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.
CONTACT:
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MARK
THOMAS
|
|
DIRECTOR OF INVESTOR
RELATIONS
|
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(281)
921-6400
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SOURCE CARBO Ceramics Inc.