U.S. hydraulic fracturing firm Liberty Oilfield Services Inc. on April 20 reported a first-quarter loss, but said it expected robust demand for drilling services to drive higher margins and revenue growth this quarter.
Liberty said the U.S. hydraulic fracturing market is nearing full utilization as demand has increased but supply is limited due to labor shortages, supply chain constraints, and continued equipment attrition.
The company also said underinvestment is contributing to tightness in the market, echoing comments made by rival Halliburton earlier this week.
Liberty is forecasting 10% revenue growth for the second quarter and higher margins, which it warned would be partially offset by inflationary pressures.
Shares were up 3.7% in after-hours trading to $18.10.
Liberty reported a net loss $5 million, or 3 cents per share, up from a loss of $38.6 million, or 21 cents per share, a year ago.
The company also said it would update its name to Liberty Energy.