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August 5, 2014
10:48 EDTROSE, CRRRosetta switch to sand reduces CARBO visibility, says William Blair
William Blair notes Rosetta Resources (ROSE) said yesterday on its earnings call that it would be changing its completion design for Eagle Ford wells by switching from ceramic proppant to sand. The firm says Rosetta is one of CARBO Ceramics' largest customers. It estimates Rosetta uses between 250M-400M pounds per year of ceramic proppant, and believes CARBO management was surprised by the move. William Blair believes the switch reduces CARBO's forward visibility and it lowered its estimates for the company. The firm keeps a Market Perform rating on the stock. Shares of CARBO are down 10% to $109.37 in morning trading.
News For CRR;ROSE From The Last 14 Days
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January 28, 2016
05:39 EDTCRRCARBO Ceramics expects initial results from Kryptosphere well in near future
The company commented, "In today's lower commodity price environment, it's vital that E&P operators reduce their cost to produce oil and gas. We remain excited about CARBO's technology platforms and our ability to deliver solutions that lower E&P operators' total finding and development costs while maximizing production. Kryptosphere continues to be adopted in the industry, with the first Kryptosphere LD well pumped in the fourth quarter of 2015. Initial results from the completion of this high profile well are expected in the near future. In addition to engineering a superior proppant in Kryptosphere, we continue to differentiate CARBO via our proppant-delivered production enhancement technologies. SCALEGUARD, a cost-effective scale-inhibitor solution, continues to see client gains. Field trials for other Guard products, such as SALTGUARD, are ongoing, and we expect additional field trials of our other technologies in 2016. Advancing our industry-leading technologies should provide a solid foundation and source of differentiation once we emerge from this downturn."
05:38 EDTCRRCARBO Ceramics expected to spend less than $10M in CapEx in 2016
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05:37 EDTCRRCARBO Ceramics expects Q1 North American rig count to decline in double digits
The company commented, "The continued decline in commodity prices creates an increasingly challenging operating environment as completion activity by E&P operators remains very depressed. Various industry sources have estimated that the North American rig count will likely decline by double digits in the first quarter of 2016 compared to the fourth quarter of 2015. With a lower rig count, we expect continued pressure on our proppant sales in the first half of 2016."
05:36 EDTCRRCARBO Ceramics reports Q4 GAAP EPS ($2.17), consensus (83c)
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