LBRT - Liberty Energy Inc. (LBRT) Q1 2024 Earnings Call Transcript

2024-04-19 01:59:08 ET

Liberty Energy Inc. (LBRT)

Q1 2024 Earnings Call Transcript

April 18, 2024 10:00 AM ET

Company Participants

Anjali Voria - Strategic Finance and Investor Relations Lead

Chris Wright - Chief Executive Officer

Michael Stock - Chief Financial Officer

Ron Gusek - President

Conference Call Participants

Roger Read - Wells Fargo

Stephen Gengaro - Stifel

Neil Mehta - Goldman Sachs

Luke Lemoine - Piper Sandler

Arun Jayaram - J.P. Morgan

Scott Gruber - Citigroup

Derek Podhaizer - Barclays

Marc Bianchi - TD Cowen

Keith MacKey - RBC Capital Markets

Waqar Syed - ATB Capital Markets

Saurabh Pant - Bank of America

John Daniel - Daniels Energy Partners

Presentation

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.

I would now like to turn the conference over to Anjali Voria, Director of Investor Relations. Please go ahead.

Anjali Voria

Thank you. Good morning, and welcome to Liberty Energy's first quarter 2024 earnings conference call. Joining us on the call are Chris Wright, Chief Executive Officer; Ron Gusek, President; and Michael Stock, Chief Financial Officer. Before we begin, I would like to remind all participants that 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. These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in our earnings release and other public filings. Our comments today also include non-GAAP financial and operational measures.

These non-GAAP measures, including EBITDA, adjusted EBITDA and adjusted pretax return on capital employed are not a substitute for GAAP measures and may not be comparable to similar measures of other companies. A reconciliation of net income to EBITDA and adjusted EBITDA and the calculation of adjusted pretax return on capital employed as discussed on this call are available on our Investor Relations website.

I will now turn the call over to Chris.

Chris Wright

Thanks, Anjali. Good morning, everyone, and thank you for joining us to discuss our first quarter 2024 operational and financial results. As we enter the fourth year of what appears to be a durable cycle for North American oil and gas production and development activity, consolidation across the energy industry is pushing larger companies to seek technical solutions and expertise to drive value creation. Liberty's strong first quarter results demonstrate the continued benefits of leading the industry in technology innovation, service quality and investment in talent....

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