This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Minneapolis, MN.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Frac Sand Insider 2016 Conference & Exhibition in La Crosse, WI.
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Petroleum Connection 5th Annual Frac Sand Supply & Logistics Conference in San Antonio, TX.
Will Point-To-Point Distribution Drive Sand Industry Consolidation?Capstone Headwaters
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Houston, TX.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME 4th Annual Current Trends in Mining Finance Conference in New York, NY.
Coping with the new paradigm: What might the industry look like when it all ...Capstone Headwaters
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Industrial Minerals 4th Frac Sand Conference in Minneapolis, MN.
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Minneapolis, MN.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Frac Sand Insider 2016 Conference & Exhibition in La Crosse, WI.
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Petroleum Connection 5th Annual Frac Sand Supply & Logistics Conference in San Antonio, TX.
Will Point-To-Point Distribution Drive Sand Industry Consolidation?Capstone Headwaters
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Houston, TX.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME 4th Annual Current Trends in Mining Finance Conference in New York, NY.
Coping with the new paradigm: What might the industry look like when it all ...Capstone Headwaters
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Industrial Minerals 4th Frac Sand Conference in Minneapolis, MN.
Explosive Growth in Frac Sand and Lithium- Lessons To Be Learned?Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME Colorado MPD 67th Annual Conference in Colorado Springs, CO.
Financing and Investment: Value Propositions and Refinancing in the Industria...Capstone Headwaters
While the overall secular trends for sand is excellent with sand intensity per well continuing to increase (longer laterals, more sand per foot drilled, closer well spacing), the industry is in survival mode trying deal with the new oil price reality. Sand buyers are requiring more in-basin delivery of product, requiring the sand producers to either take over a good portion of the logistics or partner with specialist transportation and logistics companies. Nevertheless, even after providing more services, the net EBITDA margin for sand producers per ton of sand sold continues to drop, from a high of $30 per ton in 2Q 2014, to the current $15 per ton in 2Q 2015. Market trading valuations also show deflation, with the Total Enterprise Value to EBITDA ratio dropping from 23.5x in 2Q 2104 to 6.2x in 2Q 2015.
This report was presented by Joel Schneyer at the IM 3rd Frac Sand Conference in Minneapolis
A data-driven view of frac sand in the US shale plays, Permian, Eagle Ford, SCOOP, STACK, Niobrara. Includes coverage of the anticipated supply of West Texas sand mines in the Permian Basin and the upcoming logistical and water constraints.
PLG CEO and Founder, Graham Brisben spoke at the North American Rail Shippers Annual Meeting in San Francisco, California on May 24, 2017. Mr. Brisben’s presentation North American Energy Insights: Special Focus - Mexico included:
Overview of the current energy market in North America
Information on the key impacts in the rail industry
Emerging opportunities for rail in Mexico
I mformed oilfield_minerals_conf_houston_20170522-schneyer_robinson_final. fo...Susan Humerian
PLG President, Taylor Robinson, spoke at the Oilfields Mineral & Markets Forum 2017 in Houston, Texas on May 23rd. Mr. Robinson presented The Frac Sand Industry New Normal Supply Chain Challenges and Opportunities which included:
Comprehensive look at the current frac sand market
Analysis on proppant demand drivers
Information on regional sand basins
Impacts on logistics and supply chain
North American Energy & Petchem Markets-Future Imapct To RailTaylor Robinson
overviews of the North American oil & gas and petrochemical markets, as well as, key insights in the lower 48 shale plays and frac sand basins. The presentation included analysis of the supply and demand of U.S. NGL’s, and impact of the shale gas expansion on projected rail volumes. The topic of Mexican energy reform led the audience into look at specific opportunities south of the border, and ended with a big picture summary by commodity at the rail and railcar markets.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Rocky Mountains Mineral Law Foundation- Mining Law Short Course in Westminster, CO
Financing and Investment: Value Propositions and RefinancingCapstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Industrial Minerals 3rd Frac Sand Conference in Minneapolis, MN.
-Sandonomics ’17 - Regionalized Value, Distance Matters to the DJ and Bakken was presented on September 13, 2017 at the 5th Frac Sand Conference hosted by Industrial Minerals Events in Denver, Colorado. Taylor Robinson, President of PLG Consulting, and Joel Schneyer, Managing Director at Headwaters MB, provided the latest analysis of the fluctuating frac sand market. The presentation included a look at proppant consumption and grade preferences by basin, insights into the logistical challenges and requirements, and the latest information for frac suppliers to manage costs from the mine to the well head.
schneyer robinson
.5th frac sand_conf_
A Primer re Gold Valuations & Development Costs and Private Equity's Role in ...Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME Annual Conference & Expo - CMA 117th National Western Mining Conference in Denver, CO.
Lithium and Frac Sands Have Attracted Investor Interest: What Are The Lessons?Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the American Exploration & Mining Association's 122nd Annual Conference in Reno, NV.
The New Industry Paradigm: Industry Specialist Private Equity Investors as Dr...Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME's 3rd Annual Current Trends in Mining Finance Conference in New York, NY.
Shipping Supply Analysis : planting the seeds of recoveryDaejin Lee
Seaborne dry bulk trade declined 0.1% in 2015 largely due to a 6% drop in coal trade and is unlikely to show any significant recovery in the medium term. However, record levels of demolition and minimal new orders have given some hope for fundamental recovery, though fleet supply is expected to increase in the near term because of the existing orderbook.
Support for recovery
High slippage and cancellation of contracts
Absence of new orders / Shipyard defaulting
Tonnage adjustment through slow-steaming
Difficulties
Highly fragmented ownership across many geographical regions
Massive remaining orderbook / Government backed Shipyards
Low fuel oil cost
From Drilling to Downstream: Opportunities And Challenges For Rail Carriers |...PLG Consulting
With new highs in crude, NGL, and natural gas production, the US is leveraging abundant and low-cost hydrocarbons to become one of the largest suppliers of energy and chemicals to the world. PLG Consulting’s CEO Graham Brisben explains why this is happening and what it means for rail shipments and car demand in sand, refined products, chemicals, and other commodities.
Shipping supply chartpack 2016 Sample: Container, Tanker, Dry BulkDaejin Lee
In the report, you can find charts covering various statistics on fleet supply.
They are regularly updated (Monthly/quarterly) and specific sector reports are published separately.
Sample charts include below: -
1.Container: Delivery, Scrap, Orderbook and Outlook
2.Tanker: Delivery, Scrap, Orderbook and Outlook
3.Dry Bulker: Cape PMX SMX HSZ Delivery, Scrap, Orderbook and Outlook
[Compliance Notice]
This report has been produced for general information. Whilst care has been taken in the production of this report, no liability or responsibility can be accepted for any loss incurred in any way whatsoever by any person who may seek to rely on the information contained herein.
6월에 발표한 선박 공급 레포트를 현재 보유하고 있는 데이터로 최대한 업데이트 하였습니다.
건화물선은 선형별로 최대한 자세히 다루어 놓았습니다만 6월 자료 그대로인 경우가 많으니 감안하시기 바랍니다.
최근 선박 해체 시장은 컨선이 주도 하고 있고 신조시장은 미미하지만 탱커가 주도하고 있습니다.
결국 전체 해운 시장을 예측하기 위해서는 세가지 주요 선형의 현황을 다 파악하고 있어야 하는 것 같습니다.
현재 공급 상황으로는 가장 먼저 공급 조절이 일어난 건화물선이 향후 시황 상승 기회가 높은 것으로 보입니다.
컨선은 여전히 인도 예정 선박량이 많으나 상당히 많은 Slippage와 Scrap이 진행되고 있는 것은 긍정적으로 평가됩니다.
탱커선은 운임 시장이 변동성이 크지만 여전히 양호한 상황으로 선박 공급과잉에 따른 하락 리스크가 여전히 가장 큰 것으로 보입니다.
감사합니다.
Expert Perspective on the Frac Sand Market and Supply Chain - schneyer robinson PLG Consulting
Latest analysis on the frac sand market and supply chain. Expert Perspectives on the Frac Sand Market and Supply Chain.
Schneyer Robinson
06082017 final
Explosive Growth in Frac Sand and Lithium- Lessons To Be Learned?Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME Colorado MPD 67th Annual Conference in Colorado Springs, CO.
Financing and Investment: Value Propositions and Refinancing in the Industria...Capstone Headwaters
While the overall secular trends for sand is excellent with sand intensity per well continuing to increase (longer laterals, more sand per foot drilled, closer well spacing), the industry is in survival mode trying deal with the new oil price reality. Sand buyers are requiring more in-basin delivery of product, requiring the sand producers to either take over a good portion of the logistics or partner with specialist transportation and logistics companies. Nevertheless, even after providing more services, the net EBITDA margin for sand producers per ton of sand sold continues to drop, from a high of $30 per ton in 2Q 2014, to the current $15 per ton in 2Q 2015. Market trading valuations also show deflation, with the Total Enterprise Value to EBITDA ratio dropping from 23.5x in 2Q 2104 to 6.2x in 2Q 2015.
This report was presented by Joel Schneyer at the IM 3rd Frac Sand Conference in Minneapolis
A data-driven view of frac sand in the US shale plays, Permian, Eagle Ford, SCOOP, STACK, Niobrara. Includes coverage of the anticipated supply of West Texas sand mines in the Permian Basin and the upcoming logistical and water constraints.
PLG CEO and Founder, Graham Brisben spoke at the North American Rail Shippers Annual Meeting in San Francisco, California on May 24, 2017. Mr. Brisben’s presentation North American Energy Insights: Special Focus - Mexico included:
Overview of the current energy market in North America
Information on the key impacts in the rail industry
Emerging opportunities for rail in Mexico
I mformed oilfield_minerals_conf_houston_20170522-schneyer_robinson_final. fo...Susan Humerian
PLG President, Taylor Robinson, spoke at the Oilfields Mineral & Markets Forum 2017 in Houston, Texas on May 23rd. Mr. Robinson presented The Frac Sand Industry New Normal Supply Chain Challenges and Opportunities which included:
Comprehensive look at the current frac sand market
Analysis on proppant demand drivers
Information on regional sand basins
Impacts on logistics and supply chain
North American Energy & Petchem Markets-Future Imapct To RailTaylor Robinson
overviews of the North American oil & gas and petrochemical markets, as well as, key insights in the lower 48 shale plays and frac sand basins. The presentation included analysis of the supply and demand of U.S. NGL’s, and impact of the shale gas expansion on projected rail volumes. The topic of Mexican energy reform led the audience into look at specific opportunities south of the border, and ended with a big picture summary by commodity at the rail and railcar markets.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Rocky Mountains Mineral Law Foundation- Mining Law Short Course in Westminster, CO
Financing and Investment: Value Propositions and RefinancingCapstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the Industrial Minerals 3rd Frac Sand Conference in Minneapolis, MN.
-Sandonomics ’17 - Regionalized Value, Distance Matters to the DJ and Bakken was presented on September 13, 2017 at the 5th Frac Sand Conference hosted by Industrial Minerals Events in Denver, Colorado. Taylor Robinson, President of PLG Consulting, and Joel Schneyer, Managing Director at Headwaters MB, provided the latest analysis of the fluctuating frac sand market. The presentation included a look at proppant consumption and grade preferences by basin, insights into the logistical challenges and requirements, and the latest information for frac suppliers to manage costs from the mine to the well head.
schneyer robinson
.5th frac sand_conf_
A Primer re Gold Valuations & Development Costs and Private Equity's Role in ...Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME Annual Conference & Expo - CMA 117th National Western Mining Conference in Denver, CO.
Lithium and Frac Sands Have Attracted Investor Interest: What Are The Lessons?Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the American Exploration & Mining Association's 122nd Annual Conference in Reno, NV.
The New Industry Paradigm: Industry Specialist Private Equity Investors as Dr...Capstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME's 3rd Annual Current Trends in Mining Finance Conference in New York, NY.
Shipping Supply Analysis : planting the seeds of recoveryDaejin Lee
Seaborne dry bulk trade declined 0.1% in 2015 largely due to a 6% drop in coal trade and is unlikely to show any significant recovery in the medium term. However, record levels of demolition and minimal new orders have given some hope for fundamental recovery, though fleet supply is expected to increase in the near term because of the existing orderbook.
Support for recovery
High slippage and cancellation of contracts
Absence of new orders / Shipyard defaulting
Tonnage adjustment through slow-steaming
Difficulties
Highly fragmented ownership across many geographical regions
Massive remaining orderbook / Government backed Shipyards
Low fuel oil cost
From Drilling to Downstream: Opportunities And Challenges For Rail Carriers |...PLG Consulting
With new highs in crude, NGL, and natural gas production, the US is leveraging abundant and low-cost hydrocarbons to become one of the largest suppliers of energy and chemicals to the world. PLG Consulting’s CEO Graham Brisben explains why this is happening and what it means for rail shipments and car demand in sand, refined products, chemicals, and other commodities.
Shipping supply chartpack 2016 Sample: Container, Tanker, Dry BulkDaejin Lee
In the report, you can find charts covering various statistics on fleet supply.
They are regularly updated (Monthly/quarterly) and specific sector reports are published separately.
Sample charts include below: -
1.Container: Delivery, Scrap, Orderbook and Outlook
2.Tanker: Delivery, Scrap, Orderbook and Outlook
3.Dry Bulker: Cape PMX SMX HSZ Delivery, Scrap, Orderbook and Outlook
[Compliance Notice]
This report has been produced for general information. Whilst care has been taken in the production of this report, no liability or responsibility can be accepted for any loss incurred in any way whatsoever by any person who may seek to rely on the information contained herein.
6월에 발표한 선박 공급 레포트를 현재 보유하고 있는 데이터로 최대한 업데이트 하였습니다.
건화물선은 선형별로 최대한 자세히 다루어 놓았습니다만 6월 자료 그대로인 경우가 많으니 감안하시기 바랍니다.
최근 선박 해체 시장은 컨선이 주도 하고 있고 신조시장은 미미하지만 탱커가 주도하고 있습니다.
결국 전체 해운 시장을 예측하기 위해서는 세가지 주요 선형의 현황을 다 파악하고 있어야 하는 것 같습니다.
현재 공급 상황으로는 가장 먼저 공급 조절이 일어난 건화물선이 향후 시황 상승 기회가 높은 것으로 보입니다.
컨선은 여전히 인도 예정 선박량이 많으나 상당히 많은 Slippage와 Scrap이 진행되고 있는 것은 긍정적으로 평가됩니다.
탱커선은 운임 시장이 변동성이 크지만 여전히 양호한 상황으로 선박 공급과잉에 따른 하락 리스크가 여전히 가장 큰 것으로 보입니다.
감사합니다.
Expert Perspective on the Frac Sand Market and Supply Chain - schneyer robinson PLG Consulting
Latest analysis on the frac sand market and supply chain. Expert Perspectives on the Frac Sand Market and Supply Chain.
Schneyer Robinson
06082017 final
Argus ferrous derivatives and physical market wrap, 2017.Tim Hard
Argus tot up ferrous derivatives volumes for 2017 and provide an at-a-glance overview of price movements for the major steelmaking commodities over the year.
PLG president, Taylor Robinson, spoke at the 96th Annual Meeting of the Transportation Research Board in Washington D.C. on January 8th, 2017. Mr. Robinson’s presentation featured an overview of the North American energy market including analysis of the impact of shale NGLs on the downstream, and the outlook for U.S. energy/petchem surface transportation over the next five years.
Case Study-Facts on Sourcing Raw MaterialJohn William
In present scenario India and China has become one of the major sourcing destination for sourcing raw material. There are many opportunities to source raw material in these locations. To know more visit: http://www.dragonsourcing.com/india-sourcing/
Dragon Sourcing’s objective is to help our clients create significant and sustainable value (cost, quality and service) in the procurement of their goods and services by leveraging the capabilities of LCC’s supply markets in Asia and Latin America.
We are witnessing one of the most challenging transportation environments in history due to regulatory, demographic and macro-economic forces. Join Internet Truckstop CEO Scott Moscip as he examines various methods to utilize technology to overcome capacity constraints.
Similar to Expert Perspectives on the Frac Sand Market and Supply Chain (20)
Development Stage Gold Companies Value Proposition TimelineCapstone Headwaters
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the American Exploration & Mining Association's 120th Annual Conference in Reno, NV.
Energy equipment & services monthly report – september finalCapstone Headwaters
Crude prices have moderated somewhat after reaching the upper $40
range
–– Prices weakened by rising exports from Iran, elevated inventories, and
weak refinery demand
• US Rig counts continue to improve moderately
–– Since August 12, the US onshore market has added 25 rigs, bringing the
total rig count to 506
–– International rig counts rose slightly by 66 in August
• Refining utilization decreased mildly since last month, and more
substantial declines are expected going forward
–– 300k bbl/d capacity expected to be down for routine maintenance at
times during fourth quarter, excluding economic run cuts or unplanned
downtime
• In Q2 2016, overall solar system pricing fell by up to 7.5%. Utility fixedtilt
and tracking projects in Q2 2016 saw an average pricing of $1.17/Wdc
and $1.30/Wdc, respectively.
• Continued elevated temperatures led to record power demand across
the country, including an
Customer Contact Market Report
HIGHLIGHTS
Outsourcing still provides meaningful cost savings, representing roughly 20% of the total market with approximately 2.0 million outsourced agents located primarily in India and the Philippines.
Technology developments, vendor pruning, and consumer demand push providers to expand their product, service, and channel offerings.20
M&A activity expected to increase steadily in 2017 as corporate profits and consumer spending increases.
FCC onshoring initiatives continue to create jobs within big industry players via organic growth and acquisitions.19
Steady growth opportunities on a go-forward basis as the global customer contact management market is expected to grow to $81 billion by 2018 representing a CAGR of 6.1%.
U.S. based healthcare legislative changes and requirements will increase costs and complexity of compliance.
2015 YEAR IN REVIEW
Advancing technology and differentiation boost growth rates
2015 was an exciting year for the Customer Contact Management (CCM) industry, with huge strides in technology, automation, differentiation, and omni-channel diversification. Customers want to use the channel that most quickly solves their problems, including voice, chat, text, and social media. Corporate services expanded their technology offerings making large technological advances, as witnessed with Amazon's new Alexa -- a virtual assistant that can answer a wide variety of questions from weather to traffic. These technological advances around automation create a surge of efficiency and growth opportunities for CCM businesses. According to International Customer Management Institute (ICMI), nearly 55% of customers want an automated self-service experience, increasing efficiency and decreasing costs for businesses. In addition, 80% of companies plan to use customer service as a way to differentiate themselves from their competition.4
Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
For much of the last decade through 2014, the U.S. energy sector expe¬rienced a bull market sustained by debt-financed drilling programs in emerging unconventional plays and supported by elevated commodity prices. U.S. E&P players, particularly the emerging universe of indepen¬dent unconventional operators, required an array of capital-intensive services that led to a boom in the services industry as well: rigs to handle development drilling; engineering services to handle geological surveys; logistics/infrastructure services to gather, transport, and store various hydrocarbons; and refitting of refineries to process increasing volumes of light oil. This wave of capital spending led to innovation in drilling and fracking technology, taking US production from about 6 million b/d to over 9 million b/d and marking the reversal of a decades-long decline in U.S. domestic oil production.
What’s Inside:
- U.S. Crude Production Oil Outlook
- Sector Updates: Last 12 Months in Review
- Capital Spending Trends
- Current State of the Storage Market
July 2016 Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
The latest issue of our Marketing and Advertising 2Q 2016 Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in marketing and advertising, is now available.
The latest issue of our 2Q 2016 Mobile Market Update, highlighting trends in M&A, financing, and capital markets for private and public companies in Mobile, is now available.
Energy Equipment & Services: Industry Insights & HappeningsCapstone Headwaters
The latest issue of our monthly Energy Equipment & Services Report, highlighting trends in M&A, financing and capital markets for private and public companies in the energy market, is now available.
Highlights include:
Crude prices continue to dominate the industry’s outlook
1Q results in the OFS space were downbeat, but management teams expressed optimism that a recovery is in its early stages and may begin to be realized in 2017
On the M&A front, the big news in May was the termination of the planned Halliburton-Baker Hughes merger less than a month after the US DOJ sued to block the transaction.
The latest issue of our Q4 2015 Mobile Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in Internet Advertising, is now available.
Highlights include:
- M&A activity reached a 3-year high in Q3 2015
- Investment volume and aggregate values slowed from
earlier year highs
- Wireless and diversified infrastructure companies are trading
at a median LTM revenue multiple of 2.1x
- IoT / M2M companies continue to outperform the NASDAQ
and S&P indexes while their counterparts in mobile software
& solutions also remain market leaders
Technology Sector Update: Marketing and Advertising 4Q 2015Capstone Headwaters
The latest issue of our Marketing and Advertising Q4 2015 Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in Internet Advertising, is now available.
Highlights include:
- Key themes we are watching in 2016
- M&A activity stayed close to pace in 4Q 2015
- Investment volume and aggregate values rose in Q4 2015
- U.S. Marketing and Advertising public companies continue to
outpace their international counterparts and outperform the
NASDAQ, S&P 500, and MSCI Europe indexes
- U.S. Internet Advertising companies are trading at a media
LTM revenue multiple of 1.0x
• Mega opportunities in P2G and Hydrogen Battery are finally becoming a reality
• New fuel cell companies get spun-off, formed, and funded regularly
• Customers are showing greater comfort with technology through repeat purchases (Verizon and BMW)
• Industry still requires considerable support from regulators in the form of grants, project funding, etc.
• Partnerships and alliances seem to be key for smaller companies to gain global commercial traction
• Starting to see more “marriages” of “project management” companies with “fuel cell” OEMs
• Business models shifting to a service oriented “per unit” sale of hydrogen / power on a turnkey basis
• Requires deeper pockets and cheapest cost of financing
U.S. Internet Advertising companies continue to outpace their international counterparts and outperform the NASDAQ, S&P 500 and MSCI Europe indexes. U.S. Internet Advertising companies are trading at a median LTM revenue multiple of 1.3x, while International Internet Advertising companies are trading at a median LTM revenue multiple of 3.3x. M&A activity reached a 3-year high in 3Q 2015, with 55 deals, after it had dropped in 1Q 2015 and 2Q 2015, with 42 deals and 40 deals respectively, although aggregate transaction value continues to decline. Notable recent transactions include Rubicon’s acquisition of Chango ($100M), Oracle’s acquisition of Datalogix ($1.1B), Twitter’s acquisition of TellApart ($532M), BlueFocus’ acquisition of Domob Network Technology ($289M), and AOL’s acquisition of Millennial Media ($248M). Investment volume and aggregate values declined in 3Q 2015 to 60 investments and $456M in value, from 2Q 2015’s 65 investments and $458M in value. Notable recent investments include Kahuna ($45M), Demandbase ($30M), Panshi ($200M), Lattice Engines ($28M), and Magnetic Media ($25M).
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
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@Pi_vendor_247
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Expert Perspectives on the Frac Sand Market and Supply Chain
1. Expert Perspectives on the Frac Sand Market
and Supply Chain
DEMAND DRIVERS & LOGISTICS SUPPLY DRIVERS & INVESTMENT
Taylor Robinson
President
Joel Schneyer
Managing Director
Over 25 years industrial supply
chain executive experience with
5 years as PLG President
30 years as an international
investment banker, financial analyst,
and metals trader, with degrees in
Mineral Economics and Geology
2. Agenda for DiscussionAgenda For Discussion
I. Frac Sand Industry Drivers
What is behind movement in the market?
- Oil Prices: The Reign of Tight Oil & Gas
- Intensity: Oilfield Sand Demand
- Resource Acceptance: Quality vs. Proximity
- Logistics: Location, Location, Location
II. Market Expectations for Frac Sand Businesses
How is competition changing?
- Margins: The End to Growth at Any Cost
- Moats: Regionalized Value, Distance Matters
III. Implications
Where will the money go, and when will the party end?
- Volume growth in sand demanded even at $50 oil
- Quality/size no longer a selling point
- Regionalization will intensify
I
II
III
Page | 2
4. Onshore Middle East
Offshore Shelf
Extra
Heavy
Oil
Deep
water
Onshore
Russia
Onshore rest of world
Oil
Sands
North
American
ShaleUltra
deepwater
Tight Oil Is Here To Stay: US Competitive At New Breakeven Price
Page | 4
Source: Rystad Energy research and analysis, cited in: IMF. World Economic Outllook - Gaining Momentum? April 2017
Continued adoption of
technology and streamlining
of the manufacturing process
Oil Production (million barrels / day)
OilPrice(USD)
5. Drilling Activity Is On The Upswing, Focused In Sweet Spots
Page | 5
0
500
1,000
1,500
2,000
2,500
TotalNumberofRigs
Weekly Rig Count by Basin
Source: Baker Hughes, North America Rotary Rig Count Current Week Data, as of May 12, 2017
0%
20%
40%
60%
80%
100%
ProportionofRigsinUse
Others Fayetteville Granite Wash Haynesville Mississippian
Barnett Utica Cana Woodford Arkoma Woodford Ardmore Woodford
DJ-Niobrara Eagle Ford Marcellus Permian Williston
OPEC initiated crude
price increase has re-
energized rig count
and drilling &
completions
Producers utilizing
improved completion
techniques and cost
structures from
downturn
DUC inventory still
available for quick
production bursts if oil
price surges
Permian is the place to
be due to:
Significantly more
reserves
Six layers of shale
Thicker shale layers
Higher productivity via
pad drilling
Great infrastructure
already in place, with
more coming
Permian
Eagle Ford
6. Horizontal Wells in Southern Plays Are Driving The Boom
Page | 6
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2/4/2011
4/4/2011
6/4/2011
8/4/2011
10/4/2011
12/4/2011
2/4/2012
4/4/2012
6/4/2012
8/4/2012
10/4/2012
12/4/2012
2/4/2013
4/4/2013
6/4/2013
8/4/2013
10/4/2013
12/4/2013
2/4/2014
4/4/2014
6/4/2014
8/4/2014
10/4/2014
12/4/2014
2/4/2015
4/4/2015
6/4/2015
8/4/2015
10/4/2015
12/4/2015
2/4/2016
4/4/2016
6/4/2016
8/4/2016
10/4/2016
12/4/2016
2/4/2017
4/4/2017
Proportion of Active Rigs by Trajectory
Horizontal Directional
> 90% Horizontal
& Directional
Wells
as of May 2017
…. 20% increase
since 2011
Source: Baker Hughes, North America Rotary Rig Count Current Week Data, as of May 12, 2017
Texas &
New
Mexico
plays have
~ 60% of
rig activity
0
100
200
300
400
500
600
700
800
900
05/12/17
Horizontal &
Directional Wells
Permian
Haynesville
Eagle Ford
Williston
Marcellus &
Utica
DJ Niobrara
7. Efficiency Will Squeeze Areas For Long-Term Productivity
Productivity increases have continued
beyond expectations due to:
• Exclusively drilling sweet spots (i.e. known
high-production areas)
• Utilizing pad drilling and high intensity
fracking in growing scale
• Learning-by-doing from horizontal drilling,
leading to a continuous improvement
“manufacturing” methodology
Producers will face some headwinds
to further improve productivity
because:
• Oil field services suppliers still are operating
at break even/negative margins – price
increases are being demanded by OFS
suppliers
• Pressure pumpers capacity could be
limiting factor for crude production growth
this year
• Increased penetration of high efficiency
techniques leave fewer areas to improve
productivity
-
100
200
300
400
500
600
-
200
400
600
800
Jul-08
Mar-09
Nov-09
Jul-10
Mar-11
Nov-11
Jul-12
Mar-13
Nov-13
Jul-14
Mar-15
Nov-15
Jul-16
Mar-17
RigCount
Barrels/Day
Permian New Well Oil Production per Rig
Production per rig Rig count
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
MillionBarrels/Day
Total Oil Production by Shale Play
Bakken Eagle Ford Niobrara Permian
Source: EIA Drilling Productivity Report, as of May 15, 2017
Page | 7
13. Page | 13
Source: Company websites, Headwaters MB research
Permian Dune Sand Texas Regional “Brown” or “Hickory” Sands Northern White Sand
Black
Mountain
Black
Mountain Unimin FMSA US Silica Unimin FMSA US Silica
40/70 100 40/70
Brady
40/70
Texas Gold
40/70
Premium Hickory
40/70
Unifrac
40/70
White
40/70
White
Winkler, TX Winkler, TX Brady, TX Voca, TX Voca, TX
K Value 7,000 8,000 6,000 6,000 6,000 11,000 8,000-9,000 9,000
Sphericity 0.7 0.7 > 0.6 > 0.6 0.6 0.7 - 0.9 0.7 0.6
Roundness > 0.6 > 0.6 > 0.6 > 0.6 0.7 0.7 - 0.9 0.7 0.7
Turbidity < 100 < 100 < 250 < 75 10 - 130 < 100 < 50 10 - 140
Acid Solubility < 3.0% < 3.3% < 3.0% < 2.0% 1.80% < 3.0% < 0.6% 0.80%
Regional Sand Is “Good Enough”
If Regional Sand works in Texas, why wouldn’t it work in the other plays?
14. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2014 2016
Proppant Demand by Mesh Size
100 mesh 40/70 30/50 20/40
Finer Grades Are No Longer Shunned, Creating The Hot Market
> 70% of
total demand
Regional Sand Market Share
16%
2014
Northern White Regional Sands
34%
2016E
+
• Trend toward “In-Basin” sales
versus FOB Mine
• Acceptance of lower quality sands
=
Source: PacWest, IHS, US Silica, as of December 2016
Page | 14
15. Late
Quaternary
Sand Dunes
Source: EIA, US Geological Survey, Energent Group (May 2017), Headwaters MB research
Hickory
Sandston
e
Transload Terminal
Kermit TX to:
Pecos TX = 48 mi
Carlsbad NM = 90 mi
Big Spring TX = 110 mi
Lubbock TX = 155 mi
Sweetwater TX = 172
mi
Page | 15
No Shortage Of Current And Future Activity In Texas…
1 slide: Energent,
transloads, and
rail only – activity
only
2 slide: change
overlay in
obnoxious color
Transload Terminal
Kermit TX to:
Pecos TX = 48 mi
Carlsbad NM = 90 mi
Big Spring TX = 110 mi
Lubbock TX = 155 mi
Sweetwater TX = 172
mi
16. Source: EIA, US Geological Survey, Energent Group (May 2017), Headwaters MB research
Hickory
Sandstone
Transload Terminal
Page | 16
… And No Shortage Of Regional Sand In Texas
Late
Quaternary
Sand Dunes
17. Frac Sand Supply Chain – Lowest Total Delivered Cost Wins
Source: Headwaters MB research, PLG Consulting
The frac sand supplier must balance the economics of all stages:
from production through to the “Last Mile” of delivery
Operating Costs =
$15 - $30 / ton
(depends on mine quality)
Transload
Facility Fees =
$7 - $20 / ton
(depends on
regional
competition
and product)
Freight + Railcar Leases +
Fuel Surcharges + Logistics =
$30 - $60 / ton
(depends on basin delivered
to and unit train capability)
“Last Mile”
Trucking Costs =
$15 - $50 / ton
(dependent on
distance from
transload facility to
well site, driver
availability, and
truck demurrage)
Mining Processing Rail
Load-out
Long Haul
Rail
Transloading
and Storage
Trucking to
Well
Note: Transloading may be required for trucking
over ~150 miles from sand mine to wellhead
Northern White
X X X X X X
Regional Sand
X X ? X
Regional Sand is a game changer
Page | 17
18. Source: Bloomberg Markets “The Next Shale Boom Will Be Built on Sand” (August 3, 2016), PacWest (2014), Headwaters MB Research
Page | 18
Regional Sands Are Closer… Sometimes Removing Rail & Transloading
REGIONAL SANDS
• Mostly Truck
• Some Rail
SOUTHERN WHITE
• Barge
• Rail
• Truck
NORTHERN WHITE
• Rail
• Manifest
• Unit Train
19. Frac Sand Sources Quickly Changing For the Permian Due to Cost
Source: Headwaters MB research (2016); U.S. EIA based on data from various published studies as of April 2015
Lower 48 Shale Plays and Major Sand Basins
Page | 19
Directional Total Delivered
Cost
Regional
Sand Direct
Truck
Regional
Sand Rail
Northern
White Unit
Train
Northern
White
Manifest
20. Current Issues …
• Slime settling ponds are unsightly and
create leakage/water quality concerns
• Dust from sand mining causes silicosis
for workers & neighbors, resulting in
tightened air quality standards
EHS Challenges Remain for Frac Sand Industry
…. Expected Responses
• Increased use of dry stack tailing using
filter presses
• Increased use of dust suppression
sprays and covered transfer points
Page | 20
22. Source: SEC Edgar, SEDAR, Yahoo Finance, Headwaters MB research
Proppant Margins Are Improving …
$PerTon
Page | 22
-$60
-$50
-$40
-$30
-$20
-$10
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
$110
$120
Adjusted EBITDA US $ / Ton Sold
Hi-Crush P Emerge P US Silica P Fairmount Santrol P WTI Ave Price
• Q1 2017 EBITDA “blended” average margins were $0-12/ton
• Q2 2017 EBITDA margins on new Northern White contracts in the $10-20/ton range
Q1 2017
EBITDA US $/Ton Sold
Hi-Crush $1.38/t
Emerge $0.05/t
US Silica $11.09/t
Fairmount $6.97/t
Smart Sand $6.65/t
Source Energy $11.82/t
23. Source: SEC Edgar, Yahoo Finance, Headwaters MB research
… But Company Valuations Are Still At Unsustainable Levels
Page | 23
23.7
9.1
5.86…8.08.512.621.216.914.3
-200
-150
-100
-50
0
50
100
150
200
250
300
350
400
450
500
550
600
2017Q12016Q42016Q32016Q22016Q12015Q42015Q32015Q22015Q12014Q42014Q32014Q22014Q12013Q4
TEV / LTM (Adjusted) EBITDA
Hi-Crush Emerge US Silica Fairmount Santrol Average
24. Historical Middle Market M&A Transaction Multiples
Middle Market M&A Transaction Multiples - Enterprise Value / EBITDA
Even though multiples were generally down in 2016, a quality premium is still observed where acquirers
are willing to pay as much as 15% above comparable sellers for above-average financial performance
We have also seen a premium and accelerated timelines in sponsor-to-sponsor transactions
_____
Source: GF Data, February 2017
5.6x
5.8x
6.0x
5.6x
5.8x
6.0x
6.2x 6.2x
6.8x
6.6x 6.6x
6.4x
6.8x 6.7x 6.8x
8.4x
7.8x
7.3x7.3x 7.4x 7.5x
7.8x
9.0x 9.0x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
2003-2011 2012 2013 2014 2015 2016
$10M - $25M $25M - $50M $50M - $100M $100M - $250M
Page | 24
25. Source: Energent Frac Report data & company SEC disclosures as of May 2017
Large Overhang Of Capacity Has Been Sitting On The Sidelines
• ~ 108 million tons of industry capacity equates to 27 million tons per quarter of sand
available for sale
• 4 public companies provide 50-60% of the industry’s current sand demands
(note that numbers still coming in for Q1 2017)
Page | 25
0
2
4
6
8
10
12
14
16
2016Q4
2016Q3
2016Q2
2016Q1
2015Q4
2015Q3
2015Q2
2015Q1
2014Q4
2014Q3
2014Q2
2014Q1
2013Q4
2013Q3
2013Q2
2013Q1
ProppantSold(MMtons)
Other Companies Hi-Crush US Silica Fairmont Santrol Emerge
26. Shifting Sands Marketplace Favors Local Sources
$210 million: July 2016
U.S. Silica purchased brown-sand
miner NBR Sand with plans to double
output to 2 million tons/year
$275 million: Feb 2017
Hi-Crush purchased Permian Basin
brown-sand deposit with plans to
produce 3 million tons/year at
additional cost of $50 million
$20 million: April 2017
Emerge purchased brown-sand mine
from Osburn Materials to add 300,000
tons output near San Antonio, expand
to 3 million tons/year by 2018 at
additional cost of $40-60 million
Legend
Existing Frac Sand Mine
Recent Concentrated Drilling
Recent Acquisition Mine
Source: PLG Analysis
Recent Planned Mine Sites
Planned New Mines
(as of May 2017)
• Winkler County, TX:
Black Mountain’s 2 x 4 million
tons/year facilities, pending air
permits
• Winkler County, TX:
Wilks Brothers’ facility,
pending air permit
• Culberson County, TX:
Former NBR Sands LLC management,
pending air permit
• Ector County, TX:
Preferred Sands’ Letterkenny Ranch,
initial air new source permit complete
• Ector County, TX:
Preferred Sands’ Mullingar Ranch,
initial air new source permit complete
• Clovis, NM:
Delaware Sands LLC, completing
engineering & financing
Page | 26
27. Page | 27
… But Water Scarcity May Be Barrier For Regional Sand Growth
Source: WRI Aqueduct 2014
28. Recent Sand Transactions Show a Developing Pattern
Notes:
Margin assumes 30%
effective tax rate & 10% NPV
* with contingency payout
based on performance
** assume $50 mm build out
cost per HCLP press release
Date Buyer Target
Amount
(MM)
Annual Tons Capacity
(‘000)
$ / Ton
EBITDA Margin
Notes
July 2016 SLCA NBR $210 2,000 $17.62 Regional Sand
August 2016 HCLP HCLP Blair $170 2,860 $8.65 Northern White
August 2016 HCLP HCLP Blair $180 * 2,860 $9.16 Northern White
February 2017 Source SP Blair $45 1,400 $5.43 Northern White
February 2017 HCLP HCLP Whitehall $140 2,860 $7.50 Northern White
February 2017 HCLP HCLP Whitehall $205 * 2,860 $11.00 Northern White
February 2017 HCLP Permian $325 ** 3,000 $20.62 Regional Sand
March 2017 TUSK Chieftain Sand $35 1,500 $3.94 Northern White
April 2017 EMES Osburn $20 300 $10.15 Regional Sand
$0
$5
$10
$15
$20
$25
0 500 1,000 1,500 2,000 2,500 3,000 3,500
EBITDAMargin($/Ton)
Annual Nameplate Capacity - Thousand Tons
$10/ton
Source: Company press releases, Headwaters MB research
Page | 28
30. High Intensity
Drilling
Expanding
… Driving
More
Development
with Finer
Sand
… Enabling
Regional Sand
Market to Grow
… and
Increasing the
Role of
Trucking in the
Supply Chain
• Latest generation of high
intensity can add 25-40%
recovery per well
Tying Trends Together Showcases Market Shift
• Sands nearby active basins
will become the lowest
delivered cost, displacing
some current mines and
transloading
• Trucking volume
growth will drive
innovation in storage
solutions at well site
… Growing
Focus on Last
Mile Logistics
• 100-mesh sold out/in short
supply for foreseeable future
• Minimizing resin-coated sand
and ceramics usage
Page | 30
Increased Shale
Oil Production
Flattens/Shrink
Oil Prices
… Which Limits
2018+ Sand
Volume Growth
Shale oil is a victim
of its own success
for a second time
BUT
31. Shale Operations Are Logistics-Intensive –
Challenges Pushing Downstream
Materials
Chemicals
Clean Water
Proppants
OCTG (Pipe)
Railcars to
Transloading
5
From local
reservoir /
well
Avg - 55
Largest - 240
5~8
Trucks to
Wellhead Site
20
~300,000
barrels
water / job **
Avg – 220
Largest - 960
20~32
Avg – 260
Up to 1,000
Truckloads
Oil / Gas / NGLs
Pipeline, Truck, Rail
-Note: A majority of
crude is still moved by
truck for some distance
at some plays
Waste Water
Initially 2 barrels of
produced water per
barrel of Crude
increasing to 5 barrels
on average
Avg – 65
Up to 250
Railcars
Page | 31
* Example is for rail-delivered supply chain ** Horizontal/Directional well average in last 6 months (Energent Group)
Each well drilled requires:
32. Permian Activity – Shale Extent and Current Rigs
Legend
Permian Shale Layers
Active Permian Rig
Source: PLG Analysis, Baker Hughes, May 2017
Page | 32
33. Permian Activity – With Transload Locations
Legend
Permian Shale Layers
Active Permian Rig
Sand Transload
Page | 33
Source: PLG Analysis, Baker Hughes, May 2017
34. Permian Activity – With Existing Sand Mines
Legend
Permian Shale Layers
Active Permian Rig
Existing Sand Mine
Sand Transload
Source: PLG Analysis, Baker Hughes, May 2017
Source: PLG Analysis, Baker Hughes, May 2017
Page | 34
35. Legend
Permian Shale Layers
Active Permian Rig
Existing Sand Mine
Sand Transload
Announced Sand Mine
Permian – With Announced Mines
Source: PLG Analysis, Baker Hughes, May 2017
Page | 35
36. Permian Sand Trucking Will Grow Considerably Over Next 2-3 Years…
Legend
Permian Shale Layers
Active Permian Rig
Existing Sand Mine
Sand Transload
Potential Sand Mine
Frac Sand Truck
Movement
Page | 36
If Permian sand volume reaches 30M Tons/Year…
• 1,200,000 truckloads/yr sand (if all are pneumatic trucks)
• Requires over 1,000 truck fleet
+ At 3M barrels/day of crude production…
• 27,000,000 truckloads/yr produced water and crude hauling
• Requires over 10,000 truck fleet
37. …But With Growth Will Come With Growing Pains
Legend
Permian Shale Layers
Active Permian Rig
Existing Sand Mine
Sand Transload
Potential Sand Mine
Frac Sand Truck
Movement
Page | 37
Potential Impact/Concerns:
Access:
• Limited routes in some areas
• Truck congestion at major
intersections, in towns, and
near high intensity well
locations
Supply:
• Are there enough
truck/trailers of the right
configuration?
• Are there enough drivers?
Price:
• Inflation on trucking services
If Permian sand volume reaches 30M Tons/Year…
• 1,200,000 truckloads/yr sand (if all are pneumatic trucks)
• Requires over 1,000 truck fleet
+ At 3M barrels/day of crude production…
• 27,000,000 truckloads/yr produced water and crude hauling
• Requires over 10,000 truck fleet
38. Page | 38
• Increasing their product lines into
resin coated sands to get out of
commodity space
• Expanding and buying available
capacity, and investing in regional
sands
Diversifying
Product Lines
• Building out or partnering with
transload operators to have
“storefronts” in the shale plays
• Looking at “shipping box” and
providing the last mile solution
Squeezing
Value
from
Logistics
What Are the Sand Companies Doing To Respond?
39. Minneapolis Hub for Delta Airlines
• Subject to congestion and delays at hubs
• High capital investment to cope with surge hours
P2P Route Map for Spirit Airlines
• Minimizes connections and travel time
• Reduced interdependency of flights
Source: Company websites
Airlines Analogy: Hub-and-Spoke Versus Point-to-Point
Page | 39
40. Will Boxes Replace Transloading And Pneumatic Trucks?
Utilize standard flatbed trucks which
eliminate pneumatic trucks
Allow more truck turns per day
Gravity fed into blender
Pooling model
No complex belt systems
No upfront capex or obsolescence risk
Significantly reduce exposure to air
particles
Reduce shrinkage of product due to
fewer transfers
“Shipping boxes” may offer advantages to
the rail – trucking limbo for regional mine
shipments > 150 miles …
? Forklifts required at the well sites to
move boxes
? Safety concerns
? Truck turns will be limited by traffic
regardless of turnaround at well pad
? Space required for boxes at large,
high intensity fracks may create
unforeseen site permitting
constraints
? Boxes don’t maximize shipping
volume compared to bulk trucks
? Do they lower total delivered cost?
… but boxes also present other
challenges
Page | 40
41. Proppant Demand Boom Is Widely Acknowledged And Optimistic
• Projected proppant rebound to ~ 61 MM tons in 2017, followed by ~ 78 MM tons in 2018
• Oil price trajectory suggests proppant markets may be optimistic
Page | 41
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100
120
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160
2013 2014 2015 2016 2017E 2018E 2019E 2020E
OilPrice(WTI,USD/barrel)
Proppant(MMtons)
Energent - actuals IHS Markit Tudor Pickering & Holt Jeffries
Goldman Sachs Wells Fargo RBC Oil Price - EIA
Source:
• IHS Markit, Energy Blog, May 3 2017
• Rich Shearer (President & CEO) Superior Silica Sand presentation at the Industrial Minerals 4th Frac Frac Sand Conference in Minneapolis Sept 13, 2016
• Wells Fargo, Oil Service Statistics and Valuation Handbook, January 6, 2017
• RBC Capital, Frac Sand Supply Demand Update, December 5, 2016
• Energy Information Administration, Short-Term Energy Outlook, as of January 10, 2017, and Annual Energy Outlook, Table: Petroleum and Other Liquids Prices
42. Overall Proppant Demand Whips Behind Oil Price Changes
Page | 42
Source: Energent Frac Report, data as of May 2017; Energy Information Administration, Cushing, OK WTI Spot Price FOB (USD per Barrel) as of May 2017
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OilPrice(WTI,USD/barrel)
Proppant(MMtons)
Total US - Proppant Spot Price Oil
• Proppant demand covaries with oil price with approximately a six month lag
43. Check The Numbers: No Free Lunch
Page | 43
• US proppant demand is set for a rebound… but the proppant forecasts seem too
optimistic and do not appear to reflect the oil price, supply-demand feedback loop
Source:
• Energy Information Administration, Short-Term Energy Outlook, as of January 10, 2017, and Annual Energy Outlook, Table: Petroleum and Other Liquids Prices
• Headwaters MB research, correlation of historical proppant, oil price, and production
• Energent, Frac Report data as of January 2017
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2018E
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2020E
MMBOE/dayProduction
Proppant(MMtons)
Proppant - actual reported
Proppant - Mean Analyst Forecast
Oil&Gas Production - Most Likely -
EIA
Oil&Gas Production, with Low Oil
Price - EIA
Oil&Gas Production - actual
reported
Oil&Gas Production - Inferred from
Proppant Correlation
Continental Onshore USA
Tight Oil & Gas Production
44. The Frac Sand Industry Scorecard
Page | 44
LONG TERM WINNERS
“Point-to-Point”
Regional Sand
Suppliers
(lowest delivered cost)
Big “Hub & Spoke”
Northern White Mines
(unit train loading on
Class I rail, storefront
access in-basin)
Movable In-Basin
Storage Solutions
(last mile solution)
Regional Truckers
(replacement of long-
distance railcar supply)
Mixed
Rail-to-Truck
Transloads
(could be overbuilt as
regional sands become
more available)
Destination Short-line
Railroads
(loss of market share to
regional truckers)
Southern White Sand
Mines in MO & AR
(proximity to highest
demand basins)
LONG TERM LOSERS
×Marginal Northern
White Mines
×(need to truck to
outbound transload)
Class I Railroads
(reduced market share
to trucking)
Origination Short-line
Railroads
(extra layer of costs is
challenge to
competition)
×
×
×
… What Are Your Thoughts?
45. Questions or comments for the experts?
Taylor Robinson
President of PLG Consulting
trobinson@plgconsulting.com
aaaa
Joel Schneyer
Managing Director Headwaters | MB
jschneyer@headwatersmb.com
DEMAND DRIVERS & LOGISTICS | SUPPLY DRIVERS &
INVESTMENT
Editor's Notes
Joel’s View
Taylor will share his views on the scorecard
What does the experts in the audience believe?