LBRT · CIK 1694028
What Liberty Energy Inc. told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for LBRT. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- Frac-services demand is driven by oil & natural gas prices via customers' E&P capital spendingmedium
Liberty Energy's hydraulic fracturing and completion-services revenue is directly tied to its E&P customers' capital spending, which in turn tracks oil and natural gas prices and U.S./Canada drilling-and-completion activity. A material decline in oil or gas prices, or in rig/completion activity, reduces demand for its services and can also impair customers' ability to pay; results are further subject to seasonal weather in the DJ, Powder River and Williston basins and Canada. This makes the business highly cyclical with the commodity cycle, even though Liberty does not itself produce hydrocarbons.
“Our business is directly affected by our customers' capital spending to explore for, develop and produce oil and natural gas in the United States and Canada.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
ExxonMobil Corporation (via XTO Energy Inc.)
“For the year ended December 31, 2025, Occidental Petroleum Corporation and XTO Energy Inc. accounted for more than 10% of consolidated revenues.”
Cited →Occidental Petroleum Corporation
“For the year ended December 31, 2025, Occidental Petroleum Corporation and XTO Energy Inc. accounted for more than 10% of consolidated revenues.”
Cited →
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