Liberty added 1,000 new employees in 2017, ordered two additional frac fleets to be delivered in Q3, Q4 2018
Newly public Liberty Oilfield Services Inc. (ticker: LBRT) earned $45 million, or $0.30 per share in Q4 2017.
For the full year of 2017, the company earned $130 million, or $0.88 per share. Liberty said that these numbers have been adjusted to reflect what the resulting net income would have been, had Liberty been a public company for the year-ended December 31, 2017. Liberty recently completed its IPO of 14.6~ million shares at a price of $17.00 per share on January 17, 2018.
Liberty averaged 18.0 active fleets during Q4 2017, and for the full year of 2017, the company averaged 15.1 active fleets. During Q1 2018, Liberty deployed fleets 20 and 21 under dedicated arrangements with existing customers.
Liberty said it expects to deploy fleet 22 on a dedicated basis at the end of Q2 2018.
Based on ongoing discussions with customers and a positive long-term view on the current cycle, Liberty reported that it has placed orders for two additional customer-dedicated fleets to be delivered in the third and fourth quarters of 2018.
“Over the course of 2017, we nearly doubled our fleet count, expanded our presence in the Permian, entered the Eagle Ford and added over 1,000 new team members to the Liberty family. We did this all while generating industry-leading returns and earnings per fleet,” CEO Chris Wright said.
“We are excited as we move into 2018. Although we experienced some impediments to throughput in the first quarter arising from extreme and unusual weather, strong demand for our differential frac services coupled with supportive commodity prices and drilling activity leave us confident in our expectations for the full year,” Wright concluded.
