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Liberty (LBRT) Finishes DigiFrac Field Testing in Delaware Basin

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Liberty Oilfield Services Inc. (LBRT - Free Report) announced that it completed the field testing of its digiFrac electric pump in the Delaware basin of West Texas.

DigiFrac, which was designed by the company’s ST9 commercial equipment division, is the first purpose-built fully integrated electric frac fleet of the oil and gas industry.

The digiFrac pump uses electricity instead of conventional diesel fuel to provide power to hydraulically fractured bedrock formations for oil and gas extraction. It can achieve a much higher power density and significantly lower emissions compared with the best next-generation frac technology available in the market.

Years of internal research and development resulted in the advanced digiFrac pump, which is designed for different uses — from adaptable electric power sources to next-generation equipment integration.

The company cited that the final field testing for its digiFrac pump was completed on a three-well pad, with 24-hour operations for an undisclosed exploration and production partner in the Delaware basin. DigiFrac represented 10% of pumping capacity on the location and confirmed its use in commercial production.

The system became Liberty’s preferred capacity for rate changes and adjustments, with 0.1 barrel per minute micro control system ability during the completions. The digiFrac electric pump will anchor a fully electric frac fleet by combining with the company’s existing electric wireline and backside equipment.

The development and field testing of digiFrac is a major milestone for the company as it reflects its commitment to advance innovation in ESG technologies. Once commercialized, the digiFrac electric pump will represent the most developed frac system available and enable customers to raise efficiency and control their operations, while lowering the carbon footprints.

Company Profile & Price Performance

Headquartered in Denver, CO, Liberty is a leading oilfield service provider, which provides hydraulic fracturing and other auxiliary services to onshore exploration and production companies.

Shares of the company have outperformed the industry in the past three months. Its stock has gained 29.4% compared with the industry’s 6.6% growth.


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Zacks Rank & Other Stocks to Consider

The company currently has a Zack Rank #2 (Buy).

Some other top-ranked players in the energy space are Callon Petroleum Company (CPE - Free Report) , Helix Energy Solutions Group, Inc. (HLX - Free Report) and Berry Corporation (BRY - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Callon’s earnings for 2021 are expected to increase 42.7% year over year.

Helix’s earnings for 2021 are expected to grow 28.4% year over year.

Berry’s earnings for 2021 are expected to surge 3,445.9% year over year.