Liberty Energy Inc. (NYSE: LBRT; “Liberty” or the “Company”) provided comments today on the decision by the United States Court of Appeals for the 5th Circuit granting an administrative stay of the Securities and Exchange Commission’s rule titled “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Climate Rule”). The decision is in response to a petition by Liberty and Nomad Proppant Services LLC.

The Climate Rule was adopted by the SEC on March 6, 2024, and Liberty promptly filed litigation to challenge it. In response, the 5th Circuit granted an administrative stay of the Climate Rule on March 15, 2024.

Key Takeaways:

  • Liberty challenged the Climate Rule because we believe it:
    • exceeds the SEC’s authority;
    • places increased costs on the energy industry without clear benefit; and
    • violates First Amendment rights.
  • The Climate Rule will increase costs for the oil and gas industry, which will result in higher energy costs for US consumers.
  • In order to better human lives, the world needs more affordable, reliable energy, not less of it.

“We are steadfast in our belief that affordable, reliable sources of energy are key aspects of a successful, modern society and an improved quality of life. However, our industry is continuously facing regulatory actions like the SEC’s Climate Rule,” commented Chris Wright, Chief Executive Officer.

“We are grateful for the 5th Circuit’s decision that places an administrative stay on the Climate Rule while litigation on this matter proceeds,” continued Mr. Wright. “That said, there is still much work to do - not just with respect to the Climate Rule - but more broadly with our national energy policy in general. The world needs more reliable, affordable energy, not less of it. We hope that constructive dialogues on these topics will be forthcoming, and Liberty stands ready to continue its role in assisting our customers with developing North American oil and natural gas resources to support the world’s energy needs.”

Mr. Wright further explained, “Liberty is not a litigious company. We prefer an open, fact-based dialogue on energy policy issues. Moreover, we respect the SEC and their core mission of protecting investors from financial fraud. Accordingly, our judicial challenge to the Climate Rule is not one we take lightly. However, we chose not to sit idle when political forces pushed the SEC beyond its mission and into the realm of climate and environmental matters. That is not something the SEC can do without proper authorization by Congress.”

“Further, we believe that the Climate Rule is arbitrary and capricious, as it requires public companies to spend significant resources to provide information in their SEC filings in response to climate change without reliable support of any clear resulting benefit. Finally, we also believe that the Climate Rule violates our First Amendment rights by compelling speech on a controversial political matter. The SEC’s adoption of the Climate Rule circumvented the liberty necessary for a sober dialogue on our country’s energy future.”

Relevant Background & Key Resources

  • Read our full petition here. The petition requested an emergency motion for administrative stay pending judicial review because the final rule violates the major questions doctrine, is arbitrary and capricious, violates the First Amendment, will cause irreparable harm of nonrecoverable compliance costs, and seeks to cripple the traditional energy sector.
  • Read our full regulatory comment on the SEC’s proposed climate rule here. The comment lays the groundwork for how the rule violates the major questions doctrine, why the disclosures requested are immaterial, and how the proposal is arbitrary and capricious.
  • Read our Bettering Human Lives report here. The report highlights the central role that energy plays in human lives and discusses inevitable trade-offs involved in our energy system and climate change policies.

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 visit www.libertyenergy.com.

The Bettering Human Lives report is available for download at www.libertyenergy.com. Requests for the printed report can be made at Liberty’s website, or please contact BHL@libertyenergy.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 concerning, among other things, statements about our expected growth from recent acquisitions, expected performance, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, future global economic conditions, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, 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,” “forecast,” “assume,” “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. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. 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. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

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. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 9, 2024 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.

Michael Stock Chief Financial Officer Anjali Voria, CFA Strategic Finance & Investor Relations Lead 303-515-2851 IR@libertyenergy.com

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