Hi-Crush Afflicted by Low-Cost Sand Supply Flood
Frac sand producers U.S. Silica and Hi-Crush experienced very poor third-quarter results owing to weakening frac sand pricing. U.S. Silica Proppant segment revenue fell 7% sequentially in spite of 10% higher volumes (as the company's Permian Basin mines ramped up) and contribution margin per ton fell to $23 from $33. Hi-Crush revenue fell 14% with a 9% decrease in volumes, and contribution margin per ton fell to $24 from $31.Frac sand pricing owing to stagnant to slightly declining demand (perh...
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