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Company Description

Contact Info

Three Riverway

Suite 1350

Houston, TX 77056

United States

Phone: 713-980-6200

Fax: 713-963-0088

Hi-Crush Partners LP operates as a producer and supplier of monocrystalline sand, a specialized mineral that is used as a proppant to improve the recovery rates of hydrocarbons from oil and natural gas wells. The company’s reserves consist of ‘Northern White’ sand, a resource existing primarily in Wisconsin and limited portions of the upper Midwest region of the United States. It owns, operates, and develops sand reserves and related excavation and processing facilities. The company operates through a logistics network of rail-served destination terminals strategically located throughout Pennsylvania, Ohio, New York and Texas, with additional terminals under construction in Colorado and Texas. The company owns and operates a 857-acre facility with integrated rail infrastructure, located in Wyeville, Wisconsin (the Wyeville facility), which is located in Monroe County, Wisconsin. As of December 31, 2015, it contained 82.1 million tons of proven recoverable reserves of frac sand meeting American Petroleum Institute (API) specifications. The company also owns a 98.0% interest in the Augusta facility, which is located in Eau Claire County, Wisconsin; and, as of December 31, 2015, it contained 40.9 million tons of proven recoverable reserves of frac sand meeting API specifications. The company owns and operates through a logistics network of rail-served destination terminals strategically located throughout Pennsylvania, Ohio, New York and Texas, with additional terminals under construction in Colorado and Texas. As of December 31, 2015, it leased or owned 3,947 railcars used to transport its sand from origin to destination and managed a fleet of approximately 2,100 additional railcars dedicated to its facilities by its customers. Wyeville Facility The company operates two dryer facilities at the Wyeville facility with a combined nameplate input capacity, based on manufacturer specifications, of 250 tons per hour. The Wyeville facility has an annual processing capacity of approximately 1,850,000 tons of 20/100 frac sand per year. Augusta Facility The company operates three dryer facilities at the Augusta facility with a combined nameplate input capacity, based on manufacturer specifications, of 400 tons per hour. The Augusta facility has an annual processing capacity of approximately 2,860,000 tons of 20/100 frac sand per year. Sponsor's Whitehall Facility The Whitehall facility has an annual processing capacity of approximately 2,860,000 tons of 20/100 frac sand per year. Destination Terminal Facilities As of December 31, 2015, the company owns or operates 14 destination rail-based terminal locations, of which five are temporarily idled and six are capable of accommodating unit trains. Its destination terminals include approximately 306,000 tons of rail storage capacity and approximately 97,000 tons of silo storage capacity. Each terminal location is strategically positioned in the shale plays to facilitate its customers' operations. The company’s terminals include rail-to-truck and rail-to-storage capabilities and serve as the base for a majority of its terminal resources and materials management services. Its terminal facilities include origin and distribution material staging areas, rail track capabilities, material handling equipment, private rail fleet, bulk storage and quality assurance services. Business Strategies The key elements of the company’s strategy include capitalizing on compelling industry fundamentals; building on its position as a low cost producer; focusing on long-term relationships with key customers; and pursuing accretive acquisitions from its sponsor and third parties. Customers The company’s contracted customer base includes North America’s major providers of pressure pumping services or their subsidiaries. For the year ended December 31, 2015, sales to each of FTS International, LLC; Halliburton Company; Liberty Oilfield Services; and Weatherford International Ltd. accounted for approximately 10% of the company’s total revenues. The company sells the majority of the frac sand it produces to customers with whom it has long-term contracts. For the year ended December 31, 2015, it generated 92% of its revenues from sales of frac sand to customers with whom it had long-term contracts. Environmental and Occupational Safety and Health Regulation The company is subject to the requirements of the U.S. Occupational Safety and Health Act and comparable state statutes that regulate the protection of the health and safety of workers. Competition The company’s main competitors include U.S. Silica Holdings, Inc.; Unimin Corporation; Fairmount Minerals, Ltd.; and Emerge Energy Services LP. History Hi-Crush Partners LP was founded in 2010.

 

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Price/Sales 0.9x
Price/Book 3.1x
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TEV/Sales 0.2x
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