US Silica profits collapse under weight of frac sand oversupply
Published: Friday, 01 November 2019
Frac sand miner US Silica reported a loss in the third quarter of 2019, due to struggling with lower pricing.
The company cited plunging frac sand
prices, with the market still struggling to absorb
"Energy markets deteriorated further and faster than
expected during the [June-September] quarter as [fracking
company] budget exhaustion slowed completion activity,
resulting in lower demand and pricing pressure," US Silica
chief executive Bryan Shinn said on in an investor...