0.3200 +0.02 (4.95%)
Pre-Market: 8:15AM EDT
|Bid||0.2500 x 800|
|Ask||0.0000 x 900|
|Day's Range||0.2840 - 0.3050|
|52 Week Range||0.1500 - 3.2500|
|Beta (5Y Monthly)||1.91|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 04, 2020 - Aug 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Oct 31, 2018|
|1y Target Est||0.13|
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]
(Bloomberg Opinion) -- There’s one obvious group of losers from the global deal to cap oil output that’s just been thrashed out: U.S. shale producers. For an industry that needs crude prices in the low $40s to break even, current levels below $30 a barrel seem so obviously bad that America isn’t even being asked to offer a mechanism to deliver an expected output cut of 2 million barrels per day or more. Sheer economics should drive a fall of that magnitude, without any need for the sort of direct intervention that some U.S. regulators have proposed.At the same time, it’s worth asking whether expectations of a mortal blow are overblown. In 2014, the last time a Saudi Arabian-led supply splurge attempted to squeeze out shale producers, most analysts believed they needed $60 to $90 a barrel to make money.It didn’t turn out that way. Far from wilting with lower prices, the shale industry used the tougher environment to push through long-overdue productivity improvements. On the eve of the demand hit from coronavirus, the U.S. was pumping about 50% more oil than it was in 2014.There’s a key difference between the shale industry and the rest of the oil and gas sector: Frackers are doing the same thing over and over again. Compared with vast conventional fields that can keep producing for decades, shale plays are smaller and run dry after three or four years, putting producers on a constant treadmill of bringing new wells onstream. Despite accounting for less than one-sixth of the world’s oil production, the U.S. is home to about a third of its drill rigs.That repetition means that unconventional oil producers are constantly learning how to operate more efficiently, just like manufacturers of computer chips, flat-screen televisions and solar panels. Frackers’ so-called learning rate is lower than those sectors — one 2017 study estimated it was around 3.2% during the 2014 oil price crash, compared with double-digit figures for renewable technologies. Even so, it could still be enough to drive efficiencies not accessible to other players. Shale producers will be able to cut costs by 16% this year, according to Rystad Energy, a consultancy, compared with a 10% reduction for conventional onshore and 12% drop for offshore players.Where could cost cuts come from? One of the most obvious places is bankruptcy. A standard way of reducing spending is to use less infrastructure to serve more wells — but the patchwork nature of mineral leases normally makes that difficult. Pushing small producers to the wall provides an opportunity for more solvent players to buy up assets and consolidate their production.The bankruptcy process itself will help to write off debts for the companies forced to endure it. Lower oil prices certainly won’t help the sector’s chronic inability to post positive cash flows. Lower finance costs, however, might.Another benefit may come from the rising number of wells that have been drilled but aren’t pumping yet. In the Permian Basin of west Texas, this so-called fracklog is at some of its highest levels on record. Even before the coronavirus hit to demand, many frackers were happy to keep their wells mothballed because a shortage of pipelines made it hard to get crude to market.As both demand and export capacity start to recover over the next 18 months or so, those wells represent a huge volume of sunk spending that can be brought to market at marginal cash costs that would typically be below $20 a barrel. With nearly 3,500 such wells in the Permian alone, that represents some 2.5 million barrels a day of production at current output levels.Sunk costs aren’t the only place where savings can be found. The oil services sector has been plagued with overcapacity since the 2014 downturn, and dealing with that excess has been one of the biggest drivers of cost reductions. IHS Markit’s Upstream Capital Costs Index typically follows moves in the oil price, rather than vice versa, as lower revenues force the industry to find new efficiencies.One of the biggest cost items for bringing already-drilled shale wells into production is proppant, the sandy mixture that must be forced into deposits to crack open the rock and release the hydrocarbons trapped inside. The Midwestern sand that was traditionally shipped to oil-producing regions at vast costs has now been almost entirely replaced by lower-quality but far cheaper local grains.Share prices of frac sand producers like Hi-Crush Inc. and U.S. Silica Holdings Inc. are at pennies on the dollar relative to where they were a few years ago. While that's bad news for them, it’s good for the companies that use their products.It’s possible the post-2014 efficiency gains seen in the U.S. shale patch were a one-time phenomenon and cost-cutting has reached its natural limits. If that’s right, it’s likely that America’s oil industry will never recover from this latest assault. If, on the other hand, they were part of an ongoing downward cost trend, don’t ignore the possibility that the sector will eventually bounce back. What doesn’t kill the frackers may well make them stronger.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Speculative Grade Liquidity Rating was maintained at SGL-4. "With the sudden and severe decline in oil & gas prices, we expect a significant decline in demand and prices of frac sand to negatively impact Hi-Crush's profitability, credit metrics and liquidity," said Emile El Nems, a Moody's VP-Senior Analyst. This downgrade reflects Moody's expectations that in 2020, Hi-Crush's liquidity, profitability and key credit metrics will deteriorate further due to ongoing volatility in the oil and gas end market and the persistent weakness in the frac sand industry.
Hi-Crush Inc. (HCR), or the “Company,” today announced that in consideration of ongoing concerns surrounding the COVID-19 pandemic, and uncertainty with respect to the duration of certain travel and gathering restrictions, the board of directors of the Company (the “Board”) has elected to hold the Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”) on Friday, May 22, 2020 in a virtual meeting format only. The Board had previously announced an expectation to hold the 2020 Annual Meeting on Wednesday, May 20, 2020, but has determined to reschedule the 2020 Annual Meeting to Friday, May 22, 2020 in order to accommodate the virtual meeting format. Instructions on how to participate in the virtual meeting will be specified in the Company’s proxy statement for the 2020 Annual Meeting.
NEW YORK, NY / ACCESSWIRE / February 20, 2020 / Hi-Crush Partners LP (NYSE:HCR) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on February 20, 2020 at 8:30 ...
Generated revenues of $125.5 million in 4Q 2019 vs. $173.0 million in 3Q 2019Reported Adjusted EBITDA of $7.2 million in 4Q 2019 vs. $17.9 million in 3Q 2019Realized loss of.
HOUSTON, Feb. 18, 2020 -- Hi-Crush Inc. (NYSE: HCR), or “Hi-Crush”, today announced that management will present and meet with investors at the following conferences: JP.
Hi-Crush Inc. (HCR), "Hi-Crush" or the "Company", today announced preliminary results for the fourth quarter of 2019 and provided business updates. Revenues for the fourth quarter of 2019 are expected to total between $123 million and $127 million, compared to $173 million during the third quarter of 2019. Revenue associated with the Company’s logistics and equipment services is expected to account for approximately 38% of the total for the fourth quarter of 2019, with the remaining portion driven by frac sand sales.
HOUSTON, Jan. 16, 2020 -- Hi-Crush Inc. (NYSE: HCR), or “Hi-Crush”, today announced that it will release its fourth quarter and full year 2019 results after market close on.
Hi-Crush Inc. (HCR), or the "Company", today announced that it has released its first Corporate Responsibility Report, which covers the operating year 2018. The report details the Company’s efforts across several areas of impact including health, safety, environmental, social, and governance factors, and its performance relative to the United Nation’s Sustainable Development Goals and the International Petroleum Industry Environmental Conservation Association (“IPIECA”) suggested reporting indicators.
Hi-Crush Inc. (HCR), or the "Company", today announced that on December 11, 2019, the Company received a letter from the New York Stock Exchange (the “NYSE”) notifying it that, over a period of 30 consecutive trading days, the average closing price of the Company’s common stock was below the minimum $1.00 per share requirement for continued listing on the NYSE under Item 802.01C of the NYSE Listed Company Manual. The NYSE notification does not affect the Company's business operations, financing agreements or instruments, Securities and Exchange Commission reporting requirements or any other of the Company's material agreements.
Hi-Crush Inc. (HCR), or the "Company", today announced that the board of directors intends to hold the Company’s Annual Meeting of Stockholders (the “2020 Annual Meeting”) on May 20, 2020, at a time and location to be specified in the Company’s proxy statement for the 2020 Annual Meeting. Stockholders of the Company who wish to have a proposal considered for inclusion in the Company’s proxy materials for the 2020 Annual Meeting pursuant to Rule 14a-8 must ensure that their proposal is received by the Secretary of the Company at 1330 Post Oak Blvd, Suite 600, Houston, Texas 77056, by the close of business on December 23, 2019. In addition, in accordance with the requirements contained in Bylaws of the Company (the “Bylaws”), stockholders who wish to nominate a person for election as a director or bring other business that is a proper subject for stockholder action before the 2020 Annual Meeting outside of Rule 14a-8 must ensure that written notice (including all of the information specified in the Bylaws) of such nomination or other proposal is received by the Secretary of the Company at the address specified above no earlier than the close of business on January 21, 2020 and no later than the close of business on February 20, 2020.
Even as oil and natural gas production in the United States have been reaching one high after the other, the stock prices of most frack sand providers have fallen substantially.
The CFO of Houston-based Hi-Crush Inc. (NYSE: HCR), which provides proppants and logistics for hydraulic fracturing, will resign at the end of the year. Laura Fulton notified Hi-Crush of her intention to resign on Dec. 5, according to a Dec. 6 filing with the U.S. Securities and Exchange Commission. Fulton joined Hi-Crush in early 2012, when it was a private firm operating one sand mine, Chairman and CEO Robert Rasmus said in a Dec. 6 press release.
Hi-Crush Inc. (HCR), or the "Company", today announced that Ms. Laura C. Fulton, Chief Financial Officer, will resign as Chief Financial Officer and principal financial and accounting officer of the Company effective December 31, 2019 to pursue another career opportunity. Mr. Phil McCormick, Vice President of Finance has been appointed by the Board of Directors to the role of Chief Financial Officer and principal financial and accounting officer effective January 1, 2020. "On behalf of the Board and our entire Company, I want to sincerely thank Laura for her significant contributions and dedicated service to Hi-Crush,” said Mr. Robert E. Rasmus, Chairman and Chief Executive Officer of Hi-Crush.
Hi-Crush Inc. (HCR) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
We at Insider Monkey have gone over 752 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of September 30th. In this article, we look at what those funds think of Hi-Crush Inc. (NYSE:HCR) based on that data. […]
Revenues of $173.0 million in 3Q 2019 vs. $178.0 million in 2Q 2019Adjusted EBITDA of $17.9 million in 3Q 2019 vs. $24.7 million in 2Q 2019Total sand sales of 2.69 million tons.
Phillips 66 continues to reign as the largest Houston-based public company in terms of revenue, but which companies saw the biggest growth?
HOUSTON, Oct. 14, 2019 -- Hi-Crush Inc. (NYSE: HCR), or “Hi-Crush”, today announced that it has updated the timing of its third quarter 2019 earnings conference call on.
HOUSTON, Sept. 30, 2019 -- Hi-Crush Inc. (NYSE: HCR), or “Hi-Crush”, today announced that it will release its third quarter 2019 results after market close on Tuesday, November.