Business Context and Reporting Period
This Form 8-K Current Report was filed by Liberty Oilfield Services Inc. (not Liberty Energy Inc.) on June 15, 2021. The filing reports corporate governance changes regarding the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on personnel changes rather than financial performance.
Material Changes
- Director Resignation: Brett Staffieri resigned from the Board of Directors effective June 15, 2021. The resignation was not due to any disagreement with the Company regarding operations, policies, or practices.
- Director Appointment: Audrey Robertson was appointed to the Board effective June 15, 2021, to fill the vacancy.
- Compensation: Ms. Robertson will receive the Company's standard compensation for non-employee directors.
Outlook, Risks, and Related Party Transactions
- Related Party Transaction: Ms. Robertson serves as Chief Financial Officer of Franklin Mountain Energy, LLC. The Company anticipates performing hydraulic fracturing services for Franklin Mountain during 2021.
- Transaction Scale: The amount of services provided to Franklin Mountain is expected to constitute less than 1% of the Company's consolidated revenues for the year.
- Risk Disclosure: No other transactions or relationships requiring reporting under Item 404(a) of Regulation S-K were disclosed.
Key Facts for Investor Verification
- Verify the exact name of the registrant is Liberty Oilfield Services Inc. (Ticker: LBRT), not Liberty Energy Inc.
- Confirm the resignation of Brett Staffieri and the appointment of Audrey Robertson to the Board.
- Note the potential related party transaction with Franklin Mountain Energy, LLC, though it is projected to be immaterial (<1% of revenue).
- Review the attached press release (Exhibit 99.1) for additional details on the appointment.