Liberty Energy Inc. reported a revenue decline of 9% for the fiscal year ending December 31, 2024, totaling $4.3 billion compared to $4.7 billion in 2023. This decrease was primarily attributed to lower service and materials pricing, although it was partially offset by increased activity levels driven by improved fleet efficiency. The company's operating income also fell significantly, dropping from $760.6 million in 2023 to $389.5 million in 2024, reflecting a decrease of $371.1 million. Net income attributable to Liberty Energy stockholders decreased by 43% to $316 million, down from $556.3 million in the previous year.
In terms of operational metrics, Liberty Energy's cost of services decreased by 4% to $3.2 billion, largely due to reduced materials costs and lower repairs and maintenance expenses. However, general and administrative expenses rose slightly by 2% to $225.5 million, reflecting increased corporate costs associated with expanding service offerings. The company also reported a 20% increase in depreciation, depletion, and amortization expenses, totaling $505.1 million, due to additional equipment placed in service, including new technologies.
Strategically, Liberty Energy expanded its operations through the acquisition of Siren Energy & Logistics in April 2023, enhancing its natural gas compression and CNG delivery capabilities. This acquisition is expected to support the company's transition to next-generation fleets and lower emissions technologies. Additionally, Liberty Energy's workforce grew to approximately 5,700 employees as of December 31, 2024, reflecting its commitment to operational excellence and safety.
Looking ahead, Liberty Energy anticipates a stabilization in completions activity as E&P operators focus on maintaining production levels. The company expects that the demand for next-generation, higher-quality fleets will remain strong, driven by the industry's need for technologies that enhance operational efficiency and reduce emissions. Despite the challenges posed by fluctuating commodity prices and geopolitical uncertainties, Liberty Energy is positioned to leverage its technological innovations and strong customer relationships to navigate the evolving market landscape.
About Liberty Energy Inc.
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