Liberty Energy is focusing on power generation after the lows in oil and gas in 2024, new CEO Ron Gusek said on his first conference call on Jan. 30.  

Gusek cited rising power demand from data centers, industrial electrification, the onshoring of manufacturing activity and mining operations as reasons to expand the company’s power generation business outside the oil field.

Improving and expanding the U.S. electrical grid is a challenge that will take policy change and “a significant time component,” Gusek, who replaced former CEO Chris Wright after Wright was confirmed as the new U.S. secretary of energy, said.

In the meantime, the expected growth of power-hungry data centers represents “an opportunity that’s got some real durability” for Liberty.

“We are uniquely positioned to rapidly deploy distributed modular power solutions with low-emission scalable power infrastructure tailored to meet specific project demands,” Gusek said.

As for oil and gas, Gusek said activity is picking up after the lows of 2024. There’s been no meaningful change in E&P plans.

“Oil producers, which comprise the vast majority of frac activity, are working to simply maintain production and are returning to anticipated activity levels after the year-end slowdown,” he said.

He said fleet counts for fracking may come down in number while rising in horsepower to support today’s simultaneous fracking operations.

In the longer term, Gusek sees the business improving as equipment gets phased out.

“The fundamental outlook for next generation’s higher-quality fleets remains strong as operators continue to demand technologies that provide significant emissions reductions, fuel savings and operational efficiency advantages.”

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