Liberty Energy Inc: Inside the Corner Suite: Key Takeaways From Sell Side Zoom with CEO Gusek and Management Team

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Liberty Energy Inc: Inside the Corner Suite: Key Takeaways From Sell Side Zoom with CEO Gusek and Management Team

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

28 July 2026

Liberty Energy Inc Overweight

LBRT, LBRT US

Inside the Corner Suite: Key Takeaways From Sell Side Price (27 Jul 26):$16.86

Zoom with CEO Gusek and Management Team

Oil & Gas Exploration & Production

JPM View: Earlier today, LBRT CEO Ron Gusek, CFO Michael Stock, and VP Arun Jayaram AC

of IR Anjali Voria hosted a call with the sell-side community following the 2Q26 (1-212) 622-8541

earnings release and a sharp pullback in the share price (LBRT shares traded at arun.jayaram@jpmchase.com

$25.14 heading into the print, but had plunged to $16.86 as of market close Jason Kim

yesterday, reflecting a -33% sell-off in the share price in less than one week vs. +1% (1-212) 622-1408

for OSX). We believe the shares look attractive at current levels based on two jason.b.kim@jpmchase.com

factors: 1) current prices appear to be effectively pricing in the value of the Sowmya Vemulapalli

company’s premium North American frac business (~$15) with a virtually free (1-212) 270-4660

sowmya.vemulapalli@jpmchase.com

upside call-like option on the LPI power business; and 2) management noted its J.P. Morgan Securities LLC

confidence in signing at least 500 MW of ESAs prior to year-end, which should

unlock the company’s ability to secure project level financing.

While we believe the pieces of a successful BTM power business are coming

together, and the first ESA signed will provide a framework to accelerate the

signing of more ESAs against a robust LPI commercial pipeline across different

geographic regions and counterparties, we believe LBRT shares could continue to

exhibit volatility until the first ESA is announced.