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EX - 99.12 lbrt 93021.htm EX - 99.1 LIBERTY OILFIELD SERVICES Liberty Oilfield Services Inc. Announces Third Quarter 2021 Financial and Operational Results and the Acquisition of PropX October 26 , 2021 Denver - ( Business Wire ) - Liberty Oilfield Services Inc. ( NYSE : LBRT ; " Liberty ” or the “ Company ” ) announced today third quarter 2021 financial and operational results and acquisition of PropX . • Summary Results and Highlights Revenue of $ 654 million , representing a 12 % sequential increase , and net loss¹ of $ 39 million , or $ 0.22 fully diluted loss per · share for the quarter ended September 30 , 2021 • Adjusted EBITDA² of $ 32 million • Announced the acquisition of Proppant Express Investments , LLC ( “ PropX ” ) , a provider of proppant delivery equipment , logistics and software solutions Executed multi - year arrangements to deploy Liberty's digiFrac ™ electric fleet in 2022 Announced an amendment to its secured asset - based revolving credit facility ( “ ABL Facility ” ) that provides for a $ 100 million increase in aggregate commitment to $ 350 million and extends the maturity date until October 2026 Achieved 24 hours of continuous plug and perforation pumping time on two occasions " Liberty achieved solid momentum in the third quarter . Total revenues increased 12 % sequentially as activity and service pricing rose during the period . The underlying growth was a testament to the Liberty team's focus on customer engagement , service quality and technology . We were able to deliver strong growth while navigating integration activities , cost inflation and the disruptive impact of the pandemic on global supply chains and labor availability , ” commented Chris Wright , Chief Executive Officer . “ The third quarter benefited from service price increases , but Liberty was not immune to the serious supply chain issues the world faces today as faster cost increases more than offset higher prices during the period . Increased transportation costs and driver shortages , maintenance personnel and supply chain constraints and integration costs hurt margins in the period . For instance , we estimate that rapidly increasing logistics costs that were not passed through to customers in the quarter were approximately $ 12 million , and maintenance costs were $ 8 million higher than normal due to integration and Covid related disruptions . While we expect the supply chain , logistics and integration challenges to continue into the fourth quarter , we are actively working to moderate their effect on margins . ” " Activity and momentum are expected to continue to strengthen in the fourth quarter and into 2022 supported by strong industry fundamentals and demand for Liberty . Against this backdrop , Liberty is excited to announce the execution of the first two multi - year arrangements to deploy Liberty's digiFrac electric fleets in 2022 with long - standing Liberty customers . The technical ingenuity and design of the first purpose - built electric frac fleet has been well - received by E & P operators and we are developing our multi - year deployment strategy in conjunction with our customer partners , ” continued Mr. Wright . 1 Net loss attributable to controlling and non - controlling interests . Net loss during the three months ended June 30 , 2021 includes the establishment of a deferred tax valuation allowance driven primarily by COVID - 19 related losses . 2 " Adjusted EBITDA " is not presented in accordance with generally accepted accounting principles in the United States ( " U.S. GAAP ” ) . Please see the supplemental financial information in the table under " Reconciliation of Net Loss to EBITDA and Adjusted EBITDA " at the end of this earnings release for a reconciliation of the non - GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure .