Liberty Energy (LBRT) 10-Q 21 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 17, 2023
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38081
Entity Registrant Name	Liberty Energy Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4891595
Entity Address, Address Line One	950 17th Street
Entity Address, Address Line Two	Suite 2400
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	515-2800
Title of 12(b) Security	Class A Common Stock, par value $0.01
Trading Symbol	LBRT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001694028
Current Fiscal Year End Date	--12-31
Shares of Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		175,112,341
Shares of Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 20,876	$ 43,676
Accounts receivable—trade, net of allowances for credit losses of $884 and $884, respectively	488,608	410,308
Accounts receivable—related party	14,310	0
Unbilled revenue (including amounts from related parties of $9,702 and $13,854, respectively)	229,753	175,704
Inventories	196,675	214,454
Prepaid and other current assets	119,970	112,531
Total current assets	1,070,192	956,673
Property and equipment, net	1,430,979	1,362,364
Finance lease right-of-use assets	41,375	41,771
Operating lease right-of-use assets	92,930	97,232
Other assets (including amounts from related parties of $13,099 and $11,799, respectively)	103,906	105,300
Deferred tax asset	21,240	12,592
Total assets	2,760,622	2,575,932
Current liabilities:
Accounts payable (including payables to related parties of $0 and $2,629, respectively)	412,498	326,818
Accrued liabilities (including amounts due to related parties of $0 and $730, respectively)	239,748	276,819
Income taxes payable	61,946	2,294
Deferred revenue	3,419	3,859
Current portion of long-term debt, net of discount of $0 and $730, respectively	0	1,020
Current portion of finance lease liabilities	10,565	11,393
Current portion of operating lease liabilities	26,601	27,294
Total current liabilities	754,777	649,497
Long-term debt, net of discount of $0 and $540, respectively, less current portion	210,000	217,426
Deferred tax liability	1,044	1,044
Payable pursuant to tax receivable agreements	114,842	118,874
Noncurrent portion of finance lease liabilities	23,440	22,490
Noncurrent portion of operating lease liabilities	66,400	69,295
Total liabilities	1,170,503	1,078,626
Commitments & contingencies (Note 14)
Stockholders’ equity:
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	0	0
Common Stock:
Additional paid in capital	1,208,183	1,266,097
Retained earnings	388,064	234,525
Accumulated other comprehensive loss	(7,867)	(7,396)
Total stockholders’ equity	1,590,119	1,495,017
Non-controlling interest	0	2,289
Total equity	1,590,119	1,497,306
Total liabilities and equity	2,760,622	2,575,932
Class A, $0.01 par value, 400,000,000 shares authorized and 173,945,136 issued and outstanding as of March 31, 2023 and 178,753,125 issued and outstanding as of December 31, 2022
Common Stock:
Common stock, par value $0.01	1,739	1,788
Class B, $0.01 par value, 400,000,000 shares authorized and 0 issued and outstanding as of March 31, 2023 and 250,222 issued and outstanding as of December 31, 2022
Common Stock:
Common stock, par value $0.01	$ 0	$ 3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for bad debts	$ 884	$ 884
Unbilled receivables, related parties	9,702	13,854
Other assets, related parties	13,099	11,799
Accounts payable, related parties	0	2,629
Accrued liabilities, related parties	0	730
Current portion of long-term debt, discount	0	730
Long-term debt, discount	$ 0	$ 540
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)	173,945,136	178,753,125
Common stock, shares outstanding (in shares)	173,945,136	178,753,125
Shares of Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	0	250,222
Common stock, shares outstanding (in shares)	0	250,222

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue	$ 1,232,320	$ 770,481
Revenue—related parties	29,757	22,289
Total revenue	1,262,077	792,770
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	888,416	670,019
General and administrative	53,036	38,318
Transaction, severance, and other costs	617	1,334
Depreciation, depletion, and amortization	94,401	74,588
Loss on disposal of assets	487	4,672
Total operating costs and expenses	1,036,957	788,931
Operating income	225,120	3,839
Other expense:
Loss on remeasurement of liability under tax receivable agreements	0	4,165
Interest income—related party	(373)	0
Interest expense, net	8,264	4,324
Total other expense	7,891	8,489
Net income (loss) before income taxes	217,229	(4,650)
Income tax expense	54,483	830
Net income (loss)	162,746	(5,480)
Less: Net income (loss) attributable to non-controlling interests	91	(104)
Net income (loss) attributable to Liberty Energy Inc. stockholders	$ 162,655	$ (5,376)
Net income (loss) attributable to Liberty Energy Inc. stockholders per common share:
Basic (in dollars per share)	$ 0.92	$ (0.03)
Diluted (in dollars per share)	$ 0.90	$ (0.03)
Weighted average common shares outstanding:
Basic (in shares)	176,569	183,999
Diluted (in shares)	181,088	183,999

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 162,746	$ (5,480)
Other comprehensive (loss) income
Foreign currency translation	(470)	1,056
Comprehensive income (loss)	162,276	(4,424)
Comprehensive income (loss) attributable to non-controlling interest	92	(97)
Comprehensive income (loss) attributable to Liberty Energy Inc.	$ 162,184	$ (4,327)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Equity	Total Stockholders’ Equity	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)	Non-controlling Interest	Shares of Class A Common Stock	Shares of Class A Common Stock Common Stock	Shares of Class B Common Stock	Shares of Class B Common Stock Common Stock
Beginning balance (in shares) at Dec. 31, 2021									183,385,000		2,632,000
Beginning balance at Dec. 31, 2021		$ 1,230,439	$ 1,213,242	$ 1,367,642	$ (155,954)	$ (306)	$ 17,197		$ 1,834		$ 26
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)									2,292,000		(2,292,000)
Exchange of Class B Common Stock for Class A Common Stock		0	15,687	15,687			(15,687)		$ 23		$ (23)
Offering Costs		(62)	(62)	(62)
Other distributions and advance payments to non-controlling interest unitholders		924					924
Stock-based compensation expense		6,813	6,737	6,737			76
Vesting of restricted stock units (shares)									84,000
Vesting of restricted stock units		0	8	7			(8)		$ 1
Tax withheld on vesting of restricted stock units		(24)	(24)	(24)
Currency translation adjustment		1,056	1,049			1,049	7
Net income (loss)	$ (5,480)	(5,480)	(5,376)		(5,376)		(104)
Ending balance (in shares) at Mar. 31, 2022									185,761,000		340,000
Ending balance at Mar. 31, 2022		1,233,666	1,231,261	1,389,987	(161,330)	743	2,405		$ 1,858		$ 3
Beginning balance (in shares) at Dec. 31, 2022								178,753,125	178,753,000	250,222	250,000
Beginning balance at Dec. 31, 2022	1,497,306	1,497,306	1,495,017	1,266,097	234,525	(7,396)	2,289		$ 1,788		$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchanges of Class B Common Stock for Class A Common Stock (shares)									250,000		(250,000)
Exchange of Class B Common Stock for Class A Common Stock		0	2,360	2,360			(2,360)		$ 3		$ (3)
Offering Costs		(223)	(223)	(223)
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements		7,782	7,782	7,782
Deferred tax impact of ownership changes from issuance of Class A Common Stock		103	103	103
$0.05/share of Class A Common Stock dividend		(9,116)	(9,116)		(9,116)
Share repurchase (shares)									(5,167,000)
Share repurchases		(74,648)	(74,625)	(74,573)			(23)		$ (52)
Excise tax on share repurchases		(539)	(539)	(539)
Stock-based compensation expense		7,178	7,175	7,175			3
Vesting of restricted stock units (shares)									109,000
Vesting of restricted stock units		0	1	1			(1)
Currency translation adjustment		(470)	(471)			(471)	1
Net income (loss)	162,746	162,746	162,655		162,655		91
Ending balance (in shares) at Mar. 31, 2023								173,945,136	173,945,000	0	0
Ending balance at Mar. 31, 2023	$ 1,590,119	$ 1,590,119	$ 1,590,119	$ 1,208,183	$ 388,064	$ (7,867)	$ 0		$ 1,739		$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2023 $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock dividend (in dollars per share)	$ 0.05

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 162,746	$ (5,480)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	94,401	74,588
Loss on disposal of assets	487	4,672
Amortization of debt issuance costs	1,176	336
Non-cash lease expense	861	1,034
Stock-based compensation expense	7,178	6,813
Loss on remeasurement of liability under tax receivable agreements	0	4,165
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(136,514)	(95,206)
Accounts receivable and unbilled revenue—related party	(11,458)	(11,183)
Inventories	17,790	(5,030)
Other assets	(14,917)	(2,599)
Deferred revenue	(441)	(2,782)
Accounts payable and accrued liabilities	82,879	47,582
Accounts payable and accrued liabilities—related party	0	(1,857)
Initial payment of operating lease liability	(249)	(501)
Net cash provided by operating activities	203,939	14,552
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(133,138)	(90,989)
Investment in sand logistics	0	(795)
Proceeds from sale of assets	3,484	927
Net cash used in investing activities	(129,654)	(90,857)
Cash flows from financing activities:
Proceeds from borrowings on line-of-credit	242,000	185,000
Repayments on borrowings on line-of-credit	(147,000)	(95,000)
Repayments of borrowings on term loan	(104,716)	(438)
Payments on finance lease obligations	(2,165)	(1,218)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(8,777)	0
Other distributions and advance payments to non-controlling interest unitholders	0	924
Share repurchases	(74,648)	0
Tax withholding on restricted stock units	0	(24)
Payments of equity issuance costs	(223)	(62)
Payments of debt issuance costs	(1,566)	(224)
Net cash (used in) provided by financing activities	(97,095)	88,958
Net (decrease) increase in cash and cash equivalents before translation effect	(22,810)	12,653
Translation effect on cash	10	274
Cash and cash equivalents—beginning of period	43,676	19,998
Cash and cash equivalents—end of period	20,876	32,925
Supplemental disclosure of cash flow information:
Net cash (received) paid for income taxes	(3,473)	4,828
Cash paid for interest	5,765	3,847
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	126,847	71,702
Capital expenditures reclassified from prepaid and other current assets	$ 8,060	$ 1,190

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Liberty Energy Inc., formerly known as 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”). On April 19, 2022, the stockholders of the Company approved an amendment to the Company’s Amended and Restated Certificate of Incorporation for the purpose of changing the Company’s name from “Liberty Oilfield Services Inc.” to “Liberty Energy Inc.” and thereafter, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation to reflect the new name, effective April 25, 2022. Effective January 31, 2023, Liberty LLC was merged into the Company, with the Company surviving the merger (the “Merger”). In connection with the Merger, all outstanding shares of the Company’s Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”) were redeemed and exchanged for an equal number of shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”). The Company did not make any distributions or receive any proceeds in connection with this exchange. Please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 10, 2023 (the “Annual Report”), for additional information on the Merger completed on January 31, 2023, and the Corporate Reorganization and IPO that were completed on January 17, 2018. The Company, together with its subsidiaries, is a leading integrated energy services and technology company focused on providing innovative hydraulic fracturing services and related technologies to onshore oil and natural gas exploration and production (“E&P”) companies in North America. We offer customers hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, data analytics, related goods (including our sand mine operations), and technologies that will facilitate lower emission completions, thereby helping our customers reduce their emissions profile. Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of March 31, 2023 and December 31, 2022, and the results of operations, cash flows, and equity of the Company as of and for the three months ended March 31, 2023 and 2022. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2023. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. The Company’s operations are organized into a single reportable segment, which consists of hydraulic fracturing and related goods and services.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Reclassifications Certain amounts in the prior period financial statements have been reclassified from accrued liabilities to income tax payable in the accompanying unaudited condensed consolidated balance sheets to conform to the presentation of the current period financial statements. This reclassification had no effect on the previously reported net income or loss.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: March 31, December 31, ($ in thousands) 2023 2022 Proppants $ 21,775 $ 31,350 Chemicals 28,359 32,392 Maintenance parts and other 146,541 150,712 $ 196,675 $ 214,454

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: Estimated March 31, December 31, ($ in thousands) 2023 2022 Land N/A $ 29,283 $ 29,276 Field services equipment 2-10 2,057,006 1,925,848 Vehicles 4-7 63,149 62,683 Lease Equipment 10 110,844 106,087 Buildings and facilities 5-30 135,772 135,281 Mineral reserves >25 76,823 76,823 Office equipment and furniture 2-7 9,917 9,504 2,482,794 2,345,502 Less accumulated depreciation and depletion (1,224,736) (1,141,656) 1,258,058 1,203,846 Construction in-progress N/A 172,921 158,518 Property and equipment, net $ 1,430,979 $ 1,362,364 During the three months ended March 31, 2023 and 2022, the Company recognized depreciation expense of $88.4 million and $69.9 million, respectively. Depletion expense for the three months ended March 31, 2023 and 2022 was $0.3 million and $0.3 million, respectively. As of March 31, 2023 and December 31, 2022, the Company concluded that no triggering events that could indicate possible impairment of property and equipment had occurred, other than related to the assets held for sale discussed below. Additionally, as of March 31, 2023 and December 31, 2022, the Company classified $1.1 million of land and $6.2 million of buildings, net of accumulated depreciation, of two properties that it intends to sell within the next year, and that meet the held for sale criteria, to assets held for sale, included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheet. The Company estimates that the carrying value of the assets is equal to the fair value less the estimated costs to sell, net of write-downs taken in the prior period, and therefore no gain or loss was recorded during the three months ended March 31, 2023. As of March 31, 2022, the Company classified $3.4 million of land and $8.4 million of buildings, net of accumulated depreciation, of two properties as assets held for sale. The Company estimated that carrying value of the assets was greater than the fair value less the estimated costs to sell, and therefore recorded a $4.4 million loss during the three months ended March 31, 2022, included as a component of loss on disposal of assets in the accompanying unaudited condensed consolidated statements of operations.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, ($ in thousands) 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 2,236 $ 977 Interest on lease liabilities 694 261 Operating lease cost 10,574 9,499 Variable lease cost 1,246 1,091 Short-term lease cost 2,051 1,546 Total lease cost $ 16,801 $ 13,374 Supplemental cash flow and other information related to leases for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, ($ in thousands) 2023 2022 Cash paid for amounts included in measurement of liabilities: Operating leases $ 9,877 $ 9,032 Finance leases 2,936 1,479 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,562 9,461 Finance leases 2,789 — Lease terms and discount rates as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Weighted-average remaining lease term: Operating leases 4.7 years 4.8 years Finance leases 3.1 years 3.1 years Weighted-average discount rate: Operating leases 4.8 % 4.6 % Finance leases 8.1 % 8.2 % Future minimum lease commitments as of March 31, 2023 are as follows: ($ in thousands) Finance Operating Remainder of 2023 $ 9,027 $ 23,556 2024 7,871 25,812 2025 7,982 23,278 2026 13,234 12,130 2027 1,200 4,815 Thereafter — 14,504 Total lease payments 39,314 104,095 Less imputed interest (5,309) (11,094) Total $ 34,005 $ 93,001 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of March 31, 2023 is $13.3 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers and conveyor belts to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of March 31, 2023 and December 31, 2022 were as follows: ($ in thousands) March 31, 2023 December 31, 2022 Lease Equipment $ 110,844 $ 106,087 Less: Accumulated depreciation (14,699) (11,408) Lease Equipment - net $ 96,145 $ 94,679 Future payments receivable for operating leases commenced as of March 31, 2023 are as follows: ($ in thousands) Remainder of 2023 $ 12,392 2024 9,218 2025 1,051 2026 — 2027 — Thereafter — Total $ 22,661 Revenues from operating leases
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, ($ in thousands) 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 2,236 $ 977 Interest on lease liabilities 694 261 Operating lease cost 10,574 9,499 Variable lease cost 1,246 1,091 Short-term lease cost 2,051 1,546 Total lease cost $ 16,801 $ 13,374 Supplemental cash flow and other information related to leases for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, ($ in thousands) 2023 2022 Cash paid for amounts included in measurement of liabilities: Operating leases $ 9,877 $ 9,032 Finance leases 2,936 1,479 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,562 9,461 Finance leases 2,789 — Lease terms and discount rates as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Weighted-average remaining lease term: Operating leases 4.7 years 4.8 years Finance leases 3.1 years 3.1 years Weighted-average discount rate: Operating leases 4.8 % 4.6 % Finance leases 8.1 % 8.2 % Future minimum lease commitments as of March 31, 2023 are as follows: ($ in thousands) Finance Operating Remainder of 2023 $ 9,027 $ 23,556 2024 7,871 25,812 2025 7,982 23,278 2026 13,234 12,130 2027 1,200 4,815 Thereafter — 14,504 Total lease payments 39,314 104,095 Less imputed interest (5,309) (11,094) Total $ 34,005 $ 93,001 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of March 31, 2023 is $13.3 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers and conveyor belts to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of March 31, 2023 and December 31, 2022 were as follows: ($ in thousands) March 31, 2023 December 31, 2022 Lease Equipment $ 110,844 $ 106,087 Less: Accumulated depreciation (14,699) (11,408) Lease Equipment - net $ 96,145 $ 94,679 Future payments receivable for operating leases commenced as of March 31, 2023 are as follows: ($ in thousands) Remainder of 2023 $ 12,392 2024 9,218 2025 1,051 2026 — 2027 — Thereafter — Total $ 22,661 Revenues from operating leases

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following: ($ in thousands) March 31, 2023 December 31, 2022 Accrued vendor invoices $ 102,805 $ 119,801 Operations accruals 66,786 72,348 Accrued benefits and other 70,157 84,670 $ 239,748 $ 276,819

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: March 31, December 31, ($ in thousands) 2023 2022 Term Loan outstanding $ — $ 104,716 Revolving Line of Credit 210,000 115,000 Deferred financing costs and original issue discount — (1,270) Total debt, net of deferred financing costs and original issue discount $ 210,000 $ 218,446 Current portion of long-term debt, net of discount $ — $ 1,020 Long-term debt, net of discount and current portion 210,000 217,426 Total debt, net of deferred financing costs and original issue discount $ 210,000 $ 218,446 On September 19, 2017, the Company entered into two credit agreements for a revolving line of credit up to $250.0 million, subsequently increased to $525.0 million, see below, (the “ABL Facility”) and a $175.0 million term loan (the “Term Loan Facility”, and together with the ABL Facility the “Credit Facilities”). Effective January 23, 2023, the Company entered into an Eighth Amendment to the ABL Facility (the “Eighth ABL Amendment”). The Eighth ABL Amendment amends certain terms, provisions and covenants of the ABL Facility, including, among other things: (i) increasing the maximum revolver amount from $425.0 million to $525.0 million (the “Upsized Revolver”); (ii) increasing the amount of the accordion feature from $75.0 million to $100.0 million; (iii) extending the maturity date from October 22, 2026 to January 23, 2028; (iv) modifying the dollar amounts of various credit facility triggers and tests proportionally to the Upsized Revolver; (v) permitting repayment under the Term Loan Facility prior to February 10, 2023; and (vi) increasing certain indebtedness, intercompany advance, and investment baskets. The Eighth ABL Amendment also includes an agreement from the Wells Fargo Bank, National Association, as administrative agent, to release its second priority liens and security interests on all collateral that served as first priority collateral under the Term Loan Facility, with such release to occur within 120 days after January 23, 2023. Additionally, on January 23, 2023, the Company withdrew $106.7 million on the ABL Facility and used the proceeds to pay off the Term Loan Facility. The amount paid includes the balance of the Term Loan Facility upon pay off of $104.7 million, $0.9 million of accrued interest, and a $1.1 million prepayment premium or 1% of the principal. Additionally, there were $0.2 million in bank and legal fees included in the pay off. The weighted average interest rate on all borrowings outstanding as of March 31, 2023 and December 31, 2022 was 6.7% and 9.0%, respectively. Term Loan Facility The Term Loan Facility provided for a $175.0 million term loan, of which $0 million remained outstanding as of March 31, 2023. In connection with the Eighth ABL Amendment and payoff of the Term Loan Facility, on January 23, 2023, the Company terminated the Term Loan Facility, see above for further discussion. ABL Facility Under the terms of the ABL Facility, up to $525.0 million may be borrowed, subject to certain borrowing base limitations based on a percentage of eligible accounts receivable and inventory. As of March 31, 2023, the borrowing base was calculated to be $499.9 million, and the Company had $210.0 million outstanding in addition to letters of credit in the amount of $2.6 million, with $287.3 million of remaining availability. Borrowings under the ABL Facility bear interest at SOFR or a base rate, plus an applicable SOFR margin of 1.5% to 2.0% or base rate margin of 0.5% to 1.0%, as defined in the ABL Facility credit agreement. Additionally, borrowings as of March 31, 2023 incurred interest at a weighted average rate of 6.7%. The average monthly unused commitment is subject to an unused commitment fee of 0.25% to 0.375%. Interest and fees are payable in arrears at the end of each month, or, in the case of SOFR loans, at the end of each interest period. The ABL Facility matures on January 23, 2028. Borrowings under the ABL Facility are collateralized by accounts receivable and inventory, and further secured by the Company as parent guarantor. The ABL Facility includes certain non-financial covenants, including but not limited to restrictions on incurring additional debt and certain distributions. Moreover, the ability of the Company to incur additional debt and to make distributions is dependent on maintaining a maximum leverage ratio. The ABL Facility is not subject to financial covenants unless liquidity, as defined in the credit agreement, drops below a specific level. 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 $52.5 million, whichever is greater. The Company was in compliance with these covenants as of March 31, 2023. Maturities of debt are as follows: ($ in thousands) Remainder of 2023 $ — 2024 — 2025 — 2026 — 2027 — Thereafter 210,000 $ 210,000

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments The fair values of the Company’s assets and liabilities represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction on the reporting date. These fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability on the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. The Company discloses the fair values of its assets and liabilities according to the quality of valuation inputs under the following hierarchy: • Level 1 Inputs: Quoted prices (unadjusted) in an active market for identical assets or liabilities. • Level 2 Inputs: Inputs other than quoted prices that are directly or indirectly observable. • Level 3 Inputs: Unobservable inputs that are significant to the fair value of assets or liabilities. The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborating market data becomes available. Assets and liabilities that are initially reported as Level 2 are subsequently reported as Level 3 if corroborating market data is no longer available. Transfers occur at the end of the reporting period. There were no transfers into or out of Levels 1, 2, and 3 during the three months ended March 31, 2023 and 2022. 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 unaudited condensed consolidated balance sheets approximated or equaled their fair values on March 31, 2023 and December 31, 2022. • The carrying values of cash and cash equivalents, accounts receivable, and accounts payable (including accrued liabilities) approximated fair value on March 31, 2023 and December 31, 2022, due to their short-term nature. • The carrying value of amounts outstanding under long-term debt agreements with variable rates approximated fair value on March 31, 2023 and December 31, 2022, as the effective interest rates approximated market rates. • The carrying values of amounts outstanding under finance and operating lease obligations approximated fair value on March 31, 2023 and December 31, 2022, as the effective borrowing rates approximated market rates. Nonrecurring Measurements Certain assets and liabilities are measured at fair value on a nonrecurring basis. These items are not measured at fair value on an ongoing basis but may be subject to fair value adjustments in certain circumstances. As of March 31, 2023 and December 31, 2022, the Company recorded $1.1 million of land and $6.2 million of buildings of two properties that met the held for sale criteria, to assets held for sale at a total fair value of $6.3 million, which are included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheet. The Company estimated the fair value of the properties based on a purchase and sale agreement for one property and a communicated selling price, which are Level 3 inputs. Recurring Measurements The fair values of the Company’s cash equivalents measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts. As of March 31, 2023 and December 31, 2022, the Company had cash equivalents, measured at fair value, of $0.3 million and $0.3 million, 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 unaudited condensed consolidated financial statements. No such measurements were required as of March 31, 2023 and December 31, 2022 as no triggering event was identified. Credit Risk The Company’s financial instruments exposed to concentrations of credit risk consist primarily of cash and cash equivalents, and trade receivables. The Company’s cash and cash equivalent balances on deposit with financial institutions total $20.9 million and $43.7 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, customer A accounted for 14% and 11%, respectively, of total accounts receivable and unbilled revenue. During the three months ended March 31, 2023 and March 31, 2022, customer A accounted for 12% and 10%, respectively, of revenues. The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers. As of March 31, 2023 and December 31, 2022, the Company had $0.9 million in allowance for credit losses as follows: ($ in thousands) Provision for credit losses on December 31, 2022 $ 884 Credit Losses: Current period provision — Amounts written off — Provision for credit losses on March 31, 2023 $ 884

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Equity 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 years. Changes in non-vested RSUs outstanding under the LTIP during the three months ended March 31, 2023 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2022 2,985,727 $ 12.15 Granted 553,069 15.49 Vested (108,543) 11.83 Forfeited (25,297) 11.69 Outstanding as of March 31, 2023 3,404,956 $ 12.71 Performance Restricted Stock Units Performance restricted stock units (“PSUs”) granted pursuant to the LTIP, if they vest, will be settled in shares of the Company’s Class A Common Stock. PSUs were granted with a three-year cliff vesting schedule, subject to a performance target compared to an index of competitors ’ results over the three-year period as designated in the award. The Company records compensation expense based on the Company’s best estimate of the number of PSUs that will vest at the end of the performance period. If such performance targets are not met, or are not expected to be met, no compensation expense is recognized and any recognized compensation expense is reversed. Changes in non-vested PSUs outstanding under the LTIP during the three months ended March 31, 2023 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2022 1,390,588 $ 11.87 Granted 341,928 15.64 Vested — — Forfeited — — Outstanding as of March 31, 2023 1,732,516 $ 12.61 Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations. The Company recognized stock-based compensation expense of $7.2 million and $6.8 million for the three months ended March 31, 2023 and 2022, respectively. There was approximately $36.9 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of March 31, 2023. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of two years . Dividends The Company paid cash dividends of $0.05 per share of Class A Common Stock on March 20, 2023 to stockholders of record as of March 6, 2023. The Company paid the cash dividend to all holders of shares of Class A Common Stock as of March 6, 2023, which totaled $8.8 million. As of March 31, 2023 and December 31, 2022, the Company had $0.5 million and $0.2 million of dividend equivalents payable related to RSUs and PSUs to be paid upon vesting, respectively. Dividends related to forfeited RSUs will be forfeited. Share Repurchase Program On July 25, 2022, the Company’s board of directors authorized and the Company announced a share repurchase program that allows the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through and including July 31, 2024. Additionally, on January 24, 2023 the Board authorized and the Company announced an increase to the share repurchase program that increased the Company’s cumulative repurchase authorization to $500.0 million. The shares may be repurchased from time to time in open market or privately negotiated transactions or by other means in accordance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A Common Stock, the market price of the Company’s Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through July 2024. During the three months ended March 31, 2023, the Company repurchased and retired 5,166,730 shares of Class A Common Stock for $74.6 million or $14.45 average price per share including commissions, under the share repurchase program. As of March 31, 2023, $300.0 million, including commissions paid, remained authorized for future repurchases of Class A Common Stock under the share repurchase program. The Company accounts for the purchase price of repurchased common shares in excess of par value ($0.01 per share of Class A Common Stock) as a reduction of additional paid-in capital, and will continue to do so until additional paid-in capital is reduced to zero. Thereafter, any excess purchase price will be recorded as a reduction to retained earnings. As enacted by the Inflation Reduction Act of 2022 (“IRA”), the Company has accrued stock repurchase excise tax of $0.5 million for the three months ended March 31, 2023.

Net Income (Loss) per Share

Net Income (Loss) per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net Income (Loss) per Share Basic net income (loss) per share measures the performance of an entity over the reporting period. Diluted net income (loss) 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 RSUs. The following table reflects the allocation of net income (loss) to common stockholders and net income (loss) per share computations for the periods indicated based on a weighted average number of Class A Common Stock and Class B Common Stock outstanding: Three Months Ended (In thousands, except per share data) March 31, 2023 March 31, 2022 Basic Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 162,655 $ (5,376) Denominator: Basic weighted average common shares outstanding 176,569 183,999 Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.92 $ (0.03) Diluted Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 162,655 $ (5,376) Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock 70 — Diluted net income (loss) attributable to Liberty Energy Inc. stockholders $ 162,725 $ (5,376) Denominator: Basic weighted average shares outstanding 176,569 183,999 Effect of dilutive securities: Restricted stock units 4,433 — Class B Common Stock 86 — Diluted weighted average shares outstanding 181,088 183,999 Diluted net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.90 $ (0.03) In accordance with GAAP, diluted weighted average common shares presented above do not include certain weighted average shares of Class B Common Stock and restricted stock units, because to do so would have had an antidilutive effect, as follows: Three Months Ended (In thousands) March 31, 2023 March 31, 2022 Weighted average shares of Class B Common Stock — 2,092 Weighted average shares of restricted stock units — 4,745

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is a corporation and is subject to taxation in the United States, Canada and various state, local and provincial jurisdictions. Liberty LLC is treated as a partnership, and its income is passed through to its owners for income tax purposes. Liberty LLC’s members, including the Company, are liable for federal, state and local income taxes based on their share of Liberty LLC’s pass-through taxable income. Effective January 31, 2023, the Company adopted a plan of merger, pursuant to which Liberty LLC merged into the Company, ceasing the existence of Liberty LLC with the Company remaining as the surviving entity. Liberty LLC will file a final tax return during the 2023 calendar year. The Company is still party to the TRAs, as defined below, of which the Company’s liability under the TRAs’ is $119.5 million, presented as $4.7 million as a current liability included in accrued liabilities in the accompanying unaudited condensed consolidated balance sheet, and $114.8 million as a non-current liability as of March 31, 2023. The Company may distribute cash from foreign subsidiaries to its U.S. parent as business needs arise. The Company has not provided for deferred income taxes on the undistributed earnings from certain foreign subsidiaries, as such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any income and/or withholding tax would not be significant. The effective global income tax rate applicable to the Company for the three months ended March 31, 2023 was 25.1% , compared to (17.8)% for the period ended March 31, 2022. The Company’s effective tax rate is greater than the statutory federal income tax rate of 21.0% due to the Company’s Canadian operations, state income taxes in the states the Company operates, as well as nondeductible executive compensation. The Company recognized an income tax expense of $54.5 million an d $0.8 million during the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, the Company recognized a deferred tax liability in the amount of $1.0 million and $1.0 million, respectively. As of March 31, 2023 and December 31, 2022, the Company recognized a net deferred tax asset in the amount of $21.2 million and $12.6 million, respectively. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities, and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Tax Receivable Agreements In connection with the IPO, on January 17, 2018, the Company entered into two Tax Receivable Agreements (the “TRAs”) with R/C Energy IV Direct Partnership, L.P. and the then existing owners that continued to own units in Liberty LLC (“Liberty LLC Units”) (each such person and any permitted transferee, a “TRA Holder” and together, the “TRA Holders”). The TRAs generally provide for the payment by the Company of 85% of the net cash savings, if any, in U.S. federal, state, and local income tax and franchise tax (computed using simplifying assumptions to address the impact of state and local taxes) that the Company actually realizes (or is deemed to realize in certain circumstances) in periods after the IPO as a result, as applicable to each TRA Holder, of (i) certain increases in tax basis that occur as a result of the Company’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s Liberty LLC Units in connection with the IPO or pursuant to the exercise of redemption or call rights, (ii) any net operating losses available to the Company as a result of the Corporate Reorganization, and (iii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the TRAs. On January 31, 2023, the last redemption of the Liberty LLC Units occurred. During the three months ended March 31, 2023, exchanges of Liberty LLC Units and shares of Class B Common Stock resulted in a net increase of $0.7 million in deferred tax assets, and an increase of $0.6 million in amounts payable under the TRAs, all of which are recorded through equity. The Company did not make any TRA payments for the three months ended March 31, 2023. On January 31, 2023 the Company also recorded an increase of $7.8 million of deferred tax assets for the impact of the adopted plan of merger of Liberty LLC into the Company, all of which was recorded through equity. During the three months ended March 31, 2022, exchanges of Liberty LLC Units and shares of Class B Common Stock resulted in a net increase of $6.5 million in deferred tax assets, and an increase of $5.5 million in amounts payable under the TRAs, all of which were recorded through equity. The Company did not make any TRA payments for the three months ended March 31, 2022. As of March 31, 2023, the Company ’ s liability under the TRAs was $119.5 million, of which $4.7 million is presented as a current liability included in accrued liabilities in the accompanying unaudited condensed consolidated balance sheet, and $114.8 million is presented as a component of long-term liabilities. As of December 31, 2022, the Company ’ s liability under the TRAs was $118.9 million, all of which is presented as a component of long-term liabilities. At March 31, 2023 and December 31, 2022 the related deferred tax assets totaled $99.9 million and $99.9 million, respectively.

Defined Contribution Plan

Defined Contribution Plan	3 Months Ended
	Mar. 31, 2023
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 and federal limits. Contributions made by the Company w ere $7.7 million an d $6.0 million f

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Schlumberger Limited During 2020, the Company acquired certain assets and liabilities of Schlumberger Technology Corporation (“Schlumberger”). During the three months ended March 31, 2023, the Company repurchased and retired 3,000,000 shares of Class A Common Stock for $45.0 million or $15.00 average price per share from Schlumberger, under the share repurchase program. Effective January 31, 2023, after the repurchase and retirement, Schlumberger owns no shares of Class A Common Stock of the Company and no longer qualifies as a related party. Within the normal course of business, the Company purchases chemicals, proppant and other equipment and maintenance parts from Schlumberger and its subsidiaries. During the period from January 1, 2023 until January 31, 2023, total purchases from Schlumberger were approximately $1.7 million. During the three months ended March 31, 2022 total purchases from Schlumberger were approximately $3.6 million. As of December 31, 2022 amounts due to Schlumberger were $2.6 million and $0.7 million, included in accounts payable and accrued liabilities, respectively, in the accompanying unaudited condensed consolidated balance sheet. Although the Company continues to do business with Schlumberger, the Company no longer presents cash flows with Schlumberger as related party in the accompanying unaudited condensed consolidated statements of cash flows. Franklin Mountain Energy, LLC During 2021, Audrey Robertson was appointed to the board of directors of the Company. Ms. Robertson serves as the Chief Financial Officer of Franklin Mountain Energy, LLC (“Franklin Mountain”). During the three months ended March 31, 2023 the Company performed hydraulic fracturing services for Franklin Mountain in the amount of $23.3 million or 1.8% of the Company’s revenues for such period. During the three months ended March 31, 2022 the Company performed hydraulic fracturing services for Franklin Mountain in the amount of $22.3 million or 2.8% of the Company’s revenues for such period. Amounts included in unbilled revenue from Franklin Mountain as of March 31, 2023 and December 31, 2022, were $9.7 million and $13.9 million, respectively. Receivables from Franklin Mountain as of March 31, 2023 and December 31, 2022 were $14.3 million and $0.0 million, respectively. Liberty Resources LLC Liberty Resources LLC, an oil and gas exploration and production company, and its successor entity (collectively, the “Affiliate”) has certain common ownership and management with the Company. The amounts of the Company’s revenue related to hydraulic fracturing services provided to the Affiliate for the three months ended March 31, 2023 and 2022 was $6.5 million and $0.0 million, respectively. On December 28, 2022 (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 April 1, 2024. Amounts outstanding from the Affiliate as of March 31, 2023 and December 31, 2022 were $13.1 million and $11.8 million, respectively, included in other assets in the accompanying unaudited condensed consolidated balance sheet. Any receivable amount outstanding at the end of each month is subject to 12% interest through March 31, 2023, 15% from April 1, 2023 through September 30, 2023, and 18% thereafter. During the three months ended March 31, 2023 and 2022, interest income from the Affiliate was $0.4 million and $0.0 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments & Contingencies Purchase Commitments (tons are not in thousands) The Company enters into purchase and supply agreements to secure supply and pricing of proppants, chemicals, and equipment. As of March 31, 2023 and December 31, 2022, the agreements provide pricing and committed supply sources for the Company to purchas e 2,822,891 and 2,915,172 tons, respectively, of proppant through December 31, 2024. Amounts above also include commitments to pay for transport fees on minimum amounts of proppants. Additionally, related proppant transload service commitments run through 2023. Future proppant, transload, and equipment commitments are as follows: ($ in thousands) Remainder of 2023 $ 192,200 2024 60,759 2025 — 2026 — 2027 — Thereafter — $ 252,959 Certain supply agreements contain a clause whereby in the event that the Company fails to purchase minimum volumes, as defined in the agreement, during a specific time period, a shortfall fee may apply. In circumstances where the Company does not make the minimum purchase required under the contract, the Company and its suppliers have a history of amending such minimum purchase contractual terms and in rare cases does the Company incur shortfall fees. If the Company were unable to make any of the minimum purchases and the Company and its suppliers cannot come to an agreement to avoid such fees, the Company could incur shortfall fees in the amounts of $51.0 million and $7.8 million for the remainder of 2023 and year ended 2024, respectively. Based on forecasted levels of activity, the Company does not currently expect to incur significant shortfall fees. Included in the commitments for the remainder of 2023 are approximately $7.9 million of payments expected to be made in the second quarter of 2023 for the use of certain light duty trucks, heavy tractors and field equipment used to various degrees in frac and wireline operations. The Company is in negotiations with the third-party owner of such equipment to lease or purchase some or all of such aforementioned vehicles and equipment, subject to agreement on terms and conditions. No gain or loss is expected upon consummation of any such agreement. Litigation From time to time, the Company is subject to legal and administrative proceedings, settlements, investigations, claims and actions. The Company’s assessment of the likely outcome of litigation matters is based on its judgment of a number of factors including experience with similar matters, past history, precedents, relevant financial and other evidence and facts specific to the matter. Notwithstanding the uncertainty as to the final outcome, based upon the information currently available, management does not believe any matters in aggregate will have a material adverse effect on its financial position or results of operations.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 18, 2023, the Company’s board of directors approved a quarterly dividend of $0.05 per share of Class A Common Stock to be paid on June 20, 2023 to holders of record as of June 6, 2023. On April 10, 2023, the Company acquired Siren Energy (“Siren”), a Permian focused integrated natural gas compression and compressed natural gas (“CNG”) delivery business. At the acquisition date, Siren had 16 MMcf per day of natural gas compression capacity at two expandable Permian sites and transportation, logistics, and pressure reduction services. Siren currently delivers fuel to customers in both the drilling and completions markets, and its logistics system is designed to deliver CNG, renewable natural gas (“RNG”), or hydrogen to remote locations. The Company acquired Siren for an aggregate cash purchase price of $78.0 million, subject to normal closing adjustments. The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time between the acquisition date and the date these financial statements are issued. Further, it is impracticable for us to provide all of the disclosures required for a business combination pursuant to ASC 805 Business Combinations . No other significant subsequent events have occurred that would require recognition or disclosure in the unaudited condensed consolidated financial statements and notes thereto.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report. The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of March 31, 2023 and December 31, 2022, and the results of operations, cash flows, and equity of the Company as of and for the three months ended March 31, 2023 and 2022. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2023. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations and cash flows. All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. The Company’s operations are organized into a single reportable segment, which consists of hydraulic fracturing and related goods and services.
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified from accrued liabilities to income tax payable in the accompanying unaudited condensed consolidated balance sheets to conform to the presentation of the current period financial statements. This reclassification had no effect on the previously reported net income or loss.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, December 31, ($ in thousands) 2023 2022 Proppants $ 21,775 $ 31,350 Chemicals 28,359 32,392 Maintenance parts and other 146,541 150,712 $ 196,675 $ 214,454

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following: Estimated March 31, December 31, ($ in thousands) 2023 2022 Land N/A $ 29,283 $ 29,276 Field services equipment 2-10 2,057,006 1,925,848 Vehicles 4-7 63,149 62,683 Lease Equipment 10 110,844 106,087 Buildings and facilities 5-30 135,772 135,281 Mineral reserves >25 76,823 76,823 Office equipment and furniture 2-7 9,917 9,504 2,482,794 2,345,502 Less accumulated depreciation and depletion (1,224,736) (1,141,656) 1,258,058 1,203,846 Construction in-progress N/A 172,921 158,518 Property and equipment, net $ 1,430,979 $ 1,362,364

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease, Cost	The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, ($ in thousands) 2023 2022 Finance lease cost: Amortization of right-of-use assets $ 2,236 $ 977 Interest on lease liabilities 694 261 Operating lease cost 10,574 9,499 Variable lease cost 1,246 1,091 Short-term lease cost 2,051 1,546 Total lease cost $ 16,801 $ 13,374
Lessee, Supplemental Cash Flow Information	Supplemental cash flow and other information related to leases for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, ($ in thousands) 2023 2022 Cash paid for amounts included in measurement of liabilities: Operating leases $ 9,877 $ 9,032 Finance leases 2,936 1,479 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,562 9,461 Finance leases 2,789 —
Lease Term and Discount Rate, Lessee	Lease terms and discount rates as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Weighted-average remaining lease term: Operating leases 4.7 years 4.8 years Finance leases 3.1 years 3.1 years Weighted-average discount rate: Operating leases 4.8 % 4.6 % Finance leases 8.1 % 8.2 %
Lessee, Operating Lease, Liability, Maturity	Future minimum lease commitments as of March 31, 2023 are as follows: ($ in thousands) Finance Operating Remainder of 2023 $ 9,027 $ 23,556 2024 7,871 25,812 2025 7,982 23,278 2026 13,234 12,130 2027 1,200 4,815 Thereafter — 14,504 Total lease payments 39,314 104,095 Less imputed interest (5,309) (11,094) Total $ 34,005 $ 93,001
Finance Lease, Liability, Maturity	Future minimum lease commitments as of March 31, 2023 are as follows: ($ in thousands) Finance Operating Remainder of 2023 $ 9,027 $ 23,556 2024 7,871 25,812 2025 7,982 23,278 2026 13,234 12,130 2027 1,200 4,815 Thereafter — 14,504 Total lease payments 39,314 104,095 Less imputed interest (5,309) (11,094) Total $ 34,005 $ 93,001
Carrying Amount of Equipment Leased to Others	The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of March 31, 2023 and December 31, 2022 were as follows: ($ in thousands) March 31, 2023 December 31, 2022 Lease Equipment $ 110,844 $ 106,087 Less: Accumulated depreciation (14,699) (11,408) Lease Equipment - net $ 96,145 $ 94,679
Lessor, Operating Lease, Payment to be Received, Maturity	Future payments receivable for operating leases commenced as of March 31, 2023 are as follows: ($ in thousands) Remainder of 2023 $ 12,392 2024 9,218 2025 1,051 2026 — 2027 — Thereafter — Total $ 22,661

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: ($ in thousands) March 31, 2023 December 31, 2022 Accrued vendor invoices $ 102,805 $ 119,801 Operations accruals 66,786 72,348 Accrued benefits and other 70,157 84,670 $ 239,748 $ 276,819

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following: March 31, December 31, ($ in thousands) 2023 2022 Term Loan outstanding $ — $ 104,716 Revolving Line of Credit 210,000 115,000 Deferred financing costs and original issue discount — (1,270) Total debt, net of deferred financing costs and original issue discount $ 210,000 $ 218,446 Current portion of long-term debt, net of discount $ — $ 1,020 Long-term debt, net of discount and current portion 210,000 217,426 Total debt, net of deferred financing costs and original issue discount $ 210,000 $ 218,446
Schedule of Maturities of Long-term Debt	Maturities of debt are as follows: ($ in thousands) Remainder of 2023 $ — 2024 — 2025 — 2026 — 2027 — Thereafter 210,000 $ 210,000

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Allowance for Doubtful Accounts	As of March 31, 2023 and December 31, 2022, the Company had $0.9 million in allowance for credit losses as follows: ($ in thousands) Provision for credit losses on December 31, 2022 $ 884 Credit Losses: Current period provision — Amounts written off — Provision for credit losses on March 31, 2023 $ 884

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Changes in non-vested RSUs outstanding under the LTIP during the three months ended March 31, 2023 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2022 2,985,727 $ 12.15 Granted 553,069 15.49 Vested (108,543) 11.83 Forfeited (25,297) 11.69 Outstanding as of March 31, 2023 3,404,956 $ 12.71
Schedule of Performance Restricted Stock Units Activity	Changes in non-vested PSUs outstanding under the LTIP during the three months ended March 31, 2023 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2022 1,390,588 $ 11.87 Granted 341,928 15.64 Vested — — Forfeited — — Outstanding as of March 31, 2023 1,732,516 $ 12.61

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income (loss) to common stockholders and net income (loss) per share computations for the periods indicated based on a weighted average number of Class A Common Stock and Class B Common Stock outstanding: Three Months Ended (In thousands, except per share data) March 31, 2023 March 31, 2022 Basic Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 162,655 $ (5,376) Denominator: Basic weighted average common shares outstanding 176,569 183,999 Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.92 $ (0.03) Diluted Net Income (Loss) Per Share Numerator: Net income (loss) attributable to Liberty Energy Inc. stockholders $ 162,655 $ (5,376) Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock 70 — Diluted net income (loss) attributable to Liberty Energy Inc. stockholders $ 162,725 $ (5,376) Denominator: Basic weighted average shares outstanding 176,569 183,999 Effect of dilutive securities: Restricted stock units 4,433 — Class B Common Stock 86 — Diluted weighted average shares outstanding 181,088 183,999 Diluted net income (loss) per share attributable to Liberty Energy Inc. stockholders $ 0.90 $ (0.03)
Schedule of Antidilutive Securities	In accordance with GAAP, diluted weighted average common shares presented above do not include certain weighted average shares of Class B Common Stock and restricted stock units, because to do so would have had an antidilutive effect, as follows: Three Months Ended (In thousands) March 31, 2023 March 31, 2022 Weighted average shares of Class B Common Stock — 2,092 Weighted average shares of restricted stock units — 4,745

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Future proppant, transload, and equipment commitments are as follows: ($ in thousands) Remainder of 2023 $ 192,200 2024 60,759 2025 — 2026 — 2027 — Thereafter — $ 252,959

Organization and Basis of Pre_2

Organization and Basis of Presentation - Narrative (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Oct. 26, 2021
Shares of Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
PropX | Common Stock | Shares of Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
PropX | Common Stock | Shares of Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Sep. 30, 2022	Dec. 31, 2022
Inventory [Line Items]
Inventories	$ 196,675		$ 214,454
Inventory write-down	0	$ 1,700
Proppants
Inventory [Line Items]
Inventories	21,775		31,350
Chemicals
Inventory [Line Items]
Inventories	28,359		32,392
Maintenance parts and other
Inventory [Line Items]
Inventories	$ 146,541		$ 150,712

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,482,794	$ 2,345,502
Less accumulated depreciation and depletion	(1,224,736)	(1,141,656)
Property and equipment, before construction in-progress, net	1,258,058	1,203,846
Construction in-progress	172,921	158,518
Property and equipment, net	1,430,979	1,362,364
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	29,283	29,276
Field services equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,057,006	1,925,848
Field services equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	2 years
Field services equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 63,149	62,683
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	4 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Lease Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 110,844	106,087
Estimated useful lives (in years)	10 years
Buildings and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 135,772	135,281
Buildings and facilities | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Buildings and facilities | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	30 years
Mineral reserves
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 76,823	76,823
Estimated useful lives (in years)	25 years
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,917	$ 9,504
Office equipment and furniture | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	2 years
Office equipment and furniture | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property
Property, Plant and Equipment [Abstract]
Depreciation	$ 88.4	$ 69.9
Depletion	0.3	0.3
Land available-for-sale	1.1	3.4	$ 1.1
Real estate, building, held-for-sale	$ 6.2	$ 8.4	$ 6.2
Number of property available-for-sale | property	2	2	2
Gain (loss) on sale of properties	$ 0	$ (4.4)

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Amortization of right-of-use assets	$ 2,236	$ 977
Interest on lease liabilities	694	261
Operating lease cost	10,574	9,499
Variable lease cost	1,246	1,091
Short-term lease cost	2,051	1,546
Total lease cost	$ 16,801	$ 13,374

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in measurement of liabilities:
Operating leases	$ 9,877	$ 9,032
Finance leases	2,936	1,479
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	4,562	9,461
Finance leases	$ 2,789	$ 0

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rates (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term	4 years 8 months 12 days	4 years 9 months 18 days
Finance lease, weighted average remaining lease term	3 years 1 month 6 days	3 years 1 month 6 days
Operating lease, weighted average discount rate	4.80%	4.60%
Finance lease, weighted average discount rate	8.10%	8.20%

Leases - Finance and Operating

Leases - Finance and Operating Leases Maturity (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Finance
Remainder of 2023	$ 9,027
2024	7,871
2025	7,982
2026	13,234
2027	1,200
Thereafter	0
Total lease payments	39,314
Less imputed interest	(5,309)
Total	34,005
Operating
Remainder of 2023	23,556
2024	25,812
2025	23,278
2026	12,130
2027	4,815
Thereafter	14,504
Total lease payments	104,095
Less imputed interest	(11,094)
Total	93,001
Operating lease, residual value of leased asset	$ 13,300

Leases - Carrying Amount of Equ

Leases - Carrying Amount of Equipment Leased to Others (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Lease Equipment	$ 110,844	$ 106,087
Less: Accumulated depreciation	(14,699)	(11,408)
Lease Equipment - net	$ 96,145	$ 94,679

Leases - Lessor, Operating Leas

Leases - Lessor, Operating Lease, Payment to be Received, Maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 12,392
2024	9,218
2025	1,051
2026	0
2027	0
Thereafter	0
Total	$ 22,661
Operating lease, lease income, statement of income or comprehensive income [Extensible Enumeration]	Revenues	Revenues
Revenue from operating leases	$ 8,600	$ 5,900

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued vendor invoices	$ 102,805	$ 119,801
Operations accruals	66,786	72,348
Accrued benefits and other	70,157	84,670
Accrued Liabilities	$ 239,748	$ 276,819

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 210,000
Deferred financing costs and original issue discount	0	$ (1,270)
Total debt, net of deferred financing costs and original issue discount	210,000	218,446
Current portion of long-term debt, net of discount	0	1,020
Long-term debt, net of discount and current portion	210,000	217,426
Term Loan outstanding
Debt Instrument [Line Items]
Long-term debt, gross	0	104,716
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 210,000	$ 115,000

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands		3 Months Ended
	Jan. 23, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Jan. 22, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 19, 2017 USD ($) agreement
Debt Instrument [Line Items]
Proceeds from borrowings on line-of-credit		$ 242,000	$ 185,000
Long-term debt, gross		210,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross		$ 210,000			$ 115,000
Revolving Credit Facility
Debt Instrument [Line Items]
Number of credit agreements | agreement						2
Weighted average interest rate		6.70%			9%
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000			$ 75,000		$ 250,000
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	525,000			$ 425,000
Proceeds from borrowings on line-of-credit	$ 106,700
Weighted average interest rate		6.70%
Long-term debt, gross		$ 210,000
Current borrowing capacity		$ 499,900
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%
Line of credit facility, covenant compliance, excess availability threshold, amount		$ 52,500
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.25%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.375%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 175,000
Line of credit facility, collateral release duration	120 days
Long-term debt, gross		0
Revolving Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 104,700
Line of credit facility, accrued interest	900
Payment for debt extinguishment or debt prepayment cost	$ 1,100
Debt instrument, prepayment premium percentage	1%
Debt instrument, extinguishment of debt, bank and legal fees	$ 200
Letter of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		287,300
Letters of credit outstanding, amount		$ 2,600

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 0
2024	0
2025	0
2026	0
2027	0
Thereafter	210,000
Long-term debt, gross	$ 210,000

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2022 USD ($) property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Land available-for-sale	$ 1,100	$ 3,400	$ 1,100
Real estate, building, held-for-sale	$ 6,200	$ 8,400	$ 6,200
Number of property available-for-sale | property	2	2	2
Assets held-for-sale, long lived, fair value disclosure			$ 6,300
Cash equivalents measured at fair value	$ 300		300
Cash and cash equivalents	$ 20,876		43,676
Customer payment terms	45 days
Allowance for uncollectible accounts	$ 884		$ 884
Customer A | Accounts Receivable | Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage	14%		11%
Customer A | Total Revenue | Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage	12%	10%

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Schedule of Allowance for Doubtful Accounts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses on December 31, 2022	$ 884
Credit Losses:
Current period provision	0
Amounts written off	0
Provision for credit losses on March 31, 2023	$ 884

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 06, 2023	Mar. 31, 2023	Mar. 31, 2022	Jan. 24, 2023	Dec. 31, 2022	Jul. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.05
Stock repurchase program, remaining number of shares authorized to be repurchased		300,000,000
Stock repurchase, accrued excise tax		$ 0.5
Shares of Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount				$ 500		$ 250
Stock repurchased and retired during period, shares (in shares)		5,166,730
Stock repurchased and retired during period, value		$ 74.6
Stock repurchased and retired during period, average price per share (in dollars per share)		$ 14.45
Shares of Class A Common Stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.05
Dividends, common stock, cash	$ 8.8
Par value reduction (in dollars per share)		$ 0.01
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards		5 years
Share-based compensation expense		$ 7.2	$ 6.8
Unamortized compensation expense		$ 36.9
Weighted average remaining vesting period		2 years
Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards		3 years
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		$ 0.5			$ 0.2

Equity - Restricted Stock Units

Equity - Restricted Stock Units and Performance Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) | shares	2,985,727
Granted (in shares) | shares	553,069
Vested (in shares) | shares	(108,543)
Forfeited (in shares) | shares	(25,297)
Outstanding at end of period (in shares) | shares	3,404,956
Weighted Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 12.15
Granted (in dollars per share) | $ / shares	15.49
Vested (in dollars per share) | $ / shares	11.83
Forfeited (in dollars per share) | $ / shares	11.69
Outstanding at end of period (in dollars per share) | $ / shares	$ 12.71
Performance Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) | shares	1,390,588
Granted (in shares) | shares	341,928
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Outstanding at end of period (in shares) | shares	1,732,516
Weighted Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 11.87
Granted (in dollars per share) | $ / shares	15.64
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Outstanding at end of period (in dollars per share) | $ / shares	$ 12.61

Net Income (Loss) per Share - S

Net Income (Loss) per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss) attributable to Liberty Energy Inc. stockholders	$ 162,655	$ (5,376)
Denominator:
Basic weighted average shares outstanding (in shares)	176,569	183,999
Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.92	$ (0.03)
Numerator:
Net income (loss) attributable to Liberty Energy Inc. stockholders	$ 162,655	$ (5,376)
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	70	0
Diluted net income (loss) attributable to Liberty Energy Inc. stockholders	$ 162,725	$ (5,376)
Denominator:
Basic weighted average shares outstanding (in shares)	176,569	183,999
Effect of dilutive securities:
Restricted stock units (in shares)	4,433	0
Class B Common Stock (in shares)	86	0
Diluted weighted average shares outstanding (in shares)	181,088	183,999
Diluted net income (loss) per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.90	$ (0.03)

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shares of Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	2,092
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	0	4,745

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Total liability under TRA		$ 61,946		$ 2,294
Accrued income taxes, noncurrent		$ 114,842		118,874
Effective combined income tax rate		25.10%	(17.80%)
Income tax expense		$ 54,483	$ 830
Deferred tax liability		1,044		1,044
Deferred tax asset		21,240		12,592
Tax Receivable Agreement
Operating Loss Carryforwards [Line Items]
Total liability under TRA		119,500		118,900
Taxes payable, current		4,700
Accrued income taxes, noncurrent		114,800
Deferred tax asset, net		99,900		$ 99,900
Effect of exchange on deferred tax asset, net of liability under tax receivable agreements	$ 7,800
Tax Receivable Agreement | Shares of Class B Common Stock | Common Stock
Operating Loss Carryforwards [Line Items]
Total liability under TRA		600	5,500
Deferred tax asset, net		700	6,500
Payments for tax receivable agreements		$ 0	$ 0

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - 401(k) Defined Contribution Retirement Plan - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution per one dollar of employee contribution	$ 1
Maximum annual contribution per employee, percent	6%
Contributions made by the employer	$ 7,700,000	$ 6,000,000

Related Party Transactions (Det

Related Party Transactions (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Oct. 01, 2023	Jan. 31, 2023 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Sep. 30, 2023	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Revenue—related parties			$ 29,757	$ 22,289
Interest income, related party			$ 373	0
Shares of Class A Common Stock
Related Party Transaction [Line Items]
Stock repurchased and retired during period, shares (in shares) | shares			5,166,730
Stock repurchased and retired during period, value			$ 74,600
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares			$ 14.45
Schlumberger
Related Party Transaction [Line Items]
Common stock, shares, owned by counterparty (in shares) | shares		0
Schlumberger | Affiliated Entity
Related Party Transaction [Line Items]
Purchases from related party		$ 1,700		3,600
Schlumberger | Affiliated Entity | Accounts Payable
Related Party Transaction [Line Items]
Due to related parties						$ 2,600
Schlumberger | Affiliated Entity | Accrued Liabilities
Related Party Transaction [Line Items]
Due to related parties						700
Schlumberger | Shares of Class A Common Stock
Related Party Transaction [Line Items]
Stock repurchased and retired during period, shares (in shares) | shares			3,000,000
Stock repurchased and retired during period, value			$ 45,000
Stock repurchased and retired during period, average price per share (in dollars per share) | $ / shares			$ 15
Franklin Mountain Energy, LLC | Affiliated Entity | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Revenue—related parties			$ 23,300	$ 22,300
Revenue from related parties, percent of total revenue			1.80%	2.80%
Receivables from related parties			$ 9,700			13,900
Accounts receivable, related parties			14,300			0
Liberty Resources LLC | Affiliated Entity | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Revenue—related parties			6,500	$ 0
Related party transaction, due from (to) related party			$ 13,100			$ 11,800
Related party transactions, interest rate percentage			0.12
Interest income, related party			$ 400	$ 0
Liberty Resources LLC | Affiliated Entity | Hydraulic Fracturing Services | Forecast
Related Party Transaction [Line Items]
Related party transactions, interest rate percentage	0.18				0.15

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) T	Dec. 31, 2022 T
Schlumberger
Loss Contingencies [Line Items]
Shortfall fees, remainder of 2023	$ 7.9
Shortfall Fees
Loss Contingencies [Line Items]
Shortfall fees, remainder of 2023	51
Shortfall fees in 2024	$ 7.8
Proppants
Loss Contingencies [Line Items]
Minimum mass required (in tons) | T	2,822,891	2,915,172

Commitments and Contingencies_2

Commitments and Contingencies - Proppant, Chemical and Rail Car Commitments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 192,200
2024	60,759
2025	0
2026	0
2027	0
Thereafter	0
Other commitment	$ 252,959

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions				3 Months Ended
	Apr. 18, 2023 $ / shares	Apr. 10, 2023 USD ($) site MMcf	Mar. 06, 2023 $ / shares	Mar. 31, 2023 $ / shares
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)				$ 0.05
Shares of Class A Common Stock | Common Stock
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)			$ 0.05
Subsequent Event | Shares of Class A Common Stock | Common Stock
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.05
Siren Energy | Subsequent Event
Subsequent Event [Line Items]
Business combination, natural gas compression capacity, volume per day | MMcf		16
Business combination, number of sites | site		2
Payments to acquire businesses, gross | $		$ 78