Houston oilfield service company Carbo Ceramics will now be traded as a penny after after spending more than 30 days trading below $1 per share and being delisted from New York Stock Exchange.
In a late Friday afternoon statement, Carbo announced that its stock will begin trading on the OTC Markets under the stock ticker symbol CRRT when the market opens on Monday morning.
Specializing in ceramic particles used in the hydraulic fracturing process, Carbo has tried to diversify its products in other areas but falling demand from the company's oil and natural gas industry customers continued to sting the Houston company's financial performance.
Shale Slump: Lower hydraulic fracturing activity stings frac sand business
In hydraulic fracturing, or fracking, sand is mixed with ceramics, water and chemicals and then pumped into wells at high pressure to crack geological formations holding reservoirs of oil and gas. Sand or ceramics prop open fissures to allow the oil and gas to flow into the well and up to the surface.
Domestic crude oil prices have returned above the $60 per barrel mark, but drilling and hydraulic fracturing activity in the United States and Canada sharply fell after West Texas Intermediate prices spent nearly a year in the $50 per barrel range. Lower oil field activity, has translated into less demand for frac sand and related products for companies such as Carbo and U.S. Silica.
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Founded in 1987 and headquartered in Houston, Carbo has 407 employees around the world. The company posted a $75.4 million loss on $210.7 million of revenue in 2018.
The company's stock dipped below $1 per share on Nov. 11.
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December 23, 2019 at 05:00PM
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Houston oilfield service company delisted from New York Stock Exchange - Houston Chronicle
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