lbrt-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 001-38081

Liberty Energy Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

81-4891595

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

950 17th Street, Suite 2400

Denver, Colorado

80202

(Address of Principal Executive Offices)

(Zip Code)

(303) 515-2800

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.01

LBRT

New York Stock Exchange

NYSE Texas

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒			Accelerated filer ☐			Non-accelerated filer ☐			Smaller reporting company ☐

Emerging growth company ☐ (Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): ☐ Yes ☒ No

As of April 20, 2026, the registrant had 163,191,416 shares of Class A Common Stock and 0 shares of Class B Common Stock outstanding.

Table of Contents

TABLE OF CONTENTS


		Page No.
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Statements of Changes in Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosure about Market Risk	32
Item 4.	Controls and Procedures	32

PART II	OTHER INFORMATION	33
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 3.	Defaults Upon Senior Securities	33
Item 4.	Mine Safety Disclosures	33
Item 5.	Other Information	33
Item 6.	Exhibits	34
SIGNATURES		35

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Quarterly Report”) and certain other communications made by us contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, among others, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, the impact of worldwide political, military and armed conflict (including the impact of the ongoing conflict with Iran and the closure of the Strait of Hormuz), the impact of announcements and changes in oil production quotas by oil exporting countries, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations in addition to other estimates, and beliefs. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We may use the words “estimate,” “outlook,” “project,” “forecast,” “position,” “potential,” “likely,” “believe,” “anticipate,” “assume,” “plan,” “expect,” “intend,” “achievable,” “may,” “will,” “continue,” “should,” “could” and similar expressions to help identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. We cannot assure you that our assumptions and expectations will prove to be correct. Important factors, many of which are beyond our control, could cause our actual results to differ materially from those indicated or implied by forward-looking statements, including but not limited to the risks and uncertainties described in our most recently filed Annual Report on Form 10-K for the year ended December 31, 2025, (the “Annual Report”), this Quarterly Report, and other filings that we make with the U.S. Securities and Exchange Commission (the “SEC”). We undertake no intention or obligation to update or revise any forward-looking statements, except as required by law, whether as a result of new information, future events or otherwise and readers should not rely on the forward-looking statements as representing the Company’s views as of any date subsequent to the date of the filing of this Quarterly Report on Form 10-Q. These forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events.

All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

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PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

LIBERTY ENERGY INC.

Condensed Consolidated Balance Sheets

(Dollars in thousands, except share data)

(Unaudited)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	699,146	$	27,554
Accounts receivable—trade, net of allowances for credit losses of $886 and $886, respectively	461,748		351,717

Unbilled revenue	267,687		253,653
Inventories	185,259		188,125
Prepaid and other current assets	66,634		56,921
Total current assets	1,680,474		877,970
Property and equipment, net	2,136,628		2,054,185
Finance lease right-of-use assets	329,511		342,469

Operating lease right-of-use assets	59,446		64,983
Other assets	150,394		147,858
Investment in Nomad Proppant Services LLC	6,467		8,050
Investment in Oklo Inc.	26,581		38,465
Investment in Tamboran Resources Corporation	53,981		24,325
Total assets	$	4,443,482	$	3,558,305
Liabilities and Equity
Current liabilities:
Accounts payable including amounts due to related parties of $187 and $—, respectively	$	377,597	$	358,623
Accrued liabilities	264,586		232,147

Current portion of payable pursuant to tax receivable agreements	—		7,888
Current portion of long-term debt	7,143		5,097
Current portion of finance lease liabilities	90,490		94,202
Current portion of operating lease liabilities	20,017		22,396
Total current liabilities	759,833		720,353
Long-term debt, net of current portion and deferred financing costs of $37,010 and $73, respectively	1,271,350		241,510
Deferred tax liability	162,905		195,602
Payable pursuant to tax receivable agreements	66,870		66,870
Noncurrent portion of finance lease liabilities	195,385		213,296
Noncurrent portion of operating lease liabilities	38,767		41,785
Total liabilities	2,495,110		1,479,416
Commitments & contingencies (Note 14)

Stockholders’ equity:
Preferred Stock, $0.01 par value, 10,000 shares authorized and none issued and outstanding	—		—
Common Stock:
Class A, $0.01 par value, 400,000,000 shares authorized and 162,051,526 issued and outstanding as of March 31, 2026 and 161,979,222 issued and outstanding as of December 31, 2025	1,621		1,620
Class B, $0.01 par value, 400,000,000 shares authorized and none issued and outstanding	—		—
Additional paid in capital	842,359		978,384
Retained earnings	1,120,082		1,112,747
Accumulated other comprehensive loss	(15,690)		(13,862)


Total stockholders’ equity	1,948,372		2,078,889
Total liabilities and equity	$	4,443,482	$	3,558,305

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Revenue:
Revenue	$	1,021,184	$	971,614
Revenue—related parties	—		5,847
Total revenue	1,021,184		977,461
Operating costs and expenses:
Cost of services (exclusive of depreciation, depletion, and amortization shown separately below)	843,817		761,616
General and administrative	59,543		65,775
Transaction and other costs	—		811
Depreciation, depletion, and amortization	114,059		127,742
(Gain) loss on disposal of assets, net	(18,513)		3,345
Total operating costs and expenses	998,906		959,289
Operating income	22,278		18,172
Other (income) expense:

Gain on investments, net	(17,316)		(19,288)


Interest expense, net	7,731		9,543
Total other income, net	(9,585)		(9,745)
Net income before income taxes	31,863		27,917
Income tax expense	9,305		7,806
Net income	$	22,558	$	20,111




Net income per common share:
Basic	$	0.14	$	0.12
Diluted	$	0.14	$	0.12
Weighted average common shares outstanding:
Basic	162,046		161,938
Diluted	166,255		165,784

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Net income	$	22,558	$	20,111
Other comprehensive (loss) income
Foreign currency translation	(1,828)		71
Comprehensive income	$	20,730	$	20,182

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Changes in Equity

(In thousands, except per unit and per share data)

(Unaudited)


	Shares of Class A Common Stock	Shares of Class B Common Stock	Class A Common Stock, Par Value		Class B Common Stock, Par Value		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance—December 31, 2025	161,979	—	$	1,620	$	—	$	978,384	$	1,112,747	$	(13,862)	$	2,078,889






$0.09/share of Class A Common Stock dividend	—	—	—		—		—		(15,223)		—		(15,223)



Purchase of capped calls related to convertible senior notes, net of deferred tax impact	—	—	—		—		(144,050)		—		—		(144,050)

Stock-based compensation expense	—	—	—		—		8,026		—		—		8,026
Vesting of restricted stock units, net	72	—	1		—		(1)		—		—		—

Currency translation adjustment	—	—	—		—		—		—		(1,828)		(1,828)
Net income	—	—	—		—		—		22,558		—		22,558
Balance—March 31, 2026	162,051	—	$	1,621	$	—	$	842,359	$	1,120,082	$	(15,690)	$	1,948,372


	Shares of Class A Common Stock	Shares of Class B Common Stock	Class A Common Stock, Par Value		Class B Common Stock, Par Value		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Stockholders’ Equity
Balance—December 31, 2024	161,859	—	$	1,619	$	—	$	977,484	$	1,019,517	$	(19,751)	$	1,978,869




$0.08/share of Class A Common Stock dividend	—	—	—		—		—		(13,109)		—		(13,109)



Share repurchases	(1,546)	—	(16)		—		(23,942)		—		—		(23,958)
Excise tax on share repurchases	—	—	—		—		(153)		—		—		(153)
Stock-based compensation expense	—	—	—		—		18,080		—		—		18,080
Vesting of restricted stock units, net	477	—	5		—		(5,804)		—		—		(5,799)

Currency translation adjustment	—	—	—		—		—		—		71		71
Net income	—	—	—		—		—		20,111		—		20,111
Balance—March 31, 2025	160,790	—	$	1,608	$	—	$	965,665	$	1,026,519	$	(19,680)	$	1,974,112

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	22,558	$	20,111
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization	114,059		127,742
(Gain) loss on disposal of assets, net	(18,513)		3,345
Stock-based compensation expense	8,026		18,080
Deferred income tax expense	9,305		—

Gain on investments, net	(17,316)		(19,288)
Cash return on equity method investment	1,566		1,039
Other non-cash items, net	1,698		1,660
Changes in operating assets and liabilities:
Accounts receivable and unbilled revenue	(124,914)		(8,417)
Accounts receivable and unbilled revenue—related party	—		4,234
Inventories	2,799		(682)
Prepaid and other assets	(9,659)		(15,969)
Accounts payable and accrued liabilities	18,853		61,215
Accounts payable and accrued liabilities—related party	187		(579)
Initial payment of operating lease liability	(249)		(373)
Net cash provided by operating activities	8,400		192,118
Cash flows from investing activities:
Purchases of property and equipment and construction in-progress	(156,998)		(133,930)
Investment in equity securities	(3,917)		—
Acquisition of IMG Energy Solutions, net of cash received	—		(15,208)
Sales of equity securities	—		29,911
Proceeds from sale of assets	23,572		13,052
Net cash used in investing activities	(137,343)		(106,175)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes	1,295,000		—
Purchase of capped calls related to convertible senior notes	(186,515)		—
Proceeds from borrowings on line-of-credit	106,000		493,000
Repayments of borrowings on line-of-credit	(336,000)		(473,500)
Borrowings on long-term debt	4,750		—
Repayments of long-term debt	(926)		—
Payments of debt issuance costs	(36,789)		—
Payments on finance lease obligations	(22,385)		(17,645)
Class A Common Stock dividends and dividend equivalents upon restricted stock vesting	(14,618)		(13,191)

Payments of payables pursuant to tax receivable agreements	(7,888)		(40,757)
Share repurchases	—		(23,958)
Tax withholding on restricted stock units	—		(5,798)

Net cash provided by (used in) financing activities	800,629		(81,849)
Net increase in cash and cash equivalents before translation effect	671,686		4,094
Translation effect on cash	(94)		22
Cash and cash equivalents—beginning of period	27,554		19,984
Cash and cash equivalents—end of period	$	699,146	$	24,100

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LIBERTY ENERGY INC.

Condensed Consolidated Statements of Cash Flows (cont.)

(Dollars in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
Supplemental disclosure of cash flow information:
Net (refund received) cash paid for income taxes	$	(10)	$	825
Cash paid for interest	$	8,513	$	9,041
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	$	90,675	$	111,987

See Notes to Condensed Consolidated Financial Statements.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1—Organization and Basis of Presentation

Organization

Liberty Energy Inc. (the “Company”), together with its consolidated subsidiaries, is a leading integrated energy services and technology company focused on providing innovative completions services and related technologies to onshore oil and natural gas and enhanced geothermal exploration and production (“E&P”) companies. We offer customers completions services, including hydraulic fracturing, wireline services, proppant delivery solutions, field gas processing, compressed natural gas (“CNG”) delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the annual financial statements and notes thereto included in the Annual Report.

The U.S. dollar is the reporting currency and functional currency for most of our operations except certain of our foreign subsidiaries, which use their local currencies as their functional currency. Assets and liabilities of these foreign subsidiaries are translated into U.S. dollars using the exchange rates in effect as of the balance sheet date. The effects of these translation adjustments are reflected in accumulated other comprehensive income included in the accompanying unaudited condensed consolidated statements of comprehensive income.

The accompanying unaudited condensed consolidated financial statements and related notes present the condensed consolidated financial position of the Company as of March 31, 2026 and December 31, 2025, the results of operations and equity of the Company as of and for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations expected for the entire fiscal year ended December 31, 2026. Further, these estimates and other factors, including those outside the Company’s control, such as the impact of sustained lower commodity prices, could have a significant adverse impact to the Company’s financial condition, results of operations, and cash flows.

All intercompany amounts have been eliminated in the presentation of the unaudited condensed consolidated financial statements of the Company. Our chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s business activities as a single operating and reportable segment at the consolidated level. Accordingly, our CODM uses consolidated net income to measure segment profit or loss, allocate resources, and assess performance. Further, the CODM is regularly provided with and utilizes consolidated functional expenses, as presented in the accompanying unaudited condensed consolidated statements of operations, and total assets at the consolidated level, as included in the accompanying unaudited condensed consolidated balance sheets herein, to manage the Company’s operations.

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 2—Significant Accounting Policies

Recently Issued Accounting Standards

Financial Instruments: Credit Losses - Measurement of Credit Losses for Accounts Receivable

In July 2025, the FASB issued ASU No. 2025-05—Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which added a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The guidance is effective for annual periods beginning after December 15, 2025 and is not expected to have a material impact on the Company’s financial statements.

Intangibles: Internal-Use Software

In September 2025, the FASB issued ASU No. 2025-06—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removed the language around project stages that was previously used to assess when costs could be capitalized for an internal-use software. The update also requires internal-use software to be disclosed under the ASC 360 Property, Plant, and Equipment guidance. The guidance is effective for annual periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s accounting policies and the financial statements.

Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this ASU on the Company’s financial statements.

IMG Acquisition

On March 3, 2025, the Company completed the acquisition of IMG Energy Solutions, a leading developer of distributed power systems, for cash consideration of approximately $19.6 million, subject to normal closing adjustments and net of cash received (the “IMG Acquisition”). The IMG Acquisition was accounted for under the acquisition method of accounting for business combinations. Accordingly, the Company conducted assessments of the net assets acquired and recognized amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair values, while transaction and integration costs associated with the acquisition were expensed as incurred. In connection with the IMG Acquisition, the Company recorded goodwill and intangible assets of $12.6 million, property and equipment of $5.1 million, other long-term assets of $1.8 million, and net working capital of $0.1 million. Goodwill and intangible assets are recorded in other assets in the accompanying unaudited condensed consolidated balance sheets. Due to the immateriality of the IMG Acquisition, the related revenue and earnings, supplemental pro forma financial information, and detailed purchase price allocation are not disclosed.

Note 3—Inventories

Inventories consist of the following:


	March 31,		December 31,
($ in thousands)	2026		2025
Proppants	$	14,591	$	11,676
Chemicals	14,601		16,302
Maintenance parts	156,067		160,147
	$	185,259	$	188,125

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 4—Property and Equipment

Property and equipment consist of the following:


	Estimated useful lives (in years)	March 31,		December 31,
($ in thousands)		2026		2025
Land	N/A	$	26,356	$	26,466
Field services equipment	2-10	3,231,776		3,203,330
Vehicles	4-7	55,206		56,679
Lease equipment	10	157,873		158,716
Buildings and facilities	5-30	189,202		188,817
Mineral reserves	>25	80,417		80,339
Office equipment, furniture, and software	2-7	13,688		13,081
		3,754,518		3,727,428
Less accumulated depreciation and depletion		(2,002,728)		(1,968,065)
		1,751,790		1,759,363
Capital deposits	N/A	184,722		116,021
Construction in-progress	N/A	200,116		178,801
Property and equipment, net		$	2,136,628	$	2,054,185

During the three months ended March 31, 2026 and 2025, the Company recognized depreciation expense of $99.5 million and $110.9 million, respectively. Depletion expense for each of the three months ended March 31, 2026 and 2025 was $0.3 million.

As of March 31, 2026 and December 31, 2025, the Company concluded that no triggering events that could indicate possible impairment of property and equipment had occurred, other than related to the assets held for sale as discussed below.

As of March 31, 2026 and December 31, 2025, the Company classified $4.0 million of land and $12.7 million of buildings, net of accumulated depreciation, of three properties that it intends to sell within the next year, and that meet the held for sale criteria, to assets held for sale, included in prepaid and other current assets in the accompanying unaudited condensed consolidated balance sheets. The Company estimates that the carrying values of the assets are less than the fair values less the estimated costs to sell and therefore no loss was recorded during the three months ended March 31, 2026.

Note 5—Leases

The Company has operating and finance leases primarily for vehicles, equipment, railcars, office space, and facilities. The terms and conditions for these leases vary by the type of underlying asset.

Certain leases include variable lease payments for items such as property taxes, insurance, maintenance, and other operating expenses associated with leased assets. Payments that vary based on an index or rate are included in the measurement of lease assets and liabilities at the rate as of the commencement date. All other variable lease payments are excluded from the measurement of lease assets and liabilities, and are recognized in the period in which the obligation for those payments is incurred.

The components of lease expense for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Finance lease cost:
Amortization of right-of-use assets	$	13,560	$	13,591
Interest on lease liabilities	5,042		5,036
Operating lease cost	9,176		8,723
Variable lease cost	2,134		1,560
Short-term lease cost	752		1,010
Total lease cost, net	$	30,664	$	29,920

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LIBERTY ENERGY INC.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Supplemental cash flow and other information related to leases for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
($ in thousands)	2026		2025
Cash paid for amounts included in measurement of liabilities:
Operating leases	$	9,015	$	8,817
Finance leases	27,406		22,690
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	2,510		8,264
Finance leases	817

SEC Form 10-Q filed by Liberty Energy Inc.