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Phoenix, Weir Formalize Partnership

Phoenix Process Equipment Co. and Weir Slurry Group Inc. entered into a formalized partnership for the supply of process systems to the frac sand industry.

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Athabasca Seeks to Build Storage and Distribution Hub

Athabasca Minerals Inc. entered into a Letter of Intent with a property owner in the town of Mayerthorpe, Alberta, Canada, for a storage and distribution hub to serve its Firebag Frac Sand Project.

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Select Sands Looks Ahead to Improving Plant Processes

Select Sands Corp. announced operational and financial results for the full year and fourth quarter of 2017 and the filing of its 2017 full-year financial statements. The company reported full-year revenues of $15.1 million and gross profit of $2.9 million, resulting in a 19.2 percent gross profit margin for 2017.

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This Week’s Market Buzz

• Dr. Linda Capuano, administrator of the U.S. Energy Information Administration (EIA), said, “The short-term outlook continues to forecast that Brent crude oil spot prices will average $63 per barrel in both 2018 and 2019, while West Texas Intermediate will remain below $60 per barrel, averaging about $4 per barrel less than Brent in both years. EIA continues to forecast record crude oil production in the United States for both 2018 and 2019, largely as a result of horizontal drilling and hydraulic fracturing in tight rock formations, especially in the Permian region. April’s short-term outlook expects U.S. production to average 10.7 million barrels per day in 2018, which would be a new record and represent an increase of nearly 15 percent from 2017 to 2018.”

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