Liberty Oilfield Services Inc. (NYSE:LBRT) Q1 2022 Earnings Conference Call April 21, 2022 9:00 AM ET
Company Participants
Chris Wright – Chief Executive Officer
Michael Stock – Chief Financial Officer
Conference Call Participants
Neil Mehta – Goldman Sachs
Arun Jayaram – JPMorgan Chase & Co.
Chase Mulvehill – Bank of America Merrill Lynch
Steven Gandara – Stifel
Scott Gruber – Citigroup Inc.
Ian MacPherson – Piper Sandler
Taylor Zurcher – Tudor, Pickering, Holt & Co.
John Daniel – Daniel Energy Partners
Waqar Syed – ATB Capital Markets Inc.
Dan Cutts – Morgan Stanley
Roger Read – Wells Fargo
Keith Mackey – RBC Capital Markets
Operator
Good morning and welcome to the Liberty Oilfield Services First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. Some of our comments today may include forward-looking statements, reflecting the company's view about future prospects, revenues, expenses, or profits. These matters involve risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These statements reflect the company's beliefs based on current conditions that are subject to certain risks and uncertainties that are detailed in the company's earnings release and other public filings.
Our comments today also include non-GAAP, financial, and operational measures. These non-GAAP measures, including EBITDA, adjusted EBITDA, and pre -tax return on capital employed are not a substitute for GAAP measures and may not be comparable to similar measures of other companies. A reconciliation of net income to EBITDA, and adjusted EBITDA, and the calculation of pre-tax return on capital employed as discussed on this call, are presented in the company's earnings release, which is available on the website. I would now like to turn the conference over to Liberty's CEO, Chris Wright. Please go ahead.
Chris Wright
Good morning, everyone. Thank you for joining us today to discuss Liberty's first quarter 2022 operational and financial results. The world is seeing in searing fashion how critical it is to have a secure, reliable supply of affordable energy. Today's energy crisis did not begin with the Russian invasion of Ukraine. It began last year when global supplies of LNG simply could not keep up with demand. The cost of this shortage goes far beyond the soaring prices of global LNG, which extend -- extended periods above $200 per barrel on an energy equivalent basis.