DENVER--(BUSINESS WIRE)--Liberty announced today the commercial launch of Liberty Power Innovations (LPI), an integrated alternative fuel and power solutions provider for remote applications. LPI’s initial focus is on compressed natural gas (CNG) supply, field gas processing and treating, and well site fueling and logistics. The oilfield is undergoing a generational technology shift in fuel use from diesel to clean burning natural gas, with Liberty at the forefront of this change. Liberty’s suite of digiTechnologiesSM utilize natural gas to remotely generate electricity and power next generation digiFleetSM services. Dependable access to fuel is critical to maintaining highly efficient well site operations that drive Liberty’s industry-leading returns. LPI will supply this fuel to Liberty and the rest of the industry.
CNG and treated field gas are currently in limited supply. LPI deployed its inaugural field gas treating services for a key Haynesville customer in support of a Liberty frac fleet. To accelerate LPI’s expansion, Liberty today announced the acquisition of Siren Energy (Siren), a Permian focused integrated natural gas compression and CNG delivery business. Siren brings 16 MMcf per day of natural gas compression capacity at two expandable Permian sites and transportation, logistics, and pressure reduction services. Siren currently delivers fuel to customers in both the drilling and completions markets, and its logistics system is designed to deliver CNG, RNG or hydrogen to remote locations. Liberty acquired Siren for an aggregate cash purchase price of $78 million, subject to normal closing adjustments.
Liberty was an early driver in the industry shift from diesel to natural gas technologies, deploying our first dual fuel fleet 10 years ago. Liberty’s digiTechnologiesSM, including mobile power generation, state-of-the-art digiFracSM electric fleets, and the industry’s first hybrid pump, digiPrimeSM, build on a track record of innovation. LPI bolsters Liberty’s technology transition by vertically integrating fueling and power services.
“Liberty’s digiTechnologiesSM bring the highest thermal efficiency and lowest emissions solutions to the market. As we lead this technology transition, owning power generation and now the natural gas fuel supply for our fleets ensures execution at the highest level,” said Chris Wright, Chief Executive Officer. “LPI adds another critical component to our vertical integration strategy, alongside Liberty’s sand, logistics, design and manufacturing capabilities.”
“LPI exemplifies our strategy of investing for the future with high rate of return opportunities. Today’s accretive transaction accelerates this strategy by unlocking significant value with a faster, go-to-market approach for LPI to bring natural gas fuel to the oilfield, enabling lower well development costs for our E&P customers and higher profitability for our shareholders,” continued Mr. Wright. “As we look ahead, our mobile power generation technology with industry-leading thermal efficiency and integrated fueling and logistics provides exciting opportunities beyond the oilfield.”
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 contact Investor Relations at IR@libertyenergy.com
About Siren
Siren is a woman owned WBENC certified company co led by Jamie Farmer Patterson, Megan Marse, and Delvina Uka providing fully integrated bulk fueling solutions via turnkey virtual pipeline services. Founded in 2021, Siren has quickly grown into one of the largest providers of virtual pipeline services to the Permian. Since inception, Siren has sought to support the energy transition by connecting and facilitating the industry's growing demand for low-cost, low-carbon fueling alternatives.
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,” “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. 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.
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