Struggling frac sand miners declare bankruptcy
Published: Tuesday, 23 June 2020
The collapse in United States oilfield activity is driving more frac sand miners into bankruptcy, while market demand for proppants stalls, Fastmarkets understands.
Data from the oilfield services company
Baker Hughes showed the total number of oil and gas rigs
operating in the week to June 19 at just 266, compared with 967
active rigs a year earlier.
The closure of drilling rigs is weighing
heavily on frac sand demand, market sources said.