Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today that its Board of Directors (the “Board”) has increased its existing share repurchase authorization announced on July 25, 2022, to $500 million, a $250 million increase from the originally authorized amount.

Since the repurchase program commencement, Liberty has repurchased and retired 8,185,890 shares of Class A common stock, representing 4.4% of outstanding shares, for approximately $125 million. With this program expansion, the Company has approximately $375 million available for share repurchases through July 31, 2024.

The Board has also declared a dividend of $0.05 per share of Class A common stock, to be paid on March 20, 2023, to holders of record as of March 6, 2023.

“Today’s announcement reinforces our conviction in our ability to execute on our strategic priorities while delivering a leading return of capital strategy that is designed to result in substantial long-term value creation,” commented Chris Wright, Chief Executive Officer. “We are acutely focused on maximizing total return for Liberty shareholders with a balanced approach of investing in high return opportunities while returning capital to shareholders. Our upsized authorization reflects our belief that the expected future cash generation profile of our business is significant.”

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.

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 stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.

As a reminder, Liberty will release its financial results for the fourth quarter and full year ending December 31, 2022 after the market closes on Wednesday, January 25, 2023. Following the release, the Company will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, January 26, 2023.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 3034644. The replay will be available until February 2, 2023.

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@libertyfrac.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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