Liberty Oilfield Services Inc. announced first quarter 2021 financial and operational results, with revenue of $552 million and a net loss of $39 million, or $0.21 fully diluted loss per share, for the quarter ended March 31.
“Liberty delivered an excellent first quarter. The highly accretive acquisition of Schlumberger’s North American frac, pumpdown-perforating wireline and Permian frac sand businesses (OneStim) strengthened our business and technology leadership. Our team handled the challenges of a large-scale integration and delivered a seamless transition for our customers. We were pleased to see early benefits from leveraging our full suite of completions services, including frac, wireline and sand, along with our top tier engineering and diagnostics tools, driving increased engagement with customers. I am proud of the Liberty team for executing at the highest level,” commented Chris Wright, chief executive officer.
Wright continued, “The acquisition is transformative for Liberty and the oilfield services industry. We plan to build on the success of the first quarter with our technological advantages, an integrated suite of completion services and a highly motivated team of men and women at Liberty rising to the challenge. The investments we made through the cycle further accelerate our ability to support our customers in the next stage of the shale revolution. We are excited to bolster our frac technology leadership with rapid progress on our new electric frac fleet, digiFrac, expanded frac automation, and a new downhole real-time frac measurement service, FracSense. A year on from the onset of the global pandemic, the fundamentals of our industry are on an upward trajectory, and we believe our compelling strategy will drive the next phase of the Liberty story.”