Shortages of sand, pipelines, and manpower could jeopardize America’s future as an energy superpower At 10:30 p.m. on an 85F August night in Penwell, in West Texas, a 69-year-old repairman is hammering away at the frame of an 18-wheeler in the forecourt of an abandoned truck stop. The song Free Bird by Lynyrd Skynyrd blares from the radio. “I’m making
From Bloomberg For the last six years, Kevin Bowen has made good money selling sand to shale frackers who use it for drilling. It was hard not to. The industry has been booming in the oil fields of West Texas. But today the U.S. frack-sand industry is swimming in an excess of supply that has battered prices and cut the
From Bloomberg Just a year after rushing into America’s busiest oil field with new mines, frack-sand producers may have overdone it. West Texas sand used in the hydraulic fracturing process will drop 19 percent this year to about $30 a ton compared to 2018, according to industry consultant Rystad Energy AS. Sand pricing is a key financial input for oil explorers because fracking is
Sand volumes down YOY and sequentially Frac sand producers are feeling the recent oil price decline, according to an update from Hi-Crush Partners (stock ticker: HCLP). Hi-Crush reports it sold 1.98 million tons of sand in Q4 2018, compared to 2.78 million tons in Q3 2018 and 2.99 million tons in Q4 2017. While Hi-Crush expected some decline in sand
Frac sand provider Covia Holdings Corporation (stock ticker: CVIA) reported Q3 2018 results and held its earning call on Wednesday. President and CEO Jenniffer Deckard discussed Covia’s spot pricing in the Permian, how it is coming off of idling some of its higher cost facilities, and how Northern White sand volumes will change through the holiday season. Highlights from the
WildHorse Resource Development Corporation (ticker: WRD) reported a net loss available to common stockholders of $123.2 million in Q1 2018, or $(1.24) per share. Net production was 52.4 MBOEPD for the quarter, consisting of 60% oil, 31% natural gas and 9% NGLs. The company said it realized 103% of WTI during Q1 2018. “In 2018, we are further optimizing our
Hi-Crush Partners LP (ticker: HCLP) reported a Q1 2018 net income of $53.1 million, or $0.59 per diluted share. Revenues for the quarter totaled $218.1 million on sales of 2,617,627 tons of frac sand. Capital expenditures in Q1 2018 were $11.9 million and the company estimates a full year CapEx of $35-$45 million. “We were successful in growing our financial
100% year-over-year growth in Midland Basin production; realized price is SM’s highest level in 14 quarters: $37.76/BOE average Midland Basin operations up to nine rigs and five completions crews; SM expects to double completions in Q2 The Midland Basin produced strong results for Texas-focused SM Energy Company (ticker: SM) in the first quarter of 2018. In a brief update, the
Select Sands delivered proppant by barge starting in Q4 Select Sands Corp. (ticker: SNS) reported full-year revenues of $15.1 million, with a gross profit of $2.9 million. However, the company had a full-year net loss of $1.6 million, or $(0.02) per basic and diluted common share. For Q4 2017, Select reported a net income of $1.3 million, or $0.01 per
Hi-Crush Partners LP Appoints Scott J. Preston as Chief Operating Officer
Hi-Crush Partners LP (ticker: HCLP) will be added to both the Alerian MLP Index (AMZ) and the Alerian MLP Equal Weight Index (AMZE) following the close of business on March 16, 2018. “The addition of Hi-Crush to the AMZ and AMZE indices is recognition of the prudent investments we have made over the past few years, resulting in a stronger
Hi-Crush Partners LP (ticker: HCLP) reported its Q4 and full year 2017 results. Revenues for the fourth quarter of 2017 totaled $216.5 million on sales of 2,985,115 tons of frac sand. This compares to $167.6 million of revenues on sales of 2,456,195 tons of frac sand in the third quarter of 2017. “Hi-Crush’s performance in the fourth quarter is the
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