Liberty buys Siren Energy in $78M deal, part of Liberty Power Innovations launch

Oilfield services firm Liberty Energy (NYSE:LBRT) said Monday it acquired Permian Basin-focused integrated natural gas compression and compressed natural gas delivery business Siren Energy for $78M in cash.

Siren brings 16M cf/day of natural gas compression capacity at two expandable Permian sites, as well as transportation, logistics and pressure reduction services.

The company said the acquisition is part of its commercial launch of Liberty Power Innovations, an integrated alternative fuel and power solutions provider for remote applications, with an initial focus on CNG supply, field gas processing and treating, and well site fueling and logistics.

Liberty Energy (LBRT) reported strong financial results in 2022, with cash return on capital invested at 31%, and its "competitive advantages position it for strong growth in 2023 and beyond," Ramkumar Raja Chidambaram writes in an analysis published on Seeking Alpha.