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CARBO Ceramics Inc. (NYSE:CRR) is an oil & gas service company, focused on the manufacture and distribution of ceramic proppants for use by natural gas and oil well operators in the hydraulic fracturing process. Ceramic proppants are manufactured from aluminum ores, particularly bauxite. Selected market data for CRR is presented in the table below.

Source: Bloomberg, Independent Calculations

Hydraulic fracturing involves pumping liquids under extremely high pressure into an oil or gas well in order to fracture the rock formation and cause the release of hydrocarbons contained within. In order to ensure that the fracture stays open once it is formed, a small granular material known as proppant is pumped into the fracture. This creates a...

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