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Analyzing Frac Sand Producers’ Cash Flow Measures

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Dec. 4 2020, Updated 10:53 a.m. ET

Capital expenditures

Hi-Crush Partners’ (HCLP) capital expenditures in 1Q17 were $20.4 million. The company expects 2017 capital expenditures to be $115 million–$125 million. In 1Q17, Emerge Energy Services’ (EMES) capital spending was $1.4 million.

The above graph compares Emerge Energy Services and Hi-Crush Partners’ DCF (distributable cash flow) and capital expenditures in the last five quarters.

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Distributable cash flow

Emerge Energy Services reported negative DCF of -$4.2 million in 1Q17. Hi-Crush Partners managed to produce DCF of barely $0.1 million in 1Q17 after several quarters of negative DCF.

Emerge Energy Services and Hi-Crush Partners haven’t paid any distributions since 2Q15.

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