Stock Market News

Liberty Oilfield adding fleets, sees North American oil output rising

2022.07.26 19:34

Liberty Oilfield adding fleets, sees North American oil output rising
FILE PHOTO: Liberty Oilfield Services Inc. CEO Chris Wright rings a ceremonial bell to celebrate the companies IPO on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 12, 2018. REUTERS/Lucas Jackson

By Liz Hampton

DENVER (Reuters) -Liberty Oilfield Services said on Tuesday it will increase the number of hydraulic fracturing fleets it runs in early 2023 to the low forties, from the mid-thirties currently, as oil activity rebounds on high prices.

The current “frac” market is around 250 fleets and will likely exit the year at 275 fleets, the U.S.-based company said during an earnings call. Liberty said it plans to reactivate equipment this year and add two electric fleets in early 2023 as pricing has recovered.

The company said oil producers are now “evaluating the opportunity to deploy incremental capital in North America to modestly grow production,” which could mark a potential shift in a strategy that focused on limited production growth in favor of shareholder returns.

Liberty said it anticipates U.S. oil output to grow by slightly less than 1 million barrels per day by the end of 2022, and maintain a similar growth rate for 2023.

Shares of Liberty were up 11.2% to $14.29 in mid-morning trading.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,278.44 1.12%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,924.90 4.73%
tether
Tether (USDT) $ 1.00 0.13%
solana
Solana (SOL) $ 200.09 6.23%
bnb
BNB (BNB) $ 606.43 1.42%
usd-coin
USDC (USDC) $ 1.00 0.14%
xrp
XRP (XRP) $ 0.557372 2.80%
dogecoin
Dogecoin (DOGE) $ 0.195367 2.65%
staked-ether
Lido Staked Ether (STETH) $ 2,926.35 4.95%
cardano
Cardano (ADA) $ 0.417792 13.85%
tron
TRON (TRX) $ 0.160909 0.54%
the-open-network
Toncoin (TON) $ 4.97 3.16%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,465.39 6.53%
avalanche-2
Avalanche (AVAX) $ 27.93 1.75%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 0.17%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,262.43 1.14%
weth
WETH (WETH) $ 2,925.56 4.75%
chainlink
Chainlink (LINK) $ 12.79 3.89%
bitcoin-cash
Bitcoin Cash (BCH) $ 382.67 0.27%
sui
Sui (SUI) $ 2.34 1.52%
polkadot
Polkadot (DOT) $ 4.20 1.71%
leo-token
LEO Token (LEO) $ 6.26 0.64%
usds
USDS (USDS) $ 1.00 1.12%
litecoin
Litecoin (LTC) $ 72.58 1.25%
uniswap
Uniswap (UNI) $ 8.92 4.89%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,074.77 4.72%
near
NEAR Protocol (NEAR) $ 4.34 1.69%
aptos
Aptos (APT) $ 9.85 2.10%
pepe
Pepe (PEPE) $ 0.000011 7.68%
bittensor
Bittensor (TAO) $ 515.76 3.22%
internet-computer
Internet Computer (ICP) $ 7.89 1.02%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.43 0.82%
dai
Dai (DAI) $ 1.00 0.25%
stellar
Stellar (XLM) $ 0.10239 5.14%
ethereum-classic
Ethereum Classic (ETC) $ 20.23 0.12%
monero
Monero (XMR) $ 163.32 1.24%
kaspa
Kaspa (KAS) $ 0.116019 4.16%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.14%
whitebit
WhiteBIT Coin (WBT) $ 19.71 2.10%
aave
Aave (AAVE) $ 182.32 0.45%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.348659 3.14%
blockstack
Stacks (STX) $ 1.70 0.95%
crypto-com-chain
Cronos (CRO) $ 0.093039 7.31%
dogwifcoin
dogwifhat (WIF) $ 2.47 1.83%
okb
OKB (OKB) $ 40.55 2.32%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.45%
arbitrum
Arbitrum (ARB) $ 0.585983 4.36%
filecoin
Filecoin (FIL) $ 3.79 1.29%
mantle
Mantle (MNT) $ 0.662493 8.75%