Select Sands Corp. announced operational and financial results for the three months ended March 31, 2023.
- Sold 83,027 tons of frac and industrial sand during the first quarter of 2023 compared to 81,451 tons in the three months ended Dec. 31, 2022 and 107,428 tons in the three months ended March 31, 2022.
- Recorded revenue of $5.1 million and gross margin of $0.4 million in the first quarter of 2023 versus $5.4 million of revenue and gross margin of $0.5 million in the fourth quarter of 2022, and revenue of $6.2 million and gross margin of $0.7 million for the first quarter of 2022.
- Reported a net loss of $0.5 million, or $0.01 per share, in the first quarter of 2023 compared to a net loss of $0.7 million, or $0.01 per share, in the fourth quarter of 2022 and a net loss of $0.1 million, or $0.00 per share, in the first quarter of 2022.
Zig Vitols, president and chief executive officer, commented, “We were pleased to see higher sequential sales volumes during the first quarter and remain focused on supporting oil and gas operators in their ongoing field development efforts designed to maximize the ultimate recovery of their inventory of assets. These operators recognize the superior benefits afforded by our premium Northern White Sand product offerings that are located much closer to key oil basins in the Southern United States compared to the majority of other Northern White Sand producers. As in the past, I want to thank our workforce for their tireless efforts as we strive to continue to provide our customers with a superior product and exemplary service.”