U.S. Silica Holdings Inc. on March 24 revealed annualized SG&A cost reductions of approximately $20 million in response to the recent drop in oil prices and the expected decline in drilling and completion activity in North American shale over the coming quarters.
Additionally, the company plans to idle its Sparta, Wisconsin facility, taking 1.5 million tons of oil and gas proppant capacity offline. The company will continue to closely monitor industry proppant demand to align costs with market conditions.
“The headwinds created by recent OPEC actions led to the difficult decisions we are announcing today,”' Bryan Shinn, U.S. Silica CEO, said. '”These strategic actions, supported by the more consistent earnings and cash flows of our industrial and specialty products segment, will help U.S. Silica remain the industry leader and continue to provide our customers outstanding products and services.”
2022-11-16 - Here’s a snapshot of recent energy deals including a $155 million sale in the Permian Basin by Diamondback Energy and Chart’s $4.4 billion acquisition.
2022-09-14 - Here’s a quicklist of oil and gas assets on the market including a Millennial Energy Partners Webb County, Texas package that includes nonoperated working interest in six SM Energy wells located in the condensate window of the Eagle Ford Shale.
2022-09-28 - Here’s a quicklist of oil and gas assets on the market including a Continental Resources North STACK 200-well package in Oklahoma plus Texegy Royalty Austin Chalk minerals for lease in Louisiana.
2022-11-16 - Here’s a quicklist of oil and gas assets on the market including a Recoil Resources Eagleville Field well package within the Eagle Ford Basin in Atascosa and Wilson counties, Texas.
2022-11-09 - Here’s a quicklist of oil and gas assets on the market including a nonoperated position in the Bakken concentrated in Williams and Dunn counties, North Dakota, plus a Sabine Oil & Gas East Texas well package.