Liberty Energy Inc. ($LBRT)

Hello, and welcome to the Liberty Energy, Inc. Annual Meeting of Stockholders. Please note that this meeting is being recorded. [Operator Instructions] The meeting is about to begin. I'll now like to turn the meeting over to William Kimble, Chairman and Board of Director of Liberty Energy, Inc.

Good morning. This is the 2026 Annual Meeting of the Stockholders of Liberty Energy Inc. My name is William Kimble. I'm the Chairman of the Board of Directors of your company. I'll preside at this meeting. Welcome, and thank you for attending. I hope you all have either received the company's 2025 annual report prior to the meeting or that you pulled it up online today. If you read the letters just inside the report, you'll have an excellent summary of Liberty's performance in 2025. Now let me give you an outline of the plan for this meeting. First, I will introduce our directors up for election and then we'll turn it to the official business of this meeting. The following members of our Board of Directors are standing for election today. Simon Ayat, Mr. Ayat served as senior strategic adviser to the CEO of SLB formerly known as [indiscernible] from January 2020 until January 2022. From March 2007 until January 2020 served as Executive Vice President and Chief Financial Officer of SLB. Mr. Ayat has held several financial and operational positions at SLB where he commenced his career in 1982. And Mr. Ayat is also a member of the Board of Directors and Audit Committee of [indiscernible], a manufacturer of pipes and related services for energy and industrial applications. Mr. Ayat serves on the Audit Committee of your company. Arjun Murti. Mr. Murti is currently a partner at [ Verodin ] LLC, a private research investment and strategy firm and a senior adviser of [indiscernible] a private equity firm. He previously was a partner at Goldman Sachs from 2006 to 2014. During his time at Goldman Sachs, Mr. Murti as a sell-side equity research analyst covering the energy sector and was Co-Director of Equity Research for the Americas from 2012 to 2014. Mr. Murti has been on the Board of Directors of ConocoPhillips since 2015 and serves on his audit and finance committee as Chair, Executive Committee, Human Resources Compensation Committee. Gale Norton. Ms. Norton has been President of Norton Regulatory Strategies, a consulting firm since 2011. From 2007 to 2010, she served as General Counsel unconventional oil Royal Dutch Shell, prior to joining Shell, Ms. Norton served as Secretary of the Interior of the United States under President George W. Bush, from 2001 to 2006 and as the Attorney General of the state of Colorado from 1991 to 1999. Ms. Norton is the Director of American Transmission Company, private company in the electric utility industry, and she has been a governance fellow of the National Association of Corporate Directors. Ms. Norton services Chairperson of the Nominating and Governance Committee of your company and also serves on the Audit Committee of your company. Cary Steinbeck, Mr. Steinbeck has been a Managing Director of [indiscernible] Ventures, an investment firm since 2014. From 2007 to 2014. He served as Managing Director at Oakmont Corporation and investment firm. Mr. Steinbeck is a charter of financial analyst and was previously a Director at Liberty Resources, LLC and Accretion Acquisition Corp. Mr. Steinbeck serves on the Audit Committee and the Compensation Committee of your company. Now we'll turn to the formal business of the meeting. Before we continue, I would like to make a follow-on announcement. As described in the notice and proxy statement that was prevail distributed. You are entitled to participate in and vote at this meeting if you are a stockholder as of the close of business on February 18, 2026, which is the record date for this meeting or if you hold a legal proxy for the meeting provided by your bank broker or nominee. If you have a voting control number issued by [indiscernible] Trust Company, LLC, or our company's transfer agent, and wish to vote during this meeting, you may do so by clicking the link name vote my shares on your screen. You may also ask written questions during the meeting. if you're registered with your voting control number. Please refer to the questions box on the right of your screen to submit a question. A digital copy of the notice and proxy statement is also available to review. You may access that document by clicking the link named documents on your screen. An agenda with the items of business for this meeting is displayed on the screen and includes 3 proposals being voted on as further disclosed in the proxy statement. Sean Elliott, the Chief Legal Officer and Corporate Secretary to Company will act as Secretary of this meeting, record the minutes and see that the required corporate records are completed. The inspection of election today is [ Stephen Hofman ] of [ Equiniti ] Trust Company, LLC, our company's transfer agent. Mr. Hofman has taken the necessary oath and has advised that we have a quorum present. As a result, I declare that the meeting is duly and properly convened, and we can proceed with the items of business. During this meeting, we will address the matters described on the agenda shown on your screen. Voting will be completed, an announcement will be made regarding the preliminary results. And then the formal meeting will be adjourned. Questions should be restricted proceeds for the meeting and the proposals under consideration. Thank you for your understanding. If you are eligible to vote and have not submitted your ballot or proxy or if you want to change your vote, please cast your digital vote by clicking the link names vote my shares on your screen. Ballots will be tallied after we have voted on all matters on the agenda. Upon receipt of the ballots the polls will be officially closed. The digital votes cast today will be counted in the final tally along with the proxies previously received. We will announce the preliminary results of the voting at the end of the meeting. The polls are now open for the meeting on the following items of business as of 9:07 a.m. Proposal 1, we are voting to elect 4 Class 1 directors to serve until the 2027 Annual Meeting or until their successes are duly elected and qualified. The Board recommends voting for all 4 directors. Proposal 2. We are voting on a resolution to approve on a nonbinding advisory basis compensation of the company's named executive officers as described in the proxy statement. The Board recommends a vote for this item. This is an advisory vote only, and is not binding on the company with the Board of Directors. Proposal 3, we are voting to ratify the Audit Committee's appointment of the [indiscernible] LLP as our independent registered public accounting firm for the core current year. The Board recommends voting for this item. [ Festo Snyder ], a partner with Deloitte & Touche is in attendance today and is in charge of the external audit team of our company. Ms. [ Snyder ] will be available to answer any questions during the last part of this meeting. The floor is now open for questions and discussion concerning the proposals. If you've registered with our voting your voting control number and wish to submit a written question, please refer to the questions box on the right of your screen. We will respond to any questions as practical. Voting is by proxy and digital ballot. Each share of common stock is entitled to 1 vote. Let me remind you that if you've already sent in your signed proxy, there's no need for you to cast a ballot now unless you wish to change your vote that you put on your proxy. The individuals named in the proxy poll vote shares as indicated on the proxy that you've already mailed or delivered to us. As a reminder, if you are voting today, please make sure you have your voting control number issued by [ Equiniti ] and click the length name both my shares on your screen. We will now provide some additional time for the submission of your voting. [Voting]

There being no further business to come before the meeting, I declare the polls are now closed for all items of business as of 9:11 a.m. No additional ballots, proxies or votes and no changes or applications will be accepted. Proxies and digital ballots will now be tabulated by the inspector of election. We'll be happy to entertain any stockholder questions as at this time. Does anybody have a question? Based upon the preliminary information provided by the inspector of elections, I can report that, each class each of the Class 1 nominees of the Board of Directors have received sufficient votes to be elected and each is there for duly elected serve for a term expiring at the 2027 Annual Meeting. Two, the advisory vote regarding the compensation of our company's named executive officers as disclosed in the proxy statement has received a majority of the votes cast and is therefore approved. [indiscernible], the proposal to ratify the selection of Deloitte & Touche LLP as independent auditors your company for the current year has received a majority of the votes cast and therefore, is ratified. The final voting results, including e-ballots and proxies recorded during this meeting, will be set forth in the report of the inspector of elections and will be included in the minutes of the meeting. The final voting results will also be reported in a filing with the Securities and Exchange Commission within 4 business days following this meeting. Before adjourning, I'd like to thank all of our stockholders and especially those who sent in a proxy for this meeting, and those in attendance at this virtual meeting. The meeting is now adjourned.

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.