Liberty Oilfield Services (LBRT -2.2%) opens lower after missing estimates for both Q4 earnings and revenues, saying a number of customers made last-minute decisions to defer well completions as lower oil prices caused producers to tighten their budgets at the end of last year.
Roughly 20% of the hydraulic fracturing fleets that were active in mid-2018 have now been idled or are being idled, the company says.
LBRT says its customers are still finalizing budgets for 2019 and that it expects more clarity on 2019 completions demand by the end of Q1.
"Utilization of our frac fleets is expected to remain strong due to the partnerships we have forged with our customers, but the potential timing of price improvement is not clear at this point," the company says.
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