SLB, Liberty Energy: Strategic Alliance to Service Data Center Infrastructure and Power

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SLB, Liberty Energy: Strategic Alliance to Service Data Center Infrastructure and Power

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

14 July 2026

SLB, Liberty Energy

Strategic Alliance to Service Data Center Infrastructure

and Power

JPM View: The strategic alliance announced by SLB and Liberty Energy this Oil & Gas Exploration & Production

ACmorning is a logical marriage of complementary franchises that specifically targets Arun Jayaram

the behind-the-meter (BTM), distributed power bottleneck for AI hyperscalers. (1-212) 622-8541

We view this morning’s announcement as a credible attempt by both companies to arun.jayaram@jpmchase.com

monetize BTM data center demand at scale. The tie-up pairs SLB’s modular Jason Kim

infrastructure and project execution muscle with LBRT’s modular power (1-212) 622-1408

generation and BTM power controls, targeting developers seeking to sidestep jason.b.kim@jpmchase.com

traditional grid interconnection timelines while providing reliable, efficient, and Sowmya Vemulapalli

flexible power capacity as AI hyperscalers increasingly seek speed-to-market (1-212) 270-4660

sowmya.vemulapalli@jpmchase.com

solutions. Notably, this builds on a long-standing SLB-LBRT relationship rather J.P. Morgan Securities LLC

than a cold start (former SLB EVP/CFO Simon Ayat and SVP of IR James

McDonald both currently serve on the LBRT Board of Directors), and both parties

have already hit the ground running on the underlying demand for capacity, with SLB, SLB US

SLB having shipped 1.3 GW of prefab modular infrastructure since April 2024

Overweight(cumulative deliveries expected to exceed 2 GW globally by YE26) and LBRT

Price (13 Jul 26): $47.36

planning to deploy ~3 GW of power projects by YE29 (no change to prior

guidance).