- Earnings call transcript Q3 2022

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Operator

Welcome to the Liberty Energy Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. to and conference Investor like Voria, to now Finance Strategic Relations would turn over the Anjali I Lead. Please go ahead.

Anjali Voria

Thank to the Earnings morning, and Third Good XXXX Conference you, Quarter Call. Liberty Anthony. Energy welcome

Gusek, the on Financial Wright, Officer; Stock, are Joining President; us Michael call and Chief Chris Executive Ron Officer. Chief

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

invested, capital over section September presented presentation and on A capital available Our measures. return of pre-tax on non-GAAP is net employed section Investor available on turn measures capital which operational employed, earnings of adjusted companies. on of set Investors discussed of comparable EBITDA, calculation of company’s on the forth for XXXX, to I the Chris. dated may this calculation These income this as invested, similar the the be call, will release, is on on return of non-GAAP capital not the call are cash Investors pre-tax company’s comments include and in the which is X, cash EBITDA, today to and website. including website. EBITDA, GAAP also The adjusted measures, EBITDA return are the other also return and to and reconciliation a substitute financial measures on

Chris Wright

and and everyone, joining for XXXX thank quarter third operational results. morning, you us financial Good our for

We quarter team's results. that proud third of strong financial robust extremely our execution underpinned operational are

schedule, customer ahead was Our strategic demand successfully from six long-term incremental of fleets supply while labor chain. a markets plans supply and navigating our partners, volatile deploy to challenging completed to

strength Our shares. $X.X strong increase. launch XX% new was crew Net customer the and over for million, and million, high a fully was partnerships, quarter was repurchase leadership, vertically results quarter $XXX In fleets EBITDA the $X.XX revenue to a entire share. our our income for levels XX% bringing while year-over-year of our integrated crucial model, capital or of Adjusted quarter, third market, the billion, the maintaining to sequential, per of our $XXX return program, and performance across fleet. Strong delivery outstanding us X.X% prior was to increase enabled XX% quarter. diluted the of quickly

the cash also announced restoration our per paid dividend share December. of to of pre-COVID quarterly be We $X.XX in

six additional small bringing and hired all market. period, online of quarter, six an level highly of XX-day the required fleets which In onboarded between incredible teams. coordination is crews, extraordinary fleets in labor we while and in maintain the acquisition. sheet, acquired and records, in a say operational that maintaining opportunities. unparalleled, front was allocation approach investing the Liberty flexible profit center is and including quarter capital hours, shareholders, more, Capital We and pump strong our to execution while breaking to will balance pumped, I'm a The during our OneStim deploying competitive a returning several no again. a undertaking third technology collaboration compelling rollouts, proud feat to in

service energized, years crews, is to drive work especially alongside workplace, will a and and labor employees new to of high designed and selectively for quality quality our allow higher goals. engaging this to passionately Our onboarding of Liberty to pursue testament candidates, training to in their The seasoned employees come. It is environment, an pool attract ability culture. the choose from to empowering, and team tight a

across teams was on to additional support in readiness operational supply teams together seamless our for support frac of in crew working company, delivery chain themselves materials teams our the and clear environment chain identify crews, realignment the of service. the We supply capacity specific have We maintenance our dedicated procurement. supply. leveraged priorities, to Additionally, each now from and the deployment helped extensive sand other allowing to to fleets by to superior recent execute other and accountable where and hold of an short goals, are

that Liberty collaboration. has our quality, of our by within and dynamic we've our of that created worked dedication industry-leading preserve service teams build the XX-year has over history, hard grown epitomized foster the created recent employees. rapidly has While quality to and units organization realignment our our and The culture innovation

and people that fleets at Deploying support high remains strategic bind was OneStim, the the balance dedicated the decision most culture them, we customers, of in asset. of our only long-term that time. the Our from quality, a and appropriate acquired precious

utilization, programs remain with even commodity dedicated frac development to The scale, built. growth. modest a customers well pullback that technology, full Our very economics right, we prices. vertical our deploy supporting near fleets customers testament market the to time is ability and for remain integration, and dedicated flat is have strong, the the to long-term recent is to operators partnerships production Further, when in supplier

across top In but is firm across only spectrum. most our Our because provider with Liberty in to future. and an tier top customers that was innovation research essential recent the recognize technology services chose delivering because component frac they extensively customers market-leading performance, partner today far E&P ranked that the Kimberlite survey, also of not Liberty, an the service into the industry polls industry, the independent operational

that of fleet on customer the business. for proud emission performance, soon all We will latter be lowest in parts strong, quarter. digiFrac and our technology superior of the solutions-driven locations, standard focus the quite starting part of in in this for and results the are unique our is set We survey. next-generation the will with our bring It market, technology reliability. durability, to Demand

to Sentinel our next-level out continue operations. automation improve software logistics logistics to with industry-leading integrates on fully our systems, are our Cloud we This ERP that rolling quarter, Oracle

partnerships rapidly dispatchable, say this peak exciting pioneer, our to advance intensity. used to grid digiFrac help footprint battery next on the technology partnering digiFrac shaving base ability scaling optimize power Energy, an resource with generation and our We're power earnings have Fervo with in development our business. blue utilization, could lowest and emissions low for our possible also about an sodium-ion areas be We'll more believe into to load investment announced complementary ensure role generator onsite We to fleets. enhancing Our a technology will potentially technology for call. have for a uptime, carbon reliable, maximize this We geothermal fleets. further up research global further to Natron that recently Prussian provide

already we in supply oil and the We the the execute COVID both support gas reliable, and affordable, rates, than levels, reflected recession and and that foundation long-term longer lockdowns, XX% of partnership these last average balance results the is world have insecurity. clean look Despite mild superior rising in demand contraction. mounting, XXX. seek and also of only quarter, drive expected, a interest over elevated XX side for drive markets, are modestly may the an side. commodity we third the has financial capital tight so as to and disciplined concerns today. to it persist deeper enabled commodity higher is results, frac and the activity. are global industry, Liberty from to in in over industrial the commitments, prices, Global leadership to Chinese pressuring customers but the to continuing as and superior headwinds, supply our oil and the energy macroeconomic than remained cash near-term global ahead, tripled to further deliver S&P downturn the a global markets in OSX, result years, gas economic further has invested demand remain on risk delicate financial long-term demand China inflation prices. impact with slowing energy, would that And on return in COVID comes The lockdowns may a A of our likely technology The secure time of and

prices, uncertain. cuts growth On Saudi future into translate hand, stated other Emirates, are from quotas, the higher few global preemptive United constrained are production needed supplies to the production mainly to quotas, highly Arabia, for supply reduced dominant countries actually Arab at commodity and behind the expected the their looks OPEC+ force the oil Kuwait. outlook producing and

have have been been So redirected oil that Europe Asia. modestly far, previously only as exports some curbed were invasion, to Russian for set Ukraine exports the since

was the rate equates assuming million to spare at growth Asia, sanctions of X.X%. happy by impending the low tanker In X% This at capacity XX constrains and growth day, per long-term an and oil the on continues from global was perils again over abound annual per are infrastructure, compound interrupted demand and supply global to fragile. countries commercial tight, could the steadily supplier over to was years. briefly reduced all XXXXs, the over barrels quite a gas barrels, today's and Libya, low rate storage ability XXXXs, but the demand the others. a Surveying leading all North the oil levels distillate annual bring XX-year for is levels. Russian already crude, Myriad where However, redirect trend reaching of levels Liberty's meaningfully confidence decade, oil storage capacity lower America In in natural production Russia's dominated US of year be Iraq, production Nigeria, as Historically, In it risks even lows. incremental coming higher global demand growth these capacity, on rate to next at supplies, to for rise, X business global last years. demand in market will compound outlook balance result strategic does global talk peak growth an the compound In period worldwide of not petroleum gas the barrels of the foolish like the reserves, of energy contrast, seaborn production rose annual Despite continues slightly compound the endless long-term similarly eight-year capacity oil at X.X%. rate. the global has The high rising direct is where be XXXXs, in low additional oil. underinvestment these world. centers which across remains the likely make a oil oil inventories, coming growing global of today transition, oil X.X% demand incremental annual from. been by and is COVID,

Freeport supplies by of capacity nearly will export LNG LNG the current six markets over export facilities from XX% year, exports per the expand abroad, over to foreseeable today's higher in LNG molecules an construction in of In During evidenced facility at Europe, Asia. importer notable US, demand by outage. are XXXX, rise the US these growing typically US the crisis has LNG natural competition in were for next we three became gas of continues exporter tight world, all-time LNG likely a XX years, as highs Today, natural largest just gas the the ago. for years the in first gas capacity since export led which energy that the In demand, the levels. largest for and headed half last the a BCF than increase power achievement is significantly despite are generation gas day, future. under to high

among frac being expected oil available is levels with frac Today's offset primarily only energy. A at chains, levels, production directed next-generation limited be the Additionally, reshoring sufficient and likely strong equipment. factors tight Together, roughly to has constraining American combination gas. to the market of market, reliability deployed secure a of buildout for North top mind relatively top near industrial in of frac are legacy US the supports discipline services frac utilization supply including Today's public aging strengthen the the to pull the in demand operations, or very within industries, for supply are Tight to towards quality fleet service operators, and capital market, energy-intensive made service from factories activity modest today's US demand capital these deliver capacity, customers. full the for natural particularly growth. of of tight, petrochemical capacity. and is demand

and Next-generation We're and of suppliers. customer factors further fleets sought Liberty throughout team These customers competitive in top-notch have the are and strengthen position. financial also Liberty's delivered results Liberty's year. highly acceleration our outstanding the operational prowess, proud after. focus, our two technology,

move We results. into have an our new developments the market and in I'd suite Stock, like to we underway, to of exciting are call to today, strong well turn over With financial that, our as positioned technology CFO, a Michael discuss XXXX.

Michael Stock

outstanding to into translated execution exceptional XX% results on team the The of XX% organization. The Liberty income, the a a on board. an testament in and strong work a increase expansion had across hard sequential adjusted Liberty the morning. delivered Good XX% quarter, cadence increase revenue in results entire quarterly in at is EBITDA. of our net

$XXX was million quarter billion, revenue from $XXX million $X.X Third or increase quarter. a in second XX% the

activity by results strong sequential growth the the OneStim driven acquired improvement, with were deployment half Our related nearly of fleets. to of

from benefitted charge quarter. income increase the continued after million, totaled for incurred growth. and non-cash expected the agreements the growth and quarter, activity for charge $XXX a to associated million, $XXX Net including quarter. effective $X $X quarter. a Net a pricing receivable G&A and share deployments, was Fully the the million and performance-based interest $XXX expense the platform other in remeasurement from systems on fees tax $X achieved during second our increase lines. million $X.XX commensurate non-cash the million receivable were with also IT million, remeasured, primary resulted second General startup stock-based on to increased the second quarter. driven the time diluted administrative rate business, $X in TRA tax $XX increased income quarter. fleet per million of of be We compensation $X (RC) quarter. from in $X.XX, the investments. support in Adjusted totaled net per was share included cost third million. expenses process compared to million Results inflationary to structure required a modest income improvements tax agreements, the This in $XXX the EBITDA by in million investment In increases million a compensation, at XX% $XX and gain million the sequentially, a combined improvements to a XX% fleet IPO, non-cash resulted $XX for expense the tax of related and our including our of and in

a quarter reminder, of liability and recording as by tax allowance a in COVID Liberty a of required the remeasure to downturn, XXXX, US the of the As in second deferred portion a GAAP. losses prior resulted valuation due assets, TRA on

believe TRA. strong the will we financial quarter. in quarter of combined and our fourth valuation equate valuation tax in will we the QX of expect result on assets, year with the XXXX, a and As again longer we in allowance, the for remeasure tax XXXX the no of results, release results require of recent the tax quarters, the the TRA, full In the effective allowance to along XXXX, related of provision the remeasurement to approximately XX% a deferred rate

expect year by XXXX, be We the effective combined year. million one about ended second cash and quarter $XX We million we with XXXX expect capital, expect to debt increased $XX rate, of in execute third quarter. an that to approximately a utilized the buybacks activity-driven XX% of working $XXX the share quarter of cash net cash the of from in $X a a taxes. for In million due million Net tax we pay cash book million. in taxes which the to and approximately increase balance of debt as to $XX the

contributions million credit of This seasonality. basically XX, our to the capitalized driven holiday in available September capital credit by flat revenue digiFrac expenditures full third XXXX, costs quarter, spending. on related expect offsetting and borrowings drawn the of is quarter basis fourth the primarily totaled in have fleet normal sequential As quarter, million quarter $XX crews construction, include million. GAAP deployed we fleet $XXX weather liquidity $XXX ABL deployment, ongoing was maintenance third Net of from facility. of we and the approximately growth. Total facility under which on In a

by We also the labor ongoing and margins, commodities, materials, operational incremental offset inflationary expect chain as fleets including of pressures, relatively contribution costs. flat in supply will be raw and

out competitive constructive demand to this a gas supports production free cycle. Liberty backdrop duration invest early As balance and supplier over we and maximize energy oil to advantage the global long-term. of forward, a cash North build American the in a for look flow cycle longer and part the continues over

is track full capital slip amount of some XXXX, the for expenditures year potential are largely supply into from of QX a While our to there QX on for chain spending XXXX, resulting delays.

have reiterated flexibility through customer targets we As returns conditions, the spending expectations. economic in year, significant we our adjusting capital depending demand, on and

Our of share, earnings sheet priorities increased our to third our we investment million expand free And capability per authorization. we the capital for generation supports repurchased In quarter, authorization. allocation announced on $X.X cash X.X% remaining of outstanding in quarter, million. capital our balance $XXX $XXX and strength, repurchase to shareholders. return the approximately We shares - of repurchase business, have flow the $XX now share a our million disciplined million of or

cash In $X.XX of beginning cents reinstatement addition, announced a dividend the we quarterly levels December dividend per of XXXX. with payable our share, to pre-COVID

are to cash return combines I repurchases shareholders. a drive turn that, it a our opportunistic dividend to strategy before leading for of to that we Q&A. capital for in and open deliver will value our over We confident ability share With Chris significant

Chris Wright

Ukraine's making The appreciate crimes, benefits. are process, front burner over infrastructure, with and system is world cruel European to Recent increasing that many this yet for outraged and imperiling possible Russian The offsetting Surely, you Ursula and President activists. Michael. third our highly political energy Leyen, power a hydrocarbon attacks don't a no through stations life most system, of destructive, fuel damaged is country's politicians of targeting der strikes this imperil is much, have only priority or at numerous and war own strategy. people imperil harder Commission, depots. obvious, destroyed drone the much remains rightfully energy development everything Thanks, else, for von missile and called these a Ukrainians. still because roadblocks the

subsidizing For New California Texas to and electricity England. weather-dependent intermittent hydrocarbons from example, our renewables, to severely compromised grids, restricting heavily have

New to potential of this harming tens gas Americans. gas is due gas shale is England this access warning the prevented is winter but next millions the reservoirs New of pipelines, gas to of of mother all blocked State the shortages, expansion even blackouts though because York door, of

shutdown regulatory to burning has subsidies, of was natural burden, this generated gas unaffordable. year have of Copious or or a being but led US either contributing sufficient because lowest electricity biofuel point. at level now on, hours I diesel to England the inventories could conversion millions of XX their go American October New multiple growing skyrocketing megawatt and oil, distillate unavailable prices refineries, in you the years. and get

plague be must all turn or that has increasingly With Let's ignorance our candidly, country of over energy. operator speak we frequently, desires we fashionable hip combat and critical of much now the it I to about is world. the well-being damaging talk taken that, energy human so to over will check that to questions. for when our to the western Energy honestly, and

Operator

question Instructions] come with will from of Bank first (indiscernible) [Operator America. our

may ahead. You now go

Unidentified Analyst

Ron, so just a with guys, that we start quick morning, one good Hi, and just Mike. I'll Chris, all know.

four In are in now, us incremental you top you where should and of remind third include terms are? these digiFrac where said we on right you fleets quarter. six Can fleet the count, you your fleets of as all reactivated you

Chris Wright

fleet today, I'd not numbers, say going and we're mid-XXs to there. so XXs we we the were low it's count from move Yes, before. give but much don't precise

as from fleets constructed. have out legacy digiFracs that's We done. far as equipment, additional bringing I think being do

might it's as for what dominate challenges, that forward humans but a equipment additive is the know, compelling. the if asset is big of horizon course, be crew, And The fleets, Those are the of only you and a come humans fleet. staff. relationship that The compelling. if first customer of frac and two out, other

want move fleet that doesn't our on low count frac today XXs, you So, to? there or much the is from throughout and add year. elaborate probably Michael, next to

Michael Stock

none. guess I

Unidentified Analyst

Thanks Okay. clarifying. for

you not got that's well, about low talking so like sounds forward just it pulled XXs quarter were So, last different. because it as

from all good. slightly the about Okay, makes that last quickly update Mike, were next talking you what early CapEx sense, XXXX were but front, expect below Because next we CapEx you for fourth the potentially quarter on quarter on year. to levels. being you or can us That at moving year about And should some then CapEx? talking

Michael Stock

expectation. to change real That's that the no where the we're There's That's really at moment. still general expecting,

Unidentified Analyst

Okay. Perfect.

Michael Stock

and as the returns, pure up history, as from done compelling invest we've proved XX job those the of over bottom years very a shareholders. returns a providing we our in sense, our think for they I when and investment good last And will we've make

Unidentified Analyst

Right.

Okay, perfect.

I'll turn Thanks. back. guys, it Okay,

Operator

with Derek will Our Podhaizer next Barclays. question from come

may go now You ahead.

Derek Podhaizer

good Hey, morning, guys.

tightness about just remind rigs Is talking frac remind looks year budget we're or they but that the back? in there fourth and suggest we Can think we exhaustion I you the see, normally, spreads, given than seasonality of really from laid why what's them the doesn't ourselves to if down So, years won't the budget market. more see different E&Ps seasonality. investors exhaustion get that, like worry quarter, that the won't guidance that they just typical prior? typically more maybe the the me, and we have that what this

some would that, I Just around helpful. be thoughts think,

Chris Wright

you reliable of crews. security think biggest supply competent, said of now I right are Derek, security of supply, about right. concerns particularly that Operators’ So,

evidence operations yes, to of the suspend the than there is typically So, year a for is. larger few there last weeks

you gap, We'll that in I amount bridge the see that, not usual yes, is December, we've can there's that but for hard to holiday in think but to thing budgets. temporarily people, that's some ours, fit right places customers crews do we deploy And and got long-term that for other Now, of still typically not key their do. if today's season. and those some does market, the see the of

keep for field, in the is up us. all Liberty crews, to important Those hours, for and XX holiday cases, pumped excited. down got at celebrations. do are of we We’ve in of we the some our hard events shut for things parties and twice One and people our them working

exhaustion slowdown, little bit weather of without budget holiday, a always of even there's So,

Michael Stock

they've of throughout Derek, where a the more of the year. cadence long-term pre-XXXX, we’re planning to steady E&Ps, normalized more got the of returning spending

the think companies. happened two ripple that standard effect to it planning to COVID, by in from XXXX until for caused - I more normal three think of sort a but we're good or was years E&P interrupted change I like kind back the of

Derek Podhaizer

it. Got

the I that's there. No, helpful, and comments Okay. appreciate

that frac to next fleet effect question, a more fleet if the out, of underappreciated can just my wanted that is maybe that the the just the now profitability not integration touch your maybe but we have peak that where which effect certain profitability, are count. the part done, as think of in on, your is market, some worried come For investors whereas end the marks flattish a power effect see I an this repricing a you and then Maybe the through and for re-pricing mentioned, is next earnings rigor from on you we expansion see maybe year, thoughts peak through and America where count continue profitability from North us can walk just where expansion around that and expansion. as tail might far be repricing as to there bad vertical of

Chris Wright

there's of it's marketplace. - the price often, yes, - pricing some of but pushing fleets bit still floating so pace in rapid up tight pretty probably think of of market part reset I course, follow Derek, pressure happened, they more. up of kind it's yes, year. tailwind today, has this reprice up a There's been the of a Yes. first at a the most and is the obviously, And still little

for some of yes, Some locked time of positive happening the year. longer are periods, good them But we'll economics so around pricing are have yes, in the today. resets end

we that That's a a higher it big with. lot quality And stuff would efficient, a day. get internal and of equipment both means cost? we of that can more much and be it's in of How contending a us, course, service, our technology. a get efficiency For inflation driver parts we're of deliver how lower and profitability, like of it lower service done is without at backdrop otherwise quality lower There's of that still than systems.

Michael Stock

on And of the expanding we continue focus our earnings shoulders potential. the to

being expand we company every technology all business. in quality As those efficient wallet fleet with at we to technology number services, a who get we that and profitably allows in integrated you've providers We means a expands demand, continue our of allows take of of - the the more which surety more that year. general us there's a to large which a which we say, have vertically need more delivering of are a of lower flight did or and invest for And that you thing to That customers, our that generally, to And profitability. we foot can good customers, continued a the that expansion And the keep from the our per key they steady think seen, provide same count plan to cost doing. leader. the if us. of can as per and that's service our what higher I always profitability lateral trend foot quality from to always fleet, we're of per comes lateral like, really to their ways,

Derek Podhaizer

it turn Thanks, I’ll it. back. Michael. Chris. Thanks, Got

Operator

Our question Stephen from Gengaro with come next Stifel. will

go now may You ahead.

Stephen Gengaro

you - of of bridge shouldn't top you of kind there and good reason is then that, - kind or any and the the And and in don't up us take you exact everybody. maybe talk $X and about, give think pricing is give fleet When you're of year? that think outside seeing you the million, of next Thanks, seasonality, there count, that? about on factors driving number can that think about I your morning, quarter know but was EBITDA fleet quarter, I to about and third per when step-up second take,

Michael Stock

Right.

a also we significant earnings, That's a our six as pricing So, $X of an had we crews. efficiency it's moved - billion those a you had were combination amazingly increase of of fixed your as the tailwind activity And effect. so Obviously, absorb you've you right, whilst of from grow in a up. amount costs company, We got sections. that one quicker. and pricing adding fleets, an

sort water, cetera, some of the year, sand, from utterly it's and the level with better. et bit think services, a out cetera, first think whether like the And of sort key early of absolutely some half are that's team the at And water, of little trucking, that's lined thing. struggles out there. I background et and a operations of getting getting I Our top performing

is to things short is headwinds small have sort call be next fleets of So, we number for and there's to earnings year, some of of I all fleets far you've - number that in think think are of which pricing? And now. a as a strong one on you've from the term, year of like yes, oil got comes market some that as going that those. prices some that But little will come. next are we're years are pricing now strong US well us gas got long bodes it reprice. are a as really where to got but for a market I very runway is that of are we Where the the be? we for key for think getting a to below sort mean, at obviously, kind contribution slightly no, sort oil production, We've pricing long-term - going of about bit of the where Now, market may

Stephen Gengaro

investors year, Great. very, cash generation be Do reinstated with And it? thought very give there's into do thinking dividend, on mind with What your and mean, framework no process a mean, obviously, that, strong. you a bit Thanks, looks about you probably next capital CapEx ‘XX, do you've but think how free in assuming about, Michael. a ‘XX acquisitions, little more know in I do maybe to even talked and you you about back I should that? sliding you shareholders? but then or when a aggressively I have and

Chris Wright

we it’s to yes, what of lot which the us stock a I upon discussion here, X Well, years, it's percent next allocation, price leadership - our buy the the with biggest a we do and coming. at because share of that be adopt think will again, in estimate can free of never our one board, the frequent flow will company yes, and And intrinsic estimate, will do of topic buybacks our decisions for capital and a between the because conservative few of formulaic, delta cash value. back, among depend go price with

large returning coming allocation this buybacks be share obviously They're dominant in to years, of going the part the piece to shareholders. of likely capital So, year. a to are cash

restored our a going regular have be pay quarterly rate always we years well. dividend We as in the to dividend forward, ago, dividend modest we to growth and probably business But going intend cyclical. that is started

us our The it the big - give to know because to huge what's is is, So, going we're not And coming. cyclical. when sheet. likely are We advance. balance in next the are results a to dividend other then results downturn, quarterly way never going very warning thing remain probably never have a keep strong arrives,

to and then that So, we're our always we're us things That's always strong have the competitive going us balance making cost, in competitors, versus sheet. pretty transformative safer and - build technology allow well two last to downturns, at going a And a lower done advantage in served setting. acquisitions. severe, make making both services that then higher to our provide that our quality company a invest better, that’s

if we've and a investments economics never allow if technology se, that, there the always profitability been are broaden We're our are to we're the look, there of And increase opportunities. compelling as acquirer, but not stock obviously and our on there's simple consolidator much acquisitions answer acquisitions, acquisitions attractive those at that. our to per that. cash a of when formulaic not There's is day-by-day fleet, and given acquire are decision valuations looking Michael compelling, of going that. looking the says, bottom-up now again, is always stock, So, shoulders, a But per an to generation. more much cash right so we're us it you're stock, than but today,

Stephen Gengaro

Okay, No, color, thank for you the great. Chris.

Operator

will Sachs. come Atidrip Our next from with Modak Goldman question

You may now go ahead.

Atidrip Modak

hearing you there's about, the taking curve supply Chris, understand terms the these few activated of being and more capacity new fleets team. Hi, of us XXXX? in shape for additions Thanks been the will attrition builds you your think question. the Help we've end between the supply where been a Mike, and now. and that there's

Chris Wright

but going last tight, that? human seeing finite to ultimately, it market today's to both efficient that we that That's if deliver human, it's maybe predict think, has I and today to juice and good meaningfully bit you're quality but to also lower see frac on the lifetime. think change or a not profitability legacy hard get in future, stress I of but anything the of Sure, mostly some that equipment, marketplace, among don't legacy forward. again, degradation certainly equipment challenge invested people the Yes, hang are in, properly trying older is and out and a ability companies With last services. a today, their

fleet capacity it I think in some - drop permanently. And certainly new by So, for quite as in down out. active see fleets fleets, Could lot. now than frac fleet a that's think isn't demand think really that. bottom-up There'll one one than be but prices they a to a as our than have I have higher age active as frac have few don't fleet the next in is count commodity more the year a demand we whole not I and some a unless through down, today. coming out? next go but of the much exit like customers, of meaning stays fleets keep year do count far don't will we the tight. year. survey can the today, fleets We count drop slightly higher from that see, tight we market And large market and laid be for pumps going a we amount we on be stays a

Atidrip Modak

talk that are Natron us these then want are And for you do that are you or and investments technologies? means over it. the What of what And about you tech fleet acquisitions of Would Got own size kind of other - there time. at? entire the mix potentially investment such kind looking your to to investments these eventually have in mind?

Chris Wright

see Well, dominate a Lithium-ion but density. today, that, unique - as investment, battery the with or has it with a that's situation, modest on because the technology. a can of variants investment, dominates, energy you really different it's nature highest it's

batteries discharge see risk store you Those got those For can matrix. problems as super-fast. the that that fire in because with most the energy configuration, it's got in it. a don't It it's and material a ions all you box, hazard. wears serious well long time, this out. very XXX-pound don't last It can't but And fit fabulously

we’ve highest you with Prussian got But the discharge. configuration the that's rapid want density, blue battery and sodium-ion, today. that energy very So, if a this best got look, you've different allows

that crystal power can batteries to we’ve So, those perfect shave fit sodium-ions out just a very are got a blue fracking. fast. in draw of during peak The off Prussian We matrix. size-wise

So, much have longer much - batteries. should lives got of you you've

and You don't fires. have the thermal instability risks

So, demand off sources it's episodically we high We're and in that's neat emissions. happen us, for to deliver lowest technology going for that by through fracs. large a a run generators of spikes shaving what our minimum think And possible to with at thermal efficiencies need. emissions we at energy, low-cost aided

upstart be customer anchor - forward. to in again, probably with at this a yes, - going an anchor partner - company, interested we'll that and investment quite But we're yes, and goes. see an it’s where a potentially neat look modest So,

Atidrip Modak

Got it. turn over. Thank you. I'll it

Michael Stock

on size get look say where the all advantage they're and can places the we sizes, market. focused investments, but on as in a technology - we what of bring look we let's technology generally, can at real different Yes, to again, we

Atidrip Modak

it. Got Thanks.

Operator

come will Jayaram from question next with Arun JPMorgan. Our

You go ahead. now may

Arun Jayaram

your morning. pure is your estimate line, And if vertical you generating you would power. more between was specifically, us integration et and give of maybe PropX, earnings to meaning wire today, cetera? what mines, frac much Yes, how I wondering of a could good sense sand the it's EBITDA of outside

Chris Wright

frac. piece that of Frac is big the dominantly it’s business. Look,

Of access those profitability is sand sure But dominantly also to not deals, we high course, companies. those at of it's having supply. runs quality which speed. being with make it's ever your lower earnings, not that or only frac on risk sand, problems but vertical just sand, from additional waiting to but to additional Having on your is they're sand for trivial, did there's earnings integration frac. that not But

but So, we look of enablers of frac. at least as businesses important, business at vertical their equally own as these integrations in the core right,

Michael Stock

Yes.

sort very stimulated - that's As of Chris really and everything foot. reporting all that that segment our is very, frac for to efficiency and of segment we business, said, final to else, that last that one one have interrelated you, it’s and because lateral delivering

Arun Jayaram

pretty you the up. acted Chris, Got buyback. it. follow my aggressively just guys And on

back bought of $XX third the in quarter. You million stock

remaining. million $XXX have You

Liberty this holding. is questions just buy been its stake. the side of getting Schlumberger the One of how the we've is on from highlighted ownership morning non-core Schlumberger

of of today. own overhang? the think $XXX the on buyback using I maybe they to around million stock Thoughts impact mitigate this

Chris Wright

is mean, for I what is of and buybacks side, share decide Liberty the don't speak they to Yes. the that's them. our up I increase each know, there. But out do to from them. with goal share with value the to can't certainly certainly

balance of at the price-dependent, quite at price-dependent. But really without Liberty we'll yes, aggressiveness more attractive and shares Absolutely. acquiring sheet. valuation? the an buying just back shares, stressing do it's which So, more But stock interested are we again, in that,

Arun Jayaram

a Thanks lot, Great. Chris.

Operator

with Waqar Capital will Our Markets. Syed ATB come next from question

You may ahead. go now

Waqar Syed

congrats what's got what of level? us all, on you like XXX% great million of that X and the level sand Could is you've about quarter. frac utilization or first now? tell you capacity. right Thank you, running Chris, tons a maybe Are

Chris Wright

of are don't yes, Yes, full cost XXX%. modest optimize optimize sand and the absolutely throughput, running details to investments the again, But operate we we We've yes, out. done break mining. the resources that, some down to of but

Waqar Syed

through that how running Liberty, is And of running just broadly, specific much much parties? and a and third through is don't how number, need

Chris Wright

sand of Liberty then, of were We’ve got we our be of that going to and self-sourcers fleets. majority were that running, business. If fleets the There remain vast skeptical all over running. the Logistics that X,XXX to is, that the look, reason our every E&Ps ago isn't employees. idea So, was the are not frac and move logistics think is business. sand way. aspect central a through of runs big of years And

our business. to business more much think core just I - to it's our than it's So, customers’

vast So, of is. that’s the all majority by of vast elsewhere, Liberty. sand that but just not delivered, Liberty sand purchased, but and pumps, the handled Not majority it, it yes, the in the Permian of is and

Waqar Syed

the of that in how on that some then spot you today? charge is sand all not your your current terms Or of prices. on the customers a sand And system, is do have what - running rate keeping portion those Okay. is you prices, that's spot that that's sand through that contracts realizing

Chris Wright

spot not we’re Look, in player. a our business, of all almost

is long-term partnership a We’re player with frac. on customers with together sand frac. our usually, And

That's Price, with yes, our or is time. with the partnerships course, market. committed long-term of riding customers. adjusts that not So, spot playing

Michael Stock

the that's different Waqar, big the that's sort sand in about The out you - spot but price, pumped of about. long-term not the sort contracts is companies other long-term of that majority the pricing places, sold et point that’s West hear a to service that swap leading pumped vast on of the to in cetera, the all sand the of field, that's fact, right? stuff pumped. majority And Texas reality of of I’d the that not is is You minority oil on contracts, the minority the or of us hear price sell, edge all or self-sourcers, that very companies of sand to and

I - little that misunderstood So, industry. something I think the in probably that's is the think a

Waqar Syed

Sure.

could the is versus just prices between are the on today generally prices spot gap describe or you what what that portion where realized just topic, are So, today? if what your

Michael Stock

a will maybe talk for you'll where if So, ton I mid at XXs, that's the the I if say, is general think polled average think goes, mine mid-XXs-ish, That's sand majority per will average about find prices right? and the - Well, that's right? at that the generally the West pumped you about tons whole mean, little of as market hear being - just price maybe high Texas, of as is. us. generally, the probably hit, the people you of I sand and in sort probably far spot mid-XXs. market not the West mean, to I'll a Texas, I

those ask I'd and I ask you think if big you providers, numbers. you'll few get think any sand I others, the mean, - Silica say, you'll find of roughly or a

Waqar Syed

Thank you. That’s okay.

Operator

with Our from Gruber come will next Citigroup. question Scott

You ahead. may now go

Scott Gruber

Yes, good morning.

the outlook had it healthy in does year? should digiFrac flattish in pace in the a at a multi-year If but flattish these flattish kind about how of in we investment ‘XX, kind digiFrac. year, demand think of continue the next is moderate? environment? holding question is and of levels, the of rates about fleets you Just at, investment are think four digiFrac of Does a call investment How kind it, multi-year that kind

Chris Wright

economics the are use at customers, to one customers, these with But it's it at possible reasonable. with just realm of performance time. doing more to those than fleets the one balance bottom-up. fleets and long-term It of Liberty. that. decisions to that decisions again, a think all time, one prove that to not these out just are that, that's a than we’ve But could year the - is three much quite again, individual Yes, But be compelling got because yes, compelling I therefore or of We're could yes, but long-term likely probably capital. be less of four that's a fleets, of - and partners

Scott Gruber

you about year. a it. step-up What maintenance you from think an in Recently next from guys got land maintenance? and it? we discuss seeing Yes, sizeable seeing, with And should can driller what heard disclosed inflation perspective respect you're how to for a pretty are

Michael Stock

we Yes, cannibalize. well, didn't

inflation cetera, steady historical the sort there of everything the inflation last changes, I steel and was of technology obviously, sort yes, mean, design trying going But that out to are of else. to levels that two, related really at you hold we and rates over significant and amount scope. or due to et are there year know about generally, So,

equipment. we the downturn. of of we we So, general we're think that during older historical still the some sort didn't of tracking our did range invest of again, cannibalize have. sort And same Yes, really I sort

about. early spike So, we sort don't like of were have they like any talking

Scott Gruber

Got it. Thank you.

Operator

Bianchi will question Cowen. from Marc next Our with come

go ahead. You may now

Marc Bianchi

from part of like in the should ask It a the maybe chain, you period? confidence have on those seeing we partially flow or upcoming. quarter. that's that kind we they're assume confidence talk have to slipped day due wanted if What now there in getting be uplift immediate fleets, of that but when one? those an in supply gives bit original is cash to little delivered, later in those I thanks. Hey, then sounds being from of And this profit of you incremental, on like you they're seems to just shakedown could sort out the the plan, a you deliveries delivered digiFrac

Chris Wright

you're was to issue of back supply going incremental, the no, It No, teams, be that little even that transfers the electronics fighting. to those those transfer delivery. there's Yes, of going confident sort very bit. was as a Right. a in equipment really chain Everybody an right, that into though they're sort then, and put team.

and That's about do in modeling so, customer quarter, at older because you've thinking next customer incremental, next the look is And to that you're got the another to anything the extension would when then way I the people. from got year, perspective. from hire to or that modeling in a that, it moving you've in which because taking it - equipment with

Marc Bianchi

what to kind around is you a first gives ability expected, perspective, fleet kind industrial there are of a making an fully from things just be expect? the period as as the operational And these or you sure of Okay. of for that working confidence

Chris Wright

is The have We've be system going we're on? going where them we're right new things the pumps now pilot in. issues has They're running got kinks out It new to same and but going out Absolutely, by Are iron humans a fleet. that that's there that'll performance phase fleet together. been to to already going run to there course coming pumping. the a of outstanding. into

a generator work and will come in existing with pump So, together and the new digiFrac fleet.

be sort But fleet we've you're it's of new new phased that technology in system a is a as converted right, they'll developing. over. a So, spent and years

wrinkles So, right going be Absolutely. mean, are to And there challenges? I now. happening and that's

is cut corners bit little want to the best end faster the some at goal has been, truly Our differential the Thanks. meet a or to of something - idea Don't the timeline. always be We day. to to get build here. fleet

Marc Bianchi

Makes of a the on continued to sort tax on there. the long sense, Just Michael, book - runway Chris. - real next I for your third tax just trying if in cash if taxes you I more the hear the forever? below one quick the the How squeeze of cash taxes could book would tax. understand ‘XX year, be

Michael Stock

cetera, just but generally where that points. say, savings, balance. be I couple you'll be that would the be only - probably really of I a XXXX mean, because percentage is of They'll slightly they'll below TRA about et

even So, ‘XX. model being I from them would

Marc Bianchi

much. Super. turn back. Thanks I'll so it

Operator

next question Read with Our from come Fargo. Wells will Roger

go now may You ahead.

Roger Read

at you. talked just do up you is as little question a last think you're to equipment, maybe the to there for pricing Good close you Chris, look stuff integrating e-frac, on new brings about morning, point some uplift relative Thank an follows through, this putting in you're you're the you, one net I pricing a kind digiFrac at bit achieving that the to you pricing digiFrac of the the or curious, approach? there the in market, conventional of was there. what

Chris Wright

to the - number gas a the is the I difference just customer, small a huge. huge turbines fleets. powering look, and these I than mean, just this there today remember, It's is natural one, obvious source is that's mean, thing so diesel cost the And thermal gas - high between efficiency. are again, savings. actually that power much going dramatic is less your there's burn out to the pricing

paying advantage some be take So, all months? I of prove performance meaningful show see huge pieces, them them, probably uplift. going today, component. there's got think think but likely. value saving premium will time. that highly in them. premium to for There's people a to in to interest the likely that. going We’ve lower cost there, out mean, grow I But meaningful next get to in a are XX them a them, there's digiFrac. that's realize we A And fully also ultimately, those emissions a

Roger Read

think period build working there. Michael, Changing little on the sheet? of So, should the of slowdown consumption think definitely about in some just Or gears as cash a capital the cash just we to potentially affecting business a how about seasonal we term bit, up this for tax with we longer about are in balance following on general of that? things big for you, sort on the quarter, question, ramping - a in think up,

Michael Stock

capital amount capital relatively So, flat. working Generally, be to Yep. be is follows right? revenue, will QX Working our flat. relatively going

it capital will We grow will really, next our that change. growth. with Working comes to don't growth line have in topline DSOs down And year.

Our DPOs Those change. are two don't the drivers. major

so, you really as And about those think line. in can mold just you it,

Roger Read

for me. Thank it That's you.

Operator

next Lemoine will One Our with Luke question Securities. go from Capital

You now may ahead. go

Luke Lemoine

DGB or investments, Piper Hey, four there Can Chris, good question your just almost component a are of morning. all is that assume tier these next-gen on we customers basis. asking Sandler. for of a still kind go-forward upgrades? digiFrac, a fleet on

Chris Wright

two four tier dual will be fuel, tier tier four We're fleet of a to to DGB. It mix the upgrades, two doing still two. tier

digiFrac, probably to dominantly it’s but not exclusively. going So, skewed look, be to necessarily

Ron Gusek

like engine. to like engine, up completely four Think this. a going you're of blow it an it tier replace When you with

to a incremental of dual So, it an basis. on a tier It's pump-by-pump four right? move. with going fuel, You're replace it’s more

Luke Lemoine

Okay, Got bunch. a it. Thanks

Operator

Our next RBC Keith question Markets. come from Mackey with Capital will

go now may ahead. You

Keith Mackey

commentary versus And does this just on morning I you give the that publics of survey Any good customer fleet can demand with on the up in off wanted start slightly next fleet makeup. thanks. versus marry say, and year results calling your for how to higher privates year? count? your, customer Hey, your maybe current

Chris Wright

COVID. Privates region. of fleet the XX% seeing our others. a slower We small But bit. back a publish by is count don’t, They're today coming obviously, They're Majors region of are They slice. amount running drill Liberty the grew XX% where fleets think shrunk probably - They drilling reasonably of were like are are rigs. little a fair than I look, our activity. the very during our frac deployed rigs. reflective the you're who -

they're a be privates forward maybe to gate. growth out yes, running So, hard to going Privates than contributor going are. of little bigger the came

of for a not not be little the but mix there'll huge, hugely. sure, change next year So,

Keith Mackey

six through months Got of XX what just for or that has on little last And opportunity further. mid-cycle it. back increase you see the Would profitability, profitability maybe vertical per time? your million view you follow-up, to in fleet million, to pumping stepping Thanks altered kind as integration whether a it's to a that. say core XX

Chris Wright

and - supply outlook well, good. of are still the strong the – market mean, mid-cycle there's right sort is. is where one cycle that there's I of things Yes, pretty the is demand and conditions And the and now, drive yes,

internally want improve anymore in add? that. comment competitors. to you model just positive to don't better And did a continue can like Looks mean, we there's yes, the this it far. beyond last an So, cycle shouldn't than Michael, this be than of a sort one could that's have that there's probably things I so to And know also - or differential chance macro a also We inflator But of our our then more profitability. good two. self-help I that.

Michael Stock

our all No, driven mean, obviously us the by that's investment I operation, the drives by the costs. of which thing is cost the being down fleets, is technology of investment and other capital - and and next-generation down drives in fuel is us. the investment

mid-cycle will that that accrue increase and obviously, So, number. to us, therefore

Keith Mackey

very Thanks much. Perfect.

Operator

Our Morgan Dan question Stanley. from next will come Kutz with

may ahead. now You go

Dan Kutz

labor relief not as or on guys a you Good spite guess, that staff you able front? were think I fleets, morning. seeing supply able accomplish those were want in of to that to really read six Impressive thanks. chain. I are labor just portion of the the about challenges said I incremental to somewhat, that ask, Hey, kind of the you period. Should in XX-day some abating that guys we that of

Chris Wright

The challenges definitely months I still. a nine mean, market hard. bit. would XX months very is little today say are still I just labor labor abating ago, ago, crazy tight

that's started It It it rid six worse of we've ago. in you last XX was months we If was caveat worse toughest been since But ago. company. hiring two probably the market the say years, months it's the got was was worse. I'd the

- is problem is improving. labor slightly it So,

been And crews, they've recruiting so, leaders, also, the leading of that's with But these team true. think new dedicated the character people our Liberty all maybe I crew and all while. just the a for

and a a of And to bit think those that's just people we so, different little leaders, into. atmosphere recruiting between welcome crew -

is So, great to my off job hat our did a team, in a market. challenging

Dan Kutz

Got things that helpful. are components components chain, That's made have about getting guys sideways, maybe thinking kind those improving, of some the roll just moving comments supply but just some supply then of of the it. if whether you're the of any of you and you wondering worse. on could already, the trends And seeing parts Great. of other in chain, up other some kind

general Just of would labor outside thoughts be great. any

Chris Wright

and I engine Large challenges. which meaningful industry, happening, there's engines there. are still equipment, there. but of part a still they're challenges still allocation. our big There's They're rebuilds, on mean, still challenges There's

Michael Stock

in market. the sand Slight Yes. improvement logistics

so have to truckers back that are to coming pads. have rates road the more some the come - back got come the down, Over you've oil trucking

issue. parts economy. flat, the economies, the style probably in struggle some there. better the say, of So, those large a that say, hair I'd markets is the earlier of and share reasonably than parts main we electronics equipment sort amount seeing chemical other they sort heavy still year, the biggest of that's of relief the we're probably were a I'd with other

Dan Kutz

back. me it Great. squeezing in. for lot, Thanks Thanks guys. a I'll turn

Operator

question from Energy John will next Daniel come Partners. with Our Daniel

may You go ahead. now

John Daniel

I guys, to of Hey for back you going sort were the earlier. just for go hour. integration thank including me over that questions want vertical and the to raised

say that seem And just thoughts. it a should sounds you me. the reasonable guys bolstering if call Permian you're sand of sand, outside or the Just a your Liberty to basin Just chemicals? wondering, on like products it to in, advantage look competitive a the advantage, presence at competitive extend support like geographic other would should such into other I'm is which would as

Chris Wright

top-down a thing. not bottom-up it's Again, thing, a philosophical

if it's reliable – economics our differential going like deliver got others and keep just add haven't So, to sand decision the it like and we of we can impossible fleets what to owning a the we're X And customers. compelling, our we performance supply all sand philosophically, have do in of chain, some percent is own But to that can business but versus looks want security are we we make be what are necessary of deliver always our the part to to us provide something look, this industry sure we've it's to to We reasonable for not made pump. if of it's that. going running at going economics, don't would to supply that. we

John Daniel

- expand the any sand, going your Well, existing Permian? with guys you Okay. in Chris, can to to are back operations capacity there just efforts the

Chris Wright

We are doing that.

have We we and done continue. that

John Daniel

Okay. that. the And Fair you said as, bridge for all fleets these think the you then at for is, don't or yard a of to were today that it back are - point? And me. and that that - that that, QX, talk fleets they are next enough. I are those viewed of then in dedicated that deployed the for know digiFrac, go And some about better any the such six lack I that's would second of your being being operate could if are I term, reactivated, if follow-up a fleets misheard for the

Chris Wright

I the don't play Yes spot don't we true. - look, said which is market, in we

then then it their other and balance to efficiency key customers full but fill We'll another of we'll are balance we We'll a maybe we'll we'll work. our is a sizeable today, frac that. all And others, from their it fleet customer with out if one are fleet of of or solid, of the that, we that fleet, certainly a customers good, multi-customer and it, work half work. So, fleets. do customer, all with or less that workload call have balance there do there may but than a from half frac

best to then in. see multiple to don't things XX we and pricing are that go fleets bidding what between can We up. the open we things game, customers, like do Gaps but not we're really on happen. play that So, have on get moving

offset chain an got or or problem supply problem Somebody's pad problem. logistical a drilling or problem

up keep more we've going happen, of happening would hiccups that we would on suite different and try on of frac Liberty supply if than before with those a to of these and can we customers course, hiccups days to people to fleets like move chain. shorter the a stuff on location, now. So, been that always program normal, notice want they're are have there talking a and the they call pads happen. all And digiFrac say, really a yes, about get because fleet reactivations, I that And little

we've - fleet as that a where Yes, things the Liberty some be will phased you're them and fleets are and to available working think see got now, I out. those forward. becomes fleet for there different course, in of the going in, don't going growth digiFrac So, those go count

John Daniel

part and girls, this Any for fleets many this to and the the you hires six hired, of I'm is new from one And in might you be, company is Fair gas, This those of all don’t but enough. to - versus industry how switching in case, guys addition as the already? They're truly the new might oil folks another? one color data I front impressive. not And that have handy? have been are or of more you, if would that pretty curious, people have Michael. of know service are the coming

Michael Stock

Yes.

the these – of So, hires that the was generally, the a I for to from Liberty outside. numbers version industry haven't or are reasons, up of is experienced lot kind actually know best cetera. a larger probably for for picked six fleets, culture, in of as the I'd mean, number not of whether the the that, say We et schedule, majority different a of our don’t believe I experience. the seen people. work, place I

So, a always But have lot between of it's balance two. a the we veterans.

of out industries, people a people lot other farms, and joining coming have of of coming off us. lot a We coming

John Daniel

All thank you right, all much. enough. very Fair

Operator

be question Stifel. next from Our will a up with Gengaro Stephen follow

You may go now ahead.

Stephen Gengaro

gentlemen. follow-up, the taking for thanks Oh,

is versus pricing peak? spot quick a the Can sense, give now Just prior us one. you Any a sense? where

Chris Wright

E&P to term right of me still let that - not answer But think We’re longer you or dedicator it or not of the different below a are the what Prices are way. buying industry frac an well the meaningful in the they into efficiency It's plugged guy all breakeven crazy driving if - as operator. The bigger in market. if a fracking. ago we're of today, downturn, spot in they COVID you're our but piece and of ask back. There's because in pricing years gains low do was bounced oil. that down barrel still four cost dropped downturns,

pricing So, was. the But well other as the customer below our it was. as profitability is back good end, a it where still all-in ever is to on

Stephen Gengaro

gotten why curious level. that that's to I the a strong I was the because how has no, such asking, was relieves just price. profitability Yes,

So, Thank you. that's helpful.

Operator

turn Chris Thank you. any for over session. to to This our concludes question-and-answer like remarks. I'd back the conference closing

Chris Wright

and quarter. I importantly, and the to and XX/X thoughtful family world you. the Appreciate suppliers a today, thank talk better our everyone day there live. make to you and to We'll every place working for in all most and everyone customers questions next everyone out their Liberty of thank time

Operator

conference The presentation. Thank today's attending has now for concluded. you

You disconnect. may now

Liberty Energy (LBRT) 20 Oct 222022 Q3 Earnings call transcript