high average results. higher. efficiency on for operations the thank our executed I’m you daily quarterly XXXX for financial our proud and our and raised us a financial in of safely and team joining everyone morning, Good pumping delivering history, quarter We especially with results, highest bar quarter operational for another strong second
of EBITDA per million fully diluted adjusted – share adjusted and achieved fully $XXX earnings of $X.XX. Liberty
together return long-term Our investment, competitive illustrated pre-tax generation a our capital program. growing of success our strong trailing capital enables of employed XX%. XX-month long-term cash with return adjusted advantage on Strong by in is
repurchase initial in we the capital the returned $XXX of outstanding $XX dividend. through outstanding have a reinstatement of million and XXXX, of authorization our X.X% through of and shares. quarterly the second to the dividends X.X% Since program upsize shares in returned plus July shareholders January, return million quarter, In we the of our million of including buyback to to cash $XXX retirement $XXX shareholders million now subsequent of
repurchase net accretive position authorization income. a take cash by where the secular fully effect advantage evidenced remaining. buyback now and of completed diluted while competitive of returning We last months balance million strong shareholders share generating our initial investment increase year-over-year sheet. can high XX authorization on of a created We’ve increase XX% The returns unique to in a in we of XX% cyclical maintaining and $XXX compounding earnings and buybacks opportunities, our share have is the per
services early of to support new fuel the Power source rollout a field CNG gas processing have bring very investing create services expertise, of of deliver suite philosophy our We provides and where leverage division, is a LPI in to cycle, Liberty in fuel our example in gas differential reliable the and and launch A customers, improve the our strategic our can latest natural competitive advantages. of digiTechnologies. Innovations. future efficiencies, areas of simple we technologies of
into platform seen April strides in find We’ve the completion gas unreliable idea XX made need of and integrated successfully both drilling customer a already ago, Siren have months. to acquisition a years a tremendous growing and few LPI base last needs. as challenges to solution supply. stemming Just the LPI the for has to quality the founded was Liberty as from was service organic LPI solution an
readying enter the ourselves track in with Permian third this year, the capacity on Basin plan. a growth to quarter Basin compression in gas the capacity to profitable meaningfully also enough execute and on We’re later increase multi-year our DJ
fleet increasing and order, Our trailers also equipment of transportation services reliable capabilities logistics with on growing are delivery and CNG supply. deliver logistics fuel our to
We of began the which our and Haynesville in also in support services. have treating, frac processing field gas
X have gas field customers We Permian. the additional since added processing in
are We also to opportunities but the technology long-term beyond of the and drives us platform. of eventually the expanded take of the positions oilfield. grow beyond by chain supply excited it Not will our allow business digiFleet only LPI that us potential advantage to transition secure completions fuel it
for the people of growth the the technology bringing a by and future right offering. business We’re today together investing build differential right to
diesel gas-fueled natural equipment in the ago. importance shift fuel widely costs means is lower to decade a And driver technologies industry today, a to the and appreciated more early an gas was natural emissions. from Liberty of as
transition continue technologies to towards total our the the These fleet without the gas natural fueled savings our earnings our potential natural gas meaningfully We well arbitrage. to with from expand digiTechnologies. customers’ costs diesel changing
digiFrac the second quarter, pumps in the as electric we’re we delayed first of of challenges. result which a slightly chain our comprising digiFleet supply deploying process As in and is deployed a reminder, our digiFleet, first
fourth follow the second of during half and this fleet third Our will year.
digiTechnologies and rate alongside have anchored consumption, the XXX% emissions future. and natural We’re engine manage also the few horsepower source primary the precision This fleet These most platform as in building digiFrac Liberty’s of will will the used gas transient capital electric on available. digiPrime can that be most efficient by configuration for a fleet hybrid efficient are market. capital-efficient pumps location, the gas control. pumps, load pumps
oil to basins. XXXX of a America reduce pre-Russia-Ukraine at in Lower activity. private from are after basins oilier activity prices peak. Frac gas prices which a also operators moderating have levels gas Crude healthy activity North a natural steady, levels, has XXXX now spurred to in late war markets bit are from retreated in commodity prices led at the as curtailment
fleet more Even disruptions, the second gassy that quarterly the space resulting minutes daily these When delays we fleets than of average pumping achieved history from fleets development been safely on increased the activity was oilier drilling team ever saw our During our day efficiencies. redeployment quarter, of changing basins. the calendar, pumping from in frac in our idiosyncratic the it’s in operations were in more with best white resulted location, reduced before. record to performance a customers schedules, and with our Liberty new
the half active fleets to demand. in Looking second lower be become the to is than by second slightly larger, half. count scheduled ahead, in reductions half expected customers’ reduce work activity the to balance our X we first may If the of year X fleet
to will crews. the our utilization consolidate We work of maximize
so we meet right is to goal demand. safest, do Our by will numbers customer the most efficient operations crews and to balancing maintain E&P the of
forward forward, signs from completions stabilization lower Lower plans of operators consumable E&P shows are rig some already benefiting activity. As the and as count to evaluating from inputs we are look well operator costs pull help are with Liberty maintaining but rather to price our costs customers such is not cement, our their well input costs as and costs, fuel. steel while working service margins. drill driven pipe, sand lower casing,
and well sand technologies use mining, sand and the the required wet total are by handling site cost from drying proximity of enabling impact environmental sand distance shrinking while to the process. Our delivery gas move reducing the eliminating natural and truckloads to
source to technology agnostic to wells. sand, their provide Our of cost-efficient is wet the sand us wet most handling our allowing for dry customers with sand and
increased other markets a constructive broadly, our are global logistic to also returns on shareholders. for underway tightening outlook oil cost E&Ps balance. generate We have a signaling and initiatives More for sustainable supply-demand reductions
inventories year emerging has oil strength reached in cuts a the a a supply all take are highest also travel OPEC+ recessionary factors, India for and anticipating and towards capacity aid China level drawdown demand global production a the months oil demand oil supports oil trending from demand refilling resilient global despite markets. draw Despite in are levels, production history, including subsequent oil outlook. slower likely gas. grown pace strategic ago. resilient Under risks, In to multi-year and beginning of inventories. for robust given for in remains predicted growth, several a markets reserves, hold pre-COVID than global investment recent slowing on to cycle U.S. having shift U.S., its at and petroleum a in
demand flat prior underpins very majority production fleet frac commodity insulation completions utilization Operators of growth cycles, more cycles. natural base and declines. prior higher has combination the This a targets. to as is activity floor from or normal frac production levels in modest are to Relative adhering simply offsetting price of than large largely volatility
rising count is demand don’t is fleets recent consolidated industry counts to increase second of to a advance one expected frac activity in more navigate Mexico the near-term completions rig activity markets and lag. LNG until likely better Natural half at current, trends prepared In and in gas softness XXXX, quarter parallel XXXX active reducing for also market meaningfully exports. of approximately protect margins. The to balance fleet by the
reducing Service largely pricing balanced in moderate will the activity completions supporting fleets in of American a response, year stable half. second North are versus and first market the anticipate We the half companies environment. frac
bottoms-up a Our frac internal analysis industry decline industry already the nearly navigated demand and active XX this of successfully fleets activity. for the has shows softer industry
Liberty navigate these is trends. to well positioned
high strengthening reduce service we change and has a lower to remains see in macro expect should to fleets moderated may do Liberty we still not adjust levels While XXXX. persist, activity but in they prices. meaningful utilization Frac
and We dividends. our share healthy opportunistic returns flow expect capital free through to and repurchases continued cash shareholders
financial With our the Michael to our discuss call that, over outlook. like Stock, turn to to I’d CFO, and results
