Lower natural gas prices have reduced drilling activity in the Lower 48, but expect that to change by next year as LNG export projects advance and more supply heads south of the border, Liberty Energy Inc. CEO Chris Wright said Thursday.

Denver-based Liberty, one of the top hydraulic fracturing (fracking) operators in North America,  second quarter results reported gas and oil activity has declined as exploration and production (E&P) customers continue to moderate activity. 

However, North American activity overall remains at “steady, healthy activity levels, after moderating a bit from late 2022 as commodity prices retreated from the 2022 peak,” Wright told investors. “Crude oil prices are now at pre-Russia-Ukraine war levels, which has spurred private operators in oilier...