0	68,360,000	0
Beginning balance	$ 690	$ 700	$ 0	$ 684	$ 0
Exchanges of Class B Common Stock for Class A Common Stock	$ 69			$ 85
Exchanges of Class B Common Stock for Class A Common Stock (shares)	6,914,000			8,551,000
Restricted stock and RSU forfeitures (shares)	(8,000)	(4,000)	(22,000)	8,000
Restricted stock and RSU forfeitures	$ 0		$ (1)	$ 0
RSU Vesting				$ 3
Share repurchase (shares)		(2,844,000)	(2,843,000)	(1,303,000)
Share repurchases		$ (28)	$ (28)	$ (13)
Ending balance (in shares)	75,868,000	67,110,000	67,110,000	75,868,000	67,110,000
Ending balance	$ 759	$ 671	$ 671	$ 759	$ 671
Shares of Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				45,207,372
Ending balance (in shares)	36,655,925			36,655,925
Shares of Class B Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	43,570,000	48,207,000	0	45,207,000	0
Beginning balance	$ 436	$ 482	$ 0	$ 452	$ 0
Exchanges of Class B Common Stock for Class A Common Stock	$ (69)			$ (85)
Exchanges of Class B Common Stock for Class A Common Stock (shares)	(6,914,000)			(8,551,000)
Ending balance (in shares)	36,656,000	48,207,000	48,207,000	36,656,000	48,207,000
Ending balance	$ 367	$ 482	$ 482	$ 367	$ 482

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Oct. 22, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.05	$ 0.05	$ 0.15	$ 0.05
Shares of Class A Common Stock | Common Stock | Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.05