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Liberty Energy Inc. Class A (LBRT-1.01%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenue to $4.3 billion from $4.7 billion in the previous year, attributed to lower service and materials pricing, partially offset by higher activity levels.
Cost of services decreased to $3.2 billion from $3.3 billion, reflecting lower materials and maintenance costs, despite increased personnel expenses due to higher activity levels.
General and administrative expenses rose to $225.5 million from $221.4 million, driven by increased corporate costs, partially offset by lower cash incentive and stock-based compensation.
Depreciation, depletion, and amortization expenses increased to $505.1 million from $421.5 million, due to additional equipment placed in service, including new digiTechnologies℠.
The company recorded a net income of $316 million, down from $556.4 million, with an effective tax rate of 21.6%, compared to 24.3% in the prior year.
Liberty Energy announced changes in leadership, with Christopher A. Wright resigning to become Secretary of Energy of the United States, replaced by Ron Gusek as CEO.
The company expanded its equipment lease facilities, adding $149 million in new finance lease obligations, and ended the year with $190.5 million in outstanding debt under its ABL Facility.
Liberty Energy repurchased 6.3 million shares of Class A Common Stock for $127.4 million under its share repurchase program, with $294.2 million remaining authorized for future repurchases.
The company made charitable contributions of $0.9 million to the Bettering Human Lives Foundation, focusing on community well-being and promoting clean cooking solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Liberty Energy Inc. Class A annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.