Denver’s Liberty Oilfield Services reported a 43% increase in first-quarter revenue but the fracking company also recorded a loss because of rising costs.
The company reported revenue of $793 million but a net loss of $5 million or 3 cents per share. Even with the loss, it was an improvement over the $57 million loss recorded in the fourth quarter of 2021.
Adjusted EBITDA soared 345% to $92 million from $21 million in the fourth quarter of last year.
Fully diluted loss per share was $0.03 for the first quarter of 2022 compared to a loss of $0.31 for the fourth quarter of 2021.
As of March 31, 2022, Liberty had cash on hand of $33 million, and total debt of $212 million. Total liquidity, including availability under the credit facility, was $222 million as of March 31, 2022.
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