ProFrac rises on plans to acquire Eagle Ford sand mining operations
05/12/2022 15:57
** Shares of oilfield services company ProFrac Holding Corp
ACDC.O up 1.7% at $23.89
** ProFrac enters into a definitive agreement to acquire the
Eagle Ford sand mining operations of Monarch Silica, LLC
urn:newsml:reuters.com:*:nPn6Hwhqla
** "This transaction further demonstrates ProFrac's
commitment to its vertical integration strategy, providing the
company with access to high-quality, local proppant," says
Executive Chairman Matt Wilks
** Proppant, typically sand or man-made materials, is used
to hold open the fractures made in ground after a fracking job
is completed
** Co expects the transaction to close by the end of 2022
** Accounting for session gains, ACDC's stock up 32% since
IPO in May 2022
(Reporting by Arshreet Singh in Bengaluru)
((Arshreet.Singh@thomsonreuters.com))