Liberty Announces Milestone Achievement of 24 Hours of Continuous Pumping Time

Rhea-AI Summary

Liberty Oilfield Services (NYSE: LBRT) announced a significant achievement of 24 hours of continuous plug and perf pumping for Kaiser-Francis Oil Company in the Permian Basin, marking a milestone for its Operation 1440 initiative. This operation, focused on maximizing efficiency, recorded zero non-productive time, showcasing Liberty's commitment to advancing technology and enhancing operational performance. CEO Chris Wright emphasized the project's impact on safety, cost reduction, and profitability. The achievement was a collaboration with Downing's Freedom Series system, illustrating effective integration of technology in well completions.

Positive

• Achieved 24 hours of continuous pumping with zero non-productive time.
• Demonstrated successful implementation of Operation 1440 to optimize efficiency.
• Collaboration with Downing's technology led to improved operational performance.
• Cost reductions for customers and increased profitability for Liberty.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty”) announced today that its team has collectively achieved the milestone of 24-hours of continuous plug and perf pumping time for Kaiser-Francis Oil Company in the Permian Basin. By delivering a full 1,440 minutes of pumping time with zero non-productive time, Liberty crews were able to attain the premier goal of Liberty’s Operation 1440.

Operation 1440 was formed at Liberty in early 2021 to improve throughput on location. Liberty teams worked together to assess how to optimize the use of each of the 1,440 minutes in a day for pumping and perforating operations, effectively eliminating non-productive and non-pumping time. On September 22, 2021, Liberty reached this goal for the first time on a plug and perf completion. Liberty’s unique approach to maximizing efficiency using real-time data tracking, predictive analytics and supply chain and logistics integration allowed Liberty teams to achieve a 24-hour period of continuous plug and perf pumping record. Real-time well swap automation with Downing’s Freedom Series system was used in the completion. Liberty frac and wireline crews worked in tandem to eliminate non-productive time on location and utilize real-time data to dynamically respond to above ground equipment maintenance, subsurface design changes, and logistics coordination.

“From the beginning, Liberty has focused on safety and technology to become more agile and efficient. Efficiency is a win-win-win, resulting in reduced cost for our customers, lower environmental impact and increased profitability for Liberty,” said CEO, Chris Wright. “Today’s announcement marks the beginning of what is possible with Operation 1440. Liberty frac and wireline crews worked in concert with Downing to safely achieve the momentous goal of eliminating downtime and continuously pumping all 1,440 minutes in the day. I am proud of the Liberty team for reaching new heights during an unconventional time in the oil and gas cycle.”

Liberty teams utilized Downing’s Freedom Series iControl, a completion system that instantaneously transitions from one well to the other, opening the second well and subsequently shutting-in the first well, all while pumping, eliminating the time between stages.

“Kaiser-Francis is excited about the accomplishment of 24 hours of continuous pumping. It is a significant milestone that was made possible by the commitment of Liberty and Downing both to advance the technology, and to work together on location in the field,” said Tom Redman, Chief Operating Officer, Kaiser-Francis Oil Company.

“We are proud to partner with Liberty. Achieving 1440 has been a shared goal, and hitting this milestone is a testament to the incredible people involved in this project,” said Zac Graves, CEO of Downing’s parent company, SEF Energy. “We look forward to continuing to set the standard in terms of safety and efficiency in well completions.”

About Liberty

Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyfrac.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210927005889/en/

Michael Stock

Chief Financial Officer

303-515-2851

IR@libertyfrac.com

Source: Liberty Oilfield Services Inc.

FAQ

What recent milestone did Liberty Oilfield Services achieve?

Liberty Oilfield Services achieved 24 hours of continuous plug and perf pumping time for Kaiser-Francis Oil Company.

What is Operation 1440 at Liberty Oilfield Services?

Operation 1440 is an initiative aimed at maximizing efficiency during pumping operations by eliminating non-productive time.

Who partnered with Liberty for the recent achievement?

Liberty partnered with Downing's Freedom Series system to achieve the continuous pumping milestone.

What does the achievement of continuous pumping mean for Liberty Oilfield Services?

It signifies enhanced efficiency, safety, and profitability, benefiting both Liberty and its customers.

When was the initial goal of Operation 1440 first accomplished?

The initial goal of Operation 1440 was first accomplished on September 22, 2021.