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Liberty Oilfield Services Launches IPO
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Liberty Oilfield Services Inc, today annouced the launch of intention to offer 10.7 million shares priced between $14-$16 a share. The company will be traded on the NYSE under the symbol LBRT (NYSE:LBRT).
About Liberty Oilfield. (according to its prospectus)
We are a rapidly growing independent provider of hydraulic fracturing services to onshore oil and natural gas exploration and production (“E&P”) companies in North America. We have grown organically from one active hydraulic fracturing fleet (40,000 HHP) in December 2011 to 19 active standard fleets (760,000 HHP) in December 2017.
The demand for our hydraulic fracturing services exceeds our current capacity, and we expect, based on discussions with customers, to deploy three additional standard fleets (120,000 HHP), as well as upgrade four existing standard fleets to high pressure fleets (40,000 HHP), by the end of the second quarter of 2018, for a total of 22 active fleets (aggregating to a total of 1,030,000 HHP including 18 standard and four high pressure fleets and 110,000 HHP of additional support). Our three additional standard fleets consist of one fleet we previously acquired and are upgrading to our specifications and two ordered fleets currently being built to our specifications.
We provide our services primarily in the Permian Basin, the Eagle Ford Shale, the Denver-Julesburg Basin (the “DJ Basin”), the Williston Basin and the Powder River Basin. Our customer base includes a broad range of E&P companies, including Extraction Oil & Gas, Inc., SM Energy Company, Continental Resources, Inc., Devon Energy Corporation, Newfield Exploration Company, Noble Energy, Inc., PDC Energy, Inc. and Anadarko Petroleum Corporation.
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