I think LBRT's desire to adopt sodium-ion batteries is part of a wider scheme to lower the costs of operations. It explains why Nabors Industries ( NBR), a leader in drilling for offshore oil and natural gas wells invested $7 million in Natron Energy back in July 2022. Unlike lithium-ion batteries-as used by Tesla ( TSLA), cobalt or copper, sodium-ion battery components are in abundance, at a lower cost, and provide for wider distribution.
LBRT did not disclose the invested capital in Natron but it was optimistic that the batteries will help it meet its ESG goals. As an energy-storage solution, the batteries will help provide uninterrupted backup power for Liberty's digiFrac. Speaking about acquisitions and business integration, LBRT announced its investment in Natron Energy for the production of sodium-ion batteries. Liberty hit record fundamentals in Q2 2022 with the first half of 2022 showing how the acquisitions in 2021 were creating value for the company. Gross profit has also increased 373.13% in the six months leading to June 30, 2022, to stand at $228.9 million. Diluted EPS stood at $0.55, beating estimates by more than $0.40.
LBRT formerly Liberty Oilfield Services reported an 8.3% gain in revenue (in Q2 2022) at $943 million against analysts' consensus estimates of $870.69 million for the quarter. However, the company is still facing power generation and cost-related headwinds that may slow down the deployment of its two digiFrac fleets later in 2022. Management is also considering an increase in its capital expenditures in North America to raise production and conduct fleet upgrades. To help curtail the rising costs, the company has maintained environmental, social, and governance (ESG) friendly fleet technologies that provide for the reduction of carbon emissions thereby helping to save fuel. It is working on the premise that the supply of available frac fleets will remain tight throughout 2022 and into 2023. Liberty Energy ( NYSE: LBRT) expects a 10% increase in sequential growth driven largely by fleet reactivations and a modest increase in sales margins. government (that ostensibly offers more subsidies to green projects), oil and gas companies are braving it all. However, despite the pressurized campaigns from shareholders and even from the U.S. They are also required to spend at least 10% of their capital expenditures on low-carbon projects this year alone.
Companies such as BP ( BP), Shell ( SHEL ), Chevron ( CVX ), Exxon Mobil ( XOM ), and TotalEnergies ( TTE ) all published green claims in 2021. There have been growing concerns among investors of hydraulic fracturing or fracking companies citing concerns over water management, emission of greenhouse gases, and disclosure of toxic chemicals among others.
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