Liberty Energy is a hydraulic fracturing services company operating across all major shale basins in North America, including the Permian, Haynesville, Eagle Ford, Williston, DJ Basin, Appalachian, and Western Canadian Sedimentary Basin, with a smaller presence in Australia. Liberty's core service is pumping pressurized fluid, chemicals, and proppant into wellbores to fracture underground formations and release oil or gas. Liberty operates roughly 40 active frac fleets and complements frac with wireline services, proppant logistics (including two Permian sand mines), natural gas fueling delivery, and field data analytics. Customers are primarily large U.S. onshore E&P companies; the top five customers account for roughly 39% of revenue, with Occidental Petroleum and XTO Energy each exceeding 10%. Liberty charges per frac job, with profitability driven by fleet utilization, per-fleet pricing, and fleet technology mix. Liberty's next-generation electric and dual-fuel "digiTechnologies" fleets command better pricing and carry lower maintenance costs than conventional diesel fleets. Liberty is also building a second business, Liberty Power Innovations (LPI), which provides natural gas-fueled distributed power generation to data centers under long-term power-as-a-service contracts. LPI owns and operates gas reciprocating engine power plants co-located at customer sites, selling electricity at contracted prices over 10–20+ year terms. LPI is not yet a meaningful revenue contributor but is Liberty's primary growth initiative, targeting roughly 3 GW of deployed capacity by 2029.