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(Bloomberg) -- Shale fracker Liberty Energy Inc. posted its worst earnings in three years amid plunging oil prices and mounting concerns about energy demand.

Adjusted first-quarter profit fell to 4 cents a share, according to a statement Wednesday, matching the average estimate among analysts. Sales and capital spending both came in better than expected, prompting the shares to rise more than 9% before the start of regular trading in New York on Thursday.

Current levels of fracking activity suggest US oil output will hold steady, “mitigating the possibility of steep declines experienced by the service industry in past cycles,” the company said. Meanwhile, major shale driller Diamondback Energy Inc. said Wednesday that it’s “actively reviewing its operating plan” for the rest of the year given market volatility, according to a separate statement.

“While the current tumult in commodity prices is not immediately driving changes in North American activity, we expect oil producers are evaluating a range of scenarios in anticipation of oil price pressure,” Liberty said.

Liberty’s broad footprint across North American shale provides it a unique scope of vision for domestic oil-production trends. The Denver-based oilfield contractor has tumbled roughly 40% this year as US President Donald Trump’s trade war punished crude prices and tarnished the outlook for near-term fossil-fuel demand.

Liberty is the first major US-based oil-service company to post quarterly results, with rival Halliburton Co. set to follow Tuesday morning.

(Updates share price in the second paragraph. A previous version corrected the attribution in the fourth paragraph.)