Talk about a good year for an energy company! How about Denver, Colorado-based Liberty Oilfield Services Inc and how 2017 turned out for the firm.
It doubled its oilfield fleet and added nearly 1,000 workers to the company’s payroll. The 2017 revenue totaled $1,490 billion and net income came to $169 million.
Revenue for the fourth quarter was $449 million while net income was $58 million.
It left CEO Chris Wright quite optimistic about the future.
“We are proud of our fourth quarter and full year 2017 results,” he said. “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.”
He said the company made the improvements and additions while generating industry-leading returns and earnings per fleet.
During the first quarter of 2018, Liberty deployed fleets 20 and 21 under dedicated arrangements with existing customers. As previously announced, Liberty expects to deploy fleet 22 on a dedicated basis at the end of the second quarter of 2018. In addition, based on ongoing discussions with customers and a positive long-term view on the current cycle, Liberty has placed orders for two additional customer-dedicated fleets to be delivered in the third and fourth quarters of 2018.
The company also completed its initial public offering of 14,640,755 shares of its Class A common stock at a price of $17 per share in January 2018.