HOUSTON, Sept. 9, 2015 /PRNewswire/ — CARBO Ceramics Inc. (NYSE: CRR) today announced that it will idle its proppant manufacturing facility in Millen, Georgia due to reduced industry activity levels.
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CEO Gary Kolstad commented, “As mentioned previously, the continued downward pressure on the commodity price for oil negatively impacts industry activity levels and the resulting demand for ceramic proppant. Similar to actions taken in the second quarter, we have decided to idle one of our facilities until such time as market conditions warrant bringing it back online. In addition, we will continue to manage the remaining output of our other proppant facilities, with a focus on managing cash and inventory levels. This decision does not come easily, especially given the direct impact on our employees and their families, to whom we owe much of our success over the last 36 years.”
About CARBO
CARBO focuses on integrating technologies to produce engineered solutions in its Design, Build, and Optimize the Frac technology businesses, delivering important value to E&P operators by increasing well production and EUR.
For more information, please visit www.carboceramics.com.
Forward-Looking Statements
The statements in this news release that are not historical statements, including statements regarding our future financial and operating performance, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based on management’s current expectations and estimates, which involve risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in the demand for, or price of, oil and natural gas, changes in the cost of raw materials and natural gas used in manufacturing our products, risks related to our ability to access needed cash and capital, our ability to meet our current and future debt service obligations, including our ability to maintain compliance with our debt covenants, our ability to manage distribution costs effectively, changes in demand and prices charged for our products, risks of increased competition, technological, manufacturing, distribution and product development risks, our dependence on and loss of key customers, changes in foreign and domestic government regulations, including environmental restrictions on operations and regulation on hydraulic fracturing, changes in foreign and domestic political and legislative risks, the risks of war and international and domestic terrorism, risks associated with foreign operations and foreign currency exchange rates and controls, weather-related risks and other risks and uncertainties described in our publicly available filings with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements, except as required by law.
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CONTACT: |
MARK THOMAS |
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DIRECTOR OF INVESTOR RELATIONS |
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(281) 921-6400 |
SOURCE CARBO Ceramics Inc.
