Liberty Energy Inc: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Liberty Energy Inc: J.P. Morgan Natural Resources Conference Takeaways

Arun Jayaram AC North America Equity Research

(1-212) 622-8541 24 June 2026 J P M O R G A N

arun.jayaram@jpmchase.com

power needs become more sophisticated. Management cited a shift in the market:

hyperscalers now have dedicated power teams and are working directly with Liberty to

evaluate and secure large-scale energy solutions. The Wyoming project, a 1.5GW

deployment with aspirations to scale to 5.5GW, exemplifies the scale and complexity of

opportunities in the pipeline, with LBRT serving as the named power partner and actively

involved in permitting and dispersion studies. The Vantage agreement, which includes a

1GW development partnership with a firm reservation for 400MW, provides validation

of Liberty’s capabilities and contract structure. The arrangement allows Vantage to secure

power at a known price and supports a 5-6 year payback period on generation assets, with

flexibility to allocate capacity to specific projects under energy service agreements

(ESA). LBRT’s ability to deliver total energy management solutions, including power,

cooling, and thermal energy storage, is increasingly valued by hyperscalers and

developers, and the company is exploring DC architecture innovations to further

optimize data center operations.

• 330 MW reservation termination. The termination of LBRT’s 330MW reservation with

a data center developer earlier this year was handled as intended, with management citing

the arrangement as being structured with escalating termination payments to incentivize

the customer to reach an energy service agreement (ESA) quickly. Considering the

customer's inability to meet the timeline, the contract was terminated without financial

or operational disruption.