HOUSTON (Bloomberg) — Carbo Ceramics Inc., the largest supplier of man-made proppants for the oil and natural gas industry, said sales of its synthetic fracing material fell as customers used more sand.
Third-quarter sales of ceramic proppant will fall 18% from the prior quarter, matching first-quarter levels, the Houston-based company said in a statement Sept. 22. The company reported sales of 454 million pounds in the second quarter.
â€œWe plan to manage the current competitive pricing environment, caused by proppant oversupply, by focusing on sales volumes and introducing new technologies,â€ CEO Gary Kolstad said in the statement.
The announcement was made before regular trading began in New York. Carbo had dropped 27% this year as of the close of trading Sept. 19.
The company reported selling 534 million pounds of ceramic proppant in the 2013 third quarter