Hi-Crush Announces Integrated Agreement for Northern White Frac Sand with CNX Resources
HOUSTON, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Hi-Crush Partners LP (NYSE: HCLP), or "Hi-Crush", today announced that it has entered into a new, long-term frac sand supply agreement for the in-basin purchase of Northern White frac sand to support CNX Resources Corporation (“CNX”) and their completions program in the Marcellus and Utica shales. In addition, CNX will utilize one FB silo system and related logistics with the option to expand based on demand.
“We are excited to begin our relationship with CNX and further expand the base of E&P customers that we serve,” said Robert E. Rasmus, Chairman and Chief Executive Officer of Hi-Crush. “Our agreement with CNX to supply both Northern White frac sand and related logistics services to their operations in the Marcellus and Utica shales further demonstrates the value of Hi-Crush’s integrated service offerings, and the continued demand for Northern White frac sand. We look forward to working with CNX to support their operations, and continuing to expand our operations in the Northeast through execution on our Mine. Move. Manage. operating strategy.”
“This is another example of CNX’s willingness to push the envelope and shift a traditional paradigm when we see an opportunity to do so,” commented CNX Chief Operating Officer Tim Dugan. “We have typically sourced sand directly through our frac vendor, but we saw an opportunity here with Hi-Crush to gain efficiencies and improve our operations through integrated sand and logistics services - and we took it. We’re excited about the partnership.”
Hi-Crush is a fully integrated, strategic provider of proppant and logistics solutions to the North American petroleum industry. We own and operate multiple frac sand mining facilities and in-basin terminals, and provide mine-to-wellsite logistics services that optimize proppant supply to customers in all major oil and gas basins in the United States. Our PropStream® service, offering both container- and silo-based wellsite delivery and storage systems, provides the highest level of flexibility, safety and efficiency in managing the full scope and value of the proppant supply chain. Visit HiCrush.com.
CNX Resources Corporation (NYSE: CNX) is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. CNX deploys an organic growth strategy focused on responsibly developing its resource base. As of December 31, 2017, CNX had 7.6 trillion cubic feet equivalent of proved natural gas reserves. CNX is a member of the Standard & Poor's Midcap 400 Index. Additional information may be found at www.cnx.com.
Hi-Crush Media Contact:
Director, Marketing and Corporate Communications
Hi-Crush Investor Contact:
Caldwell Bailey, Lead Investor Relations Analyst
Marc Silverberg, ICR
Director of Communications & Corporate Social Responsibility
Hi-Crush Partners LP