CARBO Ceramics (CRR) sells proppant articles for use primarily in the hydraulic fracturing of oil and accustomed gas wells. A abatement in bowl proppant sales and the overhang of the aftermost awkward oil amount blast has apparitional CRR. On the added hand, a much-improved action bazaar and CRR’s value-added articles and solutions announce its accretion is about the corner. In 2018 so far, CARBO Ceramics’ b amount has gone bottomward 26% and underperformed the VanEck Vectors Oil Casework ETF (OIH) which beneath by about 3% during this period. OIH represents the oilfield accessories & casework (or OFS) industry. Before we get into the details, let us accept the business first.
CARBO Ceramics has two operating segments – Oilfield Technologies and Casework (86% of Q2 revenues) and Ecology Articles and Casework (14% of Q2 revenues). In accession to the abject bowl apartment of products, CRR’s technology apartment of bowl proppants accommodate KRYPTOSPHERE (ceramic proppant engineered to bear added application and backbone in the accomplished cease accent wells), SCALEGUARD (porous bowl proppant that is alloyed with scale-inhibiting chemicals), FUSION technology (improves able-bodied abundance by basic a stable, high-permeability proppant backpack that prevents proppant washout), and CARBOAIR (increases assembly and EUR from slickwater fracturing operations). CRR’s Ecology Articles and Casework articulation minimizes ecology risks and lowers charter operating amount of the upstream operators.
According to CRR’s Q2 2018 10-Q, in the accomplished year until Q2 2018, the boilerplate amount of West Texas Intermediate (or WTI) awkward oil added 41% compared to Q2 2017. The accretion in awkward oil amount led to a 14% access in North American rig calculation during the aforementioned period. Admitting that, CRR has not absolutely shrugged off the aftereffect of the industry downturn, which was the best astringent in 2014-16. The upstream action operators, which shrank their capex account
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