LBRT - Earnings call transcript Q2 2018

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Operator

Good morning and welcome to the Liberty Oilfield Services Second Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

Some of our comments today may include forward-looking statements, reflecting the company’s view about future prospects, revenues, expenses or profits. These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. release company’s to on that certain in company’s the that current are reflect filings. the subject public are risks earnings statements beliefs the based conditions detailed These other and and uncertainties

to reconciliation Our other comments and and These employed, net adjusted pre-tax available on measures be of non-GAAP go Please and the are and on to non-GAAP are EBITDA companies. I not the and EBITDA, of Liberty’s is measures pre-tax ahead. over like EBITDA for on in its on comparable the operational may EBITDA this GAAP adjusted measures measures. CEO, capital return to including calculation return now Chris also company’s presented today which include turn would A financial capital discussed Wright. employed, of release, website. earnings a similar as income to substitute call, not conference

Chris Wright

or efficient a for cooperating morning, possible into quite you Good win our EBITDA together Liberty I Exceptional combined weather for partnership. scheduling of was focus quarter discuss all-time net Such results. a Adjusted of or and adjusted high-efficiency basis. team was lower our relentless results. customers, execution per on for bred and $XX crudes to In improvements customers, the $X.XX XXXX that second fleet, preparedness of per with our from second our revenue to active a million equipment our of and true million quarter. or efficiency, for efficiency the customer revenue, a alignment fleets to fleet performance the drove $XX together which on leads is our results share. customers, and and the you income fully with record to and scheduling $XXX safe our continued services. Liberty This the Working an frac our achieve DNA These was our maintaining operations. team while the strong take frac entire am record combination led operations for quarter, the our is enables utilization exceedingly annualized to with income across $XXX the can’t net advantage customers, well costs average quarter in high-efficiency win proud everyone, today our smooth us highs the synchronicities. in new diluted deliver field made throughput second quarter, for quarter for and Liberty our million thank superior on joining demand average counted but backbone are differential operational Working every be high-efficiency us. delivering with to million EBITDA by

XX%. that returns XX basin of us of developments. continue strong capital illustrated we generate capital believe return diversified premium next down to Liberty leads employed quality for to employed by on months built footprint service cycles as and success quarters market through over regardless market long-term pre-tax up was the our Our trailing on and will few

our XX, share when discussed X, appropriate. sheet, record returning order September growth of compelling in will the of on I common prudent its am investing yesterday, seek of maintaining have September dividend pleased quarterly stock paid to XXXX on for to declared in and cash holders be announce to the previously, of per we to long-term company that a balance XXXX. we strong returns $X.XX as As strategy to capital opportunities a a shareholders shareholders, best follow

gas drawn. and been as oil quarter that pumping oil Roughly during inventories sand worlds special the during spite costs U.S. volumes have industry. future. in dividends and normalize to capacity pace. This rapid With the occurred data will the of Permian operations Basin second Liberty’s to and meaningful may OECD continue third production, both trend of Global the the our grow has thrive. we rapid a stock excess and flexible pipeline the new We approach began down in Local continued rapid several in which markets in the to returning XXXX oil to also include OECD of to the record capital XXXX. continuing inventory in very maintain driving at to reflected oil early best shareholders, in added industry drawdown Permian quantities growth materialize in XX% the inventory for now for customers. for the well a see already U.S. quarter, the and from in XXXX quarters repurchases significant

pleased While temporary the that are services yet developing production the impacted in fleets. created have frac for takeaway have we Permian Liberty challenges, not imbalances limitations

and we As work in customers our to oil landscape. gas always the will partnership with navigate ever-changing

We and widening any due projected seen have not takeaway the to constraints significant differentials. our in activity Permian reduction customers in

Basins basins. in will market. the constructive, also adjust operators completions as see However, of but pre-announced quarter completions the some can may spilling softness fourth We scheduling outside budgets. very to it expect over remain some the other we Permian there affect to effect be meet capital Permian the adjustments

a deployed our under For customer. existing second late fleet arrangement the active second we an fleets. quarter, averaged XXnd the frac XX.X dedicated with in quarter We

components in XXrd receipt We of we have very XXXX therefore early the under for delays quarter fleets of respectively. quarter and critical XXth and fourth experienced and the fleets new in construction of our in first deployments anticipate some our

example of an will been to a order the on upgrades technology focused of key early improving failures. Approximately of piece of past in upgraded our goal latest uptime pumped and between design focused blender one the magnitude recent the XXXX. Liberty of with XX% the over have this developing is equipment. our be of blenders by rest of deliver should an completed to months Liberty now up proppant improvement They next-generation As technical efficiency efforts, on XX

step to CFO provide the by this to like Stock, in other operational team possible financial Michael equipment. discuss with will and results. best our now hand to the this over the our excited will are we call our implement change to field and innovations reliability I develop in We continue

Michael Stock

Good morning.

second We pleased and provide with pulled deliver are our and revenue, XXXX our Liberty quarter net entire family of execution record exceptional income clients to adjusted together results. very The for EBITDA.

$XX For compared $XXX fourth the quarter second of million quarter in XXXX, grew – net million Net the $XXX XX% the first income million quarter. from quarter. in totaled revenue the first to $XX second in of million to income

quarter first million quarter. in XX% Second fleet adjusted to the to the EBITDA quarter increased Annualized increased per million in compared to $XX.X $XXX first adjusted from EBITDA the in second $XXX quarter. million million $XX

million the roughly the environment logistics per second and fleet we year-to-date, expected Usual drove weather EBITDA Given million first we quarter. for average range. pricing active $XX flat the quarter this experienced adjusted expect between challenges and $XX below of annualized

quarter the move we third operational challenges, EBITDA challenges quarter likely million simply as was of fleet, reality of to fleet $XX rate is delivered performance, stellar exceptional and for for million average per range. fleets. present which with days we challenges average experiencing into quarter, we no further The non-pumping had second expected than expected, our the above the quarter exogenous way annualized result are more our of low to aim schedule tends pushing for results we into unusually avoidable. will we as unusual One-third scheduling to third but that the always throughput normal not $XX lower always expected Though efficiency the and number adjusted active $XX The the dedicated dedicated range. million our

day, As important sustaining seen, the approximately is the per General company annual costs an million expected we $X.X million deciding to announced, and lets future million define use fleet. the $XX.X as activation year-to-date and second are the annualized revenue. is our and maintenance a per EBITDA investment for cash to focused of previously fleet’s cash the flows from commitments. sustaining an fleet fleet. major we Through of drive cash per have metric for fleet capital or metric And Sustaining of expected maintenance administrative into quarter, this of totaled what adjusted as EBITDA an fleet cycle flow quarter our we our the for use we the end $XX returns. excluding as flow is expected We returns expense, fleet capital for profitability through million. annualized input the was $X.X fleet annual year X.X% at CapEx

Second quarter G&A million. includes stock-based compensation expense of $X.X

$X.X remainder of $X.X We million million quarter approximately million non-cash excluding expect between G&A associated expense including expenses. fleet and totaled for the and average for to the Interest million startup compensation quarter. $XX $XX fees XXXX of per share-based

to to quarter Liberty million million income $X was its prior public tax offering. initial for subject tax $XX expense to Second totaled compared the quarter. first income not

we approximately reported XXXX, of to XX% of expect net pre-tax remainder For the expense tax income. income be our

calculations, with under share end, back would our per total was we $XXX the Chris the costs credit total tax credit turn be under to quarter availability will XX%. no had balance debt the I ABL open including With At borrowings $XX before million a earnings cash facility and liquidity, quarter facility million. diluted of of effective our million. We issuance and discounts rate Q&A. and that, we call $XXX fully ended For the

Chris Wright

It with team It our and level only our an is amazing on also of concert. not hard performance requires this rowing and cooperation in of everyone Delivering suppliers. requires Liberty amount hats my forward to team call. you only of being that look off the we on answering them do and for all questions this to that together your and today. Thank whole can customers

Operator

you. Thank

from go will ahead. begin the Company. We And & Instructions] [ph] first Watson [Operator session. question-and-answer Simmons question of comes Please today’s now John

Unidentified Analyst

guys. Hey,

least your I you gap us want you to will think you continue cleats a to Can talk that the and efficient between gap? regarding today question quarter and close the ask most about evidences to how throughput what I and discuss there.

Chris Wright

we sure. a and with more water been worked the engaged. and we Yes, delivery that wellhead been together and the testing, optimized so longer fact mostly has operations of it’s relationship a have wireline Obviously, pressure have customer, long working how that

recently. over or had those have obviously last new So, months of the a lot XX we of some XX customers relatively

it time So, if a is those pad But those every down that as was on process, after how together can over sit and is process. and work expanded every but there a that we it basing pad move ramp issues, downtimes and up issues up. go is minute logistic we we it with trim and

Unidentified Analyst

call the today? growth, Sure. It too talks any on clarity constraining the last you I we future dividend more plans the have early know is mentioned into about was release XXXX. do update on there growth And it sense. then that not makes

Chris Wright

in for next XXXX now probably evaluate we discussions of XX will are to year. lot X customers we and Well, with opportunities for

specific growth XXXX I think committed on across next continuous probably but on lower on basins, certainly growth to significant been than that the little plans, action on customers color yet have from will much we year the I right nothing actual had be it’s we certainly firmly will take more next the call, announce a but really have ones we no for that plans, but anyone a now. dialogue obviously, planned and mean, to will existing we growth

Unidentified Analyst

guys. Understood. on the it Well, congrats quarter I back. will turn great

Chris Wright

you. Thank

Operator

next our comes question Please today And go Meakim ahead. Sean of JPMorgan. from

Sean Meakim

Hey, you. morning. good Thank

Chris Wright

Good morning, Sean.

Sean Meakim

the been driving are have programs could key a the of ahead you specifically running for margin of thinking exhaustion your that’s scheduling versus you much factor So, look a changes customers? or as Permian efficiency initiative yet maybe been what gains, from fleet the completion by about extent how budget per in these being came direct takeaway help forward, which with Permian concerns, driven us concerns now specific for and incremental to

Chris Wright

Yes.

exhaustion none issues. So really of that that is probably say I as and in talking due we QX, Permian due none release to budget takeaway referred of to is the about would to

So start is a have pad this wait next thinks weeks typical you you the that’s that. you is customer the take to get pad, going and benefit throughput just efficiency got work done, problem on in weeks. for X simply to X got fabulous, to high of and Liberty we when week is, a Well, you lose done it if the but

number we had pad. we so one early where we in of think and pads quarter weren’t issues had ready going I have just great QX, general having we with this communication people next in the the to quite So our a and customers had ready next on flowed

exhaustion. we where frac several end slowed dedicated end to unrelated fleet our with of so we we related that’s days but Permian, So, customers, related fracking, are down those, with had budget on – more just issues, not preparation customers to to have it’s not to takeaway related not out and and not a

Michael Stock

I we really there, which QX we incredibly of efficiency, mean, throughput And first flat QX, in answer was so just that the combination your customers. scheduling environment in of was with roughly QX really got driven by to pricing a improvement part the question the overall are a synchronous and to

Sean Meakim

towards it that And has up we was given that to characterize been more more room that the to or of going outsized sort are way? catch Permian not

Chris Wright

Yes, anyone dominant think honestly that. basin don’t across the was basins. driver I the of

Sean Meakim

to sense scheduling those piece become I issues a then as of that ahead some bigger other fourth could And it’s not a you quarter, look far out? and whether or say that you specific these factors to may guess unclear bit any the then ask

Chris Wright

we that. Yes, about don’t know

tissues bit said, a having we I on this As above little normal schedule think quarter. we are

but work it, struggles was budget and sort advanced we wholes year not don’t we QX, had are but customers. are fill. issues and as in for those Those So can’t of bit you with probably all – of those some notice is in being are question it around a those probably is can advance, plans our of really as usually much last little short long just a we know, changes in thing but – we exhaustion still those better things the know equal,

Sean Meakim

Got it. very That’s helpful.

give the to delayed acceptance of customer about are move? those order the were more just the on could any fact on to secondary in that of and well build effects new that they risk targeted they you Just thinking push-out, any maybe E&P customer a were us some little components where specific, programs, or where detail for

Chris Wright

No, the customers. enough and now. had our ways dialogue advance in still a We with fleet get we a it’s out large constant

We have some flexibility.

So, it for think of – or I will to our Obviously, problems that’s no, heap that I think not top lead for customers. the interruptions us.

one months. are course the just if about component use we So, to fine. in That components, we one thinking a that. critical want Ron, and but for have we there little going has more we worried of ongoing to are want is to elaborate very no, but backlog, not particular been a bit you still on happens work and this which that dialogue that is

Michael Stock

they run challenge Yes. to elsewhere were from and anticipate impact working transmissions lined so a of a delay component our led there supplier rework standpoint. but exactly we in not some them, for hope Look see customers where into issue can best that. have Chris to delay had could a component Like to and we that not chain the with source future. we as results specific a so easily and said, through total, in to up, it’s to delay specifically that manufacturing It their maybe just going with a our to at there have We an that’s not challenges that overseas they and supply that are in so being all. as was manufactured month

Sean Meakim

Got it, you that all much Thank for okay. detail. very

Chris Wright

Sean. Thanks bet. You

Operator

Wells Please of from And Bailey go Fargo. Jud our next comes today question ahead.

Jud Bailey

Thanks. Good morning.

Chris Wright

Jud. morning, Good

Jud Bailey

guidance quarter, for wanted are just you per just XX the question for that sure some – are fourth that on and scheduling in contemplating and fourth XXXX each of kind budget make – inherent you end to contemplating between thinking that…? for want you about guidance are outlined low guidance it fleet quarter, the you guys I fourth or the that exhaustion, range be of hitting XX confirm EBITDA will in would quarter just a quarter Hey, your that to inherent dynamic the be

Chris Wright

In with and challenges we wide operations normal in guidance. always That range of would much sort expect. this oilfield scheduling It’s is as arrangement have that’s you so pricing what and even like Yes. met the basically today’s the to at will think not is going pricing. range been. I QX same that in be scheduling as be it’s some changes. the had pricing should But – have We we

it’s changing. to throughput just trying much so going be explain it’s little QX We for QX QX, lower was Market are it and It’s not is simply higher operations. speed than environment, QX demand and our more a to fleet. why changing a of not than

is further out. just still So, QX a little

We what’s it is think you to and post Jud, I know don’t too stuff it’s So know in have dramatic really we fence how things and to front. budget unfold on and in a there, happen QX. but may we often QX going both budget is see scheduling as something see for don’t early pricing no, will said not schedule QX. will

Jud Bailey

negotiation we dedicated on of a maybe reopen Okay. can about of of Thanks to do that guys all you is that, for have market, are susceptible softness particularly any And when remind your we number us kind is think or us fleets in about about year please? pricing then end help think that. pricing pricing, type of speaking arrangements, of that dedicated XQ to how or timing do you every how a you of that is kind is a ‘XX quarter, think type the obviously

Chris Wright

Some are of year. for the pricing the arrangements fixed

fleets. We would have a prices if and customers. drop oil those, still up minority be our are prices we quickly with talk of and going talk will of Most dialogue the there bump agreements in quickly but too. pretty forward they to march pricing If oil we just $XX, we often, $XX a are number

more in moves a is market dialogue. it of are significant reflective conditions, but constant they So really

would fleets. Some say of of that’s term, them third have fixed or a a I but quarter the

Jud Bailey

insight quarter, your guys first you could to how fourth level next And one fleets close pushing contracts, do to you – and confidence and start you are give will the high fleets, Thanks. are you of two of that have about some the think us the stuff competitors or securing to quarter pretty build couple the if of plans out that? in things new then in more. great. scrapping add I seem The can squeeze Okay, some over reactivate

Chris Wright

I but Wait, the say that again hear again. didn’t Jud last,

Jud Bailey

of spreads contracts No, you of just build of lined have kind the next getting I up? said deployed on just couple confidence level new the

Chris Wright

We do.

We what we go next are the we the in that. going fleet up place of for the dialogues, last And quite the in demand Permian, work fleet QX. for almost will probably competent lined given go into in agreements certainly would and fleet to of are was softness and I in But say I first yes QX, lots probably now we market the that we have will out fleet XX. that, all that. for Yes, the customer half that we Rockies, think that and

We sorting of are throughput expansion who fleet plans But fleets our and those arrangements us both tie that that profitability worried good together no, what kind great deploying had – gets dedicated out and in well. XXXX then we may economics for will not into have we are for customers. we as and at of about fleet for

Jud Bailey

Great. turn Thanks will back. I guys. it

Operator

Connor ahead. Lynagh And Please question comes Stanley. Morgan our of from next today go

Connor Lynagh

Thanks. Yes.

somewhat, Just little will very is not wondering softened you if expecting debates conversation a seems into can move to whether accelerate sort indications obviously as XXXX are of bit, basins operation, that we demand other in talk me you could and here? and about the large so the have so or build Eagle Permian you on a what the Rockies got if of one Ford Rockies the we

Chris Wright

There bet. assets that customers basins capital. are that can in move You both some have and

such announce we Conoco thing. a I think heard

the operations have of that. operators operators, scale But are Permian they So of be don’t other the majority basins. in and they some will of there Permian

level is between out I So in little price basins. realization the WTI that capital a with there migrate Permian is activity But Bakken the the and small. at I bit pretty in you Bakken today’s to pipeline the more other dapple the that and crude differential differential example think in just for will think low, is the of prices see of

So economics Bakken. are the drilling superb the in

Permian activity we the increase but capacity, so have let’s think economics, hey got just the year related, drilling got have in activity I next resource. So and takeaway is Bakken it’s great develop our we not

Connor Lynagh

coming to has have talk those supply from of Got regions, you other accounts in most you maybe in the lot seen it there been that that the out it. in a mean And other Permian, I seems side could supply regions? incremental those

Chris Wright

basin most deploying Not because XX has huge certainly regions the to in certainly are as we There in months magnet which activity you it’s gone much. new made back if the up a in, Permian, every level or but has capacity. gone months been new right for XX it look up, capacity the added

player other and We also this work, the of one you right. are really frac can’t you think factor a are in and had frac that you basins Tier of get X

can a cheap long. you get do at it that so can’t only price it for You

will to well what Permian and or do those was of So in the the fleets the the activity majority just level up. months extrapolation the moved so just Market them and months, over XX up, Permian. of going XX was tight

Permian, of So the the were if But activity, fleet migration building other odds are vast – better of the your struggling has in basins, Permian. of our majority fleet re-valid much a of a had been Permian. basins the you We success the majority is we so on the capacity had the from basins. in fleets of frac other in lot to take there of incremental all incremental – lot so

are we in in more may pace quarters rate are fleet Permian. together of but softness a addition that increase in frac see a not but sort we of you of and the even that been that will increasing in market was but activity to we couple it’s work. think of for that the one we three to no may the the word, lined additions negative the has wing additions activity, When rate elsewhere, a Permian, are with the plateau having probably had too true I I you seeing get having have up frac is think now So of – there And the Permian. slowing faster growth the –

Connor Lynagh

Thanks It lot. makes sense. a

Operator

O'Leary George Pickering from Holt. Please of comes today go question next ahead. our Tudor, And and

George O'Leary

guys. morning Good

Chris Wright

joining for Thanks George. morning us. Good

George O'Leary

on. Thanks for letting me

wonder nominal exact awesome stages quarter-on-quarter just an you front, about worked of on the a just you you and help more maybe bit of per if out can day efficiency QX talk that quarter in the little a I dig per progression for the are quarter-over-quarter? QX won’t much month there frame more obviously basis, you to to kind number maybe if how and efficient give guys, On days

Chris Wright

can Well, pricing Look, you QX flat it. I QX, was basically see think right. in versus

you off So at fleet revenue my I I same see of the went think a in $XXX the $XXX think was right rise the million from fleet top to per it it head, XX% fleet basically million pricing. a

So frac I would per say fleet probably in round XX% stages more numbers.

of now QX we in so You on can’t an can’t customers of problems. water, increase, supply water as we saw cold a problems lot any frac, don’t we deliver the are those walking have or weather

We then month. of a of is down details it don’t of get number pumping hours because of think expectation a expectation of in that actual million we range, sort number the all just we that factors Really of dramatically the base exogenous pricing we But of And and in days those drove have of why amount was also had QX the frac the day a of but but exceeded in think moves have And below change happened. of per think and a in share and end number, of I really we we we for I customer what’s low the type revenue great flat of But had order work XXXX. we what But but a sort the dynamics. frac for did frac QX first us was twice higher. fleet. probably doesn’t another base that XXXX what our in was per just reasonable QX world fleet course and in for time, lineups, this know quarter frac that of fleet, base but pad control did we work. of the our this at but a just experiencing to really we their frac It normal they pad we single stay given level, $XXX it we throughput year wildly business what in as per on supply-demand that’s depends exacerbated with our that costs in we online. moving and year the record pricing have profitability we to don’t quarter thing well bit and But more the can We long, will them but customers any greater bringing are production that efficiency not in faster. quarter holder highest they gaps helps very hope least and is aligns certainly for are of our just of us But it finishing gives little that scheduling mean between we get lower QX. certainty out done we which ordinary, another the the get challenges with one of finished.

George O'Leary

Okay, super great, that quarter. was helpful color, good a damn

mic to my else. answer, I pass to somebody so that second will into question actually entered and You

Chris Wright

would Thanks hope the I comment. will George. that you appreciate for

Operator

question Hunter Please Jon Today’s next with [Operator go Instructions] from Cowen. comes ahead.

Jon Hunter

thanks Hi, questions. taking good morning for my and

XXXX, of technology the how you your So towards the designs the much blunder in upgrades? newest first and those you them be then rest of one is are on half with putting upgrading capital done mentioned about will fleets

Ron Gusek

is this amount Yes, a it’s Ron. of modest capital. Jon relatively

need around been lot on the focused work. always on a have we of we collecting significant a We to work where exactly in and failure amount some blunders specifically of data do have understanding points so done

And we areas identify so few a that led could focus on. us key to

of blunders. significant what a capital And investment without significant each have those meant we on forward of steps ultimately is so made that that’s

Chris Wright

to my significant, in the the what’s for But the that are root car, blender of meaningful. is to find wallet spent we do and now not Ron’s in business that really out then benefits if the actual business, fix of of design, gathering we we engineering, to upgrade your problem the dollars had investments the solve decade. you our those the the of the dollars in of always you testing, data, deployment The but point root problem, and out capital but how next invest yes, get happy capital to the

Jon Hunter

been of comparing and have terms fleet we great? hearing just follow-up, to that, unrelated terms electric the and would you you are more fleets just payback that to an then frac could a of thoughts if what your returns speak in them about And have in viability, be Thanks. Great. wondering bit that probably

Chris Wright

Look, most I are I training. and an bet. techners, by electrical team am our engineer You and of Ron career

a So a XXX% watch for yet. fully have technology we frac some is us To-date is intriguing. pretty electric that another level acquired of started noise electric frac more that so they with company. noise put lot fleet, line really we we fleet in to fleets One haven’t have the the that electric cost an reduction, we that our it’s much more found trade-offs downside frac right since And fleet. advantage. arrived is to route and and benefits. the XX% together The They looked but between significant that

instead The is lot have cheaper other a run it on the like one that got right you and I think natural sometimes available. that field diesel, turbine of you gas gas customers in in it’s the and

these that addressed with dual fuel have we fleets. So

XX% of fuel engines you engine supplement of X natural can it of gas today. new consume gas run to and number dual XX% dual The when would you fuel them diesel. fuel is a natural a X mode, have the you XX% versions Tier burned XX% And with fleets for fuel diesel. We Tier get you it with up dual and

noise switching the trade-off. a and our cost better profile XX% the of of and been that’s same we savings, for customers today XX% a get can fuel dramatically us the So lower fuel

that. just need not a The of fleet frac is run other day, MCF on the to issue supply, several a on right well gas the you gas path, nearby flowing million several the it’s out

fuel if fleet, supply, just still you content, with got gas So increased have robustness. you the this with diesel dual the problems

fleet. electric frac an have We

you If of you majority in lose your is gas. a and fracking pipeline several reliable the natural million day gas supply, not natural supplied pads, are no vast well there

supplies you are possible, the large reliable you down minority available them. it’s middle, watching frac natural of yet, a they if might system there evolve infrastructure, the very to significant absolutely, in the but And fuel are fleets and and frac and evolve gathering we as still got possible. the technologies the you better, in have a very do benefits can road, you electric have economic consumption Liberty Now have well and got aren’t but gas, it,

We watching are probably that. We can guess. technology constantly new you as love

Jon Hunter

that’s some color. And absolutely. Yes, great

it back. you. I will thank turn So

Operator

ladies over So, to concludes gentlemen, it for Wright question-and-answer like remarks. final session. this our back turn would I and Chris to any

Chris Wright

Thanks so for everyone’s much today. time

customers, thanking enable in perform other and thank addition the Liberty, works In and at who modern to the levels. We I suppliers also oil everyone gas every to whole our at want else industry. to industry team

energy lives. an to impact in today gas holding are on rally Denver oil human of and the proud celebrate We

oil top list well is first the oil human Our oil doubling drilled. XX of XX and expectancy was today. by Human since before years the first benefits one, XX life it’s headed years drilled well life expectancy was globally gas number was over

the XX% XX% poverty. gas declining extreme also is all important of have today. rapidly. call dramatic living meaning extreme lived of less on global dollars. oil a the thank the you time in most well drilled, We below on $X industry. that than seen We for was you world’s a of poverty and in population When being Thank part global for this Today, your number day today’s drop and in

Operator

And for today’s thank and thank conference now we has concluded Today’s sir. you you presentation. attending all

day. now have a wonderful disconnect may You and your lines

Liberty Energy (LBRT) 2 Aug 182018 Q2 Earnings call transcript