Solaris Oilfield Infrastructure Provides Operational Update and Response to Current Market Conditions
Solaris Oilfield Infrastructure, Inc. Class A (SOI)
Last solaris oilfield infrastructure, inc. class a earnings: 4/30 04:57 pm
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ir.solarisoilfield.com
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Source: Business Wire
HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris”) provided an operational update today to address current market conditions. Due to a combination of geopolitical and COVID-19 pandemic related pressures on the global supply-demand balance for crude oil and related products, oil and gas operators have significantly reduced development budgets and activity. During the first quarter of 2020, Solaris believes the average number of working frac crews was down as much as 10%, driven by a significant decline beginning in March. The Company expects activity will continue to decline by more than 50% sequentially during the second quarter of 2020.The Company has taken the following steps to right size the business to ensure its strong balance sheet and service quality are preserved:Reduced direct operating costs, SG&A expenses and other support costs related to decreasing activity levels;Reduced workforce across the company; andLowered 2020 capital expend
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