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U.S. Silica, Frac Sand Prices Falling off The Cliff
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US Silica today reported its 3Q 2019 operational update and we couldn't help but notice how the $cost per ton basically fell off the cliff. See the picture below. Margins in the business fell 29% sequentially and 43% year over year.
Here is what the company said "Energy markets deteriorated further and faster than expected during the quarter as E&P budget exhaustion, slowed completion activity, resulting in lower demand and pricing pressure. We started to experience this midway through the quarter. At about the same time, we saw many of the new mines in West Texas reach full production capacity, exacerbating sand market oversupply.
Despite the pressure our oil and gas sand sales volumes in the quarter 3.9 million tons were essentially flat sequentially, but pricing will significantly…
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