Hi-Crush Partners announces extension of supply agreement with FTS Hi-Crush Partners announced the entry into of an amendment to the supply agreement between Hi-Crush Operating, a subsidiary of Hi-Crush, and FTS International, or FTSI, a leading provider of well completion services. The amendment significantly increases the number of committed volumes under the agreement, extends the term of the supply agreement and requires FTSI to pay a specified price for a specified minimum volume of frac sand each month.
Hi-Crush Partners downgraded to Neutral at BofA/Merrill BofA/Merrill downgraded Hi-Crush Partners to Neutral from Buy. The firm is forecasting frac sand demand to decline 25%-30% in 2015, resulting in reduced sales volume outlook for the company. BofA/Merrill lowered its price target to $35 from $45.