Organization and Basis of Presentation Organization Liberty Oilfield Services Inc. (the Company) was incorporated as a Delaware corporation on December 21, 2016, to become a holding corporation for Liberty Oilfield Services New HoldCo LLC (Liberty LLC) and its subsidiaries upon completion of a corporate reorganization (as detailed below, the Corporate Reorganization) and planned initial public offering of the Company (IPO). The Company has no material assets other than its ownership in Liberty LLC. Prior to the Corporate Reorganization, Liberty Oilfield Services Holdings LLC (Liberty Holdings) wholly owned Liberty Oilfield Services LLC (LOS) and LOS Acquisition CO I LLC (ACQI and, together with LOS, the Predecessor), which includes the assets and liabilities of LOS Odessa RE Investments, LLC (Odessa) and LOS Cibolo RE Investments, LLC (Cibolo). Following the Corporate Reorganization, Liberty LLC wholly owns the Predecessor. Effective March 22, 2018, the assets of ACQI were contributed into LOS and ACQI was dissolved. The Company, together with its subsidiaries, is a multi-basin provider of hydraulic fracturing services and goods, with a focus on deploying the latest technologies in the technically demanding oil and gas reservoirs in which it operates, principally in North Dakota, Colorado, Wyoming and Texas. Corporate Reorganization In connection with the IPO, the Company completed the Corporate Reorganization, including the following series of transactions:  Liberty Holdings contributed all of its assets to Liberty LLC in exchange for Liberty LLC Units (as defined below);  Liberty Holdings liquidated and distributed to its then-existing owners (the Legacy Owners) Liberty LLC Units pursuant to the terms of the limited liability company agreement of Liberty Holdings and the Master Reorganization Agreement dated as of January 11, 2018, by and among the Company, Liberty Holdings, Liberty LLC, and the other parties named therein (the Master Reorganization Agreement);  Certain of the Legacy Owners directly or indirectly contributed all or a portion of their Liberty LLC Units to the Company in exchange for 55,685,027 shares of our Class A common stock, par value $0.01 per share (the Class A Common Stock), and 1,258,514 restricted shares of Class A Common Stock. Subsequent to the initial exchange, 1,609,122 shares of Class A Common Stock were redeemed for an aggregate price of $25.9 million, upon the exercise of the underwriters overallotment option;  the Company issued, at par, the Legacy Owners that continued to own Liberty LLC Units (the Liberty Unit Holders) an aggregate amount of 48,207,372 shares of our Class B common stock, par value $0.01 per share (the Class B Common Stock); and  the Company contributed the net proceeds it received from the IPO to Liberty LLC in exchange for additional Liberty LLC Units such that the Company held a total number of Liberty LLC Units equal to the number of shares of Class A Common Stock outstanding immediately following the IPO. Initial Public Offering On January 17, 2018, the Company completed its IPO of 14,640,755 shares of Class A Common Stock at a public offering price of $17.00 per share, of which 14,340,214 shares were offered by the Company and 300,541 were offered by the selling shareholder. The Company received $220.0 million net proceeds from the IPO, after deducting approximately $13.4 million in underwriting discounts and commissions and $10.4 million in other offering costs. The Company did not receive any proceeds from the sale of the shares of Class A Common Stock by the selling shareholder. The Company used $25.9 million of net proceeds to redeem ownership interests in Liberty LLC from the Legacy Owners. The Company contributed the remaining net proceeds to Liberty LLC in exchange for units in Liberty LLC (the Liberty LLC Units). Liberty LLC used a portion of these net proceeds (i) to repay outstanding borrowings and accrued interest under the Predecessors ABL Facility (as defined herein), totaling approximately $30.1 million, (ii) to repay 35% of the Predecessors outstanding borrowings, accrued interest and prepayment premium under the Term Loan Facility (as defined herein), totaling approximately $62.5 million and (iii) for general corporate purposes, including repayment of additional indebtedness and funding capital expenditures. As of December 31, 2019 and 2018, the Company owned 72.8%, and 60.2% of Liberty LLC, respectively. Basis of Presentation The accompanying consolidated and combined financial statements were prepared using generally accepted accounting principles in the United States of America (GAAP) and the instructions to Form 10-K, Regulation S-X and the rules and regulations of the Securities and Exchange Commission. The accompanying consolidated and combined financial statements and related notes present the consolidated financial position, results of operations, cash flows, and equity of the Company as of and for the years ended December 31, 2019 and 2018, and the combined results of operations and cash flows of the Predecessor for the year ended December 31, 2017. All intercompany amounts have been eliminated in the presentation of the consolidated financial statements of the Company and the combined financial statements of the Predecessor. Comprehensive income is not reported due to the absence of items of other comprehensive income or loss during the periods presented. The consolidated and combined financial statements include financial data at historical cost as the contribution of assets is considered to be a reorganization of entities under common control. The consolidated and combined financial statements may not be indicative of the actual level of assets, liabilities and costs that would have been incurred by the Predecessor if it had operated as an independent, publicly-traded company during the periods prior to the IPO or of the costs expected to be incurred in the future. The consolidated and combined financial statements for periods prior to January 17, 2018, reflect the historical results of the Predecessor. The consolidated financial statements include the amounts of the Company and all majority owned subsidiaries where the Company has the ability to exercise control. The Companys operations are organized into a single reportable segment, which consists of hydraulic fracturing services and goods.