Frac sand spot prices slid by 18% in comparison to Q1 this year while revenues rose for both its oil and gas business and its industrial specialities business, US Silica CEO Bryan Shinn told analysts.
Despite supply coming online from both US Silica and its competitors, US Silica’s contract customers still requested additional volumes above their contracted level.
“There continues to be high variability in the spot market both basin by basin and grade by grade,” said Shinn.
The company said that it had seen the spot price start to rebound but the variability remained and prices could continue to slip.
“Our average, June spot pricing was actually higher than the first two months of...