A softening outlook for natural gas activity and an elevated recession risk may lead to some hiccups this year, but the overall forecast for North American hydrocarbons is the healthiest in years, according to Liberty Energy Inc. CEO Chris Wright.

The Denver-based hydraulic fracturing (fracking) and completions expert recently issued its fourth quarter and year-end results. Wright led a conference call with investors. 

Natural gas prices may be down, he said, but “to date, there has not been any significant reduction in activity in the natural gas regions.

“We do expect to see some industry pullback in response to gas prices…If necessary, Liberty would move any spare capacity to oilier areas, where demand for our services significantly outstrips our current...