Liberty Energy Inc 2Q26 Preview: Frac Pricing Gains Mainly a 2H26 Story; Clamoring Interest in LPI Commercial Pipeline Visibility

Research evidence excerpt

Liberty Energy Inc 2Q26 Preview: Frac Pricing Gains Mainly a 2H26 Story; Clamoring Interest in LPI Commercial Pipeline Visibility

J P M O R G A N North America Equity Research

30 June 2026

Liberty Energy Inc Overweight

LBRT, LBRT US

2Q26 Preview: Frac Pricing Gains Mainly a 2H26 Story; Price (29 Jun 26):$26.27

Clamoring Interest in LPI Commercial Pipeline Visibility Price Target (Dec-26):$32.00

JPM View: When a frac name walks through the cadence of pricing recovery over Oil & Gas Exploration & Production

ACactivity gains, it generally signals the pendulum is swinging in favor of the pressure Arun Jayaram

pumpers. However, our catch-up with LBRT should be read against the backdrop of (1-212) 622-8541

last week’s JPM Natrual Resources Conference, where after digesting company arun.jayaram@jpmchase.com

updates we characterized the overall pricing environment in completions as Jason Kim

underwhelming, with key frac players noting only modest gains to-date as the lion’s (1-212) 622-1408

share of activity gains have been driven by private E&Ps. For the upcoming quarter, jason.b.kim@jpmchase.com

LBRT clearly remains focused on clawing back lost pricing, citing progress made in Sowmya Vemulapalli

customer conversations. While pricing remains down ~30% relative to 2023 peaks (1-212) 270-4660

sowmya.vemulapalli@jpmchase.com

and the company did not outline how much pricing can be recovered in 2Q26, LBRT J.P. Morgan Securities LLC

was also careful to emphasize that customer conversations are measured and will take

time to play out (pricing tailwinds should become more measurable in 2H26).

Encouragingly, the broader tone was constructive with broad-based customer Key Changes (FYE Dec)

conversations across both the lower and upper ends of the fleet, with the mechanics Prev Cur Δ