U.S. Silica cuts $20 million worth of costs, idles facility amid oil price decline

  • U.S. Silica (NYSE:SLCA) aims to cut $20 million in annualized SG&A cost in response to the recent drop in oil prices and expected decline in drilling and completions in shale. 
  • Will also idle the 1.5 million ton capacity Oil & Gas proppant facility in Sparta, Wisconsin. 
  • "The headwinds created by recent OPEC actions led to the difficult decisions we are announcing today,'' said Bryan Shinn, chief executive officer.
  • Other fracking stocks include EMES, SND

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