Liberty Energy Inc. announced successful pricing and sale of $700.0 million aggregate principal amount of 0.00% convertible senior notes due 2031 in a private offering to qualified institutional buyers. The upsized offering, which includes an option for initial purchasers to buy additional notes, is expected to strengthen the company’s balance sheet and provide flexible capital for expansion of its hydraulic fracturing fleet and technology investments. Proceeds will be used for general corporate purposes and potential bolt-on acquisitions, enhancing Liberty’s capacity to capture growing North American onshore activity.

Following the recent upsized sale, Liberty Energy filed a registration statement for a proposed private offering of $500 million aggregate principal amount of convertible senior notes due 2031. Subject to market conditions and customary closing procedures, proceeds from this second tranche will support continued investment in proppant logistics, electric fracturing equipment, and data analytics capabilities. Management indicated that the two-step notes strategy allows the company to lock in long-term, zero-coupon financing across different market windows.

In the fourth quarter of 2025, Liberty Energy delivered adjusted EPS of $0.05, beating consensus expectations by $0.21 and demonstrating operational leverage despite a year-over-year EPS decline. Revenue rose 10% to $1.0 billion, driven by a 15% increase in active well completions and higher average hourly rates for fracturing services. The company approved a $0.09 per share dividend and expanded its energy infrastructure platform through three new power-generation partnerships. These strategic moves underpin management’s outlook for sustained margin expansion and market share gains in core basins.