Liberty Energy lifted its 2026 capex target to $1.5B, driven by the PowerBridge JV with SLB. First power from the 3GW fleet is expected in Q4 2027.
Liberty Energy reported second-quarter 2026 results Wednesday afternoon, posting revenue and EBITDA figures that were broadly in line with the preliminary numbers the company released last month. The call focused on the 2026 outlook, with management setting a capital expenditure target of $1.5 billion for next year, up from the current year's expected level.
The higher spending is tied to the PowerBridge joint venture with Schlumberger. Liberty and SLB are building a 3-gigawatt fleet of natural-gas-fired power plants to serve data-center electricity demand. On the call, Liberty's CEO said the first PowerBridge unit is on track to begin commercial operations in the fourth quarter of 2027. The company expects to fund its share of the JV through operating cash flow and existing credit facilities.
Liberty also reiterated its plan to return excess capital to shareholders via buybacks and dividends, though no new authorization was announced. Shares traded flat in after-hours activity following the print. The stock has gained roughly 12% this year through Wednesday's close, outperforming the broader energy sector.
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