Carbo reports net loss as ceramic proppant demand falls faster than rig count
Published: Thursday, 30 April 2015
North American proppant producer Carbo posted a net loss for Q1 2015 as exploration in the oil and gas industry continues to shrink, along with demand for the company’s proppant products. With many companies predicting additional cutbacks on exploration in the second quarter, Carbo plans to focus on reducing production and costs in an uncertain market.
Proppants manufacturer Carbo Ceramics reported a net loss of
$28.6m for the first quarter of 2015, down from a profit of
$18.4m in 2014, owing to lower ceramic proppants sales volumes
as activity in the oil and gas sector continued to shrink.
Quarterly revenues fell to $73.7m...