Nick Cook, Editor
Issue #305 | January 6, 2021
Happy New Year! I’m sure many of us are struggling to get back into the normal schedule after the holidays. To help kick the year off on a good note, this week’s Frac Sand Digest brings us some relatively positive news. Enjoy the articles!
And now, the news…
Before the holidays, Infill Thinking warned their readers to watch out for driver availability as a key risk around the holidays. Sure enough...
The best part about the deal is that it has created a company with a robust balance sheet having ample liquidity and no debt. This provides the combined entity with significant financial flexibility. The combined company will provide efficient and innovative frac operations for clients. Notably, 2019 pro-forma revenues of the entity were $5.2 billion, the third highest in North America.
Covia today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through the restructuring, Covia has reduced its long-term debt by approximately $750 million and its fixed costs, including railcar obligations, by an additional $300 million.
“We are very pleased to have successfully completed the Recapitalization Transaction with strong support from our key stakeholders,” said Brad Thomson, Chief Executive Officer of Source. “We have significantly improved our capital structure and addressed our liquidity challenges arising from the historic downturn in the Western Canadian oil and gas industry.”
The record was achieved by utilizing a single Source Energy Services Sahara MAX proppant storage system with our electric drive over system, unloading a total of 10.3M pounds (4,672 Metric Ton) in 24hrs, on an Ovintiv pad in the Montney formation.
Oil edged higher ahead of a resumption of OPEC+ talks that were unexpectedly suspended due to a disagreement over whether to raise output in February as the coronavirus continues to surge.
Additional silica sand samples from Western Australia projects have been shipped this month to eight new potential offtake partners.
“Material Properties Testing and Results Application” begins January 19, 2021
“Overview of Bulk Solids Processing, Flow, and Air Filtration” begins March 23, 2021.
Each class consists of 4 half-day online classes.
A trio of field studies recently presented at the 2020 SPE Annual Technical Conference and Exhibition (ATCE) highlight in different ways how emerging technology and old-fashioned problem solving are moving the industry needle on proppant and conductivity control.
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