Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the
“Company”) today announced the completion of the acquisition of
Hi-Crush Inc. (“Hi-Crush”). The transaction strengthens Atlas’s
position as the largest proppant producer in the country, with a
total combined annual production capacity of ~28 million tons per
year, and an industry leading provider of proppant logistics in the
Permian Basin. This acquisition brings together two of the leading
innovators in the Permian proppant space and broadens Atlas’s
logistics offering through the addition of Pronghorn, a leading
multi-basin provider of proppant logistics and wellsite services.
The combined logistics offerings are expected to drive significant
operational efficiencies.
Bud Brigham, Executive Chairman and CEO of Atlas commented, "We
are thrilled to complete this acquisition, which brings two of the
leading innovators in the proppant and proppant logistics spaces
together, creating a clear industry leader. We believe this
combination will accelerate efficiency gains for our combined
customer base and will contribute to drive the ongoing
transformation of the Permian Basin from a traditional oilfield to
a more sustainable state-of-the-art energy manufacturing center on
the ground."
John Turner, President and CFO added, “The addition of the
Hi-Crush portfolio is going to drive meaningful value for our
shareholders. We believe our shared culture of innovation and our
enhanced scale will drive further efficiencies, and in time will
meaningfully expand our already industry leading margins and
profitability. Importantly, our advantaged scale and product
offerings will also allow us to better support our customers’
objective to improve well economics.”
For additional information on the acquisition, please reference
the Acquisition Presentation and Acquisition Press Release issued
on February 27, 2024, both available on Atlas’s investor relations
website at https://ir.atlas.energy/.
Atlas also announced today that its Board of Directors has named
John Turner as Chief Executive Officer, effective March 6, 2024.
Atlas's current CEO, Bud Brigham, will continue to actively serve
as the Executive Chairman of the Board of Directors.
This orderly leadership transition arises from the collaboration
of the Company's management team and Board of Directors to ensure
seamless and effective management succession.
Mr. Brigham, along with Mr. Turner and other long-term E&P
operators, founded Atlas's predecessor in 2017 and served as
Executive Chairman and CEO since the Company's initial public
offering in March 2023. Mr. Brigham will remain active in the
Company's operations, continuing to provide leadership and vision
to the Company’s management team and focusing on identifying
innovative strategic opportunities. Mr. Turner currently holds the
position of President and Chief Financial Officer at Atlas, where
he oversees the management team, financial matters and strategic
growth initiatives.
Mr. Brigham commented, "This transition results from our
consistent progress over the last year in establishing Atlas as a
public company, building our capabilities to match the scale of our
largest customers and acquiring a complementary business to enhance
our scale and offerings across the Permian Basin and beyond. John
and I were founders of Atlas back in 2017 and, as a proven oil and
gas entrepreneur, John has led our outstanding management team to
successfully manage day-to-day operations while building Atlas into
the premier proppant and logistics company in our highly
competitive industry. Atlas has a big future, and I believe John's
leadership and executive experience, with the support of our
management team, will result in continued innovation and growth
focused on increasing shareholder value."
"Bud’s vision built Atlas from an idea to an industry leader and
Atlas will continue to benefit from his future contributions," said
Robb Voyles, Chair of the Audit Committee at Atlas. "John's
exceptional experience in the industry and his demonstrated
leadership qualities uniquely position him to lead Atlas into its
next phase of growth. The Board and I look forward to working with
John to oversee the execution of Atlas's strategy."
Mr. Turner said, "I am honored that the Board has trusted me
with the role of CEO of Atlas. I am committed to continuing the
legacy of innovation, disruption and excellence that Bud's vision
and leadership established at Atlas, and I am grateful for the
opportunity to lead this management team and all of our
employees."
In addition to CEO and President, Mr. Turner will continue
serving as Chief Financial Officer while Atlas conducts a search
for a new Chief Financial Officer.
About Atlas Energy Solutions Our company was founded in
2017 by long-time E&P operators and led by Bud Brigham. Our
experience as E&P operators, combined with our unique asset
base and focus on using technology to deliver novel solutions to
our customers’ toughest challenges and mission-critical needs
differentiates us as the proppant and logistics provider of choice
in the Permian Basin.
Atlas is a leader in the proppant and proppant logistics
industry and is currently solely focused on serving customers in
the Permian Basin of West Texas and New Mexico, the most active oil
and natural gas producing regions in North America. Our Kermit, TX
and Monahans, TX facilities are strategically located and
specifically designed to maximize reliability of supply and product
quality, and our deployment of trucking assets and the Dune Express
is expected to drive significant logistics efficiencies.
Our core mission is to maximize value for our stockholders by
generating strong cash flow and allocating our capital resources
efficiently, including providing a regular and durable return of
capital to our investors through industry cycles. Further, we
recognize that our long-term profitability is maximized by being
good stewards of the environments and communities in which we
operate. In our pursuit of this mission, we work to improve the
processes involved in the development of hydrocarbons, which we
believe will ultimately contribute to providing individuals with
access to the energy they need to sustain or improve their quality
of life in a clean, safe, and efficient manner. We take great pride
in contributing positively to the development of the hydrocarbons
that power our lives.
About Hi-Crush Hi-Crush Inc., together with its
subsidiaries, is a fully-integrated provider of proppant and
logistics services for hydraulic fracturing operations, offering
frac sand production, advanced wellsite storage systems, flexible
last mile services, and innovative software for real-time
visibility and management across the entire supply chain.
Hi-Crush’s strategic suite of solutions provides US oil and gas
operators and service companies with the ability to build safety,
reliability, and efficiency into every completion. Clearlake
Capital Group L.P. and Whitebox Advisors LLC are the controlling
shareholders of Hi-Crush Inc.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Statements that are
predictive or prospective in nature, that depend upon or refer to
future events or conditions or that include the words “may,”
“assume,” “forecast,” “position,” “strategy,” “potential,”
“continue,” “could,” “will,” “plan,” “project,” “budget,”
“predict,” “pursue,” “target,” “seek,” “objective,” “believe,”
“expect,” “anticipate,” “intend,” “estimate” and other expressions
that are predictions of or indicate future events and trends and
that do not relate to historical matters identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, statements about the anticipated financial
performance of Atlas following the transaction; the expected
synergies and efficiencies to be achieved as a result of the
transaction; expected accretion to free cash flow, cash flow per
share, Adjusted EBITDA and earnings per share; expected production
volumes; expectations regarding the leverage and dividend profile
of Atlas following the transaction; expansion and growth of Atlas’s
business; Atlas’s plans to finance the transaction; our business
strategy, our industry, our future operations and profitability,
expected capital expenditures and the impact of such expenditures
on our performance, statements about our financial position,
production, revenues and losses, our capital programs, management
changes, current and potential future long-term contracts and our
future business and financial performance.
Although forward-looking statements reflect our good faith
beliefs at the time they are made, we caution you that these
forward-looking statements are subject to a number of risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. These risks include but are not
limited to: uncertainties as to whether the transaction will
achieve its anticipated benefits and projected synergies within the
expected time period or at all; Atlas’s ability to integrate
Hi-Crush’s operations in a successful manner and in the expected
time period; risks that the anticipated tax treatment of the
transaction is not obtained; unforeseen or unknown liabilities;
unexpected future capital expenditures; potential litigation
relating to the transaction; the possibility that the transaction
may be more expensive to complete than anticipated, including as a
result of unexpected factors or events; the effect of the
transaction on the parties’ business relationships and business
generally; risks that the transaction disrupts current plans and
operations of Atlas and its management team and potential
difficulties in retaining employees as a result of the transaction;
the risks related to Atlas’s financing of the transaction;
potential negative effects of the completion of the transaction on
the market price of Atlas’s common stock or operating results;
commodity price volatility, including volatility stemming from the
ongoing armed conflicts between Russia and Ukraine and Israel and
Hamas; increasing hostilities and instability in the Middle East;
adverse developments affecting the financial services industry; our
ability to complete growth projects, including the Dune Express, on
time and on budget; the risk that stockholder litigation in
connection with our recent corporate reorganization may result in
significant costs of defense, indemnification and liability;
changes in general economic, business and political conditions,
including changes in the financial markets; transaction costs;
actions of OPEC+ to set and maintain oil production levels; the
level of production of crude oil, natural gas and other
hydrocarbons and the resultant market prices of crude oil;
inflation; environmental risks; operating risks; regulatory
changes; lack of demand; market share growth; the uncertainty
inherent in projecting future rates of reserves; production; cash
flow; access to capital; the timing of development expenditures;
the ability of our customers to meet their obligations to us; our
ability to maintain effective internal controls; and other factors
discussed or referenced in our filings made from time to time with
the U.S. Securities and Exchange Commission (“SEC”), including
those discussed under the heading “Risk Factors” in Annual Report
on Form 10-K, filed with the SEC on February 27, 2024, and any
subsequently filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the
date hereof. Factors or events that could cause our actual results
to differ may emerge from time to time, and it is not possible for
us to predict all of them. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240305773189/en/
Atlas Investor Contact Kyle Turlington T: 512-220-1200
IR@atlas.energy
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