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www.emergelp.com PAGE 1
Emerge Energy Services LP
Citi 1x1 Conference
Las Vegas
August 21, 2014
www.emergelp.com PAGE 2
Forward Looking Statements
This presentation contains forward-looking statements. These statements can be identified by the use of forward-looking terminology including
“may,” “believe,” “will,” “expect,” “anticipate,” or “estimate.” These forward-looking statements involve risks and uncertainties, and there can be
no assurance that actual results will not differ materially from those expected by management of Emerge Energy Services LP. When
considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report on
Form 10-K filed with the SEC. The risk factors and other factors noted in our Form 10-K could cause our actual results to differ materially from
those contained in any forward-looking statement. Except as required by law, Emerge Energy Services LP does not undertake any obligation to
update or revise such forward-looking statements to reflect events or circumstances that occur after the date hereof.
In this presentation, we present Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is used as a supplemental financial
measure by our management and external users of our financial statements, such as investors and commercial banks, to assess the financial
performance of our assets without regard to the impact of financing methods, capital structure or historical cost basis of our assets; the viability
of capital expenditure projects and the overall rates of return on alternative investment opportunities; our liquidity position and the ability of our
assets to generate cash sufficient to make debt payments and to make distributions; and our operating performance as compared to those of
other companies in our industry without regard to the impact of financing methods and capital structure. We believe that Adjusted EBITDA
provides useful information to investors because, when viewed with our GAAP results and the accompanying reconciliations, it provides a more
complete understanding of our performance than GAAP results alone. We also believe that external users of our financial statements benefit
from having access to the same financial measures that management uses in evaluating the results of our business.
We define Adjusted EBITDA generally as: net income plus interest expense, income tax expense, depreciation, depletion and amortization
expense, non-cash charges and losses that are unusual or non-recurring less interest income, income tax benefits and gains that are unusual or
non-recurring. We report Adjusted EBITDA (which as defined includes certain other adjustments, none of which impacted the calculation of
Adjusted EBITDA herein) to our lenders under our revolving credit facility in determining our compliance with the interest coverage ratio test and
certain senior consolidated indebtedness to Adjusted EBITDA tests thereunder. Adjusted EBITDA should not be considered as an alternative to
net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with
GAAP.
www.emergelp.com PAGE 3
Partnership Overview
Sand Fuel
• Primarily consists of processing &
selling transportation mixture
(“transmix”)
• Also includes wholesale, terminal, and
biodiesel operations
• Operations in Dallas / Fort Worth and
Birmingham, Alabama
• Located adjacent to major common
carrier pipelines
• Leading manufacturer of Northern
White silica sand, ~ 99% sold as a
proppant for hydraulic fracturing
• Diversified customer base with an
attractive mix of contracts
• Three* sand plants backed by several
mines with high quality reserves
• Advantaged rail access on two* Class I
railroads, with numerous logistics and
transload solutions
Together, these segments provide significant EBITDA scale and balance, while
giving EMES diversification benefits as the market evolves
*EMES is currently constructing one new 2.5 million ton per year dry plant in Arland, WI, and is in the late stage of permitting a
second 2.5 million ton per year facility; together these will should provide direct access to additional Class I railroads
www.emergelp.com PAGE 4
Our MLP Structure
• We have a simplified MLP structure
– All units are Common Units
– Non-economic General Partner
– No Incentive Distribution Rights (IDRs)
– No Minimum Quarterly Distributions (MQD)
• Our Sponsor, Insight Equity, which owns 30% of the Common Units,
has fully aligned its financial interests with our Public Unitholders
• EMES pays out 100% of its Available Cash to Common Unitholders
– We seek to capture cash flow stability through long term contracts, a low-cost
operating structure, and indexed pricing
– Unlike a typical “variable rate” MLP, our gross margins are not based on the spread
between two commodities that may or may not be correlated
– Our current credit facility allows us to borrow at favorable rates, and we are well within
our financial covenants
– We anticipate that our near term growth opportunities can be financed through
modifications of our current credit facility
www.emergelp.com PAGE 5
Our Sponsor and Organization
• Formed in 2002
– Over $1.3 billion of capital under
management
– Currently deploying Fund III
• Strong track record of delivering
investor returns
• Invests in middle market companies
in asset intensive sectors
• Targets strategically viable
companies with transformational
upside
• Longer-term investment horizon
– Typically 5 to 8 years
• Focus on operational excellence
– Deep roots in management
consulting
– Hands-on operational approach Ownership positions as of August 1, 2014
www.emergelp.com PAGE 6
Investment Considerations
Significant 
Organic 
Growth 
Capacity
High Quality, 
Strategically 
Located Assets
Intrinsic 
Logistics 
Advantages
Stable
Cash Flow
Experienced 
Management 
Team
Low Cost 
Operating 
Structure
Strong 
Reputation w/ 
Customers and 
Suppliers
www.emergelp.com PAGE 7
Our Business Objective And Strategies
• Sand segment has long-term contracts and solid relationships with creditworthy counterparties
• Fuel segment contracts and hedges designed to generate stable margins
• Continue to seek additional relationships and contracts with similar terms for both segments
• Existing dry plants are at capacity; two new facilities should be shipping in the coming quarters
• Significant coarse Northern White reserves; opening new mines and wet plants to lower costs
• Multiple opportunities to contract additional transmix supplies, increase wholesale volumes,
and add throughput and terminalling accounts
• Actively pursue additional sales in emerging shale plays
• Expand logistics capabilities and footprint through leased and contracted transload sites
• Additive blending capabilities and shipper status on Colonial and Plantation pipelines
increasing terminal business
• Actively pursue acquisitions along current and complementary business lines
• Leverage expertise into other geographies
• Take advantage of industry consolidation opportunities
• Acquisition of MidWest Frac assets expected to lower costs and consolidate wet sand supply
• Sufficient capital to pursue growth strategy through acquisitions, organic growth, and asset
optimization
• Attractive current financial and credit profiles
• Commitment to maximizing total distributions
Seek Contractual
Cash Flow Stability
Capitalize on Organic
Growth Opportunities
Access New and
Adjacent Markets
Pursue Accretive
Strategic
Acquisitions
Maintain Financial
Strength and
Flexibility
Our primary business objective is to generate cash flow that is predictable and
steadily grows over time
www.emergelp.com PAGE 8
SAND SEGMENT
www.emergelp.com PAGE 9
Proppants & Hydraulic Fracturing
• Frac sand, or “proppant,” is used to prop open fissures in hydraulic fracturing
• Demand expected to continue its strong growth into the near future
Hydraulic Fracturing 2013 US Land Proppant Consumption
Historical & Projected US Land Proppant Demand
Source: PacWest Consulting Partners
millions of tons
Raw Sand
Resin‐Coated
Ceramics
0
20
40
60
80
100
2012 2013 2014P 2015P 2016P
Sand Resin‐Coated Ceramics
www.emergelp.com PAGE 10
Sand Market Overview
• Demand is increasing faster than high quality supply
• Logistics capabilities are no longer a competitive advantage but a necessity
• Pressure pumpers are moving to the top suppliers
• Industry and analyst reports support a rapidly growing need for high quality frac sand
• More wells per rig, more stages per well, more sand per stage
• International demand (Latin America, Central Europe) looks to Wisconsin
• Permitting is becoming harder for established players and near impossible for new
ones, while economic deposits of coarse Northern White sand are hard to find
• Inexperienced and poor operators are being consolidated or exiting the market
• New supply is coming online, but at a more responsible rate
• The Tier 1 suppliers are a larger part of the market, while the Tier 2 suppliers (poorer
quality, smaller scale) have less of an impact
• SSS continues to improve its position relative to its Tier 1 competitors
• Prices for coarser grades remain high
• Prices for finer grades have found strength
• As older contracts with legacy pricing roll off, there are more opportunities to secure
long-term contracts near today’s prices
Major Dynamics
Demand
Supply
Competition
Pricing
As a top Tier 1 supplier, SSS is well-positioned in today’s market
www.emergelp.com PAGE 11
16-30 Mesh 20-40 Mesh 30-50 Mesh 40-70 Mesh 100+ Mesh
Proppant Market Differentiation
• EMES mines and processes industry-leading frac sand
• There are significant variations in sand characteristics and quality
OIL / LIQUIDS
(Coarser Sand)
DRY GAS
(Finer Sand)
0 PSI
2,000 PSI
4,000 PSI
6,000 PSI
8,000 PSI
10,000 PSI
12,000+ PSI
SHALLOWDEEP
SSS
SSS
SSS
SSS SSS
Low quality sand
Industry leading sand
Resin and Ceramic Coated
www.emergelp.com PAGE 12
Competitive Advantages
Quality of Sand
• Emerge sand exceeds API and customer specs
• Over 60% of Emerge’s Northern White sand is a mesh size of 50 or larger
• One of only four companies with commercial quantities of 16/30 sand
• Fully enclosed dry plants for year-round operations, regardless of weather
Customer Focus
• Responsiveness, customer service and quality set Emerge apart from the
competition
• A recently conducted survey ranked the SSS brand above that of competitors (1)
• Community focus: SSS voted Business of the Year in Barron County in 2013
Cost Discipline
• Focus on lowering costs by building wet plant capacity and increasing production
at our dry plants
• Manage Emerge rail car fleet to minimize downtime and demurrage
• Rail yard design at WI plants allows for efficient loading and storage of sand
• Lean SG&A profile among the lowest of Tier I sand suppliers
Logistics
• Wisconsin dry plants are on two Class One railroads
– Economic two-line hauls provide unit train access to a third Class One railroad
• 13 transload sites across North America and more planned
– Emerge can deliver FOB mine or FOB transload within 60 miles of the wellhead
• Track storage in Wisconsin for 850 railcars, soon to be 900 railcars
(1) Study conducted by Bronson Ma Creative LLC in July 2013
www.emergelp.com PAGE 13
Our Assets – An Overview
High Quality
Reserves
• 87.7 million tons of Northern White silica sand
– Ideal for crude oil and liquids-rich natural gas extraction from unconventional plays
– Proved reserves of 65-mesh or larger; additional 70 to 100-mesh reserves not included
• 28.2 million tons of native Texas sand
– High quality, white sand for use in “overpacking,” dry gas fracking and sports sand
applications
Wet Plant Capacity
• Total pro forma capacity of 8.5 million tons
– Four active Northern White plants with 5.4 mm tpy capacity
– One Northern White plant (Thompson Hills) with 1.6 mm tpy capacity under construction
– Kosse wet plant has a capacity of 1.5 mm tpy
• Additional capacity from third party sources available
Dry Plant Capacity
• Two world-class dry plants operating in Wisconsin with two more on the way
– 2.4 mm tpy Barron Plant on the Canadian National
– 1.4 mm tpy New Auburn Plant on the Union Pacific
– 2.5 mm tpy Arland Plant expected online by end of 2014
– 2.5 m tpy Independence Plant expected by early 2015
• 600,000 tpy “native” sand plant in Kosse, Texas closing on full capacity utilization
Transportation and
Logistics
• 13 transload sites in North America
– 3 in the Western Canadian Sedimentary Basin, including the Sexsmith Mega-Centre
– 5 serving Texas-area basins, 4 in the Marcellus/Utica, 1 serving the Bakken
• Rail fleet of nearly 4,700 cars, expected to grow to over 6,400 within a year
• Railcar storage for 840 railcars at Wisconsin facilities, going to over 1,000 by year end
www.emergelp.com PAGE 14
Not All Sands Are Created Equal
“Native” Angular Sand –
Glass Shards and Little Rocks
Northern White Sand
from Barron – Uncultured Pearls
www.emergelp.com PAGE 15
Sand Asset Summary
Wet Plant Location
Proven
Recoverable
Reserves (1)
Primary Reserve
Composition
Depth of
Reserve (Feet)
Lease Expiration
Date
Mine Area
(Acres)
Plant Capacity
(Thousands of
Tons)
New Auburn 20.0 mm tons 14-60 mesh 45-105 March 2036 418 (1) 2,000
FLS / Arland 12.0 mm tons 14-50 mesh 40-50 July 2037 364 1,200
LP Mine 8.7 mm tons 14-50 mesh 40-50 March 2038 145 1,000
Church Road (MWF) 7.5 mm tons 14-50 mesh 40-50 N/A (Owned) 80 1,200
Kosse, TX 28.2 mm tons 100 mesh 100 N/A (Owned) 225 1,500
Thompson Hills (2) 39.5 mm tons 14-50 mesh 15-95 December 2037 580 1,600
Independence (3) N/A 14-50 mesh NA NA NA 2,000
Dry Plant Location On-Site Rail
Infrastructure
On-site Railcar
Storage Capacity
Plant Capacity
(Thousands of Tons)
2013 Sales Volumes
(Thousands of Tons)
Barron, WI 3.5 miles 430 cars 2,400 1,205
New Auburn, WI 4.5 miles 420 cars 1,400 1,331
Kosse, TX N/A N/A 600 115
Arland (2) N/A N/A 2,500 N/A
Independence (3) N/A N/A 2,500 N/A
(1) Reserves are estimated as of December 31, 2013 by third-party independent engineering firms based on core drilling results and in accordance with the SEC's definitions
of proven recoverable reserves and related rules for companies engaged in significant mining activities and represent marketable finished product. Estimates for
Wisconsin reserves exclusive of sand smaller than 65-mesh.
(2) Currently under construction; expected to be operational in late 2014
(3) Currently under construction; expected to be operational in early 2015
www.emergelp.com PAGE 16
Sand Operations Process Flow
Thompson Hills FLS/Arland
New Auburn
Barron
LP Mine Church Road
New Auburn IndependenceIndependence
Arland
www.emergelp.com PAGE 17
Pro Forma Operations Process Flow
Thompson Hills FLS/Arland
New Auburn
Barron
LP Mine Church Road
New Auburn IndependenceIndependence
Arland
www.emergelp.com PAGE 18
North American Sand Markets
By early 2015, EMES expects to have single-line access to four Class One railroads,
which will provide direct rail access to every major basin in North America
Source: Association of American Railroads &
U.S. Geological Survey.
Basin
Highest Quality Sand
Mine Locations
SSS Transload Sites
BNSF
CN/GTW
CP/SOO
CSX /NS
KCS/KSCSM
UP
National Network
www.emergelp.com PAGE 19
Diversified Sales Portfolio
Sales by Basin
Eagle Ford Canada Permian Marcellus
Bakken Mid‐Con Haynesville Rockies
Barnett Other
Sales by Customer
Cust A Cust B Cust C Cust D
Cust E Cust F Cust G Cust H
Cust I Cust J Cust K Other (38)
Includes sales from January 1, 2014 through June 30, 2014
Basin and customer listed in order of largest to smallest
www.emergelp.com PAGE 20
Sand Segment Growth Opportunities
Contracts and
Customers
• Emerge has 7.4 million tons per year under contract with an average
life of 4.4 years
• In negotiations for additional tons through multi-year, fixed
price/volume contracts, including take-or-pay contracts
• Expanding and extending contracts with existing customers
Logistics
• Able to capture higher margins by delivering within 60 miles of the
the wellhead
• Leasing and contracting on an exclusive basis with transload facilities
that can serve our customer drilling areas
• New proposed facilities would allow us to reach four Class One
railroads
International
• Western Canada has significant need for frac sand; Barron has
strong logistics solution with single-line haul on the Canadian
National Railroad
• Other international efforts underway
Organic /
Acquisition
Opportunities
• Two new 2.5 mm tpy facilities announced
• Significant additional resource potential adjacent to current reserves
• Several parties have approached EMES to partner or acquire their
facilities and/or reserves
www.emergelp.com PAGE 21
FUEL SEGMENT
www.emergelp.com PAGE 22
Fuel Segment Operations
Fuel Segment provides a stable base with meaningful growth opportunities
(millions of gallons)
Transmix
Processing
Capacity
Fuel from
Transmix Sold
in 20131
Terminal
Tankage
Capacity
Wholesale
Fuel Sold in
20131
Biodiesel
Refining
Capacity
Pipeline
Connectivity
Dallas – Fort Worth, TX 107.3 97.2 12.0 17.6 NA
Explorer/Eagle/
Proprietary
Refiner
Birmingham, AL 76.7 29.5 22.0 121.8 2.0
Colonial/
Plantation
• Transmix Refining
– Distillation of comingled refined products
– Primarily sourced from pipelines
– Minimal commodity exposure (typically one week on average)
• Terminalling
– Fixed-fee revenue for storage and/or transfer to truck rack
– Revenue enhancement through blending and vapor recovery
• Wholesale Distribution
– Diesel and gasoline sales to local customers
– Product sourced from terminal customers and connecting pipeline
– Minimal commodity exposure (typically less than 2 weeks)
• Biodiesel Refinery
– Blending biodiesel with petroleum diesel to create higher margin fuel
blends
– Generates 1.5 Renewable Fuel Credits (RINs) per gallon 2
1 Direct Fuels includes all gallons sold during the calendar year
2 EPA regulation Section 80.1115
www.emergelp.com PAGE 23
Overview of Fuel Segment Business
Fuel segment revenue comes from a diverse mix of stable margin and fixed-fee
activities
Truck
Pipeline
Distillation Terminalling
Automobiles
Trains
Truck
Biodiesel
Blending
Gasoline
Additives
Biodiesel Facility Gasoline Additives
Truck Rack Facility
Diesel
Transmix
Product Source EMES Consumer
Gasoline
Gasoline
Diesel
Gasoline
Diesel
• EMES uses throughput contracts, indexed pricing, and hedging to minimize spread volatility
• EMES holds product for 7-10 days to minimize exposure to price fluctuations
Wholesale and Terminal
Vapor Recovery Unit
www.emergelp.com PAGE 24
Refined Product Pipelines in the US
Transmix facilities are primarily located along major refined products pipelines
Refined Products Pipeline
Transmix Facilities
EMES’ FP&D Facilities
Direct
Fuels
AEC
www.emergelp.com PAGE 25
Per Gallon Fuel Margins
Fuel margins have remained strong primarily on base margin strength
 $(0.050)
 $‐
 $0.050
 $0.100
 $0.150
 $0.200
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14
Aggregate per Gallon Fuel Margin
Blending Costs & RINS Effect of pricing volatility Base Margin
www.emergelp.com PAGE 26
Fuel Segment Growth Opportunities
Transmix and
Throughput
• Leverage strong relationships and existing pipeline connectivity
• Expand into adjacent geographies
• Birmingham facility has significant unused capacity
• Biodiesel facility recently restarted
• Renewable Identification Numbers (“RINs”) provide significant value
potential
• New additive systems in place at both terminals, allowing us to
terminal and sell branded as well as unbranded petroleum products
• Shipper status on Colonial and Plantation provides additional gross
margin opportunities
• Opportunity to acquire additional transmix operations and terminal
sites
• Space for expansion at both sites
Biodiesel
Terminalling
Opportunities
Organic Growth
and Acquisitions
www.emergelp.com PAGE 27
FINANCIAL OVERVIEW
www.emergelp.com PAGE 28
Recent Financial Results
Unaudited Financial Results for Emerge
Three Months 
Ended June 30, 
2014
Three Months 
Ended Mar 31, 
2014
Three Months 
Ended Dec 31, 
2013
Three Months 
Ended Sept 30, 
2013
Revenue $ 298,273 $ 274,081 $ 246,030 $ 270,241
Cost of Goods Sold 261,395 239,796 214,927 238,736
DD&A 5,711 5,770 6,362 6,390
SG&A 8,994 8,475 9,439 7,969
IPO‐Related Charges ‐ ‐ ‐ 44
Income from Operations 22,173 20,040 15,302 17,102
Interest Expense 1,943 1,584 1,279 1,645
Other (23) (119) (58) (118)
Provision for Income Taxes 170 89 90 171
Net Income (Loss) $ 20,092 $ 18,486 $ 13,991 $ 15,404
EPU (Diluted) $ 0.83 $ 0.77 $ 0.58 $ 0.64
www.emergelp.com PAGE 29
Pro Forma Capitalization
EMES has a $350 million revolver with an undrawn revolver capacity of
$139.6 million
EMES Capitalization as of June 30, 2014 ($ in millions)
Cash (Unrestricted) $11.6
Revolving Line of Credit $170.0
Other Long-Term Debt / Capital Lease 6.4
Partners Equity 161.8
Total Book Capitalization $338.3
Debt / LTM Adjusted EBITDA 1.6x
LTM Adjusted EBITDA / LTM Interest Expense 16.9x
www.emergelp.com PAGE 30
Selected Historical Sales Volumes
Sand Sales by Quarter Fuel Sales by Quarter
0
100,000
200,000
300,000
400,000
500,000
600,000
1Q 20132Q 20133Q 20134Q 20131Q 20142Q 2014
Tons of Sand
Barron New Auburn Kosse
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1Q 20132Q 20133Q 20134Q 20131Q 20142Q 2014
Thousands of Gallons
Wholesale Terminal Transmix*
* Volume of transmix processed; finished product is sold as wholesale fuel
www.emergelp.com PAGE 31
• Coarse reserves, state of the art facilities, and prime access to multiple Class One railways
• Flexible logistics network of transload sites in key basins
• Fuel assets have strong position in their markets in major metropolitan areas
• Vast majority of sand sales under long-term contract or to contracted customers
• Sand costs are stable and predictable
• Fuel purchased and sold on indexed pricing and enhanced by hedging
• Additional fixed-fee terminalling and throughput revenue in Fuel Segment
• Significant coarse mineral reserve composition, minimizing yield loss
• Proximity to major sand & fuel logistics infrastructure, minimizing transportation, fuel & personnel costs
• Enclosed dry plant operations to allow full run rates in winter months, increasing plant utilization
• Ability to flex sand production 20% between coarser and finer sands without affecting costs
• Existing dry plants are at capacity; two new facilities should be shipping in the coming quarters
• Significant coarse Northern White reserves; opening new mines and wet plants to lower costs
• Significant industry relationships lower barriers to expansion opportunities
• Kosse is starting to ramp up as well
• 80+ years of combined sand mining experience; 100+ years combined experience in fuels
• Former President and Operations General Manager of U.S. Silica
• Value added Sponsor with aligned incentives given common unit ownership
High Quality,
Strategically
Located Assets
Stable Cash Flow
Low Cost Operating
Structure
Significant Organic
Growth Capacity
Experienced
Management Team
Key Investment Highlights
• Access to multiple class Class One railways capable of reaching every major North American shale play
• Transload network allows sand sales within 60 miles of the wellhead
• By early 2015, rail fleet expected to include have well over 5,000 cars
• Fuel terminals have access to major common carrier pipelines
Intrinsic Logistics
Advantages
• Work with the customer to solve problems and meet their needs
• Every customer with a long-term contract in place for 2013 purchased above their contract minimum
• Adding new mines and plants to both lower cost and meet customer demand
Strong Reputation
with Customers
and Suppliers
www.emergelp.com PAGE 32
APPENDIX
www.emergelp.com PAGE 33
Management and Board of Directors
Name Title
Years of Industry
Experience
Senior Management Team
Rick Shearer Chief Executive Officer of EMES; CEO of Sand Division 40
Warren B. Bonham Vice President, Fuel; President of Fuel Division 29
Robert Lane Senior Vice President, Chief Financial Officer & Treasurer 20
Richard DeShazo Chief Accounting Officer 40
Board of Directors
Ted W. Beneski Chairman of the Board, Partner and Co-Founder, Insight Equity
Warren B. Bonham Vice President, Fuel and Partner, Insight Equity
Kevin Clark * Associate Professor, Corporate Strategy and Accounting, Vanderbilt University
Peter Jones * Independent Advisor
Francis Kelly * President and CEO, CEOVIEW Branding
Eliot Kerlin Partner, Insight Equity
Kevin McCarthy * Managing Partner, Kayne Anderson Fund Advisors
Rich Shearer President and Chief Executive Officer, Emerge Energy Services
Victor L. Vescovo Partner and Co-Founder, Insight Equity
* Denotes Independent Board Member
www.emergelp.com PAGE 34
Non-GAAP Reconciliation
The following table presents a reconciliation of Adjusted EBITDA to the most directly
comparable GAAP financial measures for each of the periods indicated.
Reconciliation of net income to
Adjusted EBITDA:
Three Months
Ended
June 30, 2014
Three Months
Ended
June 30, 2013
Six Months
Ended
June 30, 2014
Six Months
Ended
June 30, 2013
Net income $ 20,092 $ (4,138) $ 38,578 $ 5,775
Depreciation, depletion
and amortization expense
5,771 4,922 11,481 8,076
Provision for income taxes 170 95 259 125
Interest expense 1,943 3,450 3,527 7,663
IPO transaction-related costs - 10,922 - 10,922
Equity-based compensation expense 2,193 1,221 4,330 1,221
Loss (gain) on extinguishment of debt - 907 - 907
Other income (32) (117) (151) (159)
Provision for doubtful accounts 31 34 63 64
Loss (gain) on disposal of equipment 19 - 19 -
Accretion of asset retirement
obligations
10 - 10 -
Adjusted EBITDA $ 30,137 $ 17,296 $ 58,116 $ 34,594
www.emergelp.com PAGE 35
Emerge Energy Services LP
Citi 1x1 Conference
Las Vegas
August 21, 2014

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Emes investor presentation for citi 1v1 2014 3

  • 1. www.emergelp.com PAGE 1 Emerge Energy Services LP Citi 1x1 Conference Las Vegas August 21, 2014
  • 2. www.emergelp.com PAGE 2 Forward Looking Statements This presentation contains forward-looking statements. These statements can be identified by the use of forward-looking terminology including “may,” “believe,” “will,” “expect,” “anticipate,” or “estimate.” These forward-looking statements involve risks and uncertainties, and there can be no assurance that actual results will not differ materially from those expected by management of Emerge Energy Services LP. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report on Form 10-K filed with the SEC. The risk factors and other factors noted in our Form 10-K could cause our actual results to differ materially from those contained in any forward-looking statement. Except as required by law, Emerge Energy Services LP does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur after the date hereof. In this presentation, we present Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is used as a supplemental financial measure by our management and external users of our financial statements, such as investors and commercial banks, to assess the financial performance of our assets without regard to the impact of financing methods, capital structure or historical cost basis of our assets; the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities; our liquidity position and the ability of our assets to generate cash sufficient to make debt payments and to make distributions; and our operating performance as compared to those of other companies in our industry without regard to the impact of financing methods and capital structure. We believe that Adjusted EBITDA provides useful information to investors because, when viewed with our GAAP results and the accompanying reconciliations, it provides a more complete understanding of our performance than GAAP results alone. We also believe that external users of our financial statements benefit from having access to the same financial measures that management uses in evaluating the results of our business. We define Adjusted EBITDA generally as: net income plus interest expense, income tax expense, depreciation, depletion and amortization expense, non-cash charges and losses that are unusual or non-recurring less interest income, income tax benefits and gains that are unusual or non-recurring. We report Adjusted EBITDA (which as defined includes certain other adjustments, none of which impacted the calculation of Adjusted EBITDA herein) to our lenders under our revolving credit facility in determining our compliance with the interest coverage ratio test and certain senior consolidated indebtedness to Adjusted EBITDA tests thereunder. Adjusted EBITDA should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with GAAP.
  • 3. www.emergelp.com PAGE 3 Partnership Overview Sand Fuel • Primarily consists of processing & selling transportation mixture (“transmix”) • Also includes wholesale, terminal, and biodiesel operations • Operations in Dallas / Fort Worth and Birmingham, Alabama • Located adjacent to major common carrier pipelines • Leading manufacturer of Northern White silica sand, ~ 99% sold as a proppant for hydraulic fracturing • Diversified customer base with an attractive mix of contracts • Three* sand plants backed by several mines with high quality reserves • Advantaged rail access on two* Class I railroads, with numerous logistics and transload solutions Together, these segments provide significant EBITDA scale and balance, while giving EMES diversification benefits as the market evolves *EMES is currently constructing one new 2.5 million ton per year dry plant in Arland, WI, and is in the late stage of permitting a second 2.5 million ton per year facility; together these will should provide direct access to additional Class I railroads
  • 4. www.emergelp.com PAGE 4 Our MLP Structure • We have a simplified MLP structure – All units are Common Units – Non-economic General Partner – No Incentive Distribution Rights (IDRs) – No Minimum Quarterly Distributions (MQD) • Our Sponsor, Insight Equity, which owns 30% of the Common Units, has fully aligned its financial interests with our Public Unitholders • EMES pays out 100% of its Available Cash to Common Unitholders – We seek to capture cash flow stability through long term contracts, a low-cost operating structure, and indexed pricing – Unlike a typical “variable rate” MLP, our gross margins are not based on the spread between two commodities that may or may not be correlated – Our current credit facility allows us to borrow at favorable rates, and we are well within our financial covenants – We anticipate that our near term growth opportunities can be financed through modifications of our current credit facility
  • 5. www.emergelp.com PAGE 5 Our Sponsor and Organization • Formed in 2002 – Over $1.3 billion of capital under management – Currently deploying Fund III • Strong track record of delivering investor returns • Invests in middle market companies in asset intensive sectors • Targets strategically viable companies with transformational upside • Longer-term investment horizon – Typically 5 to 8 years • Focus on operational excellence – Deep roots in management consulting – Hands-on operational approach Ownership positions as of August 1, 2014
  • 6. www.emergelp.com PAGE 6 Investment Considerations Significant  Organic  Growth  Capacity High Quality,  Strategically  Located Assets Intrinsic  Logistics  Advantages Stable Cash Flow Experienced  Management  Team Low Cost  Operating  Structure Strong  Reputation w/  Customers and  Suppliers
  • 7. www.emergelp.com PAGE 7 Our Business Objective And Strategies • Sand segment has long-term contracts and solid relationships with creditworthy counterparties • Fuel segment contracts and hedges designed to generate stable margins • Continue to seek additional relationships and contracts with similar terms for both segments • Existing dry plants are at capacity; two new facilities should be shipping in the coming quarters • Significant coarse Northern White reserves; opening new mines and wet plants to lower costs • Multiple opportunities to contract additional transmix supplies, increase wholesale volumes, and add throughput and terminalling accounts • Actively pursue additional sales in emerging shale plays • Expand logistics capabilities and footprint through leased and contracted transload sites • Additive blending capabilities and shipper status on Colonial and Plantation pipelines increasing terminal business • Actively pursue acquisitions along current and complementary business lines • Leverage expertise into other geographies • Take advantage of industry consolidation opportunities • Acquisition of MidWest Frac assets expected to lower costs and consolidate wet sand supply • Sufficient capital to pursue growth strategy through acquisitions, organic growth, and asset optimization • Attractive current financial and credit profiles • Commitment to maximizing total distributions Seek Contractual Cash Flow Stability Capitalize on Organic Growth Opportunities Access New and Adjacent Markets Pursue Accretive Strategic Acquisitions Maintain Financial Strength and Flexibility Our primary business objective is to generate cash flow that is predictable and steadily grows over time
  • 9. www.emergelp.com PAGE 9 Proppants & Hydraulic Fracturing • Frac sand, or “proppant,” is used to prop open fissures in hydraulic fracturing • Demand expected to continue its strong growth into the near future Hydraulic Fracturing 2013 US Land Proppant Consumption Historical & Projected US Land Proppant Demand Source: PacWest Consulting Partners millions of tons Raw Sand Resin‐Coated Ceramics 0 20 40 60 80 100 2012 2013 2014P 2015P 2016P Sand Resin‐Coated Ceramics
  • 10. www.emergelp.com PAGE 10 Sand Market Overview • Demand is increasing faster than high quality supply • Logistics capabilities are no longer a competitive advantage but a necessity • Pressure pumpers are moving to the top suppliers • Industry and analyst reports support a rapidly growing need for high quality frac sand • More wells per rig, more stages per well, more sand per stage • International demand (Latin America, Central Europe) looks to Wisconsin • Permitting is becoming harder for established players and near impossible for new ones, while economic deposits of coarse Northern White sand are hard to find • Inexperienced and poor operators are being consolidated or exiting the market • New supply is coming online, but at a more responsible rate • The Tier 1 suppliers are a larger part of the market, while the Tier 2 suppliers (poorer quality, smaller scale) have less of an impact • SSS continues to improve its position relative to its Tier 1 competitors • Prices for coarser grades remain high • Prices for finer grades have found strength • As older contracts with legacy pricing roll off, there are more opportunities to secure long-term contracts near today’s prices Major Dynamics Demand Supply Competition Pricing As a top Tier 1 supplier, SSS is well-positioned in today’s market
  • 11. www.emergelp.com PAGE 11 16-30 Mesh 20-40 Mesh 30-50 Mesh 40-70 Mesh 100+ Mesh Proppant Market Differentiation • EMES mines and processes industry-leading frac sand • There are significant variations in sand characteristics and quality OIL / LIQUIDS (Coarser Sand) DRY GAS (Finer Sand) 0 PSI 2,000 PSI 4,000 PSI 6,000 PSI 8,000 PSI 10,000 PSI 12,000+ PSI SHALLOWDEEP SSS SSS SSS SSS SSS Low quality sand Industry leading sand Resin and Ceramic Coated
  • 12. www.emergelp.com PAGE 12 Competitive Advantages Quality of Sand • Emerge sand exceeds API and customer specs • Over 60% of Emerge’s Northern White sand is a mesh size of 50 or larger • One of only four companies with commercial quantities of 16/30 sand • Fully enclosed dry plants for year-round operations, regardless of weather Customer Focus • Responsiveness, customer service and quality set Emerge apart from the competition • A recently conducted survey ranked the SSS brand above that of competitors (1) • Community focus: SSS voted Business of the Year in Barron County in 2013 Cost Discipline • Focus on lowering costs by building wet plant capacity and increasing production at our dry plants • Manage Emerge rail car fleet to minimize downtime and demurrage • Rail yard design at WI plants allows for efficient loading and storage of sand • Lean SG&A profile among the lowest of Tier I sand suppliers Logistics • Wisconsin dry plants are on two Class One railroads – Economic two-line hauls provide unit train access to a third Class One railroad • 13 transload sites across North America and more planned – Emerge can deliver FOB mine or FOB transload within 60 miles of the wellhead • Track storage in Wisconsin for 850 railcars, soon to be 900 railcars (1) Study conducted by Bronson Ma Creative LLC in July 2013
  • 13. www.emergelp.com PAGE 13 Our Assets – An Overview High Quality Reserves • 87.7 million tons of Northern White silica sand – Ideal for crude oil and liquids-rich natural gas extraction from unconventional plays – Proved reserves of 65-mesh or larger; additional 70 to 100-mesh reserves not included • 28.2 million tons of native Texas sand – High quality, white sand for use in “overpacking,” dry gas fracking and sports sand applications Wet Plant Capacity • Total pro forma capacity of 8.5 million tons – Four active Northern White plants with 5.4 mm tpy capacity – One Northern White plant (Thompson Hills) with 1.6 mm tpy capacity under construction – Kosse wet plant has a capacity of 1.5 mm tpy • Additional capacity from third party sources available Dry Plant Capacity • Two world-class dry plants operating in Wisconsin with two more on the way – 2.4 mm tpy Barron Plant on the Canadian National – 1.4 mm tpy New Auburn Plant on the Union Pacific – 2.5 mm tpy Arland Plant expected online by end of 2014 – 2.5 m tpy Independence Plant expected by early 2015 • 600,000 tpy “native” sand plant in Kosse, Texas closing on full capacity utilization Transportation and Logistics • 13 transload sites in North America – 3 in the Western Canadian Sedimentary Basin, including the Sexsmith Mega-Centre – 5 serving Texas-area basins, 4 in the Marcellus/Utica, 1 serving the Bakken • Rail fleet of nearly 4,700 cars, expected to grow to over 6,400 within a year • Railcar storage for 840 railcars at Wisconsin facilities, going to over 1,000 by year end
  • 14. www.emergelp.com PAGE 14 Not All Sands Are Created Equal “Native” Angular Sand – Glass Shards and Little Rocks Northern White Sand from Barron – Uncultured Pearls
  • 15. www.emergelp.com PAGE 15 Sand Asset Summary Wet Plant Location Proven Recoverable Reserves (1) Primary Reserve Composition Depth of Reserve (Feet) Lease Expiration Date Mine Area (Acres) Plant Capacity (Thousands of Tons) New Auburn 20.0 mm tons 14-60 mesh 45-105 March 2036 418 (1) 2,000 FLS / Arland 12.0 mm tons 14-50 mesh 40-50 July 2037 364 1,200 LP Mine 8.7 mm tons 14-50 mesh 40-50 March 2038 145 1,000 Church Road (MWF) 7.5 mm tons 14-50 mesh 40-50 N/A (Owned) 80 1,200 Kosse, TX 28.2 mm tons 100 mesh 100 N/A (Owned) 225 1,500 Thompson Hills (2) 39.5 mm tons 14-50 mesh 15-95 December 2037 580 1,600 Independence (3) N/A 14-50 mesh NA NA NA 2,000 Dry Plant Location On-Site Rail Infrastructure On-site Railcar Storage Capacity Plant Capacity (Thousands of Tons) 2013 Sales Volumes (Thousands of Tons) Barron, WI 3.5 miles 430 cars 2,400 1,205 New Auburn, WI 4.5 miles 420 cars 1,400 1,331 Kosse, TX N/A N/A 600 115 Arland (2) N/A N/A 2,500 N/A Independence (3) N/A N/A 2,500 N/A (1) Reserves are estimated as of December 31, 2013 by third-party independent engineering firms based on core drilling results and in accordance with the SEC's definitions of proven recoverable reserves and related rules for companies engaged in significant mining activities and represent marketable finished product. Estimates for Wisconsin reserves exclusive of sand smaller than 65-mesh. (2) Currently under construction; expected to be operational in late 2014 (3) Currently under construction; expected to be operational in early 2015
  • 16. www.emergelp.com PAGE 16 Sand Operations Process Flow Thompson Hills FLS/Arland New Auburn Barron LP Mine Church Road New Auburn IndependenceIndependence Arland
  • 17. www.emergelp.com PAGE 17 Pro Forma Operations Process Flow Thompson Hills FLS/Arland New Auburn Barron LP Mine Church Road New Auburn IndependenceIndependence Arland
  • 18. www.emergelp.com PAGE 18 North American Sand Markets By early 2015, EMES expects to have single-line access to four Class One railroads, which will provide direct rail access to every major basin in North America Source: Association of American Railroads & U.S. Geological Survey. Basin Highest Quality Sand Mine Locations SSS Transload Sites BNSF CN/GTW CP/SOO CSX /NS KCS/KSCSM UP National Network
  • 19. www.emergelp.com PAGE 19 Diversified Sales Portfolio Sales by Basin Eagle Ford Canada Permian Marcellus Bakken Mid‐Con Haynesville Rockies Barnett Other Sales by Customer Cust A Cust B Cust C Cust D Cust E Cust F Cust G Cust H Cust I Cust J Cust K Other (38) Includes sales from January 1, 2014 through June 30, 2014 Basin and customer listed in order of largest to smallest
  • 20. www.emergelp.com PAGE 20 Sand Segment Growth Opportunities Contracts and Customers • Emerge has 7.4 million tons per year under contract with an average life of 4.4 years • In negotiations for additional tons through multi-year, fixed price/volume contracts, including take-or-pay contracts • Expanding and extending contracts with existing customers Logistics • Able to capture higher margins by delivering within 60 miles of the the wellhead • Leasing and contracting on an exclusive basis with transload facilities that can serve our customer drilling areas • New proposed facilities would allow us to reach four Class One railroads International • Western Canada has significant need for frac sand; Barron has strong logistics solution with single-line haul on the Canadian National Railroad • Other international efforts underway Organic / Acquisition Opportunities • Two new 2.5 mm tpy facilities announced • Significant additional resource potential adjacent to current reserves • Several parties have approached EMES to partner or acquire their facilities and/or reserves
  • 22. www.emergelp.com PAGE 22 Fuel Segment Operations Fuel Segment provides a stable base with meaningful growth opportunities (millions of gallons) Transmix Processing Capacity Fuel from Transmix Sold in 20131 Terminal Tankage Capacity Wholesale Fuel Sold in 20131 Biodiesel Refining Capacity Pipeline Connectivity Dallas – Fort Worth, TX 107.3 97.2 12.0 17.6 NA Explorer/Eagle/ Proprietary Refiner Birmingham, AL 76.7 29.5 22.0 121.8 2.0 Colonial/ Plantation • Transmix Refining – Distillation of comingled refined products – Primarily sourced from pipelines – Minimal commodity exposure (typically one week on average) • Terminalling – Fixed-fee revenue for storage and/or transfer to truck rack – Revenue enhancement through blending and vapor recovery • Wholesale Distribution – Diesel and gasoline sales to local customers – Product sourced from terminal customers and connecting pipeline – Minimal commodity exposure (typically less than 2 weeks) • Biodiesel Refinery – Blending biodiesel with petroleum diesel to create higher margin fuel blends – Generates 1.5 Renewable Fuel Credits (RINs) per gallon 2 1 Direct Fuels includes all gallons sold during the calendar year 2 EPA regulation Section 80.1115
  • 23. www.emergelp.com PAGE 23 Overview of Fuel Segment Business Fuel segment revenue comes from a diverse mix of stable margin and fixed-fee activities Truck Pipeline Distillation Terminalling Automobiles Trains Truck Biodiesel Blending Gasoline Additives Biodiesel Facility Gasoline Additives Truck Rack Facility Diesel Transmix Product Source EMES Consumer Gasoline Gasoline Diesel Gasoline Diesel • EMES uses throughput contracts, indexed pricing, and hedging to minimize spread volatility • EMES holds product for 7-10 days to minimize exposure to price fluctuations Wholesale and Terminal Vapor Recovery Unit
  • 24. www.emergelp.com PAGE 24 Refined Product Pipelines in the US Transmix facilities are primarily located along major refined products pipelines Refined Products Pipeline Transmix Facilities EMES’ FP&D Facilities Direct Fuels AEC
  • 25. www.emergelp.com PAGE 25 Per Gallon Fuel Margins Fuel margins have remained strong primarily on base margin strength  $(0.050)  $‐  $0.050  $0.100  $0.150  $0.200 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Aggregate per Gallon Fuel Margin Blending Costs & RINS Effect of pricing volatility Base Margin
  • 26. www.emergelp.com PAGE 26 Fuel Segment Growth Opportunities Transmix and Throughput • Leverage strong relationships and existing pipeline connectivity • Expand into adjacent geographies • Birmingham facility has significant unused capacity • Biodiesel facility recently restarted • Renewable Identification Numbers (“RINs”) provide significant value potential • New additive systems in place at both terminals, allowing us to terminal and sell branded as well as unbranded petroleum products • Shipper status on Colonial and Plantation provides additional gross margin opportunities • Opportunity to acquire additional transmix operations and terminal sites • Space for expansion at both sites Biodiesel Terminalling Opportunities Organic Growth and Acquisitions
  • 28. www.emergelp.com PAGE 28 Recent Financial Results Unaudited Financial Results for Emerge Three Months  Ended June 30,  2014 Three Months  Ended Mar 31,  2014 Three Months  Ended Dec 31,  2013 Three Months  Ended Sept 30,  2013 Revenue $ 298,273 $ 274,081 $ 246,030 $ 270,241 Cost of Goods Sold 261,395 239,796 214,927 238,736 DD&A 5,711 5,770 6,362 6,390 SG&A 8,994 8,475 9,439 7,969 IPO‐Related Charges ‐ ‐ ‐ 44 Income from Operations 22,173 20,040 15,302 17,102 Interest Expense 1,943 1,584 1,279 1,645 Other (23) (119) (58) (118) Provision for Income Taxes 170 89 90 171 Net Income (Loss) $ 20,092 $ 18,486 $ 13,991 $ 15,404 EPU (Diluted) $ 0.83 $ 0.77 $ 0.58 $ 0.64
  • 29. www.emergelp.com PAGE 29 Pro Forma Capitalization EMES has a $350 million revolver with an undrawn revolver capacity of $139.6 million EMES Capitalization as of June 30, 2014 ($ in millions) Cash (Unrestricted) $11.6 Revolving Line of Credit $170.0 Other Long-Term Debt / Capital Lease 6.4 Partners Equity 161.8 Total Book Capitalization $338.3 Debt / LTM Adjusted EBITDA 1.6x LTM Adjusted EBITDA / LTM Interest Expense 16.9x
  • 30. www.emergelp.com PAGE 30 Selected Historical Sales Volumes Sand Sales by Quarter Fuel Sales by Quarter 0 100,000 200,000 300,000 400,000 500,000 600,000 1Q 20132Q 20133Q 20134Q 20131Q 20142Q 2014 Tons of Sand Barron New Auburn Kosse 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 1Q 20132Q 20133Q 20134Q 20131Q 20142Q 2014 Thousands of Gallons Wholesale Terminal Transmix* * Volume of transmix processed; finished product is sold as wholesale fuel
  • 31. www.emergelp.com PAGE 31 • Coarse reserves, state of the art facilities, and prime access to multiple Class One railways • Flexible logistics network of transload sites in key basins • Fuel assets have strong position in their markets in major metropolitan areas • Vast majority of sand sales under long-term contract or to contracted customers • Sand costs are stable and predictable • Fuel purchased and sold on indexed pricing and enhanced by hedging • Additional fixed-fee terminalling and throughput revenue in Fuel Segment • Significant coarse mineral reserve composition, minimizing yield loss • Proximity to major sand & fuel logistics infrastructure, minimizing transportation, fuel & personnel costs • Enclosed dry plant operations to allow full run rates in winter months, increasing plant utilization • Ability to flex sand production 20% between coarser and finer sands without affecting costs • Existing dry plants are at capacity; two new facilities should be shipping in the coming quarters • Significant coarse Northern White reserves; opening new mines and wet plants to lower costs • Significant industry relationships lower barriers to expansion opportunities • Kosse is starting to ramp up as well • 80+ years of combined sand mining experience; 100+ years combined experience in fuels • Former President and Operations General Manager of U.S. Silica • Value added Sponsor with aligned incentives given common unit ownership High Quality, Strategically Located Assets Stable Cash Flow Low Cost Operating Structure Significant Organic Growth Capacity Experienced Management Team Key Investment Highlights • Access to multiple class Class One railways capable of reaching every major North American shale play • Transload network allows sand sales within 60 miles of the wellhead • By early 2015, rail fleet expected to include have well over 5,000 cars • Fuel terminals have access to major common carrier pipelines Intrinsic Logistics Advantages • Work with the customer to solve problems and meet their needs • Every customer with a long-term contract in place for 2013 purchased above their contract minimum • Adding new mines and plants to both lower cost and meet customer demand Strong Reputation with Customers and Suppliers
  • 33. www.emergelp.com PAGE 33 Management and Board of Directors Name Title Years of Industry Experience Senior Management Team Rick Shearer Chief Executive Officer of EMES; CEO of Sand Division 40 Warren B. Bonham Vice President, Fuel; President of Fuel Division 29 Robert Lane Senior Vice President, Chief Financial Officer & Treasurer 20 Richard DeShazo Chief Accounting Officer 40 Board of Directors Ted W. Beneski Chairman of the Board, Partner and Co-Founder, Insight Equity Warren B. Bonham Vice President, Fuel and Partner, Insight Equity Kevin Clark * Associate Professor, Corporate Strategy and Accounting, Vanderbilt University Peter Jones * Independent Advisor Francis Kelly * President and CEO, CEOVIEW Branding Eliot Kerlin Partner, Insight Equity Kevin McCarthy * Managing Partner, Kayne Anderson Fund Advisors Rich Shearer President and Chief Executive Officer, Emerge Energy Services Victor L. Vescovo Partner and Co-Founder, Insight Equity * Denotes Independent Board Member
  • 34. www.emergelp.com PAGE 34 Non-GAAP Reconciliation The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measures for each of the periods indicated. Reconciliation of net income to Adjusted EBITDA: Three Months Ended June 30, 2014 Three Months Ended June 30, 2013 Six Months Ended June 30, 2014 Six Months Ended June 30, 2013 Net income $ 20,092 $ (4,138) $ 38,578 $ 5,775 Depreciation, depletion and amortization expense 5,771 4,922 11,481 8,076 Provision for income taxes 170 95 259 125 Interest expense 1,943 3,450 3,527 7,663 IPO transaction-related costs - 10,922 - 10,922 Equity-based compensation expense 2,193 1,221 4,330 1,221 Loss (gain) on extinguishment of debt - 907 - 907 Other income (32) (117) (151) (159) Provision for doubtful accounts 31 34 63 64 Loss (gain) on disposal of equipment 19 - 19 - Accretion of asset retirement obligations 10 - 10 - Adjusted EBITDA $ 30,137 $ 17,296 $ 58,116 $ 34,594
  • 35. www.emergelp.com PAGE 35 Emerge Energy Services LP Citi 1x1 Conference Las Vegas August 21, 2014