Nick Cook, Editor
Issue #434 | August 2, 2023
Atlas Sand and US Silica highlight important details in their earnings calls. One note I found interesting is looking at the difference Atlas’ product sales and their service sales quarter vs quarter.
And now, the news…
Market takeaways we learned from the second earnings report Atlas Energy Solutions has provided as a public company.
Bud Brigham, Founder, Executive Chairman and CEO, commented, "We are extremely proud of our team's strong operational execution that underpinned robust second quarter results. Second quarter sales volumes were 2.8 million tons, which annualizes to a run-rate of just over 11.3 million tons per year.
US Silica provided their outlook and some big new disclosures this week.
Price increases will range from 8% to 30% depending on the product and grade and go into effect for shipments beginning September 1, 2023.
More earnings updates paint a clearer picture of what's happening in the pressure pumping market this year.
Though earnings dipped last quarter, oil giants together added $14 billion in profits to their cash piles.
Exxon not saying yet how they'll boost production in the Permian substantially.
Ovintiv touted strong Permian Basin performance in the second quarter as the company runs a reduced rig program following the June close of a $4.275 billion Midland Basin acquisition.
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