10-Q: CARBO CERAMICS INC
10-Q: CARBO CERAMICS INC
(EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Business
The Company generates revenue primarily through the sale of products and services to the oil and natural gas industry. The Company's principal business consists of manufacturing and selling ceramic proppant for use primarily in the hydraulic fracturing of oil and natural gas wells. The Company recently commenced the sale of resin-coated sand, which is an alternative to both ceramic proppant and raw frac sand, in order to broaden its proppant suite of products. The Company also provides the industry's most popular fracture simulation software FracPro(R), as well as fracture design and consulting services. In addition, the Company provides a broad range of technologies for spill prevention, containment and countermeasures, along with geotechnical monitoring.
Critical Accounting Policies
The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Company to make estimates and assumptions (see Note 1 to the consolidated financial statements included in the annual report on Form 10-K for the year ended December 31, 2010). The Company believes that some of its accounting policies involve a higher degree of judgment and complexity than others. As of December 31, 2010, critical accounting policies for the Company included revenue recognition, estimating the recoverability of accounts receivable, inventory valuation, accounting for income taxes and accounting for long-lived assets. These critical accounting policies are discussed more fully in the Company's annual report on Form 10-K for the year ended December 31, 2010. There have been no changes in the Company's evaluation of its critical accounting policies since December 31, 2010.
Results of Operations
Three Months Ended June 30, 2011
Revenues. Revenues of $149.7 million for the quarter ended June 30, 2011 increased 34% compared to $111.5 million in revenues for the same period in 2010. The increase is mainly attributed to a 23% increase in proppant sales volume and an increase in the average proppant selling price as a result of price increases. Worldwide proppant sales volume totaled 387 million pounds for the second quarter of 2011 compared to 314 million pounds for the second quarter of 2010. North American (defined as Canada and the U.S.) sales volume increased 26% largely driven by an increase in the drilling rig count in the U.S. and Canada as well as continued acceptance of the Company's products in unconventional resource plays, including shale formations. North American proppant volumes were also favorably impacted by the availability of additional product from the Company's recently completed third manufacturing line in Toomsboro, Georgia and increases in sales of other proppants, including CARBOBond(R) resin-coated sand and ceramic proppant that meets standards published by the American Petroleum Institute ("API") and the International Organization for Standardization ("ISO") manufactured on an outsourced basis. International (excluding Canada) sales volume increased 10% primarily due to increased sales volumes in China. The average selling price per pound of ceramic proppant was $0.356 during the second quarter of 2011 compared to $0.322 for the same period in 2010.
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While segment income continued to be affected by weak Henry Hub gas prices, the increase was primarily related to higher volumes. The liquefied natural gas (LNG) facility in Equatorial Guinea had operational availability of 95 percent for the second
1793.50 1794.60 Zinc (HG) delivered per lb. 1.1239 1.1180 Cotton 1-1-16 in. strict low middling 110.05 108.49 Natural Gas Henry Hub, $ per mmbtu 4.253 4.285 b-bid a-asked. n-Nominal r-revised. nq-not quoted. na-not available.
The Company believes its operating results for the remainder of 2011 will continue to be influenced by the level of oil and natural gas drilling in North America. While natural gas prices remain low, the continuing shift in oilfield activity by the
Natural gas prices, the timing of lease commitments for oil and natural gas companies and stable weather are significant factors for energy-sector activity in the second half of 2011. Overall, we expect nonresidential end-use shipments in 2011 to be
Upstream combines the operating segments Upstream International and Upstream Americas, which are engaged in searching for and recovering crude oil and natural gas; the liquef action and transportation of gas; the extraction of bitumen from oil sands
Georgia Residents Better Able to Comparison-Shop Natural Gas ...
Houston, TX (PRWEB) February 1, 2007
Georgia residents will experience better comparison-shopping for their household natural gas needs with the introduction of several new features on GasGeorgia.com, including a natural gas appliance cost calculator, a listing of natural gas prices by available providers and an overview of deregulation in the state.
The introduction of these new features comes on the heels of a relaunch in December of the GasGeorgia.com Web site, which is powered by Houston-based WhiteFence, the leading online marketplace for comparing and purchasing essential home services. The new GasGeorgia.com site helps centralize natural gas pricing and providers for Georgians to review and order their home service.
“These new features and tools available on the GasGeorgia.com site are in direct response to what our customers have indicated will help make their natural gas comparison-shopping searches more targeted,” said Elizabeth Maberry, vice president of service providers at WhiteFence. “Being able to centrally comparison shop natural gas prices and partners, while using a detailed appliance calculator to estimate their monthly natural gas bills, helps make all consumers smarter shoppers, and helps save valuable time and money.”
In detail, the new GasGeorgia.com features and tools include:
Resources on GasGeorgia.com help educate Georgians on the deregulation of the natural gas industry in the state, including which cities feature multiple natural gas providers and pricing options.
About WhiteFence
WhiteFence is the leading online one-stop comparison-shopping marketplace that helps consumers compare and order home services such as electricity, natural gas, phone, cable and satellite TV, high-speed Internet, banking and more. WhiteFence’s proprietary transaction engine makes it easy for the more than 20 million U.S. households that move annually, as well as all consumers just looking to switch services, to find the best deals and conveniently set up their home services in minutes. WhiteFence is an Internet Capital Group (NASDAQ: ICGE) partner company.
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