Liberty Oilfield Services Inc. Announces Strategic Actions in Response to Current Market Conditions Including Capacity & Cost Reductions, Executive and Board Pay Cuts and Dividend Suspension

DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today that it has reduced the size of its workforce, the number of active frac fleets deployed, capital expenditures and its general and administrative cost structure in response to significantly lower customer activity. The COVID-19 virus has resulted in a massive reduction in the demand for oil. At the same time, OPEC+ has increased oil supply to global markets. As a result, oil prices h