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Liberty Energy Inc. helps oil and natural gas producers complete wells, primarily in North American shale basins, with additional operations in Australia. Its crews and equipment perform hydraulic fracturing, using fluids, chemicals and sand in the well-completion process. Customers pay mainly for pumping time, completed stages of a well or days on location, with the materials used also affecting the bill. Liberty supplies related services and goods, including sand from its own mines and natural gas fueling.
The business depends on producers’ spending on drilling and completing wells, which responds to current and expected oil and natural gas prices. Occidental Petroleum Corporation and XTO Energy Inc. are significant customers, and a small group of large customers supplies a substantial share of revenue. Permitting requirements and restrictions on hydraulic fracturing can limit both Liberty’s operations and the well activity that generates its work.
Through Liberty Power Innovations LLC, Liberty is also developing power generation near customers’ sites and energy storage for data centers and other businesses. This expansion remains in development: work has centered on engineering, equipment orders and building the service platform. Its planned rollout requires additional financing and binding customer power contracts.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Liberty Energy’s results hinge on shale producers’ completion budgets and service pricing; watch XTO Energy, another customer that contributed more than 10% of its 2025 revenue.
ProFrac Holding Corp. competes with Liberty Energy for North American shale producers’ hydraulic-fracturing work, with both combining fleets, sand supply and completion technology. ProFrac’s in-house sand, chemicals and equipment manufacturing are worth watching for how it competes on cost and service.
ProPetro Holding Corp. competes with Liberty Energy for producers’ hydraulic-fracturing and wireline work on high-intensity Permian Basin wells. Watch its work on longer horizontal wells with more completion stages and more sand per well—the same kind of activity that generates Liberty’s fracturing revenue.
Patterson-UTI Energy Inc competes with Liberty Energy for oil and gas producers’ well-completion spending, but also earns money drilling their wells and supplying drilling products. Its completion-services results are the closer comparison for Liberty, rather than its drilling businesses.
Halliburton Company competes with Liberty Energy for oil and gas producers’ spending on stimulating wells and preparing them for production. Its Completion and Production business is the closer comparison; its extensive international operations and drilling business make company-wide results less directly comparable.
RPC, Inc. competes with Liberty Energy through similar oilfield operations, providing equipment and crews to oil and gas companies primarily at U.S. well sites. Its Technical Services revenue, which includes equipment, crews and materials used on site, is the line to watch alongside Liberty’s completion work.
Occidental Petroleum Corporation is a major paying customer for Liberty Energy’s completion services, contributing more than 10% of Liberty’s revenue in each of 2025 and 2024. Watch the oil and gas producer’s well-development plans for what they mean for Liberty’s completion work.
Atlas Energy Solutions Inc. competes with Liberty Energy’s sand operations, while its mine-to-wellhead deliveries depend on the completion activity that also employs Liberty’s fleets. Atlas sells completion sand to oil and gas producers, so its Permian Basin Sand and Logistics business is a useful read on that shared demand.
Cactus, Inc.’s equipment demand follows the onshore unconventional-well activity that generates Liberty Energy’s completion work: producers buy wellheads for new wells and rent pressure-control equipment called frac trees during fracturing. Its completion-equipment rental revenue is the more direct signal for Liberty than wellhead sales, which follow new drilling.
Select Water Solutions, Inc. serves the same U.S. shale-completion activity that pays Liberty Energy for hydraulic fracturing, treating and recycling water and providing field services to energy customers. Watch demand for its recycled completion water alongside Liberty’s fracturing work, rather than treating all of Select’s water-management revenue as the same signal.
Nine Energy Service, Inc. depends on the horizontal, multistage well-completion spending that also generates Liberty Energy’s fracturing work, supplying producers with completion services and tools used down the well. Its North American completion activity is the closer read for Liberty; Nine also earns tool revenue abroad.
Solaris Energy Infrastructure, Inc. competes with Liberty Energy’s developing power business to supply data centers and commercial customers with generating equipment outside or alongside the grid. Watch its power projects for customers facing unavailable, delayed or unreliable grid access—the market Liberty began building its power platform to serve in 2025.
Tamboran Resources Corporation provides work for Liberty Energy in Australia’s Beetaloo Basin, using dedicated fracturing fleets and personnel under a two-year preferred arrangement on market terms. Watch the gas producer’s Beetaloo development progress for demand for those Liberty crews.
Fervo Energy Company brings Liberty Energy’s completion capabilities into enhanced-geothermal development, identifying Liberty as an oilfield-services partner. Watch Fervo’s projects to supply reliable geothermal electricity to utilities and large data-center operators for progress in this customer market beyond oil and gas.
Liberty Energy Inc. earningsThis company
Liberty Energy earns money from fracturing and other completion work and related materials, and this report will show whether customer activity can offset pressure on prices.
Read revenue and operating income together, and note how Liberty explains changes in service and materials prices and activity. If activity holds or grows alongside stronger revenue and operating income, more completion work is supporting results; if activity is steady but revenue and operating income weaken, lower prices are still outweighing the work.
ProPetro Holding Corp. earningsPUMP
ProPetro's report will show how Permian producers are ordering fracturing and wireline work, the same completion jobs Liberty Energy competes to win.
Watch ProPetro's Permian fracturing work, especially on longer horizontal wells with more stages and more sand. More of this work would show producers are continuing intensive completions, supporting demand for similar Liberty jobs; weaker activity would point to less shared demand for Liberty's fracturing fleets.
Atlas Energy Solutions Inc. earningsAESI
Atlas Energy Solutions' Permian sand and logistics business will show how demand and price competition for completion sand may affect Liberty Energy's sand operations.
Read Atlas's sand sales alongside its pricing. Rising sales with firm prices would signal supported demand for completion sand, a favorable backdrop for Liberty's mines; rising volume with weaker prices would suggest tougher supply competition and more pressure on Liberty's sand sales.
Solaris Energy Infrastructure, Inc. earningsSEI
Solaris Energy Infrastructure's report will show whether data centers and commercial customers are turning demand for on-site power into projects in the market Liberty Energy's developing power business is targeting.
Watch whether Solaris's power projects for data centers and commercial customers advance, particularly where grid access is delayed or unreliable. Projects moving forward would show that demand in Liberty's target market is becoming deployable work; delays or stalls would suggest demand has not yet translated into installations, making Liberty's power expansion harder. Solaris's projects do not mean Liberty has a contract.
Occidental Petroleum Corporation earningsOXY
Occidental Petroleum is a major Liberty Energy customer, and its report will show what its well-development plans may mean for demand for Liberty's completion services.
Look at Occidental's oil and gas well-development plans, not just its overall results. More or advancing plans could mean more completion work for Liberty; cuts or delays would weaken potential demand from this major customer. Plans do not confirm that Occidental has awarded work to Liberty.
Fervo Energy Company earningsFRVO
Fervo Energy's report will show how its geothermal projects are progressing, offering a signal about a potential market beyond oil and gas for Liberty Energy's completion capabilities.
Watch whether Fervo's geothermal projects advance toward supplying electricity to utilities and large power users. Progress would suggest geothermal development could create more work suited to oilfield completion capabilities; delays or stalls would mean this potential new market remains limited. Project progress does not establish that Fervo has hired Liberty.
