Carbo Ceramics Inc., the largest supplier of man-made proppants for the oil and natural gas industry, said sales of its synthetic fracking material fell as customers used more sand, Bloomberg said Sept. 22.
Third-quarter sales of ceramic proppant will fall 18% from the prior quarter, matching first-quarter levels, the Houston-based company said Sept. 22 in a statement. The company reported sales of 454 million pounds in the second quarter.
“We plan to manage the current competitive pricing environment, caused by proppant oversupply, by focusing on sales volumes and introducing new technologies,” CEO Gary Kolstad said in a Sept. 22 statement.
The announcement was made before regular trading began in New York. Carbo had dropped 27% this year as of the close of trading Sept. 19.
The company reported selling 534 million pounds of ceramic proppant in the 2013 third quarter.
Recommended Reading
Ithaca Energy to Buy Eni's UK Assets in $938MM North Sea Deal
2024-04-23 - Eni, one of Italy's biggest energy companies, will transfer its U.K. business in exchange for 38.5% of Ithaca's share capital, while the existing Ithaca Energy shareholders will own the remaining 61.5% of the combined group.
EIG’s MidOcean Closes Purchase of 20% Stake in Peru LNG
2024-04-23 - MidOcean Energy’s deal for SK Earthon’s Peru LNG follows a March deal to purchase Tokyo Gas’ LNG interests in Australia.
TotalEnergies to Acquire Remaining 50% of SapuraOMV
2024-04-22 - TotalEnergies is acquiring the remaining 50% interest of upstream gas operator SapuraOMV, bringing the French company's tab to more than $1.4 billion.
TotalEnergies Cements Oman Partnership with Marsa LNG Project
2024-04-22 - Marsa LNG is expected to start production by first quarter 2028 with TotalEnergies holding 80% interest in the project and Oman National Oil Co. holding 20%.
Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left?
2024-04-22 - Double Eagle IV is quietly adding leases and drilling new oil wells in core parts of the Midland Basin. After a historic run of corporate consolidation, is it the most attractive private equity-backed E&P still standing in the Permian Basin?