Liberty Oilfield Services Inc. (ticker: LBRT) reported a net income of $54 million in Q1 2018 and the company deployed its frac fleets 20 and 21, under dedicated arrangements with existing customers in the quarter.
For the first quarter of 2018, revenue grew 10% to $495 million from $449 million in the fourth quarter of 2017. Liberty said that Q1 2018 results included a $3 million one-time, non-recurring expense related to the early retirement of debt in conjunction with its IPO.
Courtesy of Liberty Oilfield Services Inc.
Liberty said it has staffed its fleet 22 and is on schedule to deploy this fleet on a dedicated basis at the end of Q2 2018. Fleets 23 and 24 will be delivered at the end of the third and fourth quarters of 2018 under dedicated arrangements, Liberty said.
Six fleets in the Permian
“During the first quarter, we deployed our sixth Permian fleet under a dedicated arrangement. The Permian market remains tight for top tier, high-efficiency frac fleets, and pricing is strong,” CEO Chris Wright said. “More importantly, we are seeing meaningful throughput and efficiency gains across our fleets in the basin.”
Liberty’s Quiet Fleet™
Liberty became known in the industry in 2016 when it debuted its “Quiet Fleet™. These low-noise frac fleets are becoming popular with operators who have fracing operations on surface locations adjacent to residential neighborhoods or other highly populated areas.
The low-noise equipment helps to lessen the nuisance factor in the immediate area, and overall lower noise levels help reduce fatigue and stress levels of personnel working at the site, Liberty said.
Liberty has deployed its Quiet Fleet™ to “bedroom community” oil and gas development sites in Colorado in partnership with Extraction Oil & Gas.
Liberty went public in January of 2018. In its 2017 10 K, Liberty reported 21 hydraulic fracturing fleets plus additional supporting HHP, comprising approximately 885,000 HHP.
Liberty said it expects to have a total of 24 active fleets by the end of 2018, with six of its fleets currently utilizing the Liberty Quiet Fleet ™ technology, with three additional ordered fleets currently being built to the Quiet Fleet ™ specifications. Liberty said approximately 40% of its capacity has dual fuel capability. The average age of Liberty’s fleets is approximately 3.75 years, according to the company’s 10K filing.
