The slowdown in the oil and gas industry has taken a hit on the nation’s frac sand industry as witnessed by a Texas company’s $215 million devaluation of two of its mines.
The Wisconsin State Journal reported it’s another sign of bleak economic conditions facing Wisconsin’s frac sand mining operations.
Hi-Crush Inc. last week announced the devaluation of its idled August and Whitehall mines by $109.7 million and $105.7 million each. That’s in addition to a $131 million write-off for rail cars, terminals, other assets and goodwill.
The Texas-based company declared the asset impairments in an earnings report that tallied $268.5 million in losses during the third quarter.
Click here to read entire article from Wisconsin State Journal.
