Liberty Energy (LBRT) 10-Q 17 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 14, 2024
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false
Entity Central Index Key	0001694028
Current Fiscal Year End Date	--12-31
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		163,415,685
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 23,012	$ 36,784
Unbilled revenue (including amounts from related parties of $4,035 and $13,379, respectively)	183,047	188,940
Inventories	197,563	205,865
Prepaid and other current assets	107,889	124,135
Total current assets	922,520	954,254
Property and equipment, net	1,834,214	1,645,368
Finance lease right-of-use assets	276,416	182,319
Operating lease right-of-use assets	81,341	92,640
Other assets (including amounts from related parties of $0 and $14,785, respectively)	123,636	138,693
Total assets	3,272,884	3,033,557
Current liabilities:
Accounts payable	347,074	293,733
Accrued liabilities	240,641	261,066
Income taxes payable	30,360	12,060
Current portion of payable pursuant to tax receivable agreements	37,444	5,170
Current portion of finance lease liabilities	64,114	39,867
Current portion of operating lease liabilities	28,938	27,528
Total current liabilities	748,571	639,424
Long-term debt	123,000	140,000
Deferred tax liability	102,287	102,340
Payable pursuant to tax receivable agreements	75,008	112,471
Noncurrent portion of finance lease liabilities	203,247	133,654
Noncurrent portion of operating lease liabilities	51,773	64,260
Total liabilities	1,303,886	1,192,149
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	996,336	1,093,498
Retained earnings	980,914	752,328
Accumulated other comprehensive loss	(9,886)	(6,084)
Total stockholders’ equity	1,968,998	1,841,408
Total liabilities and equity	3,272,884	3,033,557
Oklo Inc
Current assets:
Investment	16,605	10,000
Tamboran Resources Corporation
Current assets:
Investment	18,152	10,283
Class A, $0.01 par value, 400,000,000 shares authorized and 163,393,279 issued and outstanding as of September 30, 2024 and 166,610,199 issued and outstanding as of December 31, 2023
Common Stock:
Common stock, par value $0.01	1,634	1,666
Class B, $0.01 par value, 400,000,000 shares authorized and none issued and outstanding
Common Stock:
Common stock, par value $0.01	0	0
Nonrelated Party
Current assets:
Accounts receivable	411,009	381,185
Related Party
Current assets:
Accounts receivable	0	17,345
Unbilled revenue (including amounts from related parties of $4,035 and $13,379, respectively)	4,035	13,379
Other assets (including amounts from related parties of $0 and $14,785, respectively)	$ 0	$ 14,785

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unbilled receivables, current	$ 183,047	$ 188,940
Other assets	$ 123,636	$ 138,693
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
Related Party
Unbilled receivables, current	$ 4,035	$ 13,379
Other assets	0	14,785
Nonrelated Party
Allowance for bad debts	$ 939	$ 939
Common Class A
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)	163,393,279	166,610,199
Common stock, shares outstanding (in shares)	163,393,279	166,610,199
Common Class B
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	0
Common stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 1,138,578	$ 1,215,905	$ 3,371,587	$ 3,672,970
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	840,274	850,247	2,458,752	2,572,119
General and administrative	58,614	55,040	169,300	166,110
Transaction and other costs	0	202	0	1,804
Depreciation, depletion, and amortization	126,395	108,997	372,886	303,093
Loss (gain) on disposal of assets	6,017	(3,808)	6,105	(6,981)
Total operating costs and expenses	1,031,300	1,010,678	3,007,043	3,036,145
Operating income	107,278	205,227	364,544	636,825
Other expense:
Unrealized loss (gain) on investments, net	2,727	0	(4,474)	0
Interest income—related party	0	(531)	(478)	(1,254)
Interest expense, net	8,589	7,307	24,193	22,396
Total other expense, net	11,316	6,776	19,241	21,142
Net income before income taxes	95,962	198,451	345,303	615,683
Income tax expense	22,158	49,843	81,186	151,658
Net income	73,804	148,608	264,117	464,025
Less: Net income attributable to non-controlling interests	0	0	0	91
Net income attributable to Liberty Energy Inc. stockholders	$ 73,804	$ 148,608	$ 264,117	$ 463,934
Net income attributable to Liberty Energy Inc. stockholders per common share:
Basic (in dollars per share)	$ 0.45	$ 0.88	$ 1.59	$ 2.68
Diluted (in dollars per share)	$ 0.44	$ 0.85	$ 1.55	$ 2.62
Weighted average common shares outstanding:
Basic (in shares)	164,741	169,781	165,755	173,135
Diluted (in shares)	168,595	173,984	169,947	177,284
Nonrelated Party
Revenue:
Total revenue	$ 1,111,953	$ 1,136,378	$ 3,280,774	$ 3,511,455
Related Party
Revenue:
Total revenue	$ 26,625	$ 79,527	$ 90,813	$ 161,515

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 73,804	$ 148,608	$ 264,117	$ 464,025
Other comprehensive income (loss)
Foreign currency translation	1,647	(3,148)	(3,802)	(1,618)
Comprehensive income	75,451	145,460	260,315	462,407
Comprehensive income attributable to non-controlling interest	0	0	0	92
Comprehensive income attributable to Liberty Energy Inc.	$ 75,451	$ 145,460	$ 260,315	$ 462,315

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest	Common Class A	Common Class A Common Stock	Common Class B	Common Class B Common Stock
Beginning balance (in shares) at Dec. 31, 2022								178,753,000		250,000
Beginning balance at Dec. 31, 2022	$ 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)
Exchanges of Class B Common Stock for Class A Common Stock	0	2,360	2,360			(2,360)		$ 3		$ (3)
Offering costs	(223)	(223)	(223)
Deferred tax impact of ownership changes from exchanges and repurchases	6,681	6,681	6,681
Dividends	(26,535)	(26,535)		(26,535)
Share repurchase (shares)								(11,674,000)
Share repurchases	(164,021)	(163,998)	(163,881)			(23)		$ (117)
Excise tax on share repurchases	(1,471)	(1,471)	(1,471)
Stock-based compensation expense	23,738	23,735	23,735			3
Vesting of restricted stock units, net (shares)								1,279,000
Vesting of restricted stock units, net	(9,320)	(9,319)	(9,331)			(1)		$ 12
Currency translation adjustment	(1,618)	(1,619)			(1,619)	1
Net income	464,025	463,934		463,934		91
Ending balance (in shares) at Sep. 30, 2023								168,608,000		0
Ending balance at Sep. 30, 2023	1,788,562	1,788,562	1,123,967	671,924	(9,015)	0		$ 1,686		$ 0
Beginning balance (in shares) at Jun. 30, 2023								170,393,000		0
Beginning balance at Jun. 30, 2023	1,673,941		1,146,130	531,974	(5,867)			$ 1,704		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(8,658)			(8,658)
Share repurchase (shares)								(1,785,000)
Share repurchases	(29,279)		(29,261)					$ (18)
Excise tax on share repurchases	(293)		(293)
Stock-based compensation expense	8,595		8,595
Currency translation adjustment	(3,148)				(3,148)
Net income	148,608			148,608
Ending balance (in shares) at Sep. 30, 2023								168,608,000		0
Ending balance at Sep. 30, 2023	1,788,562	$ 1,788,562	1,123,967	671,924	(9,015)	$ 0		$ 1,686		$ 0
Beginning balance (in shares) at Dec. 31, 2023							166,610,199	166,610,000	0	0
Beginning balance at Dec. 31, 2023	1,841,408		1,093,498	752,328	(6,084)			$ 1,666		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(35,531)			(35,531)
Share repurchase (shares)								(4,739,000)
Share repurchases	(99,093)		(99,046)					$ (47)
Excise tax on share repurchases	(652)		(652)
Stock-based compensation expense	22,318		22,318
Vesting of restricted stock units, net (shares)								1,522,000
Vesting of restricted stock units, net	(19,767)		(19,782)					$ 15
Currency translation adjustment	(3,802)				(3,802)
Net income	264,117			264,117
Ending balance (in shares) at Sep. 30, 2024							163,393,279	163,393,000	0	0
Ending balance at Sep. 30, 2024	1,968,998		996,336	980,914	(9,886)			$ 1,634		$ 0
Beginning balance (in shares) at Jun. 30, 2024								165,332,000		0
Beginning balance at Jun. 30, 2024	1,936,895		1,027,939	918,836	(11,533)			$ 1,653		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(11,726)			(11,726)
Share repurchase (shares)								(1,939,000)
Share repurchases	(39,350)		(39,331)					$ (19)
Excise tax on share repurchases	(393)		(393)
Stock-based compensation expense	8,121		8,121
Currency translation adjustment	1,647				1,647
Net income	73,804			73,804
Ending balance (in shares) at Sep. 30, 2024							163,393,279	163,393,000	0	0
Ending balance at Sep. 30, 2024	$ 1,968,998		$ 996,336	$ 980,914	$ (9,886)			$ 1,634		$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividend (in dollars per share)	$ 0.07	$ 0.05	$ 0.21	$ 0.15

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 264,117	$ 464,025
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	372,886	303,093
Loss (gain) on disposal of assets	6,105	(6,981)
Stock-based compensation expense	22,318	23,738
Unrealized loss (gain) on investments, net	(4,474)	0
Cash return on equity method investment	3,153	0
Other non-cash items, net	(202)	3,303
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(33,951)	(120,554)
Accounts receivable and unbilled revenue—related party	41,471	(6,273)
Inventories	6,276	461
Prepaid and other assets	(40,698)	(43,335)
Accounts payable and accrued liabilities	16,320	105,426
Initial payment of operating lease liability	(1,239)	(3,062)
Net cash provided by operating activities	652,082	719,841
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(447,542)	(465,212)
Investment in Tamboran Resources Corporation, Empire Energy Group Ltd., Falcon Oil & Gas Ltd. (2024), and Oklo Inc. (2023)	(16,056)	(10,000)
Acquisition of Siren Energy, net of cash received	0	(75,656)
Proceeds from sale of assets	8,633	22,433
Net cash used in investing activities	(454,965)	(528,435)
Cash flows from financing activities:
Proceeds from borrowings on line-of-credit	1,671,000	873,000
Repayments of borrowings on line-of-credit	(1,688,000)	(765,000)
Repayments of borrowings on term loan	0	(104,716)
Payments on finance lease obligations	(34,446)	(10,483)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(35,308)	(26,011)
Payments of payables pursuant to tax receivable agreements	(5,189)	0
Share repurchases	(99,094)	(164,021)
Tax withholding on restricted stock units	(19,767)	(9,320)
Payments of equity issuance costs	0	(223)
Payments of debt issuance costs	0	(1,566)
Net cash used in financing activities	(210,804)	(208,340)
Net decrease in cash and cash equivalents before translation effect	(13,687)	(16,934)
Translation effect on cash	(85)	(139)
Cash and cash equivalents—beginning of period	36,784	43,676
Cash and cash equivalents—end of period	23,012	26,603
Supplemental disclosure of cash flow information:
Net cash paid for income taxes	40,241	56,174
Cash paid for interest	25,174	19,518
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	131,517	112,893
Capital expenditures reclassified from prepaid and other current assets	52,610	34,413
Capital expenditures reclassified from finance lease right-of-use assets	$ 6,894	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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. The Merger did not have a significant impact on the Company’s consolidated financial statements. 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. We offer customers hydraulic fracturing services, together with complementary services including wireline services, proppant delivery solutions, field gas processing, compressed natural gas (“CNG”) delivery, data analytics, related goods (including our sand mine operations), and technologies to 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 September 30, 2024 and December 31, 2023, the results of operations and equity of the Company as of and for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2024. 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	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Recently Issued Accounting Standards Segment Reporting: Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures , which requires more detailed disclosures, on an annual and interim basis, related to the Company’s reportable segment. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Although the Company has only one reportable segment, the Company is currently assessing the impact of this ASU on the Company’s financial statements. Income Taxes: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures , which requires disaggregation of certain components included in the Company’s effective tax rate and income taxes paid disclosures. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of this ASU on the Company’s financial statements but does not expect it will have a material impact. Siren Acquisition On April 6, 2023, the Company completed the acquisition of a Permian focused integrated natural gas compression and compressed natural gas delivery business, Siren Energy & Logistics, LLC, for cash consideration of $75.7 million, after post-closing adjustments and net of cash received, (the “Siren Acquisition”). The Siren Acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, the Company conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. In connection with the Siren Acquisition, the Company recorded goodwill of $42.0 million, property and equipment of $34.9 million, net working capital of $2.5 million, deferred revenue of $5.2 million, and other assets of $1.8 million. Goodwill is recorded in other assets and deferred revenue is recorded in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the Siren Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to current period financial statement presentation. Amounts in the prior period financial statements have been reclassified from “Tax withheld on vesting of restricted stock units” into “Vesting of restricted stock units, net” in the accompanying unaudited condensed consolidated statements of changes in equity. In the accompanying unaudited condensed consolidated statement of cash flows, amounts in the prior period financial statements have been reclassified from “Inventory write-down” and “Non-cash lease expense” into “Other non-cash items, net”. Additionally, amounts in the prior period financial statements have been reclassified from “Deferred revenue” into “Accounts payable and accrued liabilities”. Additionally, in the accompanying unaudited condensed consolidated balance sheets, amounts in the prior period financial statements have been reclassified from “Other assets” into “Investment in Oklo Inc.” and “Investment in Tamboran Resources Corporation”. These reclassifications had no effect on the previously reported net income or loss.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: September 30, December 31, ($ in thousands) 2024 2023 Proppants $ 12,984 $ 17,124 Chemicals 16,224 16,896 Maintenance parts 168,355 171,845 $ 197,563 $ 205,865 During the three months ended September 30, 2024, the Company did not record any write-downs to inventory carrying values. During the nine months ended September 30, 2024, the lower of cost or net realizable value analysis resulted in the Company recording a write-down to the inventory carrying value of $1.0 million. During the year ended December 31, 2023, the lower of cost or net realizable value analysis resulted in the Company recording a write-down to the inventory carrying value of $5.8 million.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: Estimated September 30, December 31, ($ in thousands) 2024 2023 Land N/A $ 30,507 $ 29,384 Field services equipment 2-10 2,916,170 2,520,336 Vehicles 4-7 61,861 63,423 Lease equipment 10 163,794 138,781 Buildings and facilities 5-30 177,264 149,876 Mineral reserves >25 80,463 76,823 Office equipment and furniture 2-7 12,605 11,836 3,442,664 2,990,459 Less accumulated depreciation and depletion (1,823,376) (1,501,685) 1,619,288 1,488,774 Construction in-progress N/A 214,926 156,594 Property and equipment, net $ 1,834,214 $ 1,645,368 During the three months ended September 30, 2024 and 2023, the Company recognized depreciation expense of $111.3 million and $99.5 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized depreciation expense of $332.2 million and $280.9 million, respectively. Depletion expense for the three months ended September 30, 2024 and 2023 was $0.3 million. Depletion expense for the nine months ended September 30, 2024 and 2023 was $0.9 million. As of September 30, 2024 and December 31, 2023, 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. As of September 30, 2024, the Company classified $1.2 million of land and $2.8 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 nine months ended September 30, 2024. Additionally, as of December 31, 2023, the Company classified $0.7 million of land and $0.8 million of buildings, net of accumulated depreciation, of one property that it intends to sell within the next year, and that meets the held for sale criteria, as assets held for sale, included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheet. As of September 30, 2023, the Company classified $0.7 million of land and $0.8 million of buildings, net of accumulated depreciation, of one property as assets held for sale. The Company estimated that carrying value of the assets was 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 nine months ended September 30, 2023.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 11,610 $ 6,444 $ 30,454 $ 11,008 Interest on lease liabilities 4,680 1,882 11,973 3,271 Operating lease cost 9,254 9,924 26,945 30,562 Variable lease cost 1,499 1,415 4,887 3,932 Short-term lease cost 543 1,954 2,425 6,359 Total lease cost, net $ 27,586 $ 21,619 $ 76,684 $ 55,132 Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating leases $ 9,101 $ 11,076 $ 26,898 $ 31,336 Finance leases 18,699 7,288 46,428 13,749 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,552 11,747 14,252 28,667 Finance leases 47,475 88,125 128,980 105,298 During the nine months ended September 30, 2024 , the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. In connection with the amendments, the Company wrote-off a de minimis amount of operating lease right-of-use assets and liabilities. Additionally, the Company recognized finance lease right-of-use assets of $4.4 million and liabilities of $4.3 million. There was no gain or loss recognized as a result of these amendments. During the nine months ended September 30, 2023, the Company did not reclassify any operating or finance leases. Lease terms and discount rates as of September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 3.9 years 4.3 years Finance leases 3.3 years 3.3 years Weighted-average discount rate: Operating leases 6.6 % 6.0 % Finance leases 7.4 % 8.0 % Future minimum lease commitments as of September 30, 2024 are as follows: ($ in thousands) Finance Operating Remainder of 2024 $ 20,085 $ 8,220 2025 80,451 32,526 2026 82,569 21,719 2027 52,062 11,920 2028 53,336 3,871 Thereafter 21,071 12,675 Total lease payments 309,574 90,931 Less imputed interest (42,213) (10,220) Total $ 267,361 $ 80,711 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of September 30, 2024 is $12.0 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 Equipment leased to others - at original cost $ 163,794 $ 138,781 Less: Accumulated depreciation (38,098) (25,819) Equipment leased to others - net $ 125,696 $ 112,962 Future payments receivable for operating leases as of September 30, 2024 are as follows: ($ in thousands) Remainder of 2024 $ 1,690 2025 5,412 2026 2,239 2027 — 2028 — Thereafter — Total $ 9,341 Revenues from operating leases for the three and nine months ended September 30, 2024 were $11.1 million and $28.9 million, respectively. Revenues from operating leases for the three and nine months ended September 30, 2023 were $9.6 million and $27.8 million, respectively.
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 11,610 $ 6,444 $ 30,454 $ 11,008 Interest on lease liabilities 4,680 1,882 11,973 3,271 Operating lease cost 9,254 9,924 26,945 30,562 Variable lease cost 1,499 1,415 4,887 3,932 Short-term lease cost 543 1,954 2,425 6,359 Total lease cost, net $ 27,586 $ 21,619 $ 76,684 $ 55,132 Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating leases $ 9,101 $ 11,076 $ 26,898 $ 31,336 Finance leases 18,699 7,288 46,428 13,749 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,552 11,747 14,252 28,667 Finance leases 47,475 88,125 128,980 105,298 During the nine months ended September 30, 2024 , the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. In connection with the amendments, the Company wrote-off a de minimis amount of operating lease right-of-use assets and liabilities. Additionally, the Company recognized finance lease right-of-use assets of $4.4 million and liabilities of $4.3 million. There was no gain or loss recognized as a result of these amendments. During the nine months ended September 30, 2023, the Company did not reclassify any operating or finance leases. Lease terms and discount rates as of September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 3.9 years 4.3 years Finance leases 3.3 years 3.3 years Weighted-average discount rate: Operating leases 6.6 % 6.0 % Finance leases 7.4 % 8.0 % Future minimum lease commitments as of September 30, 2024 are as follows: ($ in thousands) Finance Operating Remainder of 2024 $ 20,085 $ 8,220 2025 80,451 32,526 2026 82,569 21,719 2027 52,062 11,920 2028 53,336 3,871 Thereafter 21,071 12,675 Total lease payments 309,574 90,931 Less imputed interest (42,213) (10,220) Total $ 267,361 $ 80,711 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of September 30, 2024 is $12.0 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 Equipment leased to others - at original cost $ 163,794 $ 138,781 Less: Accumulated depreciation (38,098) (25,819) Equipment leased to others - net $ 125,696 $ 112,962 Future payments receivable for operating leases as of September 30, 2024 are as follows: ($ in thousands) Remainder of 2024 $ 1,690 2025 5,412 2026 2,239 2027 — 2028 — Thereafter — Total $ 9,341 Revenues from operating leases for the three and nine months ended September 30, 2024 were $11.1 million and $28.9 million, respectively. Revenues from operating leases for the three and nine months ended September 30, 2023 were $9.6 million and $27.8 million, respectively.
Leases	Leases The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset. Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred. The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 11,610 $ 6,444 $ 30,454 $ 11,008 Interest on lease liabilities 4,680 1,882 11,973 3,271 Operating lease cost 9,254 9,924 26,945 30,562 Variable lease cost 1,499 1,415 4,887 3,932 Short-term lease cost 543 1,954 2,425 6,359 Total lease cost, net $ 27,586 $ 21,619 $ 76,684 $ 55,132 Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating leases $ 9,101 $ 11,076 $ 26,898 $ 31,336 Finance leases 18,699 7,288 46,428 13,749 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,552 11,747 14,252 28,667 Finance leases 47,475 88,125 128,980 105,298 During the nine months ended September 30, 2024 , the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. In connection with the amendments, the Company wrote-off a de minimis amount of operating lease right-of-use assets and liabilities. Additionally, the Company recognized finance lease right-of-use assets of $4.4 million and liabilities of $4.3 million. There was no gain or loss recognized as a result of these amendments. During the nine months ended September 30, 2023, the Company did not reclassify any operating or finance leases. Lease terms and discount rates as of September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 3.9 years 4.3 years Finance leases 3.3 years 3.3 years Weighted-average discount rate: Operating leases 6.6 % 6.0 % Finance leases 7.4 % 8.0 % Future minimum lease commitments as of September 30, 2024 are as follows: ($ in thousands) Finance Operating Remainder of 2024 $ 20,085 $ 8,220 2025 80,451 32,526 2026 82,569 21,719 2027 52,062 11,920 2028 53,336 3,871 Thereafter 21,071 12,675 Total lease payments 309,574 90,931 Less imputed interest (42,213) (10,220) Total $ 267,361 $ 80,711 The Company’s vehicle leases typically include a residual value guarantee. For the Company’s vehicle leases classified as operating leases, the total residual value guaranteed as of September 30, 2024 is $12.0 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 Equipment leased to others - at original cost $ 163,794 $ 138,781 Less: Accumulated depreciation (38,098) (25,819) Equipment leased to others - net $ 125,696 $ 112,962 Future payments receivable for operating leases as of September 30, 2024 are as follows: ($ in thousands) Remainder of 2024 $ 1,690 2025 5,412 2026 2,239 2027 — 2028 — Thereafter — Total $ 9,341 Revenues from operating leases for the three and nine months ended September 30, 2024 were $11.1 million and $28.9 million, respectively. Revenues from operating leases for the three and nine months ended September 30, 2023 were $9.6 million and $27.8 million, respectively.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following: ($ in thousands) September 30, 2024 December 31, 2023 Accrued vendor invoices $ 78,531 $ 99,620 Operations accruals 67,236 61,150 Accrued benefits and other 94,874 100,296 $ 240,641 $ 261,066

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: September 30, December 31, ($ in thousands) 2024 2023 Revolving Line of Credit $ 123,000 $ 140,000 On September 19, 2017, the Company entered into two credit agreements: (i) a revolving line of credit up to $250.0 million, subsequently increased to $525.0 million, see below, (the “ABL Facility”) and (ii) a $175.0 million term loan (the “Term Loan Facility”). On January 23, 2023, the Company borrowed $106.7 million on the ABL Facility and used the proceeds to pay off and terminate the Term Loan Facility. The amount paid included the balance of the Term Loan Facility at pay off of $104.7 million, $0.9 million of accrued interest, and a $1.1 million prepayment premium. The weighted average interest rate on all borrowings outstanding as of September 30, 2024 and December 31, 2023 was 6.9% and 7.6%, respectively. 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 September 30, 2024, the borrowing base was calculated to be $459.7 million, and the Company had $123.0 million outstanding in addition to letters of credit in the amount of $7.4 million, with $329.3 million of remaining availability. Borrowings under the ABL Facility bear interest at Secured Overnight Financing Rate (“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 described in the ABL Facility credit agreement (the “Credit Agreement”). Additionally, borrowings as of September 30, 2024 incurred interest at a weighted average rate of 6.9%. 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, of 1.0 to 1.0 for each period if excess availability is less than 10% of the borrowing base or $52.5 million, whichever is greater. The Company was in compliance with these covenants as of September 30, 2024. Maturities of debt are as follows: ($ in thousands) Remainder of 2024 $ — 2025 — 2026 — 2027 — 2028 123,000 Thereafter — $ 123,000

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 and 2023. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, notes receivable, investments in equity securities, 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 September 30, 2024 and December 31, 2023. • The carrying values of cash and cash equivalents, accounts receivable, and accounts payable (including accrued liabilities) approximated fair value on September 30, 2024 and December 31, 2023, due to their short-term nature. • The carrying value of investments in equity securities were measured at fair value on September 30, 2024 based on quoted prices in active markets. • The carrying value of amounts outstanding under long-term debt agreements with variable rates approximated fair value on September 30, 2024 and December 31, 2023, as the effective interest rates approximated market rates. • The carrying values of amounts outstanding under finance and operating lease obligations approximated fair value on September 30, 2024 and December 31, 2023, 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 September 30, 2024, the Company recorded $1.2 million of land and $2.8 million of buildings, net of accumulated depreciation, of two properties that met the held for sale criteria, to assets held for sale at a total fair value of $3.4 million, which are included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheets. The Company estimated the fair value of the properties based on the listed selling price for the two properties, which is a Level 3 input. 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 nine months ended September 30, 2024. As of December 31, 2023, the Company recorded $0.7 million of land and $0.8 million of buildings, net of accumulated depreciation, of one property that met the held for sale criteria, to assets held for sale at a total fair value of $0.8 million, which are included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheets. The Company estimated the fair value of the property based on a communicated selling price for one property, which is a Level 3 input. Recurring Measurements The fair values of the Company’s cash equivalents measured on a recurring basis pursuant to ASC 820-10 Fair Value Measurements and Disclosures are carried at estimated fair value. Cash equivalents consist of money market accounts which the Company has classified as Level 1 given the active market for these accounts. As of September 30, 2024 and December 31, 2023, the Company had cash equivalents, measured at fair value, of $0.3 million. The Company holds an investment in Oklo Inc. (“Oklo”) made during the three months ended September 30, 2023. In May 2024, Oklo was acquired by a publicly traded special purpose acquisition company which resulted in the conversion of the Company’s investment into common shares of Oklo, which are traded on the New York Stock Exchange. The Company measures this investment in equity securities at fair value using Level 1 inputs based on quoted prices in an active market. As of September 30, 2024, the fair value of the investment was estimated at $16.6 million. The change in Oklo’s fair value resulted in an unrealized loss of $0.8 million and an unrealized gain of $6.6 million during the three and nine months ended September 30, 2024, respectively, included in unrealized loss (gain) on investments, net in the accompanying unaudited condensed consolidated statements of operations. Additionally, during the three months ended December 31, 2023, the Company purchased depository interests representing shares of common stock in Tamboran Resources Corporation (“Tamboran”). In June 2024, Tamboran executed an Initial Public Offering (“IPO”) and listed its common stock on the New York Stock Exchange. In addition to the prior purchase of depository interests, the Company participated in Tamboran’s IPO by purchasing an additional $10.0 million of Tamboran’s common stock. The Company measures this investment in equity securities at fair value using Level 1 inputs based on quoted prices in an active market. As of September 30, 2024, the fair value of the investment was estimated at $18.2 million. The change in Tamboran’s fair value resulted in an unrealized loss of $1.9 million and $2.1 million during the three and nine months ended September 30, 2024, respectively, included in unrealized loss (gain) on investments, net in the accompanying unaudited condensed consolidated statements of operations. 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 accompanying unaudited condensed consolidated financial statements. No such measurements were required as of September 30, 2024 and December 31, 2023 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 $23.0 million and $36.8 million as of September 30, 2024 and December 31, 2023, respectively, which exceeded FDIC insured limits. The Company regularly monitors these institutions’ financial condition. The majority of the Company’s customers have payment terms of 45 days or less. As of September 30, 2024, customer A accounted for 13% o f total consolidated accounts receivable and unbilled revenue. As of December 31, 2023, no c ustomers accounted for more than 10% o f total consolidated accounts receivable and unbilled revenue. During the three months ended September 30, 2024 and 2023, no customers accounted for more than 10% of consolidated revenues. During the nine months ended September 30, 2024, customer B accounted for 12% of consolidated revenues. During the nine months ended September 30, 2023, customer A accounted for 11% of consolidated revenues. No other customers accounted for more than 10% of revenues during the respective periods. The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers. The Company applies historic loss factors to its receivable portfolio segments that are not expected to be further impacted by current economic developments, and an additional economic conditions factor to portfolio segments anticipated to experience greater losses in the current economic environment. While the Company has not experienced significant credit losses in the past and has not seen material changes to the payment patterns of its customers, the Company cannot predict with any certainty the degree to which unforeseen events may affect the ability of its customers to timely pay receivables when due. Accordingly, in future periods, the Company may revise its estimates of expected credit losses. As of September 30, 2024 and December 31, 2023, the Company had $0.9 million in allowance for credit losses as follows: ($ in thousands) Provision for credit losses on December 31, 2023 $ 939 Credit Losses: Current period provision — Amounts written off — Provision for credit losses on September 30, 2024 $ 939

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Restricted Stock Units Restricted stock units (“RSUs”) granted pursuant to the Liberty Energy Inc. Amended and Restated 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 three years. Changes in non-vested RSUs outstanding under the LTIP during the nine months ended September 30, 2024 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2023 2,985,218 $ 13.90 Granted 1,513,894 19.44 Vested (1,425,820) 13.44 Forfeited (63,226) 14.70 Outstanding as of September 30, 2024 3,010,066 $ 16.89 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 and performance period, with the vesting percentage of the target award dependent on the satisfaction of the performance goals set forth in the applicable award agreement. The Company records compensation expense based on the Company’s best estimate of the number of PSUs that will vest at the end of the performance period. If such performance targets are not met, or are not expected to be met, no compensation expense is recognized and any recognized compensation expense is reversed. Changes in non-vested PSUs outstanding under the LTIP during the nine months ended September 30, 2024 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2023 1,339,568 $ 13.49 Granted 345,015 17.52 Vested (584,720) 12.95 Forfeited — — Outstanding as of September 30, 2024 1,099,863 $ 15.04 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 $8.1 million and $22.3 million for the three and nine months ended September 30, 2024, respectively. The Company recognized stock-based compensation of $8.6 million and $23.7 million for the three and nine months ended September 30, 2023, respectively. There was approximately $46.4 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of September 30, 2024. 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 $0.07 per share of Class A Common Stock on March 20, 2024, June 20, 2024, and September 20, 2024 to stockholders of record as of March 6, 2024, June 6, 2024, and September 6, 2024, respectively. During the three and nine months ended September 30, 2024, dividend payments totaled $11.5 million and $34.7 million, respectively. The Company paid cash dividends of $0.05 per share of Class A Common Stock on March 20, 2023, June 20, 2023, and September 20, 2023 to stockholders of record as of March 6, 2023, June 6, 2023, and September 6, 2023, respectively. During the three and nine months ended September 30, 2023, dividend payments totaled $8.4 million and $25.8 million, respectively. Additionally, the Company paid accrued dividend equivalents upon vesting for the RSUs and PSUs with a 2024 vesting date, which totaled $0.6 million for the nine months ended September 30, 2024. The Company paid accrued dividend equivalents upon vesting for the RSUs and PSUs with a 2023 vesting date, which totaled $0.2 million for the nine months ended September 30, 2023. As of September 30, 2024 and December 31, 2023, the Company had $1.2 million and $1.0 million of dividend equivalents payable related to RSUs and PSUs to be paid upon vesting, respectively. Dividends are not paid on forfeited RSUs or PSUs. Share Repurchase Program On July 25, 2022, the Company’s board of directors authorized and the Company announced a share repurchase program that allowed the Company to repurchase up to $250.0 million of the Company’s Class A Common Stock beginning immediately and continuing through July 31, 2024. Additionally, on January 24, 2023 the Board authorized and the Company announced an increase of the cumulative repurchase authorization to $500.0 million. Furthermore, on January 23, 2024, the Board authorized and the Company announced an increase of the cumulative repurchase authorization to $750.0 million and extended the authorization through July 31, 2026. The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions, or by other means in accordance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A Common Stock, the market price of the Company’s Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund any repurchases by using cash on hand, borrowings under the ABL Facility and expected free cash flow to be generated through the duration of the share repurchase program. Share repurchases and retirements under the share repurchase program for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands, except share count and per share data) 2024 2023 2024 2023 Shares of Class A Common Stock 1,939,072 1,784,899 4,739,041 11,673,886 Value of shares repurchased $ 39,350 $ 29,279 $ 99,093 $ 164,021 Average price per share including commissions $ 20.29 $ 16.40 $ 20.91 $ 14.05 As of September 30, 2024, $322.9 million 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 (the “Inflation Reduction Act”), the Company accrued stock repurchase excise tax of $0.7 million and $1.5 million, respectively, for the nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, the Company had excise tax payables of $2.5 million and $1.9 million, respectively, in accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.

Net Income per Share

Net Income per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income per Share	Net Income per Share Basic net income per share measures the performance of an entity over the reporting period. Diluted net income per share measures the performance of an entity over the reporting period while giving effect to all potentially dilutive common shares that were outstanding during the period. The Company uses the “if-converted” method to determine the potential dilutive effect of its Class B Common Stock and the treasury stock method to determine the potential dilutive effect of outstanding RSUs and PSUs. The following table reflects the allocation of net income to common stockholders and net income per share computations for the periods indicated based on a weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding: Three Months Ended Nine Months Ended (In thousands, except per share data) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Basic Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 73,804 $ 148,608 $ 264,117 $ 463,934 Denominator: Basic weighted average common shares outstanding 164,741 169,781 165,755 173,135 Basic net income per share attributable to Liberty Energy Inc. stockholders $ 0.45 $ 0.88 $ 1.59 $ 2.68 Diluted Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 73,804 $ 148,608 $ 264,117 $ 463,934 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock — — — 71 Diluted net income attributable to Liberty Energy Inc. stockholders $ 73,804 $ 148,608 $ 264,117 $ 464,005 Denominator: Basic weighted average shares outstanding 164,741 169,781 165,755 173,135 Effect of dilutive securities: Restricted stock units 3,854 4,203 4,192 4,121 Class B Common Stock — — — 28 Diluted weighted average shares outstanding 168,595 173,984 169,947 177,284 Diluted net income per share attributable to Liberty Energy Inc. stockholders $ 0.44 $ 0.85 $ 1.55 $ 2.62

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is a corporation and is subject to taxation in the United States, Canada, Australia and various state, local and provincial jurisdictions. Historically, Liberty LLC was treated as a partnership, and its income was passed through to its owners for income tax purposes. Liberty LLC’s members, including the Company, were 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 filed a final tax return during the 2023 calendar year. The Company is still party to the TRAs; the associated liabilities are discussed below. On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15% global minimum tax rate for large multinational corporations (the “Pillar Two Framework”). On June 20, 2024, Canada enacted the Pillar Two global minimum tax regime, which is not expected to have a material impact on the Company’s financial statements for the fiscal year ended December 31, 2024. The OECD continues to release additional guidance and countries are implementing legislation, with widespread adoption of the Pillar Two Framework expected by 2025. The Company is continuing to evaluate the Pillar Two Framework and its potential impact on future periods, including any legislation enacted in the jurisdictions in which the Company operates. 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 is not expected to be significant. The effective global income tax rate applicable to the Company for the nine months ended September 30, 2024 was 23.5%, compared to 24.6% for the period ended September 30, 2023. 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 income tax expense of $22.2 million and $81.2 million during the three and nine months ended September 30, 2024, respectively. The Company recognized income tax expense of $49.8 million and $151.7 million during the three and nine months ended September 30, 2023, respectively. During the three months ended September 30, 2024, the Company entered into a Tax Credit Transfer Agreement (“TCTA”) with a third-party seller, pursuant to which the Company agreed to purchase up to $40.0 million of transferable tax credits under the Inflation Reduction Act. The benefit for the federal income tax credits purchased has been recognized as part of the Company’s overall effective annual tax rate. As of September 30, 2024 and December 31, 2023, the Company recognized a net deferred tax liability in the amount of $102.3 million. 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. As such, the Company 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. Additionally, 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 was recorded through equity during the nine months ended September 30, 2023. As of September 30, 2024, the Company ’ s liability under the TRAs was $112.4 million of which $37.4 million is payable within the next 12 months, and $75.0 million thereafter. The Company made TRA payments of $5.2 million for the nine months ended September 30, 2024. As of December 31, 2023, the Company ’

Defined Contribution Plan

Defined Contribution Plan	9 Months Ended
	Sep. 30, 2024
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 wer e $9.9 million and $8.2 million for the three months ended September 30, 2024 and 2023, respectively, and $27.9 million and $24.4 million for the nine months ended September 30, 2024 and 2023, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
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”) in exchange for the issuance of shares of the Company ’ s Class A Common Stock amongst other consideration. During the nine months ended September 30, 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 qualified as a related party. Within the normal course of business, the Company purchased chemicals, proppant, 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. 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 A member of the board of directors of the Company, Audrey Robertson, serves as Executive Vice President of Finance of Franklin Mountain Energy, LLC (“Franklin Mountain”). During the three and nine months ended September 30, 2024, the Company performed hydraulic fracturing services for Franklin Mountain in the amount of $26.6 million and $79.7 million, respectively. During the three and nine months ended September 30, 2023, the Company performed hydraulic fracturing services for Franklin Mountain in the amount of $61.2 million and $128.0 million, respectively. Amounts included in unbilled revenue from Franklin Mountain as of September 30, 2024 and December 31, 2023 were $4.0 million and $13.4 million, respectively. Receivables from Franklin Mountain as of September 30, 2024 and December 31, 2023 were $0.0 million and $12.1 million, respectively. Liberty Resources LLC Liberty Resources LLC, an oil and gas exploration and production company, and its successor entity (collectively, the “Affiliate”) had certain common ownership and management with the Company. Effective March 14, 2024, the Affiliate was no longer a related party, following its acquisition by an unaffiliated party. The amounts of the Company’s revenue related to hydraulic fracturing services provided to the Affiliate for the period January 1, 2024 through March 13, 2024, and the three and nine months ended September 30, 2023, were $11.1 million, $18.4 million, and $33.5 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. Additionally, on August 15, 2023, the agreement was further amended in order to extend the due dates for certain invoices to January 1, 2025. Amounts outstanding from the Affiliate as of December 31, 2023 were $14.8 million, included in other assets in the accompanying unaudited condensed consolidated balance sheet. All amounts outstanding with the Affiliate under the agreement were collected in full during the three months ended March 31, 2024. Receivables from the Affiliate as of December 31, 2023 were $5.2 million, included in accounts receivable—related party. During the period January 1, 2024 through March 13, 2024, and the three and nine months ended September 30, 2023, interest income from the Affiliate was $0.5 million, $0.5 million, and $1.3 million, respectively. Oklo Inc. During the three months ended September 30, 2023, the Company invested $10.0 million in a fission power and nuclear fuel recycling company, Oklo. Effective May 10, 2024, through an acquisition by a special purpose acquisition company, the Company ’ s investment converted into shares traded on the New York Stock Exchange. Additionally, Chris Wright, the Company ’ s Chief Executive Officer and Chairman of the Board, was appointed to the Oklo board of directors. During the three and nine months ended September 30, 2024, the Company recorded an unrealized loss of $0.8 million and an unrealized gain of $6.6 million, respectively, included in unrealized loss (gain) on investments, net in the accompanying unaudited condensed consolidated statements of operations. As of September 30, 2024, the fair value of the Company ’ s investment using Level 1 inputs was $16.6 million. The Company was not party to any other transactions with Oklo during the three and nine months ended September 30, 2024, and 2023.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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, transload, and equipment. As of September 30, 2024 and December 31, 2023, the agreements provide pricing and committed supply sources for the Company to purchas e 463,500 tons and 1,854,000 tons, respectively, of proppant through December 31, 2025. Amounts below also include commitments to pay for transport fees on minimum amounts of proppants. Additionally, related proppant transload service commitments run through 2024. Future proppant, transload, and equipment commitments are as follows: ($ in thousands) Remainder of 2024 $ 36,572 2025 12,960 2026 — 2027 — 2028 — Thereafter — $ 49,532 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 $2.8 million and $5.4 million for the remainder of 2024 and the year ended 2025, 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 2024 are $2.7 million of payments expected to be made in the fourth quarter of 2024 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, individually or in aggregate, will have a material adverse effect on the Company ’ s financial position or results of operations.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	9 Months Ended
	Sep. 30, 2024
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Selected Quarterly Financial Data The following tables summarizes consolidated changes in equity for the three months ended September 30, 2024 and 2023: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Equity Balance—June 30, 2024 165,332 — $ 1,653 $ — $ 1,027,939 $ 918,836 $ (11,533) $ 1,936,895 $0.07/share of Class A Common Stock dividend — — — — — (11,726) — (11,726) Share repurchases (1,939) — (19) — (39,331) — — (39,350) Excise tax on share repurchases — — — — (393) — — (393) Stock-based compensation expense — — — — 8,121 — — 8,121 Currency translation adjustment — — — — — — 1,647 1,647 Net income — — — — — 73,804 — 73,804 Balance—September 30, 2024 163,393 — $ 1,634 $ — $ 996,336 $ 980,914 $ (9,886) $ 1,968,998 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Equity Balance—June 30, 2023 170,393 $ — $ 1,704 $ — $ 1,146,130 $ 531,974 $ (5,867) $ 1,673,941 Deferred tax and tax receivable agreements impact of Liberty LLC merger into the Company — — — — (1,204) — — (1,204) $0.05/share of Class A Common Stock dividend — — — — — (8,658) — (8,658) Share repurchases (1,785) — (18) — (29,261) — — (29,279) Excise tax on share repurchases — — — — (293) — — (293) Stock-based compensation expense — — — — 8,595 — — 8,595 Currency translation adjustment — — — — — — (3,148) (3,148) Net income — — — — — 148,608 — 148,608 Balance—September 30, 2023 168,608 — 1,686 — 1,123,967 671,924 (9,015) $ 1,788,562

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 15, 2024, the Company’s board of directors approved a quarterly dividend of $0.08 per share of Class A Common Stock to be paid on December 20, 2024 to holders of record as of December 6, 2024. No other significant subsequent events have occurred that would require recognition or disclosure in the unaudited condensed consolidated financial statements and notes thereto.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Liberty Energy Inc. stockholders	$ 73,804	$ 148,608	$ 264,117	$ 463,934

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael Stock [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 12, 2024, Michael Stock, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, providing for the potential sale of up to 175,000 shares of our Class A Common Stock between January 2, 2025 and July 31, 2025.
Name	Michael Stock
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	July 31, 2025
Arrangement Duration	210 days
Aggregate Available	175	175

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, the results of operations and equity of the Company as of and for the three and nine months ended September 30, 2024 and 2023, and cash flows for the nine months ended September 30, 2024 and 2023. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2024. 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.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Segment Reporting: Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures , which requires more detailed disclosures, on an annual and interim basis, related to the Company’s reportable segment. The guidance is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Although the Company has only one reportable segment, the Company is currently assessing the impact of this ASU on the Company’s financial statements. Income Taxes: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: Improvements to Income Tax Disclosures , which requires disaggregation of certain components included in the Company’s effective tax rate and income taxes paid disclosures. The guidance is effective for annual periods beginning after December 15, 2024. The Company is currently assessing the impact of this ASU on the Company’s financial statements but does not expect it will have a material impact.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: September 30, December 31, ($ in thousands) 2024 2023 Proppants $ 12,984 $ 17,124 Chemicals 16,224 16,896 Maintenance parts 168,355 171,845 $ 197,563 $ 205,865

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following: Estimated September 30, December 31, ($ in thousands) 2024 2023 Land N/A $ 30,507 $ 29,384 Field services equipment 2-10 2,916,170 2,520,336 Vehicles 4-7 61,861 63,423 Lease equipment 10 163,794 138,781 Buildings and facilities 5-30 177,264 149,876 Mineral reserves >25 80,463 76,823 Office equipment and furniture 2-7 12,605 11,836 3,442,664 2,990,459 Less accumulated depreciation and depletion (1,823,376) (1,501,685) 1,619,288 1,488,774 Construction in-progress N/A 214,926 156,594 Property and equipment, net $ 1,834,214 $ 1,645,368

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Lease, Cost	The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 11,610 $ 6,444 $ 30,454 $ 11,008 Interest on lease liabilities 4,680 1,882 11,973 3,271 Operating lease cost 9,254 9,924 26,945 30,562 Variable lease cost 1,499 1,415 4,887 3,932 Short-term lease cost 543 1,954 2,425 6,359 Total lease cost, net $ 27,586 $ 21,619 $ 76,684 $ 55,132
Lessee, Supplemental Cash Flow Information	Sup plemental cash flow and other information related to leases for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands) 2024 2023 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating leases $ 9,101 $ 11,076 $ 26,898 $ 31,336 Finance leases 18,699 7,288 46,428 13,749 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 4,552 11,747 14,252 28,667 Finance leases 47,475 88,125 128,980 105,298
Lease Term and Discount Rate, Lessee	Lease terms and discount rates as of September 30, 2024 and December 31, 2023 were as follows: September 30, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 3.9 years 4.3 years Finance leases 3.3 years 3.3 years Weighted-average discount rate: Operating leases 6.6 % 6.0 % Finance leases 7.4 % 8.0 %
Lessee, Operating Lease, Liability, Maturity	Future minimum lease commitments as of September 30, 2024 are as follows: ($ in thousands) Finance Operating Remainder of 2024 $ 20,085 $ 8,220 2025 80,451 32,526 2026 82,569 21,719 2027 52,062 11,920 2028 53,336 3,871 Thereafter 21,071 12,675 Total lease payments 309,574 90,931 Less imputed interest (42,213) (10,220) Total $ 267,361 $ 80,711
Finance Lease, Liability, Maturity	Future minimum lease commitments as of September 30, 2024 are as follows: ($ in thousands) Finance Operating Remainder of 2024 $ 20,085 $ 8,220 2025 80,451 32,526 2026 82,569 21,719 2027 52,062 11,920 2028 53,336 3,871 Thereafter 21,071 12,675 Total lease payments 309,574 90,931 Less imputed interest (42,213) (10,220) Total $ 267,361 $ 80,711
Carrying Value of Assets Subject to Leases	The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of September 30, 2024 and December 31, 2023 were as follows: ($ in thousands) September 30, 2024 December 31, 2023 Equipment leased to others - at original cost $ 163,794 $ 138,781 Less: Accumulated depreciation (38,098) (25,819) Equipment leased to others - net $ 125,696 $ 112,962
Lessor, Operating Lease, Payment to be Received, Maturity	Future payments receivable for operating leases as of September 30, 2024 are as follows: ($ in thousands) Remainder of 2024 $ 1,690 2025 5,412 2026 2,239 2027 — 2028 — Thereafter — Total $ 9,341

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: ($ in thousands) September 30, 2024 December 31, 2023 Accrued vendor invoices $ 78,531 $ 99,620 Operations accruals 67,236 61,150 Accrued benefits and other 94,874 100,296 $ 240,641 $ 261,066

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following: September 30, December 31, ($ in thousands) 2024 2023 Revolving Line of Credit $ 123,000 $ 140,000
Schedule of Maturities of Long-term Debt	Maturities of debt are as follows: ($ in thousands) Remainder of 2024 $ — 2025 — 2026 — 2027 — 2028 123,000 Thereafter — $ 123,000

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Allowance for Doubtful Accounts	As of September 30, 2024 and December 31, 2023, the Company had $0.9 million in allowance for credit losses as follows: ($ in thousands) Provision for credit losses on December 31, 2023 $ 939 Credit Losses: Current period provision — Amounts written off — Provision for credit losses on September 30, 2024 $ 939

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Changes in non-vested RSUs outstanding under the LTIP during the nine months ended September 30, 2024 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2023 2,985,218 $ 13.90 Granted 1,513,894 19.44 Vested (1,425,820) 13.44 Forfeited (63,226) 14.70 Outstanding as of September 30, 2024 3,010,066 $ 16.89
Schedule of Performance Restricted Stock Units Activity	Changes in non-vested PSUs outstanding under the LTIP during the nine months ended September 30, 2024 were as follows: Number of Units Weighted Average Grant Date Fair Value per Unit Non-vested as of December 31, 2023 1,339,568 $ 13.49 Granted 345,015 17.52 Vested (584,720) 12.95 Forfeited — — Outstanding as of September 30, 2024 1,099,863 $ 15.04
Schedule of Repurchase Agreements	Share repurchases and retirements under the share repurchase program for the three and nine months ended September 30, 2024 and 2023 were as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in thousands, except share count and per share data) 2024 2023 2024 2023 Shares of Class A Common Stock 1,939,072 1,784,899 4,739,041 11,673,886 Value of shares repurchased $ 39,350 $ 29,279 $ 99,093 $ 164,021 Average price per share including commissions $ 20.29 $ 16.40 $ 20.91 $ 14.05

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reflects the allocation of net income to common stockholders and net income per share computations for the periods indicated based on a weighted average number of shares of Class A Common Stock and Class B Common Stock outstanding: Three Months Ended Nine Months Ended (In thousands, except per share data) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Basic Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 73,804 $ 148,608 $ 264,117 $ 463,934 Denominator: Basic weighted average common shares outstanding 164,741 169,781 165,755 173,135 Basic net income per share attributable to Liberty Energy Inc. stockholders $ 0.45 $ 0.88 $ 1.59 $ 2.68 Diluted Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 73,804 $ 148,608 $ 264,117 $ 463,934 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock — — — 71 Diluted net income attributable to Liberty Energy Inc. stockholders $ 73,804 $ 148,608 $ 264,117 $ 464,005 Denominator: Basic weighted average shares outstanding 164,741 169,781 165,755 173,135 Effect of dilutive securities: Restricted stock units 3,854 4,203 4,192 4,121 Class B Common Stock — — — 28 Diluted weighted average shares outstanding 168,595 173,984 169,947 177,284 Diluted net income per share attributable to Liberty Energy Inc. stockholders $ 0.44 $ 0.85 $ 1.55 $ 2.62

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Future proppant, transload, and equipment commitments are as follows: ($ in thousands) Remainder of 2024 $ 36,572 2025 12,960 2026 — 2027 — 2028 — Thereafter — $ 49,532

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Tables)	9 Months Ended
	Sep. 30, 2024
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables summarizes consolidated changes in equity for the three months ended September 30, 2024 and 2023: Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Equity Balance—June 30, 2024 165,332 — $ 1,653 $ — $ 1,027,939 $ 918,836 $ (11,533) $ 1,936,895 $0.07/share of Class A Common Stock dividend — — — — — (11,726) — (11,726) Share repurchases (1,939) — (19) — (39,331) — — (39,350) Excise tax on share repurchases — — — — (393) — — (393) Stock-based compensation expense — — — — 8,121 — — 8,121 Currency translation adjustment — — — — — — 1,647 1,647 Net income — — — — — 73,804 — 73,804 Balance—September 30, 2024 163,393 — $ 1,634 $ — $ 996,336 $ 980,914 $ (9,886) $ 1,968,998 Shares of Class A Common Stock Shares of Class B Common Stock Class A Common Stock, Par Value Class B Common Stock, Par Value Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Equity Balance—June 30, 2023 170,393 $ — $ 1,704 $ — $ 1,146,130 $ 531,974 $ (5,867) $ 1,673,941 Deferred tax and tax receivable agreements impact of Liberty LLC merger into the Company — — — — (1,204) — — (1,204) $0.05/share of Class A Common Stock dividend — — — — — (8,658) — (8,658) Share repurchases (1,785) — (18) — (29,261) — — (29,279) Excise tax on share repurchases — — — — (293) — — (293) Stock-based compensation expense — — — — 8,595 — — 8,595 Currency translation adjustment — — — — — — (3,148) (3,148) Net income — — — — — 148,608 — 148,608 Balance—September 30, 2023 168,608 — 1,686 — 1,123,967 671,924 (9,015) $ 1,788,562

Organization and Basis of Pre_2

Organization and Basis of Presentation - Narrative (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023	Jan. 31, 2023
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
PropX | Common Stock | Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
PropX | Common Stock | Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01

Significant Accounting Polici_3

Significant Accounting Policies (Details) $ in Thousands		9 Months Ended
	Apr. 06, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Number of reportable segments | segment		1
Payments to acquire businesses, net of cash acquired		$ 0	$ 75,656
Siren Energy
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 75,700
Investment in Oklo Inc.	42,000
Property and equipment	34,900
Business combination, net working capital	2,500
Business combination, recognized identifiable assets acquired and liabilities assumed, current liabilities, deferred revenue	5,200
Business combination, recognized identifiable assets acquired and liabilities assumed, other assets (liabilities), net	$ 1,800

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventories	$ 197,563	$ 197,563	$ 205,865
Inventory write-down	0	1,000	5,800
Proppants
Inventory [Line Items]
Inventories	12,984	12,984	17,124
Chemicals
Inventory [Line Items]
Inventories	16,224	16,224	16,896
Maintenance parts
Inventory [Line Items]
Inventories	$ 168,355	$ 168,355	$ 171,845

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and depletion	$ (1,823,376)	$ (1,501,685)
Property and equipment, net	1,834,214	1,645,368
Depreciable Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,442,664	2,990,459
Property and equipment, net	1,619,288	1,488,774
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,507	29,384
Field services equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,916,170	2,520,336
Field services equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Field services equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 61,861	63,423
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Lease equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 163,794	138,781
Estimated useful lives	10 years
Buildings and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 177,264	149,876
Buildings and facilities | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Buildings and facilities | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Mineral reserves
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 80,463	76,823
Estimated useful lives	25 years
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,605	11,836
Office equipment and furniture | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Office equipment and furniture | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Construction in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 214,926	$ 156,594

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property
Property, Plant and Equipment [Abstract]
Depreciation	$ 111.3	$ 99.5	$ 332.2	$ 280.9
Depletion	0.3	0.3	0.9	0.9
Land available-for-sale	1.2	0.7	1.2	0.7	$ 0.7
Real estate, building, held-for-sale	$ 2.8	$ 0.8	$ 2.8	$ 0.8	$ 0.8
Number of property available-for-sale | property	2	1	2	1	1
Gain (loss) on sale of properties			$ 0	$ 0

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Amortization of right-of-use assets	$ 11,610	$ 6,444	$ 30,454	$ 11,008
Interest on lease liabilities	4,680	1,882	11,973	3,271
Operating lease cost	9,254	9,924	26,945	30,562
Variable lease cost	1,499	1,415	4,887	3,932
Short-term lease cost	543	1,954	2,425	6,359
Total lease cost, net	$ 27,586	$ 21,619	$ 76,684	$ 55,132

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in measurement of liabilities:
Operating leases	$ 9,101	$ 11,076	$ 26,898	$ 31,336
Finance leases	18,699	7,288	46,428	13,749
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	4,552	11,747	14,252	28,667
Finance leases	$ 47,475	$ 88,125	$ 128,980	$ 105,298

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Finance lease, right of use asset recognized			$ 4.4
Finance lease, liability, recognized			4.3
Operating lease, residual value of leased asset	$ 12		12
Revenue from operating leases	$ 11.1	$ 9.6	$ 28.9	$ 27.8

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rates (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease, weighted average remaining lease term	3 years 10 months 24 days	4 years 3 months 18 days
Finance lease, weighted average remaining lease term	3 years 3 months 18 days	3 years 3 months 18 days
Operating lease, weighted average discount rate	6.60%	6%
Finance lease, weighted average discount rate	7.40%	8%

Leases - Finance and Operating

Leases - Finance and Operating Leases Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Finance
Remainder of 2024	$ 20,085
2025	80,451
2026	82,569
2027	52,062
2028	53,336
Thereafter	21,071
Total lease payments	309,574
Less imputed interest	(42,213)
Total	267,361
Operating
Remainder of 2024	8,220
2025	32,526
2026	21,719
2027	11,920
2028	3,871
Thereafter	12,675
Total lease payments	90,931
Less imputed interest	(10,220)
Total	$ 80,711

Leases - Carrying Value of Asse

Leases - Carrying Value of Assets Subject to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Equipment leased to others - at original cost	$ 163,794	$ 138,781
Less: Accumulated depreciation	(38,098)	(25,819)
Equipment leased to others - net	$ 125,696	$ 112,962

Leases - Lessor, Operating Leas

Leases - Lessor, Operating Lease, Payment to be Received, Maturity (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 1,690
2025	5,412
2026	2,239
2027	0
2028	0
Thereafter	0
Total	$ 9,341

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued vendor invoices	$ 78,531	$ 99,620
Operations accruals	67,236	61,150
Accrued benefits and other	94,874	100,296
Accrued liabilities	$ 240,641	$ 261,066

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 123,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 123,000	$ 140,000

Debt - Narrative (Details)

Debt - Narrative (Details)		9 Months Ended
	Jan. 23, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 19, 2017 USD ($) agreement
Debt Instrument [Line Items]
Proceeds from borrowings on line-of-credit		$ 1,671,000,000	$ 873,000,000
Long-term debt, gross		123,000,000
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross		$ 123,000,000		$ 140,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Number of credit agreements | agreement					2
Weighted average interest rate		6.90%		7.60%
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 250,000,000
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 525,000,000
Proceeds from borrowings on line-of-credit	$ 106,700,000
Weighted average interest rate		6.90%
Current borrowing capacity		$ 459,700,000
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		$ 52,500,000
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					$ 175,000,000
Revolving Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Remaining borrowing capacity	104,700,000
Line of credit facility, accrued interest	900,000
Payment for debt extinguishment or debt prepayment cost	$ 1,100,000
Letter of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 329,300,000
Letters of credit outstanding, amount		$ 7,400,000

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 0
2025	0
2026	0
2027	0
2028	123,000
Thereafter	0
Long-term debt, gross	$ 123,000

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Land available-for-sale		$ 1,200	$ 700	$ 1,200	$ 700	$ 700
Real estate, building, held-for-sale		$ 2,800	$ 800	$ 2,800	$ 800	$ 800
Number of property available-for-sale | property		2	1	2	1	1
Assets held-for-sale, long lived, fair value disclosure		$ 3,400		$ 3,400		$ 800
Gain (loss) on sale of properties				0	$ 0
Cash equivalents measured at fair value		300		300		300
Unrealized gain (loss) on investments		(2,727)	$ 0	4,474	$ 0
Cash and cash equivalents		23,012		$ 23,012		36,784
Customer payment terms, period				45 days
Allowance for credit losses		939		$ 939		$ 939
Customer A | Accounts Receivable | Customer Concentration Risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Concentration risk, percentage				13%
Customer A | Total Revenue | Customer Concentration Risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Concentration risk, percentage					11%
Customer B | Total Revenue | Customer Concentration Risk
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Concentration risk, percentage				12%
Oklo Inc
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure		16,600		$ 16,600
Unrealized gain (loss) on investments		(800)		6,600
Tamboran Resources Corporation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure		18,200		18,200
Unrealized gain (loss) on investments		$ (1,900)		$ (2,100)
Additional contribution of investment, amount	$ 10,000

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Schedule of Allowance for Doubtful Accounts (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Provision for credit losses on December 31, 2023	$ 939
Credit Losses:
Current period provision	0
Amounts written off	0
Provision for credit losses on September 30, 2024	$ 939

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 23, 2024	Dec. 31, 2023	Jan. 24, 2023	Jul. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8,100			$ 8,600			$ 22,300	$ 23,700
Weighted average remaining vesting period							2 years
Payments of dividends							$ 35,308	26,011
Stock repurchase program, remaining number of shares authorized to be repurchased	322.9						322.9
Stock repurchase, accrued excise tax							$ 700	1,500
Stock repurchase, accrued capital expenditures	$ 2,500						2,500			$ 1,900
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, dividends, per share, cash paid (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.05	$ 0.05	$ 0.05
Dividends, common stock, cash	$ 11,500			$ 8,400			$ 34,700	25,800
Stock repurchase program, number of shares authorized to be repurchased (in shares)												250
Stock repurchase program, authorized amount									$ 750,000		$ 500,000
Common Class A | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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							3 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 Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense	46,400						$ 46,400
Payments of dividends							600	$ 200
Dividends payable	$ 1,200						$ 1,200			$ 1,000

Equity - Restricted Stock Units

Equity - Restricted Stock Units and Performance Restricted Stock Units (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) | shares	2,985,218
Granted (in shares) | shares	1,513,894
Vested (in shares) | shares	(1,425,820)
Forfeited (in shares) | shares	(63,226)
Outstanding at end of period (in shares) | shares	3,010,066
Weighted Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 13.90
Granted (in dollars per share) | $ / shares	19.44
Vested (in dollars per share) | $ / shares	13.44
Forfeited (in dollars per share) | $ / shares	14.70
Outstanding at end of period (in dollars per share) | $ / shares	$ 16.89
Performance Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) | shares	1,339,568
Granted (in shares) | shares	345,015
Vested (in shares) | shares	(584,720)
Forfeited (in shares) | shares	0
Outstanding at end of period (in shares) | shares	1,099,863
Weighted Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 13.49
Granted (in dollars per share) | $ / shares	17.52
Vested (in dollars per share) | $ / shares	12.95
Forfeited (in dollars per share) | $ / shares	0
Outstanding at end of period (in dollars per share) | $ / shares	$ 15.04

Equity - Schedule of Repurchase

Equity - Schedule of Repurchase Agreements (Details) - Common Class A - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased and retired during period, shares (in shares)	1,939,072	1,784,899	4,739,041	11,673,886
Value of shares repurchased	$ 39,350	$ 29,279	$ 99,093	$ 164,021
Average price per share including commissions (in dollars per share)	$ 20.29	$ 16.40	$ 20.91	$ 14.05

Net Income per Share - Earnings

Net Income per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$ 73,804	$ 148,608	$ 264,117	$ 463,934
Denominator:
Basic weighted average common shares outstanding (in shares)	164,741	169,781	165,755	173,135
Basic net income per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.45	$ 0.88	$ 1.59	$ 2.68
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$ 73,804	$ 148,608	$ 264,117	$ 463,934
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	0	0	0	71
Diluted net income attributable to Liberty Energy Inc. stockholders	$ 73,804	$ 148,608	$ 264,117	$ 464,005
Denominator:
Basic weighted average shares outstanding (in shares)	164,741	169,781	165,755	173,135
Effect of dilutive securities:
Restricted stock units (in shares)	3,854	4,203	4,192	4,121
Class B Common Stock (in shares)	0	0	0	28
Diluted weighted average shares outstanding (in shares)	168,595	173,984	169,947	177,284
Diluted net income per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 0.44	$ 0.85	$ 1.55	$ 2.62

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)	Jan. 17, 2018 property
Operating Loss Carryforwards [Line Items]
Effective combined income tax rate			23.50%	24.60%
Income tax expense	$ 22,158	$ 49,843	$ 81,186	$ 151,658
Transferable tax credits, purchase amount	40,000
Deferred tax liability	102,287		102,287		$ 102,340
Number of tax receivable agreements | property							2
Increase in deferred tax asset						$ 7,800
Income taxes payable	30,360		30,360		12,060
Payable pursuant to tax receivable agreements	75,008		75,008		112,471
Tax Receivable Agreement
Operating Loss Carryforwards [Line Items]
Income taxes payable	112,400		112,400		117,700
Taxes payable, current	37,400		37,400		5,200
Payable pursuant to tax receivable agreements	$ 75,000		75,000		$ 112,500
Tax Receivable Agreement | Common Class B | Common Stock
Operating Loss Carryforwards [Line Items]
Deferred tax asset		700		700
Income taxes payable		$ 600		600
Payments for tax receivable agreements			$ 5,200	$ 0

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Maximum annual contribution per employee, percent			6%
401(k) Defined Contribution Retirement Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution per one dollar of employee contribution			$ 1
Contributions made by the employer	$ 9,900,000	$ 8,200,000	$ 27,900,000	$ 24,400,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2023	Jan. 31, 2023	Mar. 13, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Total revenue				$ 1,138,578	$ 1,215,905	$ 3,371,587	$ 3,672,970
Unbilled receivables, current				183,047		183,047		$ 188,940
Other assets				123,636		123,636		138,693
Interest income				0	531	478	1,254
Payments to acquire equity method investments						16,056	10,000
Unrealized gain (loss) on investments				(2,727)	0	4,474	0
Oklo Inc
Related Party Transaction [Line Items]
Payments to acquire equity method investments					10,000
Unrealized gain (loss) on investments				(800)		6,600
Investment				16,605		16,605		10,000
Related Party
Related Party Transaction [Line Items]
Total revenue				26,625	$ 79,527	90,813	$ 161,515
Unbilled receivables, current				4,035		4,035		13,379
Accounts receivable				0		0		17,345
Other assets				$ 0		$ 0		14,785
Common Class A
Related Party Transaction [Line Items]
Stock repurchased and retired during period, shares (in shares)				1,939,072	1,784,899	4,739,041	11,673,886
Value of shares repurchased				$ 39,350	$ 29,279	$ 99,093	$ 164,021
Average price per share including commissions (in dollars per share)				$ 20.29	$ 16.40	$ 20.91	$ 14.05
Schlumberger
Related Party Transaction [Line Items]
Common stock, shares, owned by counterparty (in shares)	0
Schlumberger | Related Party
Related Party Transaction [Line Items]
Purchases from related party		$ 1,700
Schlumberger | Common Class A
Related Party Transaction [Line Items]
Stock repurchased and retired during period, shares (in shares)							3,000,000
Value of shares repurchased							$ 45,000
Average price per share including commissions (in dollars per share)							$ 15
Franklin Mountain Energy, LLC | Related Party | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Total revenue				$ 26,600	$ 61,200	$ 79,700	$ 128,000
Unbilled receivables, current				4,000		4,000		13,400
Accounts receivable				$ 0		$ 0		12,100
Liberty Resources LLC | Affiliated Entity | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Total revenue			$ 11,100		18,400		33,500
Accounts receivable								5,200
Other assets								$ 14,800
Interest income			$ 500		$ 500		$ 1,300

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) T	Dec. 31, 2023 T
Schlumberger
Long-term Purchase Commitment [Line Items]
Shortfall fees, remainder of 2024	$ 2.7
Shortfall Fees
Long-term Purchase Commitment [Line Items]
Shortfall fees, remainder of 2024	2.8
Shortfall fees in 2025	$ 5.4
Proppants
Long-term Purchase Commitment [Line Items]
Minimum mass required (in tons) | T	463,500	1,854,000

Commitments and Contingencies_2

Commitments and Contingencies - Proppant, Chemical and Rail Car Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 36,572
2025	12,960
2026	0
2027	0
2028	0
Thereafter	0
Other commitment	$ 49,532

Selected Quarterly Financial _3

Selected Quarterly Financial Data - Equity Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,936,895	$ 1,673,941	$ 1,841,408	$ 1,497,306
Deferred tax and tax receivable agreements impact of Liberty LLC merger into the Company		(1,204)
Dividends	(11,726)	(8,658)	(35,531)	(26,535)
Share repurchases	(39,350)	(29,279)	(99,093)	(164,021)
Excise tax on share repurchases	(393)	(293)	(652)	(1,471)
Stock-based compensation expense	8,121	8,595	22,318	23,738
Currency translation adjustment	1,647	(3,148)	(3,802)	(1,618)
Net income	73,804	148,608	264,117	464,025
Ending balance	$ 1,968,998	$ 1,788,562	$ 1,968,998	$ 1,788,562
Common stock, dividends, per share, declared (in dollars per share)	$ 0.07	$ 0.05	$ 0.21	$ 0.15
Total Stockholders’ Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				$ 1,495,017
Dividends				(26,535)
Share repurchases				(163,998)
Excise tax on share repurchases				(1,471)
Stock-based compensation expense				23,735
Currency translation adjustment				(1,619)
Net income				463,934
Ending balance		$ 1,788,562		1,788,562
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,027,939	1,146,130	$ 1,093,498	1,266,097
Deferred tax and tax receivable agreements impact of Liberty LLC merger into the Company		(1,204)
Share repurchases	(39,331)	(29,261)	(99,046)	(163,881)
Excise tax on share repurchases	(393)	(293)	(652)	(1,471)
Stock-based compensation expense	8,121	8,595	22,318	23,735
Ending balance	996,336	1,123,967	996,336	1,123,967
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	918,836	531,974	752,328	234,525
Dividends	(11,726)	(8,658)	(35,531)	(26,535)
Net income	73,804	148,608	264,117	463,934
Ending balance	980,914	671,924	980,914	671,924
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(11,533)	(5,867)	(6,084)	(7,396)
Currency translation adjustment	1,647	(3,148)	(3,802)	(1,619)
Ending balance	$ (9,886)	$ (9,015)	$ (9,886)	$ (9,015)
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			166,610,199
Ending balance (in shares)	163,393,279		163,393,279
Common Class A | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	165,332,000	170,393,000	166,610,000	178,753,000
Beginning balance	$ 1,653	$ 1,704	$ 1,666	$ 1,788
Share repurchase (shares)	(1,939,000)	(1,785,000)	(4,739,000)	(11,674,000)
Share repurchases	$ (19)	$ (18)	$ (47)	$ (117)
Ending balance (in shares)	163,393,000	168,608,000	163,393,000	168,608,000
Ending balance	$ 1,634	$ 1,686	$ 1,634	$ 1,686
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			0
Ending balance (in shares)	0		0
Common Class B | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0	0	250,000
Beginning balance	$ 0	$ 0	$ 0	$ 3
Ending balance (in shares)	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 15, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.07	$ 0.05	$ 0.21	$ 0.15
Common Class A | Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.08