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(Bloomberg) — Shale fracker Liberty Vitality Inc. posted its worst earnings in three years amid plunging oil costs and mounting issues about power demand.
Adjusted first-quarter revenue fell to 4 cents a share, in line with an announcement Wednesday, matching the common estimate amongst analysts. Gross sales and capital spending each got here in higher than anticipated, prompting the shares to rise 5.9% at 6:34 p.m. in New York.
Present ranges of fracking exercise recommend US oil output will maintain regular, “mitigating the opportunity of steep declines skilled by the service trade in previous cycles,” the corporate mentioned. In the meantime, main shale driller Diamondback Vitality Inc. mentioned Wednesday that it’s “actively reviewing its working plan” for the remainder of the yr given market volatility, in line with a separate assertion.
“Whereas the present tumult in commodity costs just isn’t instantly driving modifications in North American exercise, we anticipate oil producers are evaluating a spread of situations in anticipation of oil value strain,” Diamondback mentioned.
Liberty’s broad footprint throughout North American shale offers it a singular scope of imaginative and prescient for home oil-production developments. The Denver-based oilfield contractor has tumbled roughly 40% this yr as US President Donald Trump’s commerce struggle punished crude costs and tarnished the outlook for near-term fossil-fuel demand.
Liberty is the primary main US-based oil-service firm to publish quarterly outcomes, with rival Halliburton Co. set to observe Tuesday morning.
(Updates with gross sales, capital spending in second paragraph; Diamondback remark in third paragraph.)
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