CARBO Ceramics Inc. Announces First Quarter 2012 Earnings
Revenues for the first quarter of 2012 increased 8 %, or USD 12,3 million, when compared to the first quarter of 2011. North American (defined as Canada and USA) proppant sales volume decreased 2 % while international proppant sales volume increased 21 %, compared to the same period last year. CARBO has successfully demonstrated the value of CARBONRT®, a non-radioactive detectable proppant, on five continents around the globe. The backlog of CARBONRT jobs continues to grow as E&P operators choose to measure fracture height without the environmental concerns associated with radioactive material. CEO Gary Kolstad commented on the outlook for the company stating „with respect to our future ceramic production capacity additions, we are pleased to announce the receipt of the Air Quality Permit for our plant in Millen, Georgia and are moving forward with construction of the first 250 million pound line. Operations at our Millen plant could commence near the end of 2013. Regarding our Marshfield, Wisconsin resin-coating operation, capital spending on this project has been slowed by approximately six months and this operation could commence near the end of the first half of 2013“. CARBO is the world’s largest supplier of ceramic proppant for fracturing oil and gas wells, and a major supplier of resin coated sand proppant; the provider of the industry’s most widely used fracture simulation software; and a provider of fracture design and consulting services. The company also provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring (4/2012).