• Oil prices dropped at press time, even though the Trump administration officially ended waivers that had been granted to some nations allowing them to continue importing oil from Iran. WTI crude oil prices fell by nearly 3.8% to $61.19 per barrel, while Brent Crude dropped to $69.95 per barrel.
• Emerge Energy Services LP announced that it has entered into a restructuring support agreement with its operating subsidiary Superior Silica Sands LLC and the partnership’s other subsidiaries, its general partner, certain direct and indirect equity holders of Emerge GP, the lenders under Emerge Energy’s revolving credit facility and the noteholders under Emerge Energy’s second lien note purchase agreement.
• Since 2016, Northern White’s market share in the Permian Basin has shrunk from 61% to 37% while Permian in-basin’s share has risen from zero to 37%, according to an Atlas Sand Co. LLC presentation at the DUG Conference by COO Hunter Wallace. Almost all of the difference is made up by regional and non-Permian in-basin sand.