SynMax Research:
Liberty Energy (LBRT)
Liberty Energy achieved quarterly record pumping efficiency during Q3 2025. Fleet automation is driving a 65% improvement in the time to deliver the desired fluid injection rate and a 5%-10% improvement in hydraulic efficiency.
Liberty Energy believes that industry frac activity has now fallen below levels required to sustain North American oil production. Oil producers, which comprise the majority of North American frac activity, opted to moderate completions against a backdrop of macroeconomic uncertainty and after exceeding production targets during the first half of the year. Slowing trends in oil markets have more than offset increased demand for natural gas fleet activity where long-term fundamentals remain encouraging in support of LNG export capacity expansion and rising power consumption.
Many shale oil producers are targeting relatively flat oil production, requiring modest activity improvement in the coming year from current levels, and long-term gas demand and related completions activity continue to be on a favorable trajectory. The company believes that these factors set the backdrop for improving frac fundamentals later in 2026, assuming commodity futures prices remain supportive.