Liberty Energy Inc. (NYSE:LBRT) Q4 2023 Earnings Call Transcript

Oil provided 24% of the growth in global energy with the large majority of that coming from the American shale revolution, the third fastest growing energy source was coal, which supplied 14% of additional energy to empower our planet. Wind came in fourth at 9%, solar at 7% and hydro at 4% of the growth in global energy supply. These numbers are not percentages of total energy supply today, they are only percent of the growth in energy supply, the new energy over the last 12 years. Oil and gas supplied 63% of the growth in energy, which represents an increasing market share of global energy over that 12-year period. Hydrocarbons as a whole had flat market share as cold market share slightly shrunk. How can we call this a transition for global demand for natural gas, oil and coal continues to grow without even a diminution of market share.

Don’t get me wrong. I’m not celebrating this fact. I’m just calling out others for pretending it isn’t so. I’m very keen to see the world far better energized so that the seven billion people living far left energized lives can enjoy the lifestyles of the lucky one billion. To achieve that goal, it would be very helpful if nuclear, which saw zero growth over the last 12-year period, geothermal and any other affordable, reliable energy source could contribute much, much more to satisfying the world’s demand for more energy. We need more energy, better energy. If you want to read more about the global energy system, climate change, poverty and prosperity look for the release of Liberty’s Bettering Human Lives 2024 report on February 5.

Thanks for joining us today.

Operator: The conference has concluded. Thank you for attending today’s presentation.