Liberty Oilfield Services Inc. Announces Board Changes
January 18, 2018 at 05:24 pm EST
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On January 11, 2018, Liberty Oilfield Services Inc. (the Company), entered into a Master Reorganization Agreement with, among others, Liberty Oilfield Services Holdings LLC, (Liberty Holdings), and Liberty Oilfield Services New HoldCo LLC, (Liberty LLC). On January 11, 2018, effective simultaneously with the effectiveness of the Registration Statement, Michael Stock resigned from the Board and Christopher Wright, Peter A. Dea, William F. Kimble, N. John Lancaster, Jr., Ken Babcock, Jesal Shah, Brett Staffieri and Cary D. Steinbeck were appointed as members of the Board. In connection with the closing of the Offering, on January 17, 2018, the Company entered into a stockholders’ agreement (the “Stockholders’ Agreement”) with the Selling Shareholder, R/C IV Liberty Oilfield Services Holdings, L.P. (together with the Selling Shareholder and their affiliates “Riverstone”), Laurel Road, LLC, Laurel Road II, LLC, Concentric Equity Partners II, L.P., BRP Liberty, LLC, Bay Resource Partners, L.P. a Delaware limited partnership, Bay II Resource Partners, L.P., a Delaware limited partnership, Thomas E. Claugus, GMT Exploration, LLC, a Georgia limited liability company, and SH Ventures LOS, LLC, a Delaware limited liability company (collectively, together with Riverstone, the “Principal Stockholders”). Among other things, the Stockholders’ Agreement provides Riverstone with the right to designate a number of nominees (each such nominee, a “Riverstone Director”) to the Company’s board of directors. Messrs. Kimble, Dea and Steinbeck will serve as members on the Company's audit committee, of which Mr. Kimble will be the chairman. Pursuant to the Stockholders' Agreement, Messrs. Lancaster, Staffieri, Babcock and Shah will be deemed to be Riverstone Directors. In accordance with the Stockholders’ Agreement, Riverstone has the right to designate one additional member of the Board.
Liberty Energy Inc. is an integrated energy services and technology company. The Company is focused on providing hydraulic services and related technologies to onshore oil and natural gas exploration and production companies in North America. It offers customers hydraulic fracturing services, together with complementary services, including wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas delivery, data analytics, related goods (including its sand mine operations), and technologies. It primarily provides its services in the Permian Basin, the Williston Basin, the Eagle Ford Shale, the Haynesville Shale, the Appalachian Basin (Marcellus Shale and Utica Shale), the Western Canadian Sedimentary Basin, the Denver-Julesburg Basin, and the Anadarko Basin. The process of hydraulic fracturing involves pumping a pressurized stream of fracturing fluid (typically a mixture of water, chemicals and proppant) into a well casing or tubing.