Baker Hughes is making structural changes to account for continued oil demand disruption after the coronavirus crippled economic activity around the world and compounded an historic oil bust, according to Bloomberg.
Read MoreDay: August 6, 2020
Water Resources Act Funds Army Corps Projects
The House of Representatives passed H.R. 7575, a bill authorizing at least $8.6 billion in federal funds for 38 new Army Corps of Engineers construction projects, including flood and storm protection, river and port navigation and environmental restoration improvements.
Read MoreSmart Sand Revenues Down Sharply in Second Quarter
Smart Sand Inc. announced results for the second quarter 2020. Revenues were $26.1 million in the second quarter of 2020, compared to $47.5 million in the first quarter of 2020 and $67.9 million in the second quarter of 2019. Included in revenues were $14.0 million, $1.3 million, and $16.3 million of shortfall revenues for each respective period.
Read MoreU.S. Silica Loses $32.4 Million in Second Quarter
U.S. Silica Holdings Inc. announced second quarter 2020 results, including a net loss of $32.4 million, or $(0.44) per basic and diluted share. The second quarter results were negatively impacted by $33.4 million, or $0.35 per share, of charges related to asset impairments, plant startup and expansion, facility closure costs, and other adjustments, resulting in adjusted EPS for the second…
Read MoreThis Week’s Market Buzz
• At press time, West Texas Intermediate crude for September delivery rose 49 cents, or 1.2% to finish at $42.19 a barrel on the New York Mercantile, after rising as high as $43.52 immediately after the data. The global benchmark, October Brent crude closed at $45.17 a barrel, up 74 cents, or 1.7%, on ICE Futures Europe.
Read MoreArcosa Sees Spike in Construction Materials Business
Arcosa Inc. reported that total revenues increased 15% to $498.5 million in the second quarter. Construction materials revenues increased 28% to $148.2 million in the second quarter, driven primarily by the acquisition of Cherry Industries. “In our legacy construction aggregates businesses, natural aggregates revenues were higher due to a robust increase in volume, partially offset by weakness in our plants…
Read MoreNSSGA Holds Virtual Young Leaders Meeting
The National Stone, Sand & Gravel Association held its annual Young Leaders (YL) Meeting in a virtual format this week. Nearly 40% of this year’s attendees were first-timers.
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