On Wednesday, Shares of U.S. Silica Holdings Inc (NYSE:SLCA), gained 4.06% to $17.95.
The demand for frac sand has exploded in the past several years as thousands of oil and natural gas wells are being stimulated using the hydraulic fracturing process. A hydraulic fracturing job on one well can require a few thousand tons of sand. This surge of specialized drilling has created a billion dollar frac sand industry in a very short time. Frac sand (proppant) use has nearly doubled since Q3 2012.
Recently, one of the largest Silica Sands producers, U.S. Silica Holdings, Inc. (SLCA) declared the delivery of a record-breaking 150-car unit train carrying over 16,500 tons of U.S. Silica White(R) frac sand from Ottawa, IL to a transload facility serving the Permian Basin.
Although the U.S. land rig count has declined during 2015 as a result of lower oil prices, large volumes of sand continue to be required as current completion designs for wells demand raised volumes of sand per stage and more stages per well. It is estimated that sand usage per well has raised by 26% from the 3rd quarter of 2014 to the 2nd quarter of 2015, according to a recent report from PacWest Consulting Partners and that trend appears to be ongoing.
U.S. Silica Holdings, Inc. produces and sells commercial silica in the United States. It operates through two segments, Oil & Gas Proppants, and Industrial & Specialty Products. The company offers whole grain commercial silica products to be used as fracturing sand in connection with oil and natural gas recovery, in addition to sells its whole grain silica products in various size distributions, grain shapes, and chemical purity levels for manufacturing glass products.
Shares of XL Group plc (NYSE:XL), declined -1.69% to $36.09, during its last trading session.
To address various issues facing brokers and clients in the current M&A environment, XL Catlin’s Professional Lines Insurance Operations in Bermuda have created a new Directors & Officers lead excess Side A Difference In Conditions (“DIC”) policy.
Matthew Irvine, XL Catlin’s Bermuda Professional Lines Chief Underwriting Officer, said: “The current and anticipated wave of insurance company consolidations creates various issues for brokers and clients to consider under D&O insurance programs. For example, the aggregate capacity offered by a merged carrier may be less than the separate capacities offered by each of the carriers before the consolidation. In that case, new insurers will need to be added to programs in which both of the merged carriers take partd. Also, if the same merged carrier take parts in both the underlying ABC program and the excess DIC program, the quality of that carrier’s drop-down coverage is diluted because that carrier is insuring against its own wrongful refusal to pay or insolvency.
“XL Catlin’s insurance companies offer independent, high quality and service-focused Side A DIC protection which addresses these concerns. Based on our many years of exemplary Side A underwriting and claims handling expertise, we now offer a creative new lead Side A DIC policy which addresses the recent and foreseable changes in the D&O claims environment and D&O insurance market.”
XL GROUP Public Limited Company, an insurance and reinsurance company, provides property, casualty, and specialty products to industrial, commercial, and professional firms; and insurance companies and other enterprises worldwide. The company operates in two segments: Insurance and Reinsurance.
Finally, Pacific Biosciences of California (NASDAQ:PACB), ended its last trade with 3.77% gain, and closed at $7.70.
Pacific Biosciences of California, will hold its quarterly conference call to discuss its Third Quarter 2015 Financial Results on Thursday, October 22, 2015, at 4:30pm Eastern Time.
Pacific Biosciences of California, Inc. designs, develops, manufactures, and markets an integrated platform for genetic analysis. The company provides single molecule real-time (SMRT) technology platform, which enables single molecule real-time detection of biological processes.
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