Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today that its Board of Directors (the “Board”) has increased its share repurchase authorization announced on July 25, 2022 to $750 million, a $250 million increase from the previously authorized and upsized amount. The Board has also extended the authorization through July 31, 2026.

Since the repurchase program commencement, Liberty has repurchased and retired 21,891,512 shares of Class A common stock, representing 11.7% of outstanding shares, for approximately $328 million. With this program expansion, the Company has approximately $422 million available for share repurchases through July 31, 2026.

The Board has also declared a quarterly dividend of $0.07 per share of Class A common stock, to be paid on March 20, 2024 to holders of record as of March 6, 2024.

“Today’s announcement reflects our ongoing commitment to drive strong total return to Liberty shareholders by balancing highly accretive investment opportunities while delivering a meaningful return of capital program,” commented Chris Wright, Chief Executive Officer. “Last quarter, we increased our quarterly cash dividend by 40% in response to the transformational changes we’ve made over the last three years. Our upsized repurchase authorization further reinforces our conviction in the significant future cash generating abilities of our business.”

Future declarations of quarterly cash dividends are subject to approval by the Board of Directors and to the Board’s continuing determination that the declarations of dividends are in the best interests of Liberty and its shareholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.

The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company’s common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand, borrowings under its revolving credit facility and expected free cash flow to be generated through the authorization period.

About Liberty

Liberty is a leading North American energy services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyenergy.com.

Forward-Looking and Cautionary Statements

The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included herein are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

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