Liberty Energy provides industry outlook

Liberty Energy (LBRT) provided an industry outlook. The company stated that industry frac activity has now fallen below levels required to sustain North American oil production. Oil producers opted to moderate completions against a backdrop of macroeconomic uncertainty and after exceeding production targets during the first half of the year. Moderation in activity anticipated in the near term is transitory in nature. Global oil oversupply is expected to peak during the first half of 2026. Many shale oil producers are targeting relatively flat oil production, requiring modest activity improvement in the coming year from current levels, and long-term gas demand and related completions activity continue to be on a favorable trajectory. Together, these factors set the backdrop for improving frac fundamentals later in 2026, assuming commodity futures prices remain supportive. An improvement in frac activity coupled with tightening frac capacity would support better pricing dynamics.