Hi-Crush Inc. has entered into an agreement with Pioneer Natural Resources to deploy Hi-Crush’s sixth OnCore mobile mining unit to supply frac sand for use in Pioneer’s well completions activity in the Midland Basin. This will be Hi-Crush’s second OnCore deployment with Pioneer following the successful commencement of operations at OnCore #4 in September 2022, and Hi-Crush’s fifth OnCore deployment within the Midland Basin.
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Once Booming, Sand Mines Shuttered
According to an article in the Winona Post, frac sand mining has proven to be a boom and bust industry in Trempealeau County, Minn. From creating scores of jobs and bringing in millions in revenues to idling plants – local frac sand companies’ fortunes have fluctuated with oil prices and competition. Since the pandemic crushed global demand for oil, the…
Read MoreHi-Crush Execs Received a Payday Before Bankruptcy
According to an article on Reuters, written by Liz Hampton, “How a Texas shale supplier’s founders made fortunes as the firm failed,” the board of directors at Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus. Five days later, the company declared bankruptcy.
Read MoreHi-Crush Files Chapter 11
Hi-Crush has filed for Chapter 11 bankruptcy protection. The company reported a net loss for the first quarter of 2020 of $146.9 million, including $145.7 million of non-cash asset impairments associated with the write-down of certain production and terminal facilities. This resulted in basic and diluted loss of $1.46 per share, compared to net loss of $21.4 million and basic…
Read MoreHi-Crush Frac Sand Volumes Up in First Quarter
Hi-Crush Inc. reported first-quarter 2020 results, along with additional financial and operational updates. Revenues during the first quarter of 2020 totaled $146.4 million compared to $125.5 million during the fourth quarter of 2019.
Read MoreHi-Crush Provides Preliminary Results; Business Updates
Hi-Crush Inc. announced preliminary results for the fourth quarter of 2019 and provided business updates.
Read MoreHi-Crush Revenues Down in Third Quarter
Hi-Crush Inc. reported third quarter 2019 results. Revenues during the third quarter of 2019 totaled $173.0 million on total volumes sold of 2,685,736 tons. This compares to $178.0 million of revenues during the second quarter of 2019 on total volumes sold of 2,662,086 tons.
Read MoreHi-Crush Rebrands
Hi-Crush Inc. announced a strategic restructuring and rebranding. Hi-Crush Inc., or HCR, will serve as the parent corporation for four specialized business units, each with its own area of expertise:
Read MoreHi-Crush Whitehall Plant Goes Idle
According to the Lacrosse Tribune, the Hi-Crush Frac and Sand Mine in Whitehall, Wis., is closing. The closure means 35 to 40 people will lose their jobs.
Read MoreHi-Crush Resumes Operations at Whitehall, Idles Augusta Facility
Hi-Crush Partners announced that it resumed operations at its Northern White frac sand production facility in Whitehall, Wis. Concurrently, the partnership announced that it has idled operations at its Northern White frac sand production facility in Augusta, Wis. “The dedicated and experienced workforce at the Augusta facility is in the process of transitioning to the operation of the Whitehall facility,”…
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