LBRT - Liberty Oilfield Service Bulks Ahead Of Sector Rebound

This is a Z4 Research mid quarter update. We have written a number of times on LBRT for Seeking Alpha, most recently here at $6.40 in the article "Liberty Oilfield Services is at the fundamental nadir of 2020".

The Deal: Liberty is acquiring Schlumberger's OneStim making LBRT the 3rd largest NAM oil service company (after HAL and SLB) and the 2nd largest U.S. pressure pumper. This more than doubles LBRT's frac fleet size and marks their entry into two more gassy U.S. basins. This is an all stock deal with LBRT issuing 66.3 mm shares