U.S. Silica has high quality sand mines, but ability to create value through logistics is limited.
We are adjusting our fair value estimates for several frac sand companies in light of recent capacity additions by both Fairmount Santrol and, most recently, U.S. Silica. Both companies have announced new frac sand mines in West Texas, which will come online in the first half of 2018. Owing to the supply impact of this new low-cost sand, we are reducing our midcycle (2020) Northern White mine-gate sand price forecast from $29 per ton to $28 per ton. This lower price forecast impacts all frac san...
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