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Atlas Energy Solutions Inc. (NYSE: AESI) is a premier provider of proppant and logistics services within the Permian Basin of West Texas and New Mexico, North America's most active oil and natural gas region. Founded in 2017 and led by industry veteran Bud Brigham, Atlas specializes in the production and processing of high-quality proppants essential for hydrocarbon recovery from oil and natural gas wells. Our sand reserves are strategically located in Winkler and Ward Counties, Texas, and we operate multiple production facilities, including those in Kermit and Monahans, Texas.
Atlas is at the forefront of innovation in proppant logistics, deploying advanced technologies to increase operational efficiencies. Our proprietary 42-mile Dune Express conveyor system, scheduled to go online in late 2024, exemplifies our commitment to logistics excellence. We also manage a fleet of 120 high-efficiency trucks designed for maximum payload delivery through custom-manufactured trailers.
In 2023, Atlas achieved significant milestones, including total sales of $614 million and an Adjusted EBITDA of $329.7 million. Our strong financial performance is complemented by strategic initiatives like the acquisition of Hi-Crush Inc., which expands our production capacity and diversifies our customer base in the Midland Basin.
Our approach to sustainability is holistic, focusing on reducing energy consumption, emissions, and our aerial footprint. We integrate autonomous trucking, digital infrastructure, and artificial intelligence into our operations, ensuring a lower environmental impact while maximizing value for our stakeholders.
Atlas's commitment to innovation and efficiency extends to our core mission of maximizing shareholder value. This involves generating strong cash flows and providing durable returns through industry cycles. Our advanced technologies and strategic assets position us as the proppant and logistics provider of choice, enhancing the efficiency, safety, and sustainability of the oil and gas sector in the Permian Basin.
Brigham Exploration (BEXP) has acquired Great Western Drilling 's non-operated assets in Texas and New Mexico, creating one of the largest private non-operated footprints in the Permian Basin. The acquisition includes over 7,000 net acres in the Delaware and Midland Basin, with August 2024 net production of ~2,700 boe/d from ~29 net producing wells. The deal closed on November 22, 2024, with an April 1, 2024 effective date.
Post-acquisition, BEXP's average net daily wellhead production is estimated at 15,500 boe/d from ~79 net producing wells. The company maintained a strong pro forma balance sheet with a leverage ratio below 1.0x, funding the acquisition through existing equity commitments, a new credit facility led by BOK Financial, and existing cash.
Atlas Energy Solutions (NYSE: AESI) reported Q3 2024 financial results with total sales of $304.4 million, a 6% increase from Q2. Net income was $3.9 million with a 1% margin, while Adjusted EBITDA reached $71.1 million with a 23% margin. The company announced an increased quarterly dividend of $0.24 per share and authorized a $200 million share buyback program through December 2026. Product sales grew 13% to $145.3 million, with sales volumes up 22% to 6.0 million tons. Higher operating expenses impacted results, particularly at the Kermit facility. The company maintained strong liquidity of $253.4 million as of September 30, 2024.
Atlas Energy Solutions (NYSE: AESI) has begun commissioning the Dune Express, a 42-mile fully electric conveyor system set to transform proppant logistics in the Permian Basin. The project remains on-time and on-budget, with commercial transportation expected to start in late Q4. However, the company anticipates lower Q3 2024 operating results due to higher plant operating expenses. Atlas now projects Q3 2024 revenue between $300-$310 million and adjusted EBITDA of $70-$75 million, with proppant sales volumes around 6.0 million tons. The company also expects a $9 million asset write-down related to a dredge mining asset. Despite challenges, Atlas maintains a strong balance sheet and cash flow generation, enabling continued shareholder returns. The company views 2024 as a transition year, setting up 2025 as a potential break-out year for Atlas as the market leader in proppants and logistics.
Atlas Energy Solutions (NYSE: AESI) announced that on August 22, 2024, its Board of Directors increased its size from eight to nine members and elected CEO John Turner to the Board, effective immediately.
Executive Chairman Ben M. Brigham emphasized Turner's extensive industry experience and remarkable leadership since Atlas's founding.
Turner has been CEO since March 2024, previously served as CFO and President since November 2022, and has over 20 years of experience in the oil and gas industry, holding various leadership roles in both public and private entities.
Atlas Energy Solutions Inc. (NYSE: AESI) has announced the appointment of Chris Scholla as Chief Operating Officer, effective August 5, 2024. Scholla, currently serving as the company's Chief Supply Chain Officer, has been with Atlas since 2017. He initially joined as Vice President of Supply Chain and Logistics before being promoted to his current role in November 2022.
In his tenure, Scholla has been instrumental in enhancing profitability and operational efficiency. He has overseen end-to-end supply chain operations, customer service, and support. Notably, Scholla led Atlas's entry into the oilfield logistics market in 2019 and has been managing the company's strategic logistics growth initiatives.
John Turner, President and CEO of Atlas, praised Scholla's contributions and innovative spirit, expressing confidence in his ability to advance the company's mission and strategy in his new role as COO.
Atlas Energy Solutions Inc. (NYSE: AESI) reported its Q2 2024 financial results, highlighting total sales of $287.5 million, a 49% increase from Q1 2024. The company's net income was $14.8 million with a 5% net income margin, while Adjusted EBITDA reached $72.0 million with a 25% margin. Atlas declared an increased quarterly dividend of $0.23 per share, payable on August 22, 2024.
Key highlights include:
- Net cash provided by operating activities: $60.9 million
- Adjusted Free Cash Flow: $66.6 million (23% margin)
- Dune Express construction remains on-time and on-budget
- Total liquidity as of June 30, 2024: $279.2 million
The company expects Q3 2024 financial results to improve significantly following the completion of the Kermit Feed System reconstruction.
Atlas Energy Solutions (NYSE: AESI) and Kodiak Robotics have partnered to introduce autonomous trucking technology in the Permian Basin. The companies completed their first driverless delivery of frac sand over a 21-mile route in West Texas. Atlas has ordered Kodiak-equipped driverless trucks for frac sand delivery across private lease roads. Commercial operations are set to launch early next year with two trucks using Kodiak's autonomous system.
The partnership aims to address challenges in the harsh Permian Basin environment, including dust storms and extreme heat. Atlas will own the trucks, while Kodiak provides its Driver technology and operational support. This collaboration marks a significant step in oilfield logistics and the commercial deployment of autonomous vehicles in the energy sector.
Atlas Energy Solutions (NYSE: AESI) will release its second quarter 2024 earnings after market close on August 5, 2024. The company will discuss financial and operational results in a conference call at 9:00am Central Time (10:00am Eastern Time) on August 6, 2024. A live webcast and archived materials will be accessible via the company's website.
Atlas Energy Solutions (NYSE: AESI) announced the appointment of Brian McConn as Executive Vice President, Sales, and Marketing. CEO John Turner emphasized Brian's extensive industry knowledge and leadership in sales organizations as key assets for the company's expanded customer-focused initiatives. Brian McConn brings over 10 years of experience in commercial strategy, having held senior roles at Hi-Crush, Vista Proppants and Logistics, and Halliburton. He holds a B.A. degree from The University of Texas at Austin.
Atlas Energy Solutions Inc. (NYSE: AESI) reported Q1 2024 financial results with total sales of $192.7 million, net income of $26.8 million, and adjusted EBITDA of $75.5 million. The company declared an increased quarterly dividend of $0.22 per share. The Dune Express construction remains on-time and on-budget. The company's liquidity was $360.9 million as of March 31, 2024. Atlas had a mechanical fire at the Kermit facility, but operations are being restored. The company will host a conference call on May 6, 2024.
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