On Wednesday, shares of oil services company Liberty Oilfield Services Inc. nosedived on the back of its discouraging third-quarter results.
Shares plunged by around 12.8% in recent trading at USD13.59 as the company recorded USD12 million in logistics expenses that it could not pass onto customers and maintenance costs were USD8 million higher than planned in July-September quarter.
The company does not expect to be able to fully raise prices until 2022's first quarter despite raising some fees.
Liberty’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were USD32 million below consensus estimates of USD45 million.
