Liberty Energy (LBRT) 10-K 6 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 28, 2024
Class of Stock [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3.3
Documents Incorporated by Reference	Documents Incorporated by Reference: Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant ’ s proxy statement for the 2025 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant ’ s fiscal year.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001694028
Shares of Class A Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		161,923,807
Shares of Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		0

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor firm ID	34
Auditor name	DELOITTE & TOUCHE LLP
Auditor location	Denver, Colorado

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 19,984	$ 36,784
Unbilled revenue (including amounts from related parties of $0 and $13,379, respectively)	185,210	188,940
Inventories	203,469	205,865
Prepaid and other current assets	85,214	124,135
Total current assets	848,523	954,254
Property and equipment, net	1,890,998	1,645,368
Finance lease right-of-use assets	283,113	182,319
Operating lease right-of-use assets	73,322	92,640
Other assets (including amounts from related parties of $0 and $14,785, respectively)	119,402	127,330
Total assets	3,296,394	3,033,557
Current liabilities:
Accounts payable (including amounts due to related parties of $582 and $0, respectively)	314,123	293,733
Accrued liabilities	206,713	261,066
Income taxes payable	9,693	12,060
Current portion of payable pursuant to tax receivable agreements	40,776	5,170
Current portion of finance lease liabilities	66,648	39,867
Current portion of operating lease liabilities	28,570	27,528
Total current liabilities	666,523	639,424
Long-term debt	190,500	140,000
Deferred tax liability	137,728	102,340
Payable pursuant to tax receivable agreements	74,886	112,471
Noncurrent portion of finance lease liabilities	203,511	133,654
Noncurrent portion of operating lease liabilities	44,377	64,260
Total liabilities	1,317,525	1,192,149
Commitments & contingencies (Note 15)
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	977,484	1,093,498
Retained earnings	1,019,517	752,328
Accumulated other comprehensive loss	(19,751)	(6,084)
Total equity	1,978,869	1,841,408
Total liabilities and equity	3,296,394	3,033,557
Investment in Nomad Proppant Services LLC
Current assets:
Long-term investments	10,674	11,363
Investment in Oklo Inc.
Current assets:
Long-term investments	51,611	10,000
Investment in Tamboran Resources Corporation
Current assets:
Long-term investments	18,751	10,283
Nonrelated Party
Current assets:
Accounts receivable—trade, net of allowances for credit losses of $848 and $939, respectively	350,412	381,185
Related Party
Current assets:
Accounts receivable—trade, net of allowances for credit losses of $848 and $939, respectively	4,234	17,345
Unbilled revenue (including amounts from related parties of $0 and $13,379, respectively)	0	13,379
Other assets (including amounts from related parties of $0 and $14,785, respectively)	0	14,785
Current liabilities:
Accounts payable (including amounts due to related parties of $582 and $0, respectively)	582	0
Class A, $0.01 par value, 400,000,000 shares authorized and 161,858,784 issued and outstanding as of December 31, 2024 and 166,610,199 issued and outstanding as of December 31, 2023
Common Stock:
Common stock, par value $0.01	1,619	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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Unbilled receivables, current	$ 185,210	$ 188,940
Other assets	119,402	127,330
Accounts payable, current	$ 314,123	$ 293,733
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
Nonrelated Party
Allowance for bad debts	$ 848	$ 939
Related Party
Unbilled receivables, current	0	13,379
Other assets	0	14,785
Accounts payable, current	$ 582	$ 0
Shares of Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	161,858,784	166,610,199
Common stock, shares outstanding (in shares)	161,858,784	166,610,199
Shares of Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 4,315,161	$ 4,747,928	$ 4,149,228
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	3,200,506	3,349,370	3,149,036
General and administrative	225,474	221,406	180,040
Transaction and other costs	0	2,053	5,837
Depreciation, depletion, and amortization	505,050	421,514	323,028
Gain on disposal of assets, net	(5,337)	(6,994)	(4,603)
Total operating costs and expenses	3,925,693	3,987,349	3,653,338
Operating income	389,468	760,579	495,890
Other (income) expense:
Loss (gain) on remeasurement of liability under tax receivable agreements	3,210	(1,817)	76,191
Unrealized gain on investments, net	(49,227)	0	(2,525)
Interest income—related party	(478)	(1,987)	0
Interest expense, net	32,692	29,493	22,715
Total other (income) expense, net	(13,803)	25,689	96,381
Net income before income taxes	403,271	734,890	399,509
Income tax expense (benefit)	87,261	178,482	(793)
Net income	316,010	556,408	400,302
Less: Net income attributable to non-controlling interests	0	91	700
Net income attributable to Liberty Energy Inc. stockholders	$ 316,010	$ 556,317	$ 399,602
Net income attributable to Liberty Energy Inc. stockholders per common share:
Basic (in dollars per share)	$ 1.91	$ 3.24	$ 2.17
Diluted (in dollars per share)	$ 1.87	$ 3.15	$ 2.11
Weighted average common shares outstanding:
Basic (in shares)	165,026	171,845	184,334
Diluted (in shares)	169,398	176,360	189,349
Nonrelated Party
Revenue:
Total revenue	$ 4,183,821	$ 4,533,048	$ 4,000,780
Related Party
Revenue:
Total revenue	$ 131,340	$ 214,880	$ 148,448

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 316,010	$ 556,408	$ 400,302
Other comprehensive (loss) income
Foreign currency translation adjustments	(13,667)	1,313	(7,097)
Comprehensive income	302,343	557,721	393,205
Comprehensive income attributable to non-controlling interest	0	92	693
Comprehensive income attributable to Liberty Energy Inc.	$ 302,343	$ 557,629	$ 392,512

Consolidated Statements of Chan

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	Shares of Class A Common Stock	Shares of Class A Common Stock Common Stock	Shares of Class B Common Stock	Shares of Class B Common Stock Common Stock
Beginning balance (in shares) at Dec. 31, 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]
Exchange of Class B Common Stock for Class A Common Stock (in shares)								250,000		(250,000)
Exchange of Class B Common Stock for Class A Common Stock	0	2,360	2,360			(2,360)		$ 3		$ (3)
Offering Costs	(223)	(223)	(223)
Deferred tax impact of ownership changes from issuance of Class A Common Stock	6,681	6,681	6,681
Dividends	(38,514)	(38,514)		(38,514)
Share repurchase (in shares)								(13,706,000)
Share repurchases	(203,100)	(203,077)	(202,940)			(23)		$ (137)
Excise tax on share repurchases	(1,855)	(1,855)	(1,855)
Stock-based compensation expense	33,026	33,023	33,023			3
Vesting of restricted stock units, net (in shares)								1,313,000
Vesting of restricted stock units, net	(9,634)	(9,633)	(9,645)			(1)		$ 12
Currency translation adjustment	1,313	1,312			1,312	1
Net income	556,408	556,317		556,317		91
Ending balance (in shares) at Dec. 31, 2023							166,610,199	166,610,000	0	0
Ending balance at Dec. 31, 2023	1,841,408	$ 1,841,408	1,093,498	752,328	(6,084)	$ 0		$ 1,666		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends	(48,821)			(48,821)
Share repurchase (in shares)								(6,321,000)
Share repurchases	(127,395)		(127,332)					$ (63)
Excise tax on share repurchases	(924)		(924)
Stock-based compensation expense	32,412		32,412
Vesting of restricted stock units, net (in shares)								1,570,000
Vesting of restricted stock units, net	(20,154)		(20,170)					$ 16
Currency translation adjustment	(13,667)				(13,667)
Net income	316,010			316,010
Ending balance (in shares) at Dec. 31, 2024							161,858,784	161,859,000	0	0
Ending balance at Dec. 31, 2024	$ 1,978,869		$ 977,484	$ 1,019,517	$ (19,751)			$ 1,619		$ 0

Consolidated and Combined State

Consolidated and Combined Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividend (in dollars per share)	$ 0.29	$ 0.22

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 316,010	$ 556,408	$ 400,302
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation, depletion, and amortization	505,050	421,514	323,028
Gain on disposal of assets, net	(5,337)	(6,994)	(4,603)
Stock-based compensation expense	32,412	33,026	23,108
Deferred income tax expense (benefit)	33,844	120,312	(12,472)
Unrealized gain on investments, net	(49,227)	0	(2,525)
Cash return on equity method investment	3,967	0	0
Loss (gain) on remeasurement of liability under tax receivable agreements	3,210	(1,817)	76,191
Other non-cash items, net	178	7,111	7,986
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	18,187	19,612	(166,605)
Accounts receivable and unbilled revenue—related party	41,275	(19,855)	(25,522)
Inventories	66	(114)	(84,989)
Prepaid and other assets	(28,196)	(66,182)	(56,161)
Accounts payable and accrued liabilities	(41,319)	(45,133)	57,203
Accounts payable and accrued liabilities—related party	582	0	(1,864)
Initial payment of operating lease liability	(1,328)	(3,305)	(2,713)
Net Cash Provided by (Used in) Operating Activities, Total	829,374	1,014,583	530,364
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(651,034)	(603,298)	(451,905)
Investment in sand logistics	0	0	(7,415)
Investment in equity securities	(16,056)	(20,283)	(15,000)
Acquisition of Siren Energy, net of cash received	0	(75,656)	0
Proceeds from sales of assets	23,977	26,909	23,664
Net cash used in investing activities	(643,113)	(672,328)	(450,656)
Cash flows from financing activities:
Proceeds from borrowings on line-of-credit	2,238,000	1,153,000	713,000
Repayments of borrowings on line-of-credit	(2,187,500)	(1,128,000)	(616,000)
Repayments of borrowings on term loan	0	(104,716)	(1,750)
Payments on finance lease obligations	(50,302)	(17,392)	(6,947)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(48,310)	(37,684)	(9,164)
Per unit distributions to non-controlling interest unitholders	0	0	(13)
Other distributions and advance payments to non-controlling interest unitholders	0	0	920
Share repurchases, including related excise tax	(129,250)	(203,100)	(125,313)
Tax withholding on restricted stock units	(20,154)	(9,634)	(9,716)
Payments under TRA liability	(5,189)	0	0
Payment of equity issuance costs	0	(223)	(79)
Payments of debt issuance costs	0	(1,566)	(708)
Net cash used in financing activities	(202,705)	(349,315)	(55,770)
Net (decrease) increase in cash and cash equivalents	(16,444)	(7,060)	23,938
Translation effect on cash	(356)	168	(260)
Cash and cash equivalents—beginning of period	36,784	43,676	19,998
Cash and cash equivalents—end of period	19,984	36,784	43,676
Supplemental disclosure of cash flow information:
Net cash paid for income taxes	35,857	66,685	10,744
Cash paid for interest	33,077	26,651	20,310
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	102,203	99,165	107,514
Capital expenditures reclassified from prepaid and other current assets	58,288	50,313	14,922
Capital expenditures reclassified from finance lease right-of-use assets	$ 6,894	$ 0	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 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 consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) and the instructions to Form 10-K, Regulation S-X and the rules and regulations of the Securities and Exchange Commission. The accompanying consolidated financial statements and related notes present the consolidated financial position of the Company and equity of the Company as of and for the years ended December 31, 2024 and 2023, and the results of operations and cash flows of the Company for the years ended December 31, 2024, 2023, and 2022. The consolidated financial statements include the amounts of the Company and all majority owned subsidiaries where the Company has the ability to exercise control. All intercompany amounts have been eliminated in the presentation of the consolidated financial statements of the Company. Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources, and assess performance. Further, the CODM is regularly provided with and utilizes consolidated functional expenses, as presented in the accompanying consolidated statements of operations, and total assets at the consolidated level, as included in the consolidated balance sheets herein, to manage the Company’s operations.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Business Combinations Business combinations are accounted for using the acquisition method of accounting in accordance with the Accounting Standard Codification (“ASC”) Topic 805 - Business Combinations, as amended by Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business, and ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. Fair value of the acquired assets and liabilities is measured in accordance with the guidance of ASC 850, Fair Value Measurements, using discounted cash flows and other applicable valuation techniques. Any acquisition related costs incurred by the Company are expensed as incurred. Any excess purchase price over the fair value of the net identifiable assets acquired is recorded as goodwill if the definition of a business is met. Operating results of an acquired business are included in our results of operations from the date of acquisition. Refer to Note 3—Acquisitions. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include certain amounts that are based on management’s best estimates and judgments. The most significant estimates relate to the fair value of assets acquired and liabilities assumed, collectability of accounts receivable and estimates of allowance for doubtful accounts, the useful lives and salvage values of long-lived assets, future cash flows associated with long-lived assets, net realizable value of inventory, equity unit valuation, deferred taxes, and the tax receivable agreements value. These estimates may be adjusted as more current information becomes available. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it has banking relationships. As of the balance sheet date, and periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. Accounts Receivable In accordance with Accounting Standards Updates ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), the Company applies historic loss factors to its receivable portfolio segments that were not expected to be further impacted by current economic developments, and additional economic conditions factor to portfolio segments anticipated to experience greater losses in the current economic environment. Additionally, the Company continuously evaluates customers based on risk characteristics, such as historical losses and current economic conditions. Due to the cyclical nature of the oil and gas industry, the Company often evaluates its customers’ estimated losses on a case-by-case basis. The Company did not record an additional provision for credit losses during the year ended December 31, 2024 and 2022. During the year ended December 31, 2023, the Company recorded a provision for credit losses of $0.8 million, related to certain customers’ inability to pay. Provisions for credit losses are included in general and administrative expenses in the accompanying consolidated statements of operations. Refer to “Credit Risk” within Note 9—Fair Value Measurements and Financial Instruments for additional disclosures required under ASU 2016-13. Inventories Inventories consist of raw materials used in the hydraulic fracturing process, such as proppants, chemicals, and field service equipment maintenance parts and other and are stated at the lower of cost, determined using the weighted average cost method, or net realizable value. Inventories are charged to cost of services as used when providing hydraulic fracturing services. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. Property and Equipment Property and equipment are stated at cost. Depreciation expense is recognized on property and equipment, excluding land, utilizing the straight-line method over the estimated useful lives, ranging from two Construction in-progress, a component of property and equipment, represents long-lived assets not yet in service or being developed by the Company. These assets are not subject to depreciation until they are completed and ready for their intended use, at which point the Company reclassifies them to field services equipment, vehicles, or buildings and facilities, as appropriate. The Company incurs maintenance costs on its major equipment. The determination of whether an expenditure should be capitalized or expensed requires management judgment in the application of how the costs incurred benefit future periods, relative to the Company’s capitalization policy. Costs that either establish or increase the efficiency, productivity, functionality or life of a fixed asset are capitalized and depreciated over the remaining useful life of the asset. Impairment of long-lived assets Long-lived assets, such as property and equipment, right-of-use lease assets and intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Possible indicators of impairment may include events or changes in circumstances affecting the manner in which the assets are being used, historical and estimated future profitability measures, and other adverse events or changes that could affect the value of the assets. If a triggering event is identified, recoverability is assessed using undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets. The Company determined the lowest level of identifiable cash flows to be at the asset group, which is the aggregate of the Company’s hydraulic fracturing fleets that are in service. A long-lived asset is not recoverable if its carrying amount exceeds the sum of estimated undiscounted cash flows expected to result from the use and eventual disposition. When alternative courses of action to recover the carrying amount of the asset group are under consideration, estimates of future undiscounted cash flows take into account possible outcomes and probabilities of their occurrence. If the carrying amount of the asset is not recoverable, an impairment loss is recognized in an amount by which its carrying amount exceeds its estimated fair value, such that its carrying amount is adjusted to its estimated fair value, with an offsetting charge to impairment expense. The Company measures the fair value of its long-lived assets using the discounted cash flow method. The expected future cash flows used for impairment reviews and related fair value calculations are based on judgmental assessments of projected revenue growth, fleet count, utilization, gross margin rates, selling, general and administrative rates, working capital fluctuations, capital expenditures, discount rates and terminal growth rates. Goodwill Goodwill represents the excess of the acquisition purchase price over the estimated fair value of net tangible and intangible assets required. Goodwill is not amortized, but instead tested for impairment at least annually, June 30, or more frequently if events and circumstances indicate that the asset might be impaired. In testing goodwill for impairment, the Company performs a qualitative assessment to determine whether the existence of events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment determines that an impairment is more likely than not, then the Company performs the one-step quantitative impairment test by determining the fair value of the reporting unit. The fair value of the reporting unit is determined using either the income approach by utilizing estimated discounted future cash flows or the market approach utilizing recent transaction activity for comparable properties. These approaches are considered Level 3 fair value measurements. If the carrying amount of a reporting unit exceeds the fair value, an impairment loss is recognized in the current period in an amount equal to the excess. For purposes of assessing goodwill, the Company has one reporting unit. No goodwill impairment was identified during the years ended December 31, 2024 and 2023. Leases In accordance with ASC Topic 842, the Company determines if an arrangement is a lease at inception and evaluates identified leases for operating or finance lease treatment. Operating or finance lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses the rate implicit in the lease, when available, or an estimated fully collateralized incremental borrowing rate corresponding with the lease term and the information available at the commencement date in determining the present value of lease payments. Lease terms may include options to renew, however, the Company typically cannot determine its intent to renew a lease with reasonable certainty at inception. Additionally, the Company is a lessor in several operating leases in which the lease equipment is carried at amortized cost. Depreciation expense is recorded on a straight-line basis over its useful life to the estimated residual value. The lessee may not purchase the leased equipment and must return such equipment by the lease’s scheduled maturity date. Equity Investments The Company may from time to time invest in equity securities of public and private companies. Equity investments are measured and recorded as follows: Marketable equity investments are equity investments with a readily determinable fair value and are recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. Unrealized gains and losses resulting from changes in fair value are recorded in unrealized gain on investments, net. Equity method investments are equity securities in investees we do not control, but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s share of equity method investee income or loss, less distributions received as return on investment. The Company’s share of equity method investee income or loss is recorded as a component of cost of services as the investee is a supplier of the Company, refer to Note 14—Related Party Transactions Nomad Proppant Services LLC for further discussion of the Company’s equity method investment. Equity method investments are monitored for other-than-temporary decreases in investment value, which considers the severity and duration of a potential decline in fair value below cost and our ability and intent to hold the investment for a sufficient period of time to allow for recovery. Income Taxes Deferred income taxes are computed using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which the deferred tax asset or liability are expected to reverse. The Company classifies all deferred tax assets and liabilities as non-current. The Company records Global Intangible Low-Tax Income inclusion as a current period expense. The Company evaluates its deferred tax assets quarterly and considers both positive and negative evidence in applying the guidance of ASC 740 Income Taxes (“ASC 740”) related to the realizability of its deferred tax assets. As of December 31, 2024 and 2023 there were no valuation allowances recorded against the Company’s deferred tax assets. The Company recognizes the financial statement effects of a tax position when it is more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are reversed in the first period in which it is no longer more-likely-than-not that the tax position would be sustained upon examination. Income tax related interest and penalties, if applicable, are recorded as a component of the provision for income tax expense. Tax Receivable Agreements In connection with the IPO, on January 17, 2018, the Company entered into two Tax Receivable Agreements (the “TRAs”) with the R/C Energy IV Direct Partnership, L.P. and certain legacy owners that continued to own Liberty LLC Units (each such person and any permitted transferee, a “Tax Receivable Agreement Holder” and together, the “Tax Receivable Agreement 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 Tax Receivable Agreement 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 Tax Receivable Agreement Holder’s Liberty LLC Units in connection with the IPO or pursuant to the exercise of the right (the “Redemption Right”) or the Company’s right (the “Call Right”), (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. With respect to obligations the Company expects to incur under the TRAs (except in cases where the Company elects to terminate the TRAs early, the TRAs are terminated early due to certain mergers, asset sales, or other changes of control or the Company has available cash but fails to make payments when due), generally the Company may elect to defer payments due under the TRAs if the Company does not have available cash to satisfy its payment obligations under the TRAs or if its contractual obligations limit its ability to make such payments. Any such deferred payments under the TRAs generally will accrue interest. In certain cases, payments under the TRAs may be accelerated and/or significantly exceed the actual benefits, if any, the Company realizes in respect of the tax attributes subject to the TRAs. The Company accounts for amounts payable under the TRAs in accordance with ASC Topic 450, Contingencies . If the Company experiences a change of control (as defined under the TRAs) or the TRAs otherwise terminate early, the Company’s obligations under the TRAs could have a substantial negative impact on its liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, or other forms of business combinations or changes of control. Share Repurchases The Company accounts for the purchase price of repurchased Class A Common Stock 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. All Class A Common Stock shares repurchased to date have been retired upon repurchase. Revenue Recognition Under ASC Topic 606- Revenue from Contracts with Customers , revenue recognition is based on the transfer of control, or the customer’s ability to benefit from the services and products in an amount that reflects the consideration expected to be received in exchange for those services and products. In recognizing revenue for services and products, the transaction price is determined from sales orders or contracts with customers. Revenue is recognized at the completion of each fracturing stage, and in most cases the price at the end of each stage is fixed, however, in limited circumstances contracts may contain variable consideration. Variable consideration typically may relate to discounts, price concessions and incentives. The Company estimates variable consideration based on the amount of consideration we expect to receive. The Company accrues revenue on an ongoing basis to reflect updated information for variable consideration as performance obligations are met. The Company also assesses customers’ ability and intention to pay, which is based on a variety of factors including historical payment experience and financial condition. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 45 days. In connection with the adoption of ASC Topic 842, the Company determined that certain of its service revenue contracts contain a lease component. The Company elected to adopt a practical expedient available to lessors, which allows the Company to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. Therefore, the Company combines the lease and service component for certain of the Company’s service contracts and continues to account for the combined component under ASC Topic 606, Revenue from Contracts with Customers. Transaction and Other Costs During 2024, the Company did not incur transaction and integration related costs. During 2023, the Company incurred transaction and integration related costs in connection with the Siren Acquisition (as defined in Note 3—Acquisitions). Such costs include investment banking, legal, accounting and other professional services provided in connection with closing the transaction and are expensed as incurred . During 2022, the Company incurred transaction and integration related costs in connection with a prior period acquisition. Such costs include investment banking, legal, accounting and other professional services provided in connection with closing the transaction and are expensed as incurred . Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The Canadian dollar and the Australian dollar are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which the subsidiaries operates. Assets and liabilities of the subsidiary’s operations are translated into U.S. dollars at the rate of exchange in effect on the balance sheet date and income and expenses are translated at the average exchange rate in effect during the reporting period. Adjustments resulting from the translation of the subsidiary’s financial statements are reported in other comprehensive income. Recently Adopted 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. The Company adopted this guidance during the most recent quarter. See Note 1—Organization and Basis of Presentation for further detail. Recently Issued Accounting Standards 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. Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses , which requires disclosure of specified information about certain costs and expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements. 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 consolidated statements of changes in equity. In the accompanying consolidated balance sheets, amounts in the prior period financial statements have been reclassified from “Other assets” into “Investment in Nomad Proppant Services LLC,” “Investment in Oklo Inc.,” and “Investment in Tamboran Resources Corporation”. Additionally, in the accompanying consolidated statement of cash flows, amounts in the prior period financial statements have been reclassified from “Other non-cash items, net” into “Unrealized gain on investments, net”. These reclassifications had no effect on the previously reported net income.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions 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 in the accompanying 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. In accordance with ASC Topic 805, an acquirer is allowed a period, referred to as the measurement period, in which to complete its accounting for the transaction. Such measurement period ends at the earliest date that the acquirer a) receives the information necessary or b) determines that it cannot obtain further information, and such period may not exceed one year. As the Siren Acquisition closed on April 6, 2023, the Company completed the purchase price allocation during the year ended December 31, 2023.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: December 31, ($ in thousands) 2024 2023 Proppants $ 9,341 $ 17,124 Chemicals 18,629 16,896 Maintenance parts and other 175,499 171,845 $ 203,469 $ 205,865

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consist of the following: Estimated December 31, 2024 2023 ($ in thousands) Land N/A $ 30,041 $ 29,384 Field services equipment 2-10 3,068,681 2,520,336 Vehicles 4-7 61,433 63,423 Lease equipment 10 163,889 138,781 Buildings and facilities 5-30 180,010 149,876 Mineral reserves >25 80,070 76,823 Office equipment and furniture 2-7 12,532 11,836 3,596,656 2,990,459 Less accumulated depreciation and depletion (1,917,551) (1,501,685) 1,679,105 1,488,774 Construction in-progress N/A 211,893 156,594 Property and equipment, net $ 1,890,998 $ 1,645,368 Depreciation expense for the years ended December 31, 2024, 2023, and 2022 was $448.1 million, $387.8 million, and $302.3 million, respectively. Depletion expense for the years ended December 31, 2024, 2023, and 2022 was $1.2 million, $1.1 million, and $1.2 million, respectively. As of December 31, 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 December 31, 2024, the Company had no property that met the assets held for sale criteria. However, 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 as held for sale. During the year ended December 31, 2024, the Company sold two properties, including the property that was classified as held for sale as of December 31, 2023, resulting in a nominal gain included as a component of gain on disposal of assets, net in the accompanying consolidated statements of operations.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases Lessee Arrangements 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 years ended as of December 31, 2024, and 2023 were as follows: ($ in thousands) 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 43,364 $ 19,040 Interest on lease liabilities 16,972 6,060 Operating lease cost 35,861 40,275 Variable lease cost 6,392 5,116 Short-term lease cost 3,422 7,717 Total lease cost, net $ 106,011 $ 78,208 Supplemental cash flow and other information related to leases for the years ended December 31, 2024 and 2023 were as follows: ($ in thousands) 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating leases $ 35,653 $ 41,143 Finance leases 67,181 23,463 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 14,581 31,449 Finance leases 149,005 160,546 During the year ended December 31, 2024, the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. Additionally, the Company recognized finance lease right-of-use assets of $4.4 million and liabilities of $4.3 million. There was no gain or loss recognized as a result of these amendments. During the year ended December 31, 2023, the Company did not amend any operating or finance leases. Lease terms and discount rates as of December 31, 2024 and 2023 were as follows: December 31, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 3.8 years 4.3 years Finance leases 3.2 years 3.3 years Weighted-average discount rate: Operating leases 6.7 % 6.0 % Finance leases 7.4 % 8.0 % Future minimum lease commitments as of December 31, 2024 are as follows: ($ in thousands) Finance Operating 2025 $ 87,476 $ 31,771 2026 85,503 21,496 2027 55,016 11,932 2028 60,381 3,935 2029 21,625 2,795 Thereafter — 9,874 Total lease payments 310,001 81,803 Less imputed interest 39,842 8,856 Total $ 270,159 $ 72,947 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 December 31, 2024 is $11.6 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of December 31, 2024 and 2023 were as follows: ($ in thousands) December 31, 2024 December 31, 2023 Equipment leased to others - at original cost $ 163,889 $ 138,781 Less: Accumulated depreciation (41,223) (25,819) Equipment leased to others - net $ 122,666 $ 112,962 Future payments receivable for operating leases as of December 31, 2024 are as follows: ($ in thousands) 2025 $ 5,412 2026 2,239 2027 — 2028 — 2029 — Thereafter — Total $ 7,651 Revenues from operating leases
Leases	Leases Lessee Arrangements 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 years ended as of December 31, 2024, and 2023 were as follows: ($ in thousands) 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 43,364 $ 19,040 Interest on lease liabilities 16,972 6,060 Operating lease cost 35,861 40,275 Variable lease cost 6,392 5,116 Short-term lease cost 3,422 7,717 Total lease cost, net $ 106,011 $ 78,208 Supplemental cash flow and other information related to leases for the years ended December 31, 2024 and 2023 were as follows: ($ in thousands) 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating leases $ 35,653 $ 41,143 Finance leases 67,181 23,463 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 14,581 31,449 Finance leases 149,005 160,546 During the year ended December 31, 2024, the Company amended certain operating leases, the change in terms of which caused the leases to be reclassified as finance leases. Additionally, the Company recognized finance lease right-of-use assets of $4.4 million and liabilities of $4.3 million. There was no gain or loss recognized as a result of these amendments. During the year ended December 31, 2023, the Company did not amend any operating or finance leases. Lease terms and discount rates as of December 31, 2024 and 2023 were as follows: December 31, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 3.8 years 4.3 years Finance leases 3.2 years 3.3 years Weighted-average discount rate: Operating leases 6.7 % 6.0 % Finance leases 7.4 % 8.0 % Future minimum lease commitments as of December 31, 2024 are as follows: ($ in thousands) Finance Operating 2025 $ 87,476 $ 31,771 2026 85,503 21,496 2027 55,016 11,932 2028 60,381 3,935 2029 21,625 2,795 Thereafter — 9,874 Total lease payments 310,001 81,803 Less imputed interest 39,842 8,856 Total $ 270,159 $ 72,947 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 December 31, 2024 is $11.6 million; the payment is not probable and therefore has not been included in the measurement of the lease liability and right-of-use asset. For vehicle leases that are classified as finance leases, the Company includes the residual value guarantee, estimated in the lease agreement, in the financing lease liability. Lessor Arrangements The Company leases dry and wet sand containers, conveyor belts, and other equipment to customers through operating leases, where the lessor for tax purposes is considered to be the owner of the equipment during the term of the lease. The lease agreements do not include options for the lessee to purchase the underlying asset at the end of the lease term for either a stated fixed price or fair market value. However, some of the leases contain a termination clause in which the customer can cancel the contract. The leases can be subject to variable lease payments if the customer requests more units than what is agreed upon in the lease. The Company does not record any lease assets or liabilities related to these variable items. The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of December 31, 2024 and 2023 were as follows: ($ in thousands) December 31, 2024 December 31, 2023 Equipment leased to others - at original cost $ 163,889 $ 138,781 Less: Accumulated depreciation (41,223) (25,819) Equipment leased to others - net $ 122,666 $ 112,962 Future payments receivable for operating leases as of December 31, 2024 are as follows: ($ in thousands) 2025 $ 5,412 2026 2,239 2027 — 2028 — 2029 — Thereafter — Total $ 7,651 Revenues from operating leases

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consist of the following: ($ in thousands) December 31, 2024 December 31, 2023 Accrued vendor invoices $ 73,591 $ 99,620 Operations accruals 56,375 61,150 Accrued benefits and other 76,747 100,296 $ 206,713 $ 261,066

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: ($ in thousands) December 31, 2024 December 31, 2023 Revolving Line of Credit $ 190,500 $ 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”). Effective January 23, 2023, the Company entered into an Eighth Amendment to the ABL Facility (the “Eighth ABL Amendment”). The Eighth ABL Amendment amends certain terms, provisions and covenants of the ABL Facility, including, among other things: (i) increasing the maximum revolver amount from $425.0 million to $525.0 million (the “Upsized Revolver”); (ii) increasing the amount of the accordion feature from $75.0 million to $100.0 million; (iii) extending the maturity date from October 22, 2026 to January 23, 2028; (iv) modifying the dollar amounts of various credit facility triggers and tests proportionally to the Upsized Revolver; (v) permitting repayment under the Term Loan Facility prior to February 10, 2023; and (vi) increasing certain indebtedness, intercompany advance, and investment baskets. The Eighth ABL Amendment included an agreement from the Wells Fargo Bank, National Association, as administrative agent, to release its second priority liens and security interests on all collateral that served as first priority collateral under the Term Loan Facility, which was completed during the three months ended June 30, 2023. Additionally, 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. Additionally, there were $0.2 million in administrative and lender legal fees incurred in connection with the pay off. The weighted average interest rate on all borrowings outstanding as of December 31, 2024 and December 31, 2023 was 6.8% and 7.6%, respectively. Term Loan Facility The Term Loan Facility provided for a $175.0 million term loan. In connection with the Eighth ABL Amendment and payoff of the Term Loan Facility, on January 23, 2023, the Company terminated the Term Loan Facility. See above for further discussion. ABL Facility Under the terms of the ABL Facility, up to $525.0 million may be borrowed, subject to certain borrowing base limitations based on a percentage of eligible accounts receivable and inventory. As of December 31, 2024, the borrowing base was calculated to be $319.8 million, and the Company had $190.5 million outstanding in addition to letters of credit totaling $14.0 million, with $115.3 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 “ABL Facility credit agreement”). Additionally, borrowings as of December 31, 2024 incurred interest at a weighted average rate of 6.8%. 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 ABL Facility credit agreement, drops below a specific level. The Company is required to maintain a minimum fixed charge coverage ratio, as defined in the ABL Facility credit agreement, of 1.0 to 1.0 for each period if excess availability is less than 10% of the borrowing base or $52.5 million, whichever is greater. The Company was in compliance with these covenants as of December 31, 2024. Maturities of debt are as follows: ($ in thousands) Years Ending December 31, 2025 $ — 2026 — 2027 — 2028 190,500 Thereafter — $ 190,500

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	12 Months Ended
	Dec. 31, 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 years ended December 31, 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. The carrying values of all of the Company’s financial instruments included in the accompanying consolidated balance sheets approximated or equaled their fair values on December 31, 2024 and 2023. • The carrying values of cash and cash equivalents, accounts receivable, and accounts payable (including accrued liabilities) approximated fair value on December 31, 2024 and 2023, due to their short-term nature. • The carrying value of investments in equity securities were measured at fair value on December 31, 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 December 31, 2024 and 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 December 31, 2024 and 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. These assets and liabilities include those acquired through the Siren Acquisition, which are required to be measured at fair value on the acquisition date in accordance with ASC Topic 805 . See Note 3—Acquisitions. During the year ended December 31, 2024, the Company sold two properties classified as held for sale resulting in a nominal gain included as a component of gain on disposal of assets, net in the accompanying consolidated statements of operations. Therefore, as of December 31, 2024, the Company had no property that met the assets held for sale criteria. As of December 31, 2023, the Company recorded $0.7 million of land and $0.8 million of buildings 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 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. The Company estimated 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 year ended December 31, 2023. Other assets measured at fair value on a nonrecurring basis consisted of notes receivable—related party, which was recorded for trade receivables, created in the normal course of business, due from the Affiliate as of the Agreement Date, as defined and described in Note 14—Related Party Transactions. These notes were classified as Level 3 in the fair value hierarchy as the inputs to the determination of fair value were based upon unobservable inputs. During the year ended December 31, 2024, the notes were paid in full and therefore none was outstanding as of December 31, 2024. As of December 31, 2023, notes receivable—related party from the Affiliate was $14.8 million. 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 December 31, 2024 and 2023, the Company had cash equivalents, measured at fair value, of $0.3 million and $0.3 million, respectively. 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 December 31, 2024, the fair value of the investment was estimated at $51.6 million. The change in Oklo’s fair value resulted in an unrealized gain of $41.6 million during the year ended December 31, 2024, included in unrealized gain on investments, net in the accompanying 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 completed an initial public offering 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 initial public offering 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 December 31, 2024, the fair value of the investment was estimated at $18.8 million. The change in Tamboran’s fair value resulted in an unrealized loss of $1.5 million during the year ended December 31, 2024, included in unrealized gain on investments, net in the accompanying 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 consolidated financial statements. No such measurements were required as of December 31, 2024 and 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 equivalents balance on deposit with financial institutions total $20.0 million and $36.8 million as of December 31, 2024 and 2023, respectively, which exceeded Federal Deposit Insurance Corporation 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 December 31, 2024, Customer A and Customer B accounted for 13.7% and 10.4%, respectively, of total consolidated accounts receivable and unbilled revenue. As of December 31, 2023, no customers accounted for 10% of total consolidated accounts receivable and unbilled revenue. During the year ended December 31, 2024, Customer C accounted for 11.8% of consolidated revenues. During the years ended December 31, 2023, and 2022, no customers accounted for 10% of consolidated revenues. The Company mitigates the associated credit risk by performing credit evaluations and monitoring the payment patterns of its customers. As of December 31, 2024, the Company had $0.8 million in allowance for credit losses. As of December 31, 2023 and 2022, the Company had $0.9 million in allowance for credit losses and recorded a provision in 2023 related to certain customers’ expected inability to pay. The Company applies historic loss factors to its receivable portfolio segments that are not expected to be further impacted by current economic developments, and an additional economic conditions factor to portfolio segments anticipated to experience greater losses in the current economic environment. While the Company has not experienced significant credit losses in the past and has not seen material changes to the payment patterns of its customers, the Company cannot predict with any certainty the degree to which unforeseen events may affect the ability of its customers to timely pay receivables when due. Accordingly, in future periods, the Company may revise its estimates of expected credit losses. ($ in thousands) 2024 2023 2022 Allowance for credit losses, beginning of year $ 939 $ 884 $ 884 Credit losses: Current period provision — 808 — Amounts written off, net of recoveries (91) (753) — Allowance for credit losses, end of year $ 848 $ 939 $ 884

Equity

Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Equity	Equity Preferred Stock As of December 31, 2024 and 2023, the Company had 10,000 shares of preferred stock authorized, par value $0.01, with none issued and outstanding. If issued, each class or series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications, limitations and restrictions determined by the Company’s board of directors, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights and redemption rights. Except as provided by law or in a preferred stock designation, the holders of preferred stock will not be entitled to vote at or receive notice of any meeting of shareholders. Class A Common Stock The Company had a total of 161,858,784 and 166,610,199 shares of Class A Common Stock outstanding as of December 31, 2024 and 2023, respectively, none of which were restricted. Holders of Class A Common Stock are entitled to one vote per share on all matters to be voted upon by the stockholders and are entitled to ratably receive dividends when and if declared by the Company’s board of directors. Class B Common Stock The Company had no shares of Class B Common Stock outstanding as of December 31, 2024 and 2023, respectively. Effective January 31, 2023, in connection with the Merger, all outstanding shares of the Class B Common Stock were redeemed and exchanged, with no shares remaining outstanding as of December 31, 2024. Long Term Incentive Plan On January 11, 2018, the Company adopted the Long Term Incentive Plan (“LTIP”) to incentivize employees, officers, directors and other service providers of the Company and its affiliates. The LTIP provides for the grant, from time to time, at the discretion of the Company’s board of directors or a committee thereof, of stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, dividend equivalents, other stock-based awards, cash awards, substitute awards and performance awards. Subject to adjustment in the event of certain transaction or changes of capitalization in accordance with the LTIP, 12,908,734 shares of Class A Common Stock were initially reserved for issuance pursuant to awards under the LTIP. Effective April 16, 2024, following receipt of stockholder approval, the Company adopted the amended and restated the LTIP, which, among other things, increased the total number of shares authorized for issuance under the amended and restated LTIP, including shares already issued, to 21,239,244 shares of Class A Common Stock. Class A Common Stock subject to an award that expires or is canceled, forfeited, exchanged, settled in cash or otherwise terminated without delivery of shares will again be available for delivery pursuant to other awards under the LTIP. Restricted Stock Units Restricted stock units (“RSUs”) granted pursuant to the 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 year ended December 31, 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 1,519,597 19.46 Vested (1,491,085) 13.53 Forfeited (75,322) 15.18 Outstanding at December 31, 2024 2,938,408 $ 16.93 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 year ended December 31, 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 352,091 17.65 Vested (584,720) 12.95 Forfeited — — Outstanding at December 31, 2024 1,106,939 $ 15.10 Stock-based compensation is included in cost of services and general and administrative expenses in the Company’s consolidated statements of operations. The Company recognized stock-based compensation expense of $32.4 million, $33.0 million, and $23.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. There was approximately $39.3 million of unrecognized compensation expense relating to outstanding RSUs and PSUs as of December 31, 2024. The unrecognized compensation expense will be recognized on a straight-line basis over the weighted average remaining vesting period of two years. Dividends On October 18, 2022, the Company’s Board of Directors (the “Board”) reinstated quarterly dividends after they were suspended on April 2, 2020. 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. Additionally, the Company paid cash dividends of $0.08 per share of Class A Common Stock on December 20, 2024 to stockholders of record as of December 6, 2024. During the year ended December 31, 2024, dividend payments totaled $47.7 million. 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. Additionally, the Company paid cash dividends of $0.07 per share of Class A Common Stock on December 20, 2023 to stockholders of record as of December 6, 2023. During the year ended December 31, 2023, dividend payments totaled $37.5 million. The Company paid cash dividends of $0.05 per share of Class A Common Stock on December 20, 2022 to stockholders of record as of December 6, 2022. Liberty LLC paid a distribution of $9.0 million, or $0.05 per Liberty LLC Unit, to all Liberty LLC unit holders as of December 6, 2022, $9.0 million of which was paid to the Company. The Company used the proceeds of the distribution to pay the dividend to all holders of shares of Class A Common Stock as of December 6, 2022, which totaled $9.0 million. Additionally, the Company paid an accrued dividend equivalent upon vesting for the RSUs and PSUs with a 2024 vesting date, which totaled $0.7 million and $0.2 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the Company had $1.5 million and $1.0 million of dividend equivalents payable related to RSUs and PSUs to be paid upon vesting, respectively. Dividend equivalents related to forfeited RSUs or PSUs will be forfeited. Share Repurchase Program On July 25, 2022, the Company’s board of directors authorized and the Company announced a share repurchase program that 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. 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 $750.0 million and extended the authorization through July 31, 2026. The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions, or by other means in accordance with applicable state and federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A Common Stock, the market price of the Company’s Class A Common Stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund any repurchases by using cash on hand, borrowings under the ABL Facility and expected free cash flow to be generated through the duration of the share repurchase program. Year Ended December 31, Year Ended December 31, Year Ended December 31, ($ in thousands, except share count and per share data) 2024 2023 2022 Shares of Class A Common Stock 6,320,536 13,705,622 8,185,890 Cost of shares repurchased $ 127,395 $ 203,100 $ 125,313 Average price per share including commissions $ 20.16 $ 14.82 $ 15.31 As of December 31, 2024, $294.2 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 $0.9 million and $1.9 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the Company had excise tax payables of $0.9 million and $1.9 million, respectively, in accrued liabilities in the accompanying consolidated balance sheets.

Net Income per Share

Net Income per Share	12 Months Ended
	Dec. 31, 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: (In thousands, except per share data) Year Ended December 31, 2024 Year Ended December 31, 2023 Basic Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 316,010 $ 556,317 Denominator: Basic weighted average common shares outstanding 165,026 171,845 Basic net income per share attributable to Liberty Energy Inc. stockholders $ 1.91 $ 3.24 Diluted Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 316,010 $ 556,317 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock — 73 Diluted net income attributable to Liberty Energy Inc. stockholders $ 316,010 $ 556,390 Denominator: Basic weighted average shares outstanding 165,026 171,845 Effect of dilutive securities: Restricted stock units 4,372 4,494 Class B Common Stock — 21 Diluted weighted average shares outstanding 169,398 176,360 Diluted net income per share attributable to Liberty Energy Inc. stockholders $ 1.87 $ 3.15

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 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. As of December 31, 2024, tax reporting by the Company for the years ended December 31, 2021, 2022, 2023, and the short period ended January 31, 2023 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2024, the Company is no longer subject to U.S. federal, state or local examinations by tax authorities for tax years ended on or before December 31, 2020. The components of the Company’s income from continuing operations before income taxes on which the provision for income taxes was computed consisted of the following: Year Ended December 31, ($ in thousands) 2024 2023 2022 United States $ 356,340 $ 668,338 $ 375,758 Foreign 46,931 66,552 23,751 Total $ 403,271 $ 734,890 $ 399,509 The components of the provision for incomes taxes from continuing operations are summarized as follows: Year Ended December 31, ($ in thousands) 2024 2023 2022 Current: Federal $ 33,474 $ 36,319 $ 4,679 State 6,637 4,662 2,579 Foreign 13,306 17,189 4,421 Total Current $ 53,417 $ 58,170 $ 11,679 Deferred: Federal $ 32,087 $ 109,399 $ (12,967) State 3,289 11,913 (1,182) Foreign (1,532) (1,000) 1,677 Total Deferred $ 33,844 $ 120,312 $ (12,472) Income tax expense (benefit) $ 87,261 $ 178,482 $ (793) Income tax expense (benefit) attributable to net income (loss) before income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21.0% to pre-tax income as a result of the following: Year Ended December 31, ($ in thousands) 2024 2023 2022 Computed tax expense at the statutory rate $ 84,687 $ 154,327 $ 83,897 Increase (decrease) in tax expense resulting from: State and local income tax expense, net 9,340 15,745 10,224 Non-controlling interest — (19) (151) Effect of foreign tax rates 1,231 1,818 697 Stock-based compensation (1,771) (239) (2,724) Change in valuation allowance — — (91,336) Other TRA adjustment 181 (248) (2,763) U.S. Federal tax credits (6,743) — — Nondeductible executive compensation 2,920 6,514 — U.S. impact of foreign earnings — — 315 Other, net (2,584) 584 1,048 Total income tax expense (benefit) $ 87,261 $ 178,482 $ (793) The effective tax rate for the years ended December 31, 2024, 2023, and 2022 was 21.6%, 24.3%, and (0.2)%, respectively. 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, partially offset by U.S. federal income tax credits. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: ($ in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Federal tax credit $ 9,615 $ — State net operating losses 859 1,286 Foreign net operating losses 920 — Realized tax benefit - TRAs 79,175 87,260 Intangibles 22,440 22,825 Lease liabilities 67,603 51,504 Stock-based compensation 4,494 4,279 Inventory 2,604 3,361 Other 10,674 5,133 Total deferred tax assets 198,384 175,648 Deferred tax liabilities: Property and equipment (233,649) (221,337) Lease assets (83,137) (55,801) Other (17,782) (850) Total deferred tax liabilities (334,568) (277,988) Net deferred tax (liability) $ (136,184) $ (102,340) During the year ended December 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. As a result of this change, the Company no longer has a deferred tax liability for the difference between the book value and the tax value of the Company’s investment in Liberty LLC and the associated net deferred tax liability balances have been allocated to the deferred tax asset and liability line items above. Significant deferred tax assets include the step up in basis of depreciable assets under Section 754 (“Section 754”) of the Internal Revenue Code of 1986, as amended and deferred tax liabilities related to property and equipment. As of December 31, 2024, the Company has utilized all U.S. federal net operating loss carryforwards and has $0.9 million state net operating loss carryforwards that will not expire in the foreseeable future. The Company also has $9.6 million U.S. federal income tax credits that will not expire for twenty years. 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 and December 23, 2024, Canada and Australia, respectively, 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 earnings as such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any income and/or withholding tax would not be significant. During the year ended December 31, 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 $33.5 million of transferable tax credits under the Inflation Reduction Act. The benefit for the federal income tax credits purchased has been recognized as a reduction to the Company’s income tax expense in the current period. Uncertain Tax Positions The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the more likely than not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company determined that no liability for unrecognized tax benefits for uncertain tax positions was required at December 31, 2024. In addition, the Company does not believe that it has any tax positions for which it is reasonably possible that it will be required to record a significant liability for unrecognized tax benefits within the next twelve months. If the Company were to record an unrecognized tax benefit, the Company will recognize applicable interest and penalties related to income tax matters in income tax expense. Tax Receivable Agreements The term of each TRA commenced on January 17, 2018, and will continue until all such tax benefits that are subject to such TRA have been utilized or expired, unless the Company experiences a change of control (as defined in the TRAs, which includes certain mergers, asset sales and other forms of business combinations) or the TRAs are terminated early (at the Company’s election or as a result of its breach), and the Company makes the termination payments specified in such TRA. The amounts payable, as well as the timing of any payments, under the TRAs are dependent upon significant future events and assumptions, including the timing of the redemptions of Liberty LLC Units, the price of our Class A Common Stock at the time of each redemption, the extent to which such redemptions are taxable transactions, the amount of the redeeming unit holder’s tax basis in its Liberty LLC Units at the time of the relevant redemption, the characterization of the tax basis step-up, the depreciation and amortization periods that apply to the increase in tax basis, the amount of net operating losses available to the Company as a result of the Corporate Reorganization, the amount and timing of taxable income the Company generates in the future, the U.S. federal income tax rate then applicable, and the portion of the Company’s payments under the TRAs that constitute imputed interest or give rise to depreciable or amortizable tax basis. At December 31, 2024, the Company’s liability under the TRAs was $115.7 million of which $40.8 million is recorded as a current liability and $74.9 million is recorded as a component of long-term liabilities. The Company recorded a loss on remeasurement of the liabilities subject to the TRA of $3.2 million recorded as part of continuing operations in the current year. At December 31, 2023, the Company’s liability under the TRAs was $117.7 million, of which $5.2 million was presented as a current liability, and $112.5 million was presented as a long-term liability. The Company recorded a gain on remeasurement of the liabilities subject to the TRA of $1.8 million recorded as part of continuing operations in the prior year. The Company made $5.2 million of TRA payments during the year ended December 31, 2024. During the year ended December 31, 2023, exchanges of Liberty LLC Units and shares of Class B Common Stock resulted in an increase of $0.6 million in amounts payable under the TRAs, and a net increase of $0.7 million in deferred tax assets, all of which were recorded through equity. The Company did not make any TRA payments during the year ended December 31, 2023. On January 31, 2023, the Company recorded an increase of $6.6 million of deferred tax assets for the impact of the adopted plan of merger for Liberty LLC into the Company, all of which was recorded through equity.

Defined Contribution Plan

Defined Contribution Plan	12 Months Ended
	Dec. 31, 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 contribution 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 were $36.9 million, $32.9 million, and $25.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023, the Company repurchased and retired 3,000,000 shares of Class A Common Stock for $45.0 million or $15.00 average price per share from Schlumberger, under the share repurchase program. Effective January 31, 2023, after the repurchase and retirement, Schlumberger owns no shares of Class A Common Stock of the Company and no longer qualified as a related party. During the year ended December 31, 2022, the Company repurchased and retired 1,700,000 shares of Class A Common Stock for $27.8 million or $16.35 average price per share from Schlumberger, under the share repurchase program. On April 29, 2022, the Company, Liberty LLC, Schlumberger, and BofA Securities, Inc. and J.P. Morgan Securities LLC (together, the “Underwriters”), entered into an underwriting agreement, dated as of April 29, 2022, pursuant to which Schlumberger sold 14,500,000 shares of Class A Common Stock at a price of $15.50 per share to the Underwriters (the “Sale”). The Sale closed on May 3, 2022. Following the Sale, Schlumberger held 35,101,961 shares of Class A Common Stock. The Company did not receive any proceeds from the Sale. 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 consolidated statements of cash flows. During the year ended December 31, 2022, total purchases from Schlumberger were approximately $21.7 million. Additionally, the Company sold equipment to Schlumberger including $0.1 million during the year ended December 31, 2022. The Company recognized a minimal gain on the sale of equipment. 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 years ended December 31, 2024, 2023 and 2022, the Company performed hydraulic fracturing services for Franklin Mountain in the amount of $120.3 million, $176.1 million, and $131.8 million, respectively. Amounts included in unbilled revenue from Franklin Mountain as of December 31, 2024 and 2023, were $0.0 million and $13.4 million, respectively. Receivables from Franklin Mountain as of December 31, 2024 and 2023, were $4.2 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 years ended December 31, 2023 and 2022, were $11.1 million, $38.8 million and $16.7 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 extend the due dates to 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 consolidated balance sheets. 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 years ended December 31, 2023 and 2022, interest income from the Affiliate was $0.5 million, $2.0 million, and $0.0 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 during fiscal year 2024, was appointed to the Oklo board of directors. During the year ended December 31, 2024, the Company recorded an unrealized gain of $41.6 million, included in unrealized gain on investments, net in the accompanying consolidated statements of operations. As of December 31, 2024, the fair value of the Company ’ s investment using Level 1 inputs was $51.6 million. The Company was not party to any other transactions with Oklo during the years ended December 31, 2024, and 2023. Nomad Proppant Services LLC During the year ended December 31, 2021, the Company committed to investing $10.0 million in Nomad Proppant Services LLC (“Nomad”), a mobile sand mine company. Upon the commitment, the Company had a significant but non-controlling financial interest in Nomad. Within the normal course of business, the Company purchased proppant from Nomad for $5.5 million during the year ended December 31, 2024. Payables to Nomad as of December 31, 2024, were $0.6 million. Prior to the year ended December 31, 2024 the Company did not purchase any goods from Nomad. As of December 31, 2024 and 2023, the value of the Company ’ s investment using the equity method accounting was $10.7 million and $11.4 million, respectively. During the years ended December 31, 2024 and 2023, the Company received cash distributions from Nomad in the amounts of $4.0 million and $0.8 million, respectively. Bettering Human Lives Foundation In December 2023, the Company established the Bettering Human Lives Foundation (the “Foundation”), a nonprofit organization dedicated to promoting clean cooking solutions and improving the well-being of communities worldwide. Mr. Wright, the Company’s CEO during fiscal year 2024, serves as the Chairman of the Foundation, and Anne Hyre serves as its executive director. Ms. Hyre is the sister-in-law of Mr. Wright. In December 2023, the Company made an initial commitment to make a charitable contribution of $1.0 million to the Foundation. In addition, effective January 1, 2024 Ms. Hyre is employed by a subsidiary of the Company and seconded to the Foundation, and Company and the Foundation entered into a professional services agreement (the “Professional Services Agreement”), whereby the Company provides certain administrative services for the Foundation. During the year ended December 31, 2024, the Company made charitable contributions of $0.9 million to the Foundation, and received $0.5 million in other service revenue under the Professional Services Agreement.

Commitments_& Contingencies

Commitments & Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments & Contingencies	Commitments & Contingencies Purchase Commitments (tons are not in thousands) The Company enters into purchase and supply agreements to secure supply and pricing of proppant and equipment. As of December 31, 2024 and 2023, the agreements provide pricing and committed supply sources for the Company to purchase 360,000 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. Future proppant and equipment commitments are as follows: ($ in thousands) 2025 $ 26,348 2026 — 2027 — 2028 — 2029 — Thereafter — $ 26,348 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 $5.4 million for the year ended December 31, 2025. Based on forecasted levels of activity, the Company does not currently expect to incur significant shortfall fees. Included in the commitments for the year ending December 31, 2024 are $2.5 million of payments expected to be made in the first quarter of 2025 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 22, 2025, the Company’s Board of Directors (the “Board” ) approved a quarterly dividend of $0.08 per share of Class A Common Stock to be paid on March 20, 2025 to holders of record as of March 6, 2025. On February 3, 2025, Christopher A. Wright, the Company ’s CEO was confirmed to the position of Secretary of Energy of the United States and resigned from his positions as Chairman of the Board, Director and Chief Executive Officer of the Company. In connection with Mr. Wright’s resignation, the Company modified certain terms and conditions of Mr. Wright’s stock awards granted under the LTIP. Unvested RSUs and PSUs granted to Mr. Wright in 2022, 2023, and 2024 vested effective February 3, 2025. In total 412,292 shares of Class A Common Stock were issued, net of tax withholding. As a result of the modification the Company expects to recognize $10.3 million of incremental non-cash stock-based compensation expense during the three months ended March 31, 2025. No other significant subsequent events have occurred that would require recognition or disclosure in the consolidated financial statements and notes thereto.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 316,010	$ 556,317	$ 399,602

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our information systems and the data residing therein. We have integrated cybersecurity risk management into our broader risk management framework to promote a company-wide practice of cybersecurity risk management. This integration ensures that cybersecurity considerations are part of our decision-making processes. Our cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, employee training, contractual arrangements, tools and related services from third-party providers, and management oversight to identify, assess, and manage material risks from cybersecurity threats. As part of our cybersecurity risk management process, we have conducted simulated cybersecurity incidents to ensure that we are prepared to respond to such an incident and to highlight any areas for potential improvement in our cyber incident preparedness. Engagement of Third-Parties Recognizing the complexity and evolving nature of cybersecurity threats, we may periodically engage a range of external experts, including cybersecurity assessors, consultants, and auditors to evaluate and test our information systems. These partnerships enable us to leverage specialized knowledge and insights, ensuring our cybersecurity strategies and processes generally follow industry-recognized standards and frameworks, and are compliant with applicable laws. Oversight of Third-Party Risk Because we are aware of the risks associated with third-party service providers, we implement processes to oversee and manage these risks. We conduct security assessments of critical third-party providers before engagement and maintain ongoing monitoring to ensure compliance with our cybersecurity standards. The monitoring includes regular assessments by our Chief Information Officer (“CIO”) and cybersecurity staff and advisors. This approach is designed to mitigate risks related to data breaches or other security incidents involving third-parties. Risks from Cybersecurity Threats
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have integrated cybersecurity risk management into our broader risk management framework to promote a company-wide practice of cybersecurity risk management. This integration ensures that cybersecurity considerations are part of our decision-making processes. Our cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, employee training, contractual arrangements, tools and related services from third-party providers, and management oversight to identify, assess, and manage material risks from cybersecurity threats. As part of our cybersecurity risk management process, we have conducted simulated cybersecurity incidents to ensure that we are prepared to respond to such an incident and to highlight any areas for potential improvement in our cyber incident preparedness
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors Oversight Our Board of Directors (the “Board”) has designated the Audit Committee to oversee risk management associated with cybersecurity threats. The Audit Committee is comprised of board members with diverse expertise including risk management, technology, and finance, which we believe enables them to oversee cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	We have a cybersecurity risk management committee comprised of senior leadership, including our CIO. The committee evaluates and addresses cybersecurity risks in alignment with our business objectives and operational needs. The Company’s cybersecurity risk management committee is also responsible for informing the Audit Committee on cybersecurity risks. The committee provides briefings to the Audit Committee on at least a quarterly basis, performs a comprehensive annual review of cybersecurity risks and threats, and assesses and adjusts the Company’s processes to prevent, detect, mitigate, and remediate any such risks and threats. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our CIO. With over 30 years of experience in the field of information systems and cybersecurity, our CIO brings a wealth of expertise to this role. His background includes extensive experience as an enterprise CIO and his in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CIO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our employee training program as such items relate to cybersecurity. Our CIO manages our cybersecurity risks with the help of key personnel overseeing cybersecurity, information technology networks and infrastructure, operational technology, and critical software applications.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our CIO. With over 30 years of experience in the field of information systems and cybersecurity, our CIO brings a wealth of expertise to this role. His background includes extensive experience as an enterprise CIO and his in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CIO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our employee training program as such items relate to cybersecurity. Our CIO manages our cybersecurity risks with the help of key personnel overseeing cybersecurity, information technology networks and infrastructure, operational technology, and critical software applications.
Cybersecurity Risk Role of Management [Text Block]	Management’s Role We have a cybersecurity risk management committee comprised of senior leadership, including our CIO. The committee evaluates and addresses cybersecurity risks in alignment with our business objectives and operational needs. The Company’s cybersecurity risk management committee is also responsible for informing the Audit Committee on cybersecurity risks. The committee provides briefings to the Audit Committee on at least a quarterly basis, performs a comprehensive annual review of cybersecurity risks and threats, and assesses and adjusts the Company’s processes to prevent, detect, mitigate, and remediate any such risks and threats. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our CIO. With over 30 years of experience in the field of information systems and cybersecurity, our CIO brings a wealth of expertise to this role. His background includes extensive experience as an enterprise CIO and his in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CIO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our employee training program as such items relate to cybersecurity. Our CIO manages our cybersecurity risks with the help of key personnel overseeing cybersecurity, information technology networks and infrastructure, operational technology, and critical software applications.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	We have a cybersecurity risk management committee comprised of senior leadership, including our CIO. The committee evaluates and addresses cybersecurity risks in alignment with our business objectives and operational needs. The Company’s cybersecurity risk management committee is also responsible for informing the Audit Committee on cybersecurity risks. The committee provides briefings to the Audit Committee on at least a quarterly basis, performs a comprehensive annual review of cybersecurity risks and threats, and assesses and adjusts the Company’s processes to prevent, detect, mitigate, and remediate any such risks and threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our CIO. With over 30 years of experience in the field of information systems and cybersecurity, our CIO brings a wealth of expertise to this role. His background includes extensive experience as an enterprise CIO and his in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CIO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our employee training program as such items relate to cybersecurity. Our CIO manages our cybersecurity risks with the help of key personnel overseeing cybersecurity, information technology networks and infrastructure, operational technology, and critical software applications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have a cybersecurity risk management committee comprised of senior leadership, including our CIO. The committee evaluates and addresses cybersecurity risks in alignment with our business objectives and operational needs. The Company’s cybersecurity risk management committee is also responsible for informing the Audit Committee on cybersecurity risks. The committee provides briefings to the Audit Committee on at least a quarterly basis, performs a comprehensive annual review of cybersecurity risks and threats, and assesses and adjusts the Company’s processes to prevent, detect, mitigate, and remediate any such risks and threats. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with our CIO. With over 30 years of experience in the field of information systems and cybersecurity, our CIO brings a wealth of expertise to this role. His background includes extensive experience as an enterprise CIO and his in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Our CIO oversees our governance programs, tests our compliance with standards, remediates known risks, and leads our employee training program as such items relate to cybersecurity. Our CIO manages our cybersecurity risks with the help of key personnel overseeing cybersecurity, information technology networks and infrastructure, operational technology, and critical software applications.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) and the instructions to Form 10-K, Regulation S-X and the rules and regulations of the Securities and Exchange Commission. The accompanying consolidated financial statements and related notes present the consolidated financial position of the Company and equity of the Company as of and for the years ended December 31, 2024 and 2023, and the results of operations and cash flows of the Company for the years ended December 31, 2024, 2023, and 2022. The consolidated financial statements include the amounts of the Company and all majority owned subsidiaries where the Company has the ability to exercise control. All intercompany amounts have been eliminated in the presentation of the consolidated financial statements of the Company.
Business Combinations	Business Combinations Business combinations are accounted for using the acquisition method of accounting in accordance with the Accounting Standard Codification (“ASC”) Topic 805 - Business Combinations, as amended by Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business, and ASU No. 2021-08, Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. Fair value of the acquired assets and liabilities is measured in accordance with the guidance of ASC 850, Fair Value Measurements, using discounted cash flows and other applicable valuation techniques. Any acquisition related costs incurred by the Company are expensed as incurred. Any excess purchase price over the fair value of the net identifiable assets acquired is recorded as goodwill if the definition of a
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include certain amounts that are based on management’s best estimates and judgments. The most significant estimates relate to the fair value of assets acquired and liabilities assumed, collectability of accounts receivable and estimates of allowance for doubtful accounts, the useful lives and salvage values of long-lived assets, future cash flows associated with long-lived assets, net realizable value of inventory, equity unit valuation, deferred taxes, and the tax receivable agreements value. These estimates may be adjusted as more current information becomes available.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it has banking relationships. As of the balance sheet date, and periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits.
Accounts Receivable	Accounts Receivable In accordance with Accounting Standards Updates ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), the Company applies historic loss factors to its receivable portfolio segments that were not expected to be further impacted by current economic developments, and additional economic conditions factor to portfolio segments anticipated to experience greater losses in the current economic environment. Additionally, the Company continuously evaluates customers based on risk characteristics, such as historical losses and current economic conditions. Due to the cyclical nature of the oil and gas industry, the Company often evaluates its customers’ estimated losses on a case-by-case basis. The Company did not record an additional provision for credit losses during the year ended December 31, 2024 and 2022. During the year ended December 31, 2023, the Company recorded a provision for credit losses of $0.8 million, related to certain customers’ inability to pay. Provisions for credit losses are included in general and administrative expenses in the accompanying consolidated statements of operations. Refer to “Credit Risk” within Note 9—Fair Value Measurements and Financial Instruments for additional disclosures required under ASU 2016-13.
Inventories	Inventories Inventories consist of raw materials used in the hydraulic fracturing process, such as proppants, chemicals, and field service equipment maintenance parts and other and are stated at the lower of cost, determined using the weighted average cost method, or net realizable value. Inventories are charged to cost of services as used when providing hydraulic fracturing services. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation.
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation expense is recognized on property and equipment, excluding land, utilizing the straight-line method over the estimated useful lives, ranging from two Construction in-progress, a component of property and equipment, represents long-lived assets not yet in service or being developed by the Company. These assets are not subject to depreciation until they are completed and ready for their intended use, at which point the Company reclassifies them to field services equipment, vehicles, or buildings and facilities, as appropriate. The Company incurs maintenance costs on its major equipment. The determination of whether an expenditure should be capitalized or expensed requires management judgment in the application of how the costs incurred benefit future periods, relative to the Company’s capitalization policy. Costs that either establish or increase the efficiency, productivity, functionality or life of a fixed asset are capitalized and depreciated over the remaining useful life of the asset.
Impairment of long-lived assets	Impairment of long-lived assets Long-lived assets, such as property and equipment, right-of-use lease assets and intangible assets, are evaluated for impairment whenever events or changes in circumstances indicate that their carrying value may not be recoverable. Possible indicators of impairment may include events or changes in circumstances affecting the manner in which the assets are being used, historical and estimated future profitability measures, and other adverse events or changes that could affect the value of the assets. If a triggering event is identified, recoverability is assessed using undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets. The Company determined the lowest level of identifiable cash flows to be at the asset group, which is the aggregate of the Company’s hydraulic fracturing fleets that are in service. A long-lived asset is not recoverable if its carrying amount exceeds the sum of estimated undiscounted cash flows expected to result from the use and eventual disposition. When alternative courses of action to recover the carrying amount of the asset group are under consideration, estimates of future undiscounted cash flows take into account possible outcomes and probabilities of their occurrence. If the carrying amount of the asset is not recoverable, an impairment loss is recognized in an amount by which its carrying amount exceeds its estimated fair value, such that its carrying amount is adjusted to its estimated fair value, with an offsetting charge to impairment expense. The Company measures the fair value of its long-lived assets using the discounted cash flow method. The expected future cash flows used for impairment reviews and related fair value calculations are based on judgmental assessments of projected revenue growth, fleet count, utilization, gross margin rates, selling, general and administrative rates, working capital fluctuations, capital expenditures, discount rates and terminal growth rates.
Goodwill	Goodwill
Leases	Leases In accordance with ASC Topic 842, the Company determines if an arrangement is a lease at inception and evaluates identified leases for operating or finance lease treatment. Operating or finance lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company uses the rate implicit in the lease, when available, or an estimated fully collateralized incremental borrowing rate corresponding with the lease term and the information available at the commencement date in determining the present value of lease payments. Lease terms may include options to renew, however, the Company typically cannot determine its intent to renew a lease with reasonable certainty at inception.
Equity Investments	Equity Investments The Company may from time to time invest in equity securities of public and private companies. Equity investments are measured and recorded as follows: Marketable equity investments are equity investments with a readily determinable fair value and are recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement. Unrealized gains and losses resulting from changes in fair value are recorded in unrealized gain on investments, net. Equity method investments are equity securities in investees we do not control, but over which we have the ability to exercise significant influence. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s share of equity method investee income or loss, less distributions received as return on investment. The Company’s share of equity method investee income or loss is recorded as a component of cost of services as the investee is a supplier of the Company, refer to Note 14—Related Party Transactions Nomad Proppant Services LLC for further discussion of the Company’s equity method investment. Equity method investments are monitored for other-than-temporary decreases in investment value, which considers the severity and duration of a potential decline in fair value below cost and our ability and intent to hold the investment for a sufficient period of time to allow for recovery.
Income Taxes	Income Taxes Deferred income taxes are computed using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which the deferred tax asset or liability are expected to reverse. The Company classifies all deferred tax assets and liabilities as non-current. The Company records Global Intangible Low-Tax Income inclusion as a current period expense. The Company evaluates its deferred tax assets quarterly and considers both positive and negative evidence in applying the guidance of ASC 740 Income Taxes (“ASC 740”) related to the realizability of its deferred tax assets. As of December 31, 2024 and 2023 there were no valuation allowances recorded against the Company’s deferred tax assets. The Company recognizes the financial statement effects of a tax position when it is more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are reversed in the first period in which it is no longer more-likely-than-not that the tax position would be sustained upon examination. Income tax related interest and penalties, if applicable, are recorded as a component of the provision for income tax expense. Tax Receivable Agreements In connection with the IPO, on January 17, 2018, the Company entered into two Tax Receivable Agreements (the “TRAs”) with the R/C Energy IV Direct Partnership, L.P. and certain legacy owners that continued to own Liberty LLC Units (each such person and any permitted transferee, a “Tax Receivable Agreement Holder” and together, the “Tax Receivable Agreement 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 Tax Receivable Agreement 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 Tax Receivable Agreement Holder’s Liberty LLC Units in connection with the IPO or pursuant to the exercise of the right (the “Redemption Right”) or the Company’s right (the “Call Right”), (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. With respect to obligations the Company expects to incur under the TRAs (except in cases where the Company elects to terminate the TRAs early, the TRAs are terminated early due to certain mergers, asset sales, or other changes of control or the Company has available cash but fails to make payments when due), generally the Company may elect to defer payments due under the TRAs if the Company does not have available cash to satisfy its payment obligations under the TRAs or if its contractual obligations limit its ability to make such payments. Any such deferred payments under the TRAs generally will accrue interest. In certain cases, payments under the TRAs may be accelerated and/or significantly exceed the actual benefits, if any, the Company realizes in respect of the tax attributes subject to the TRAs. The Company accounts for amounts payable under the TRAs in accordance with ASC Topic 450, Contingencies .
Share Repurchases	Share Repurchases The Company accounts for the purchase price of repurchased Class A Common Stock 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. All Class A Common Stock shares repurchased to date have been retired upon repurchase.
Revenue Recognition	Revenue Recognition Under ASC Topic 606- Revenue from Contracts with Customers , revenue recognition is based on the transfer of control, or the customer’s ability to benefit from the services and products in an amount that reflects the consideration expected to be received in exchange for those services and products. In recognizing revenue for services and products, the transaction price is determined from sales orders or contracts with customers. Revenue is recognized at the completion of each fracturing stage, and in most cases the price at the end of each stage is fixed, however, in limited circumstances contracts may contain variable consideration. Variable consideration typically may relate to discounts, price concessions and incentives. The Company estimates variable consideration based on the amount of consideration we expect to receive. The Company accrues revenue on an ongoing basis to reflect updated information for variable consideration as performance obligations are met. The Company also assesses customers’ ability and intention to pay, which is based on a variety of factors including historical payment experience and financial condition. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 45 days. In connection with the adoption of ASC Topic 842, the Company determined that certain of its service revenue contracts contain a lease component. The Company elected to adopt a practical expedient available to lessors, which allows the Company to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. Therefore, the Company combines the lease and service component for certain of the Company’s service contracts and continues to account for the combined component under ASC Topic 606, Revenue from Contracts with Customers.
Transaction and Other Costs	Transaction and Other Costs During 2024, the Company did not incur transaction and integration related costs. During 2023, the Company incurred transaction and integration related costs in connection with the Siren Acquisition (as defined in Note 3—Acquisitions). Such costs include investment banking, legal, accounting and other professional services provided in connection with closing the transaction and are expensed as incurred . During 2022, the Company incurred transaction and integration related costs in connection with a prior period acquisition. Such costs include investment banking, legal, accounting and other professional services provided in connection with closing the transaction and are expensed as incurred
Foreign Currency Translation	Foreign Currency Translation The Company records foreign currency translation adjustments from the process of translating the functional currency of the financial statements of its foreign subsidiaries into the U.S. dollar reporting currency. The Canadian dollar and the Australian dollar are the functional currencies of the Company’s foreign subsidiaries as they are the primary currencies within the economic environment in which the subsidiaries operates. Assets and liabilities of the subsidiary’s operations are translated into U.S. dollars at the rate of exchange in effect on the balance sheet date and income and expenses are translated at the average exchange rate in effect during the reporting period. Adjustments resulting from the translation of the subsidiary’s financial statements are reported in other comprehensive income.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards	Recently Adopted 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. The Company adopted this guidance during the most recent quarter. See Note 1—Organization and Basis of Presentation for further detail. Recently Issued Accounting Standards 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. Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses , which requires disclosure of specified information about certain costs and expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements.
Reclassifications	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 consolidated statements of changes in equity. In the accompanying consolidated balance sheets, amounts in the prior period financial statements have been reclassified from “Other assets” into “Investment in Nomad Proppant Services LLC,” “Investment in Oklo Inc.,” and “Investment in Tamboran Resources Corporation”. Additionally, in the accompanying consolidated statement of cash flows, amounts in the prior period financial statements have been reclassified from “Other non-cash items, net” into “Unrealized gain on investments, net”. These reclassifications had no effect on the previously reported net income.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: December 31, ($ in thousands) 2024 2023 Proppants $ 9,341 $ 17,124 Chemicals 18,629 16,896 Maintenance parts and other 175,499 171,845 $ 203,469 $ 205,865

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: Estimated December 31, 2024 2023 ($ in thousands) Land N/A $ 30,041 $ 29,384 Field services equipment 2-10 3,068,681 2,520,336 Vehicles 4-7 61,433 63,423 Lease equipment 10 163,889 138,781 Buildings and facilities 5-30 180,010 149,876 Mineral reserves >25 80,070 76,823 Office equipment and furniture 2-7 12,532 11,836 3,596,656 2,990,459 Less accumulated depreciation and depletion (1,917,551) (1,501,685) 1,679,105 1,488,774 Construction in-progress N/A 211,893 156,594 Property and equipment, net $ 1,890,998 $ 1,645,368

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Lease, Cost	The components of lease expense for the years ended as of December 31, 2024, and 2023 were as follows: ($ in thousands) 2024 2023 Finance lease cost: Amortization of right-of-use assets $ 43,364 $ 19,040 Interest on lease liabilities 16,972 6,060 Operating lease cost 35,861 40,275 Variable lease cost 6,392 5,116 Short-term lease cost 3,422 7,717 Total lease cost, net $ 106,011 $ 78,208
Schedule of Lessee, Supplemental Cash Flow Information	Supplemental cash flow and other information related to leases for the years ended December 31, 2024 and 2023 were as follows: ($ in thousands) 2024 2023 Cash paid for amounts included in measurement of liabilities: Operating leases $ 35,653 $ 41,143 Finance leases 67,181 23,463 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 14,581 31,449 Finance leases 149,005 160,546
Schedule of Lease Term and Discount Rate, Lessee	Lease terms and discount rates as of December 31, 2024 and 2023 were as follows: December 31, 2024 December 31, 2023 Weighted-average remaining lease term: Operating leases 3.8 years 4.3 years Finance leases 3.2 years 3.3 years Weighted-average discount rate: Operating leases 6.7 % 6.0 % Finance leases 7.4 % 8.0 %
Schedule of Lessee, Operating Lease, Liability, Maturity	Future minimum lease commitments as of December 31, 2024 are as follows: ($ in thousands) Finance Operating 2025 $ 87,476 $ 31,771 2026 85,503 21,496 2027 55,016 11,932 2028 60,381 3,935 2029 21,625 2,795 Thereafter — 9,874 Total lease payments 310,001 81,803 Less imputed interest 39,842 8,856 Total $ 270,159 $ 72,947
Schedule of Finance Lease, Liability, Maturity	Future minimum lease commitments as of December 31, 2024 are as follows: ($ in thousands) Finance Operating 2025 $ 87,476 $ 31,771 2026 85,503 21,496 2027 55,016 11,932 2028 60,381 3,935 2029 21,625 2,795 Thereafter — 9,874 Total lease payments 310,001 81,803 Less imputed interest 39,842 8,856 Total $ 270,159 $ 72,947
Schedule of Carrying Amount of Equipment Leased to Others	The carrying amount of equipment leased to others, included in property, plant and equipment, under operating leases as of December 31, 2024 and 2023 were as follows: ($ in thousands) December 31, 2024 December 31, 2023 Equipment leased to others - at original cost $ 163,889 $ 138,781 Less: Accumulated depreciation (41,223) (25,819) Equipment leased to others - net $ 122,666 $ 112,962
Schedule of Lessor, Operating Lease, Payment to be Received, Maturity	Future payments receivable for operating leases as of December 31, 2024 are as follows: ($ in thousands) 2025 $ 5,412 2026 2,239 2027 — 2028 — 2029 — Thereafter — Total $ 7,651

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: ($ in thousands) December 31, 2024 December 31, 2023 Accrued vendor invoices $ 73,591 $ 99,620 Operations accruals 56,375 61,150 Accrued benefits and other 76,747 100,296 $ 206,713 $ 261,066

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following: ($ in thousands) December 31, 2024 December 31, 2023 Revolving Line of Credit $ 190,500 $ 140,000
Schedule of Maturities of Long-term Debt	Maturities of debt are as follows: ($ in thousands) Years Ending December 31, 2025 $ — 2026 — 2027 — 2028 190,500 Thereafter — $ 190,500

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Allowance for Doubtful Accounts	($ in thousands) 2024 2023 2022 Allowance for credit losses, beginning of year $ 939 $ 884 $ 884 Credit losses: Current period provision — 808 — Amounts written off, net of recoveries (91) (753) — Allowance for credit losses, end of year $ 848 $ 939 $ 884

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	Changes in non-vested RSUs outstanding under the LTIP during the year ended December 31, 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 1,519,597 19.46 Vested (1,491,085) 13.53 Forfeited (75,322) 15.18 Outstanding at December 31, 2024 2,938,408 $ 16.93
Schedule of Performance Restricted Stock Units Activity	Changes in non-vested PSUs outstanding under the LTIP during the year ended December 31, 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 352,091 17.65 Vested (584,720) 12.95 Forfeited — — Outstanding at December 31, 2024 1,106,939 $ 15.10
Schedule of Repurchase Agreements	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. Year Ended December 31, Year Ended December 31, Year Ended December 31, ($ in thousands, except share count and per share data) 2024 2023 2022 Shares of Class A Common Stock 6,320,536 13,705,622 8,185,890 Cost of shares repurchased $ 127,395 $ 203,100 $ 125,313 Average price per share including commissions $ 20.16 $ 14.82 $ 15.31

Net Income per Share (Tables)

Net Income per Share (Tables)	12 Months Ended
	Dec. 31, 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: (In thousands, except per share data) Year Ended December 31, 2024 Year Ended December 31, 2023 Basic Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 316,010 $ 556,317 Denominator: Basic weighted average common shares outstanding 165,026 171,845 Basic net income per share attributable to Liberty Energy Inc. stockholders $ 1.91 $ 3.24 Diluted Net Income Per Share Numerator: Net income attributable to Liberty Energy Inc. stockholders $ 316,010 $ 556,317 Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock — 73 Diluted net income attributable to Liberty Energy Inc. stockholders $ 316,010 $ 556,390 Denominator: Basic weighted average shares outstanding 165,026 171,845 Effect of dilutive securities: Restricted stock units 4,372 4,494 Class B Common Stock — 21 Diluted weighted average shares outstanding 169,398 176,360 Diluted net income per share attributable to Liberty Energy Inc. stockholders $ 1.87 $ 3.15

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Income before Income Taxes for Domestic and Foreign Locations	The components of the Company’s income from continuing operations before income taxes on which the provision for income taxes was computed consisted of the following: Year Ended December 31, ($ in thousands) 2024 2023 2022 United States $ 356,340 $ 668,338 $ 375,758 Foreign 46,931 66,552 23,751 Total $ 403,271 $ 734,890 $ 399,509
Schedule of Components of Income Tax Expense (Benefit)	The components of the provision for incomes taxes from continuing operations are summarized as follows: Year Ended December 31, ($ in thousands) 2024 2023 2022 Current: Federal $ 33,474 $ 36,319 $ 4,679 State 6,637 4,662 2,579 Foreign 13,306 17,189 4,421 Total Current $ 53,417 $ 58,170 $ 11,679 Deferred: Federal $ 32,087 $ 109,399 $ (12,967) State 3,289 11,913 (1,182) Foreign (1,532) (1,000) 1,677 Total Deferred $ 33,844 $ 120,312 $ (12,472) Income tax expense (benefit) $ 87,261 $ 178,482 $ (793)
Schedule of Effective Income Tax Rate Reconciliation	Income tax expense (benefit) attributable to net income (loss) before income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21.0% to pre-tax income as a result of the following: Year Ended December 31, ($ in thousands) 2024 2023 2022 Computed tax expense at the statutory rate $ 84,687 $ 154,327 $ 83,897 Increase (decrease) in tax expense resulting from: State and local income tax expense, net 9,340 15,745 10,224 Non-controlling interest — (19) (151) Effect of foreign tax rates 1,231 1,818 697 Stock-based compensation (1,771) (239) (2,724) Change in valuation allowance — — (91,336) Other TRA adjustment 181 (248) (2,763) U.S. Federal tax credits (6,743) — — Nondeductible executive compensation 2,920 6,514 — U.S. impact of foreign earnings — — 315 Other, net (2,584) 584 1,048 Total income tax expense (benefit) $ 87,261 $ 178,482 $ (793)
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: ($ in thousands) December 31, 2024 December 31, 2023 Deferred tax assets: Federal tax credit $ 9,615 $ — State net operating losses 859 1,286 Foreign net operating losses 920 — Realized tax benefit - TRAs 79,175 87,260 Intangibles 22,440 22,825 Lease liabilities 67,603 51,504 Stock-based compensation 4,494 4,279 Inventory 2,604 3,361 Other 10,674 5,133 Total deferred tax assets 198,384 175,648 Deferred tax liabilities: Property and equipment (233,649) (221,337) Lease assets (83,137) (55,801) Other (17,782) (850) Total deferred tax liabilities (334,568) (277,988) Net deferred tax (liability) $ (136,184) $ (102,340)

Commitments_& Contingencies (Ta

Commitments & Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Other Commitments	Future proppant and equipment commitments are as follows: ($ in thousands) 2025 $ 26,348 2026 — 2027 — 2028 — 2029 — Thereafter — $ 26,348

Organization and Basis of Pre_2

Organization and Basis of Presentation - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment $ / shares	Dec. 31, 2023 $ / shares	Jan. 31, 2023 $ / shares
Class of Stock [Line Items]
Number of operating segments | segment	1
Number of reportable segments | segment	1
Shares of Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares of Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
PropX | Common Stock | Shares of Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
PropX | Common Stock | Shares of Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01

Significant Accounting Polici_3

Significant Accounting Policies (Details) $ in Thousands		12 Months Ended
	Jan. 17, 2018 agreement	Dec. 31, 2024 USD ($) reportingUnit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Deferred Revenue Arrangement [Line Items]
Provision for credit losses		$ 0	$ 808	$ 0
Number of reporting units | reportingUnit		1
Goodwill, impairment loss		$ 0	$ 0
Number of tax receivable agreements | agreement	2
Customer payment terms		45 days
Minimum
Deferred Revenue Arrangement [Line Items]
Customer payment terms		30 days
Maximum
Deferred Revenue Arrangement [Line Items]
Customer payment terms		45 days
Property and Equipment | Minimum
Deferred Revenue Arrangement [Line Items]
Estimated useful lives		2 years
Property and Equipment | Maximum
Deferred Revenue Arrangement [Line Items]
Estimated useful lives		30 years

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 06, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired		$ 0	$ 75,656	$ 0
Siren Energy
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 75,700
Goodwill	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 - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Inventories	$ 203,469	$ 205,865
Proppants
Inventory [Line Items]
Inventories	9,341	17,124
Chemicals
Inventory [Line Items]
Inventories	18,629	16,896
Maintenance parts and other
Inventory [Line Items]
Inventories	$ 175,499	$ 171,845

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory write-down	$ 1	$ 5.8	$ 1.7

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Less accumulated depreciation and depletion	$ (1,917,551)	$ (1,501,685)
Property and equipment, net	1,890,998	1,645,368
Depreciable Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,596,656	2,990,459
Property and equipment, net	1,679,105	1,488,774
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30,041	29,384
Field services equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,068,681	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	$ 61,433	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	$ 163,889	138,781
Estimated useful lives	10 years
Buildings and facilities
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 180,010	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	$ 80,070	76,823
Estimated useful lives	25 years
Office equipment and furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,532	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	$ 211,893	$ 156,594

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 448.1	$ 387.8	$ 302.3
Depletion	1.2	1.1	$ 1.2
Real estate, land, held-for-sale	$ 0	0.7
Real estate, building, held-for-sale		$ 0.8
Number of property available-for-sale | property	0	1
Number of property sold | property	2

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Amortization of right-of-use assets	$ 43,364	$ 19,040
Interest on lease liabilities	16,972	6,060
Operating lease cost	35,861	40,275
Variable lease cost	6,392	5,116
Short-term lease cost	3,422	7,717
Total lease cost, net	$ 106,011	$ 78,208

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in measurement of liabilities:
Operating leases	$ 35,653	$ 41,143
Finance leases	67,181	23,463
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	14,581	31,449
Finance leases	$ 149,005	$ 160,546

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance lease, right of use asset, increase (decrease)	$ 4.4
Finance lease, liability, increase (decrease)	4.3
Finance lease, right of use asset, write off		$ 0
Operating lease, residual value of leased asset	$ 11.6
Operating lease, lease income, statement of income or comprehensive income [Extensible Enumeration]	Total revenue	Total revenue
Revenue from operating leases	$ 39	$ 36.6

Leases - Schedule of Lease Term

Leases - Schedule of Lease Term and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating leases	3 years 9 months 18 days	4 years 3 months 18 days
Finance leases	3 years 2 months 12 days	3 years 3 months 18 days
Operating leases	6.70%	6%
Finance leases	7.40%	8%

Leases - Finance and Operating

Leases - Finance and Operating Leases Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Finance
2025	$ 87,476
2026	85,503
2027	55,016
2028	60,381
2029	21,625
Thereafter	0
Total lease payments	310,001
Less imputed interest	39,842
Total	270,159
Operating
2025	31,771
2026	21,496
2027	11,932
2028	3,935
2029	2,795
Thereafter	9,874
Total lease payments	81,803
Less imputed interest	8,856
Total	$ 72,947

Leases - Schedule of Carrying A

Leases - Schedule of Carrying Amount of Equipment Leased to Others (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Equipment leased to others - at original cost	$ 163,889	$ 138,781
Less: Accumulated depreciation	(41,223)	(25,819)
Equipment leased to others - net	$ 122,666	$ 112,962

Leases - Schedule of Lessor, Op

Leases - Schedule of Lessor, Operating Lease, Payment to be Received, Maturity (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 5,412
2026	2,239
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 7,651

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued vendor invoices	$ 73,591	$ 99,620
Operations accruals	56,375	61,150
Accrued benefits and other	76,747	100,296
Accrued liabilities	$ 206,713	$ 261,066

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 190,500
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 190,500	$ 140,000

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands		12 Months Ended
	Jan. 23, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 18, 2022 USD ($)	Sep. 19, 2017 USD ($) agreement
Debt Instrument [Line Items]
Proceeds from borrowings on line-of-credit		$ 2,238,000	$ 1,153,000	$ 713,000
Long-term debt, gross		190,500
Revolving Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross		$ 190,500	$ 140,000
Revolving Credit Facility
Debt Instrument [Line Items]
Number of credit agreements | agreement						2
Weighted average interest rate		6.80%	7.60%
Revolving Credit Facility | ABL Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000				$ 75,000	$ 250,000
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	525,000				$ 425,000
Proceeds from borrowings on line-of-credit	106,700
Weighted average interest rate		6.80%
Current borrowing capacity		$ 319,800
Long-term debt, gross		$ 190,500
Line of credit facility, covenant compliance, fixed charge coverage ratio		1
Line of credit facility, covenant compliance, excess availability threshold, percent of borrowing base		10%
Line of credit facility, covenant compliance, excess availability threshold, amount		$ 52,500
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.25%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage		0.375%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2%
Revolving Credit Facility | ABL Credit Facility | Revolving Line of Credit | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1%
Revolving Credit Facility | Term Loan Facility | Revolving Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 175,000
Revolving Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Remaining borrowing capacity	104,700
Line of credit facility, accrued interest	900
Payment for debt extinguishment or debt prepayment cost	1,100
Debt instrument, extinguishment of debt, bank and legal fees	$ 200
Letter of Credit | ABL Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		$ 115,300
Letters of credit outstanding, amount		$ 14,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	0
2027	0
2028	190,500
Thereafter	0
Total debt	$ 190,500

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of property sold | property		2
Number of property available-for-sale | property		0	1
Real estate, land, held-for-sale		$ 0	$ 700
Real estate, building, held-for-sale			800
Assets held-for-sale, long-lived, fair value disclosure			800
Gain on disposal of assets, net			0
Prepaid and other current assets		85,214	124,135
Other assets (including amounts from related parties of $0 and $14,785, respectively)		119,402	127,330
Cash equivalents measured at fair value		300	300
Unrealized gain on investments, net		49,227	0	$ 2,525
Cash and cash equivalents		$ 19,984	36,784
Customer payment terms		45 days
Allowance for uncollectible accounts		$ 848	939	$ 884	$ 884
Investment in Oklo Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		51,600
Unrealized gain on investments, net		41,600
Investment in Tamboran Resources Corporation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure		18,800
Unrealized gain on investments, net		$ (1,500)
Additional contribution of investment, amount	$ 10,000
Customer A | Account Receivable and Unbilled Revenue | Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		13.70%
Customer B | Account Receivable and Unbilled Revenue | Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		10.40%
Customer C | Total Revenue | Customer Concentration Risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Concentration risk, percentage		11.80%
Liberty Resources LLC | Hydraulic Fracturing Services | Affiliated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Prepaid and other current assets		$ 0
Other assets (including amounts from related parties of $0 and $14,785, respectively)			$ 14,800

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses, beginning of year	$ 939	$ 884	$ 884
Credit losses:
Current period provision	0	808	0
Amounts written off, net of recoveries	(91)	(753)	0
Allowance for credit losses, end of year	$ 848	$ 939	$ 884

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended									12 Months Ended
	Apr. 16, 2024 shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Sep. 30, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($)	Jan. 23, 2024 USD ($)	Jan. 24, 2023 USD ($)	Jul. 25, 2022 USD ($)	Jan. 11, 2018 shares
Subsidiary or Equity Method Investee [Line Items]
Preferred stock, shares authorized (in shares) | shares		10,000				10,000					10,000	10,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01				$ 0.01					$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares) | shares		0				0					0	0
Preferred stock, shares issued (in shares) | shares		0				0					0	0
Common stock, dividends, per share, declared (in dollars per share) | $ / shares											$ 0.29	$ 0.22
Payments of dividends											$ 48,310	$ 37,684	$ 9,164
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares) | shares		294,200,000									294,200,000
Stock repurchase, accrued excise tax		$ 900				$ 1,900					$ 900	1,900
Stock repurchase, accrued capital expenditures		900				$ 1,900					$ 900	1,900
Liberty LLC
Subsidiary or Equity Method Investee [Line Items]
Dividends, common stock, cash										$ 9,000
Restricted Stock Units
Subsidiary or Equity Method Investee [Line Items]
Vesting period of awards											3 years
Share-based compensation expense											$ 32,400	$ 33,000	$ 23,100
Unamortized compensation expense		$ 39,300									$ 39,300
Weighted average remaining vesting period											2 years
Performance Restricted Stock Units
Subsidiary or Equity Method Investee [Line Items]
Vesting period of awards											3 years
Shares of Class A Common Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares) | shares		161,858,784				166,610,199					161,858,784	166,610,199
Common stock, dividends, per share, declared (in dollars per share) | $ / shares		$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Dividends, common stock, cash										$ 9,000	$ 47,700	$ 37,500
Stock repurchase program, authorized amount														$ 750,000	$ 500,000	$ 250,000
Par value reduction (in dollars per share) | $ / shares											$ 0.01
Shares of Class A Common Stock | Long Term Incentive Plan
Subsidiary or Equity Method Investee [Line Items]
Shares reserved for issuance (in shares) | shares																	12,908,734
Share-based compensation arrangement by share-based payment award, number of additional shares authorized (in shares) | shares	21,239,244
Shares of Class A Common Stock | Restricted Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares) | shares		0				0					0	0
Number of vote per share | vote		1				1					1	1
Shares of Class A Common Stock | Restricted Stock and Performance Restricted Stock Units
Subsidiary or Equity Method Investee [Line Items]
Dividends, common stock, cash											$ 1,500	$ 1,000
Payments of dividends											$ 700	$ 200
Shares of Class B Common Stock
Subsidiary or Equity Method Investee [Line Items]
Common stock, shares outstanding (in shares) | shares		0				0					0	0

Equity - Schedule of Restricted

Equity - Schedule of Restricted Stock Units and Performance Restricted Stock Units (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) | shares	2,985,218
Granted (in shares) | shares	1,519,597
Vested (in shares) | shares	(1,491,085)
Forfeited (in shares) | shares	(75,322)
Outstanding at end of period (in shares) | shares	2,938,408
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	19.46
Vested (in dollars per share) | $ / shares	13.53
Forfeited (in dollars per share) | $ / shares	15.18
Outstanding at end of period (in dollars per share) | $ / shares	$ 16.93
Performance Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares) | shares	1,339,568
Granted (in shares) | shares	352,091
Vested (in shares) | shares	(584,720)
Forfeited (in shares) | shares	0
Outstanding at end of period (in shares) | shares	1,106,939
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	17.65
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	$ 15.10

Equity - Schedule of Repurchase

Equity - Schedule of Repurchase Agreements (Details) - Shares of Class A Common Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units purchased and retired (in shares)	6,320,536	13,705,622	8,185,890
Cost of shares repurchased	$ 127,395	$ 203,100	$ 125,313
Stock repurchased and retired during period, average price per share (in dollars per share)	$ 20.16	$ 14.82	$ 15.31

Net Income per Share - Schedule

Net Income per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$ 316,010	$ 556,317	$ 399,602
Denominator:
Basic weighted average shares outstanding (in shares)	165,026	171,845	184,334
Basic net income (loss) per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 1.91	$ 3.24	$ 2.17
Numerator:
Net income attributable to Liberty Energy Inc. stockholders	$ 316,010	$ 556,317	$ 399,602
Effect of exchange of the shares of Class B Common Stock for shares of Class A Common Stock	0	73
Diluted net income attributable to Liberty Energy Inc. stockholders	$ 316,010	$ 556,390
Denominator:
Basic weighted average shares outstanding (in shares)	165,026	171,845	184,334
Effect of dilutive securities:
Restricted stock units (in shares)	4,372	4,494
Class B Common Stock (in shares)	0	21
Diluted weighted average shares outstanding (in shares)	169,398	176,360	189,349
Diluted net income per share attributable to Liberty Energy Inc. stockholders (in dollars per share)	$ 1.87	$ 3.15	$ 2.11

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income before Income Taxes for Domestic and Foreign Locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 356,340	$ 668,338	$ 375,758
Foreign	46,931	66,552	23,751
Total	$ 403,271	$ 734,890	$ 399,509

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 33,474	$ 36,319	$ 4,679
State	6,637	4,662	2,579
Foreign	13,306	17,189	4,421
Total Current	53,417	58,170	11,679
Deferred:
Federal	32,087	109,399	(12,967)
State	3,289	11,913	(1,182)
Foreign	(1,532)	(1,000)	1,677
Total Deferred	33,844	120,312	(12,472)
Income tax expense (benefit)	$ 87,261	$ 178,482	$ (793)

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Computed tax expense at the statutory rate	$ 84,687	$ 154,327	$ 83,897
State and local income tax expense, net	9,340	15,745	10,224
Non-controlling interest	0	(19)	(151)
Effect of foreign tax rates	1,231	1,818	697
Stock-based compensation	(1,771)	(239)	(2,724)
Change in valuation allowance	0	0	(91,336)
Other TRA adjustment	181	(248)	(2,763)
U.S. Federal tax credits	(6,743)	0	0
Nondeductible executive compensation	2,920	6,514	0
U.S. impact of foreign earnings	0	0	315
Other, net	(2,584)	584	1,048
Income tax expense (benefit)	$ 87,261	$ 178,482	$ (793)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective income tax rate reconciliation, percent	21.60%	24.30%	(0.20%)
U.S. Federal tax credits	$ 6,743	$ 0	$ 0
Transferable tax credits, purchase amount	33,500
Income taxes payable	9,693	12,060
Payable pursuant to tax receivable agreements	74,886	112,471
Increase in deferred tax asset				$ 6,600
Tax Receivable Agreement
Operating Loss Carryforwards [Line Items]
Income taxes payable	115,700	117,700
Taxes payable, current	40,800	5,200
Payable pursuant to tax receivable agreements	74,900	112,500
Tax Receivable Agreement | Shares of Class B Common Stock | Common Stock
Operating Loss Carryforwards [Line Items]
Income taxes payable		600
Deferred tax asset		700
Tax Receivable Agreement | Shares of Class B Common Stock | Common Stock | Tax Year 2021
Operating Loss Carryforwards [Line Items]
TRA payments	5,200	$ 0
Tax Receivable Agreement | Shares of Class B Common Stock | Common Stock | Continuing Operations
Operating Loss Carryforwards [Line Items]
Income taxes payable	3,200		$ (1,800)
Federal
Operating Loss Carryforwards [Line Items]
Deferred tax assets, operating loss carryforwards, not subject to expiration	900
U.S. Federal tax credits	$ 9,600
Effective income tax rate reconciliation, tax credit, expiration period	20 years

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Federal tax credit	$ 9,615	$ 0
State net operating losses	859	1,286
Foreign net operating losses	920	0
Realized tax benefit - TRAs	79,175	87,260
Intangibles	22,440	22,825
Lease liabilities	67,603	51,504
Stock-based compensation	4,494	4,279
Inventory	2,604	3,361
Other	10,674	5,133
Total deferred tax assets	198,384	175,648
Deferred tax liabilities:
Property and equipment	(233,649)	(221,337)
Lease assets	(83,137)	(55,801)
Other	(17,782)	(850)
Total deferred tax liabilities	(334,568)	(277,988)
Net deferred tax (liability)	$ (136,184)	$ (102,340)

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer matching contribution per one dollar of employee contribution	$ 1
Maximum annual contribution per employee, percent	6%
Contributions made by the employer	$ 36,900,000	$ 32,900,000	$ 25,800,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2023	Apr. 29, 2022	Jan. 31, 2023	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Proceeds from sale of equipment							$ 100
Total revenue					$ 4,315,161	$ 4,747,928	4,149,228
Unbilled receivables, current					185,210	188,940
Other assets					119,402	127,330
Interest income					478	1,987	0
Unrealized gain on investments, net					49,227	0	2,525
Stock repurchase, accrued capital expenditures					900	1,900
Proceeds from limited partnership investments					4,000	800
Noncash contribution expense					900	1,000
Service, Other
Related Party Transaction [Line Items]
Cost of revenue					500
Investment in Oklo Inc.
Related Party Transaction [Line Items]
Payments to acquire equity method investments				$ 10,000
Investment in Nomad Proppant Services LLC
Related Party Transaction [Line Items]
Payments to acquire equity method investments								$ 10,000
Investment in Oklo Inc.
Related Party Transaction [Line Items]
Unrealized gain on investments, net					41,600
Long-term investments					51,611	10,000
Investment in Nomad Proppant Services LLC
Related Party Transaction [Line Items]
Payments to acquire equity method investments					5,500
Long-term investments					10,674	11,363
Stock repurchase, accrued capital expenditures					600
Related Party
Related Party Transaction [Line Items]
Total revenue					131,340	214,880	$ 148,448
Unbilled receivables, current					0	13,379
Accounts receivable, after allowance for credit loss, current					4,234	17,345
Other assets					$ 0	$ 14,785
Schlumberger | Shares of Class A Common Stock
Related Party Transaction [Line Items]
Sale of stock (in shares)		14,500,000
Sale of stock, price per share (in dollars per share)		$ 15.50
Common stock, shares outstanding (in shares)		35,101,961
Schlumberger | OneStim | Common Stock
Related Party Transaction [Line Items]
Number of shares issued in business acquisition (in shares)	0
Shares of Class A Common Stock
Related Party Transaction [Line Items]
Units purchased and retired (in shares)					6,320,536	13,705,622	8,185,890
Cost of shares repurchased					$ 127,395	$ 203,100	$ 125,313
Stock repurchased and retired during period, average price per share (in dollars per share)					$ 20.16	$ 14.82	$ 15.31
Common stock, shares outstanding (in shares)					161,858,784	166,610,199
Schlumberger | Related Party
Related Party Transaction [Line Items]
Purchases from related party			$ 1,700				$ 21,700
Schlumberger | Shares of Class A Common Stock
Related Party Transaction [Line Items]
Units purchased and retired (in shares)						3,000,000	1,700,000
Cost of shares repurchased						$ 45,000	$ 27,800
Stock repurchased and retired during period, average price per share (in dollars per share)						$ 15	$ 16.35
Franklin Mountain Energy, LLC | Related Party | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Total revenue					$ 120,300	$ 176,100	$ 131,800
Unbilled receivables, current					0	13,400
Accounts receivable, after allowance for credit loss, current					4,200	12,100
Liberty Resources LLC | Affiliated Entity | Hydraulic Fracturing Services
Related Party Transaction [Line Items]
Total revenue					11,100	38,800	16,700
Accounts receivable, after allowance for credit loss, current						5,200
Other assets						14,800
Interest income					$ 500	$ 2,000	$ 0

Commitments_& Contingencies - N

Commitments & Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) T	Dec. 31, 2023 T
Shortfall Fees
Long-term Purchase Commitment [Line Items]
Shortfall fees, remainder of 2025	$ 5.4
Proppant
Long-term Purchase Commitment [Line Items]
Minimum mass required (in tons) | T	360,000	1,854,000
Transition Services | Schlumberger
Long-term Purchase Commitment [Line Items]
Shortfall fees, remainder of 2025	$ 2.5

Commitments_& Contingencies - P

Commitments & Contingencies - Proppant, Transload, Chemical and Rail Car Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 26,348
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Other commitment	$ 26,348

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended									12 Months Ended
	Feb. 03, 2025	Jan. 22, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)												$ 0.29	$ 0.22
Shares of Class A Common Stock
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)			$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Common stock, shares issued (in shares)			161,858,784				166,610,199					161,858,784	166,610,199
Shares of Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Common stock, dividends, per share, declared (in dollars per share)		$ 0.08
Common stock, shares issued (in shares)	412,292
Share-based payment arrangement, plan modification, incremental cost	$ 10,300