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Frac sand in the pipelineFebruary 2012
Where North America’s thirst for oil and natural gas has grown, so too has the demand for frac sand. The
supply rush has exerted intense pressure on railroads and the environment, but has been a gold mine to the
recession-stricken continent
Sand on the move: Frac sand being transported at
Preferred Sands’ plant in Woodbury, Minnesota
As North American hydrocarbon exploration shifts towards natural gas trapped in shale deposits, the importance of
hydraulic fracturing sand (frac sand) has never been so pronounced. By 2018, it has been estimated that if hydraulic
fracturing were eliminated, the US would suffer a 23% reduction in oil production, and a 57% reduction in natural gas
production (‘Measuring the Economic and Energy Impacts of Proposals to Regulate Hydraulic Fracturing’, IHS
Global Insight, 2009).
Frac sand is a proppant used in oil and gas exploration and extraction, and represents silica sand’s second largest market
by volume in the US after glassmaking. According to the latest estimates of Thomas Dolley, mineral commodity
specialist at the US Geological Survey (USGS), frac sand could account for as much as 50% of the total industrial sand
and gravel produced in 2010, with further growth expected in 2011. The increase is substantial, given that frac sand
accounted for just 27% of the 24.6m tonnes sand and gravel sold in 2009. As Dolly summarised to IM: “Frac is
awesome. It’s huge.”
Hydraulic fracturing (fracking) involves the injection of more than a million gallons of water, sand (alternative proppants
include bauxite, ceramic beads, resin coated proppants), and chemical additives at high pressure down and across into
wells at depths of up to 3,048 metres. The pressurised frac fluid causes the rock layer to crack, and the fissures are
held (propped) open by the frac sand and permit natural gas to flow up the well.
2011 marked a decrease in the number of dry natural gas wells completed, but an increase in the number of wet gas (gas
liquid-rich wells) and oil wells hydraulically fractured, a trend reflected in lower gas prices, which fell from the
$5.50-6.00/MMBtu in January 2010, to the $3.00-3.50/MMBtu range in January 2012. It is expected that the
availability of cheap natural gas will further increase consumption - with the conversion of transport and power
generation utilities to natural gas and that in the long term, natural gas consumption will spur an increase in dry natural
gas well completions.
Between 2005 and 2010, natural gas reserves grew 30% in the US, while onshore natural gas production increased 20%.
The US rig count rose 17% year on year in December 2011, to 2,003, a statistic concurrent with similar rises throughout
last year. All of this has equated to substantially increased demand for frac sand, and has sparked the much discussed
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‘gold rush’ in frac sand development, which has seen a host of juniors emerge, and nearly all of the industry’s major
players have outlined plans for significant expansions.
Supply plays catch up
As the USGS’s Dolley explained: “It’s a well worn cliche now that there’s a gold rush for frac sand. Certainly, it’s not
gold, but the level of interest in it is almost like gold. The market for frac sand in the US is 22m tonnes. And, despite
the fact that things are going gangbusters here, I don’t think supply has caught up with demand.”
Going on the evidence of expansions and new projects announced throughout 2011, ‘gangbusters’ is no understatement.
The USGS estimates, ahead of its soon to be released report: 2010 Minerals Yearbook: Silica, that frac sand
exploration will have doubled in 2010, with similar, if not greater increases expected from 2011.
“I’d say frac sand exploration has gone up by a magnitude of two or three times in the last three years, and since 2000 it
has quadrupled,” said Dolley.
Preferred Sands
Pennsylvania-based Preferred Sands LLC is one player of note that has earmarked significant expansion plans in the
coming years. The company’s existing operations, based in Nebraska, Minnesota and Arizona, produce 1.2m tpa,
400,000 tpa and 550,000 tpa frac sand respectively, but the group hopes to bolster this production more than five-fold
by 2013.
In January this year, Preferred acquired all of the assets of Winn Bay Sand for an excess of $200m, including mining
locations in Wisconsin, US and Saskatchewan, Canada, and now the company intends to ramp up its production to
emerge as one of the largest frac sand producers in North America.
“In regards to the Winn Bay acquisition, we’ve been planning it for a relatively short amount of time. We didn’t start
looking until September. We were responding to extremely strong demand from our customers,” Mike O’Neill, CEO of
Preferred Sands, told IM.
“We hope to produce 5m tonnes in 2012, and by 2013, we hope to be producing 5-7m tpa frac sand. We will emerge
solidly as the second largest supplier in North America. I am confident that there will be sufficient demand to meet our
new capacity. We are sold out of frac sand,” said O’Neill.
Shift to coarse grades?
Preferred Sands has access to coarse sands at all its deposits, throughout the US and Canada. This could be a key asset
to the company, given that many industry sources have suggested that a there has been a general shift to coarser grades
in recent months.
“We have seen a shift in demand towards the coarser grades. 100 mesh is practically worthless now. Some producers
are actually trying to force it on customers as part of their contracts. The shift has been more towards 20/40,” A.J.
DeCenso, business development manager of separation and size reduction company, Sweco, a business unit of M-I LLC,
told IM.
Jerry McGee, CEO of Texas-based frac sand producer Cadre Proppants (part of Cadre Material Products LLC), attested
to this: “We sell exclusively to oil and gas markets, all our products have strong demand. Our 20/40 product is most
often requested, though, it sees the strongest demand. 20/40 appears to be the optimal product for conductivity with its
coarseness, and permeability with its crush resistance... Going forward, you’re going to continue to see applications of
frac sand with a coarser grain.”
Cadre is another major producer looking to expand its operations in the coming months. The group supplies the Permean
and Eagle Ford shale gas basins, based in west and south Texas respectively. At present, the company produces 1.5bn
lbs sand per year (680,000 tpa), at its plant in Voca, Texas.
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An overall shift in demand has confounded some sources, with some arguing that geological diversity of different shale
formations would suggest that ideally, a range of sizes would be best suited to meet varying demand. For example,
deeper zones require a finer grain, while shallower zones require a coarser grain. It is generally accepted, though, that a
shift to oil and wet gas has strengthened the demand for coarse sand, given that it is better suited than fine.
As O’Neill’s analogy illustrated: “It is similar to the way that large marbles would allow for fluid to easily flow through
them. So too a larger, coarser sand will create an easier passage for oil and gas.”
Price pressure
Almost inevitably it seems, the near inelastic demand for frac sand and lagging supply has exerted an upwards pressure
on prices, both ex-works and delivered, across North America. Sources unanimously agreed that prices rose throughout
2011, and many expect the trend to continue at least throughout 2012. At what rate and for how long prices will continue
to rise, though, is disputed between sources, with many suggesting that stiff competition will help keep them in check.
“Not only have frac sand prices increased due to increased transport costs, but a supply and demand imbalance has put
upward pressure on the price of sand at the plant site. Furthermore, the supply shortage of premium Midwestern sand or
equivalent in southern frac markets has resulted in production facilities importing raw premium sand to existing plans
south of the Midwest, ie. Texas,” one source told IM.
A shortage of sand produced in Texas is unlikely to remain an issue for long, however, given the bustling activity of
both established and emerging producers in the area. In June last year, Natural Resource Partners LP acquired 2.8 km2
frac sand reserves near Tyler, east Texas, for $16.5m, the sand from which the group intends to farm out to nearby shale
gas plays. In May, Hunt Global Resources Inc. entered an agreement to acquire the mining rights to an estimated 100m
tonnes northern white frac sand, also in Texas.
“I expect price rises to continue. With quartz frac proppant, I think the price is going to trend up, I don’t think it’s going
to go up tremendously because it’s competitive, they’ll trend up slowly, but I don’t expect them to spike. Generally, the
price I’m seeing coming out of the mine is $40-50/tonne, but they can go as high as $200-300/tonne, that’s not
unrealistic,” said one source.
One Texas-based producer added to IM: “Pricing has increased across the board for all types of proppants. We expect
increases to continue, owing to the supply and demand disparity. I expect this to level off in 2012, or 2013, given the
number of customers versus quality sand becoming available.”
Table 1 gives an outline of free on board (FOB) prices, for varying regions in the US.
Location Grade Price ($/tonne)
South-east Arkansas Mid quality 40/70 60
Eastern Ohio Mid quality 40/70 85
North-west Wisconsin High quality 20/40 110
Shreveport, Louisiana High quality 20/40 145
San Antonio, Texas High quality 20/40 195
North Dakota High quality 20/40 200
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Logistics
“Location, location, location!”- was the message voiced by Scott Broughton, CEO of Stikine Energy Corp., last year.
Stikine is developing two frac sand projects in British Columbia, Canada, and Broughton has emphasised that the
group’s relative proximity to two major emerging gas projects, the Montney and Horn River basins, is one of its most
valuable assets. Last March, Broughton claimed that prices for frac sand delivered in British Columbia shale gas plays,
from sources in Winn Bay, Saskatchewan, and Wisconsin, US, were as high as $300-325/tonne, compared with ex-works
prices of $20-50/tonne.
Like most industrial minerals, frac sand is a high volume, low margin commodity, and as such producers rely heavily on
favourable logistics in order to keep costs down. Simply put, frac sand deposits that are too far from their end markets
are unsuitable as commercial prospects, especially at a time of stiff competition, where every man and his dog appears
to be developing a new operation, in every geologically prospective nook and cranny of North America.
Broughton’s assertion, though, that up to 80% of Stikine’s competitors’ costs are transport incurred, is not necessarily
representative of the entire North American market; but sources are largely agreed that a frac sand deposit’s proximity
to end markets is paramount to its success.
“Transport costs, I would think, at least the rail transport, and perhaps transport in general, are at least a third of the total
cost. I’d say handling at the mine is about 40%, and the mining about 24%, of the cost of sand when it is delivered,”
said the USGS’s Tom Dolley.
O’Neill of Preferred Sands was slightly less conservative in his estimation of the transport impact on frac sand prices,
and pointed to how a superior logistics model can foster great savings in both cost and time.
“In this business, distribution is everything... On average, logistics will double the cost of frac sand, so a strong logistics
model makes you more competitive,” O’Neill told IM.
Preferred owns its own rail fleet, and has the infrastructure to ship unit trains, allowing the group to make considerable
time savings in delivering its sand. Typically, it can take producers eight to ten days to make a shipment, but Preferred
can ship its product in as few as two-three days, yielding a 70% time saving.
“Our unit car capabilities allow us to ship up to ninety cars of dry processed sand, which saves our customers time and
money on demurrage,” O’Neill explained.
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Railroad impact
The frac sand-generated demand has been a double-edged sword for the US rail system. On one side, rail companies
have thrived in the fresh and copious demand, implementing price increases and securing new contracts; but on the
other, the rail system has found itself ill-equipped to cope with the unprecedented increase in movement.
As Brennan Thomas, president of Texas-based frac sand logistics group, Pro Sands LLC, explained to IM: “In many
ways, rail is the best mode of transportation for long hauls of 300 miles (483km) or more. However, I believe the US
rail system is beginning to see signs of strain, especially in the producing states, where rail was minimal to begin with.”
A.J. DeCenzo, business development manager at Kentucky-headquartered Sweco, concurred to IM that: “Regarding
railroads, it’s quite ironic what the increased frac sand movement has caused. Initially, tracks and lines were being
removed to make way for public leisure alternatives, such as paths, but with the frac sand boom, they’re finding that
there aren’t enough lines to meet demand.”
Pro Sands’ Thomas observed, though, that while railroad companies must clamour to stay ahead of the curve with their
planning, the increased demand has provided significant opportunities for some of the short-line railroads, which are
seeing their traffic double or triple.
Pro Sands struck a new long-term lease and rail freight services agreement with Patriot Rail Corp. in December last
year.
The five-year agreement, signed between Pro Sands and Patriot’s Louisiana and North West Railroad (LNW) subsidiary,
will see Pro Sands lease 10 acres (0.04 km2) of property at LNW’s newly constructed Iron Bridge Road transload
facility in Gibsland, Louisiana. The company has committed to moving a minimum of 2,400 carloads of freight annually
into the facility in which Patriot has invested over $3m to develop and construct over the past year.
The increased rail activity has had an inevitable and significant impact on end users, who find themselves footing the
bill for the rising costs. As frac sand consultant K.J. Murdock explained to IM: “Overall lease costs have doubled for
covered hopper cars over the past two years and lease car availability, either third party or railroad supplies cars, is
approaching nil. Increased costs also result from inefficient rail car utilisation, demurrage charges, the use of more
expensive truck transportation, or sand storage charges. All these expenses are then passed on to the ultimate consumers
of the sand Ð the oil or gas production companies.”
Opposition
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The battle between environmental concerns and opposition to all things frac sand, from mining to hydraulic fracturing -
and the economic benefits that the frac sand industry brings to North America - has been one of the most hotly debated
in the industrial minerals industry in 2011. Producers have had to negotiate a fine line between keeping competitive,
while satisfying environmental regulations and appeasing local residents. In some instances, county planners have
responded by implementing moratoriums on frac sand mining, in states such as Minnesota and Wisconsin. In most cases,
though, their course is likely to be short-lived. On the other side, those actively involved with the frac sand market have
suggested that ignorance is one of the key challenges the industry faces.
“On a micro scale, there is a tremendous amount of ignorance about mining and fracking in general. The industry is
battling with ignorance,” said Cadre’s McGee. “Often, people buy into the first story they hear. We certainly support the
facts being known. Frac sand is a great contributor to the economy, and an additive to the job picture.”
The figures do undoubtedly present an extremely strong economic case for the frac sand industry. According to
economists and industry experts Penn State, the development of the Marcellus shale (which is dependent on hydraulic
fracturing) could generate nearly 300,000 new jobs, over $6 bn in federal, state, and local tax revenue and nearly $25bn
in value added to the economy by 2020. It is easy to see that given the US’s ongoing recession, an argument against frac
sand mining and use would have to be well fortified indeed to be taken seriously.
Sweco’s DeCenso explained: “Local officials and citizens are trying to educate themselves about the possible impacts,
both positive and negative, of sand mining. But unfortunately, in a lot of cases the information they receive is less than
accurate. Our industry needs to do a better job of explaining what we do and how we do it. Probably the best thing we
could do is point to the stewardship that many sand producers have demonstrated in communities in other parts of the
county where they have been operating as responsible corporate citizens for many decades.”
Opponents, however, have argued that the problems in frac sand mining run deeper. Patricia Popple, a Wisconsin
resident and frac sand activist told IM last August that “there are no standards in Wisconsin”. She added that a lack of
enforcement prevails in sand mining, suggesting that leakage from nearby mines is damaging the local environment.
In another story covered by IM in November last year, Eau Claire county, Wisconsin implemented a moratorium on frac
sand mining which will be in place until 31 April 2012. The move was not unique - in the last six months alone,
Midwest counties Red Wing, Wabasha and Winona, all implemented moratoriums - but Eau Claire’s is worthy of note
given the county’s board remained confident that junior developers looking to secure permitting would still be
guaranteed to do so, asserting that the moratorium would simply serve as a ‘breather’. It is conceivable that
moratoriums laid down in other Midwestern counties are also serving to buy time, as a host of juniors look to develop.
Frac sand consultant for junior developer Victory Nickel Inc., K.J. Murdock, said to IM: “Permitting challenges for frac
sand miners are a combination of poor communication with the public, accepting undue restrictions in order to get
permits, and a lack of inventiveness in getting the product to market (for example a failure to explore alternatives to
truck transportation between mine sites and processing or transload plants.) The stress of getting the US economy back
on track, along with the need for good stable jobs, will help to create an environment where environmental concerns will
eventually be worked out, and the quality of the frac mining company’s applications will improve.”
For now, it seems fair to assume that the frac sand bubble will not burst, given its vital role in oil and gas exploration.
Oil and gas companies are dependent on frac sand, and the US is dependent on oil and gas. In a telling move last
September, Texas-based oil and natural gas company EOG Resources Inc. announced that it would start up its own
1.7m tpa frac sand plant, and in so doing secured its own supply. The consensus, it seems, is that while environmental
issues need to be addressed, the economic benefits of frac sand mining, and hydraulic fracturing, will dictate the
proppant mineral’s future.
Selected North American frac sand supply and market movements
Company Location Comments
Carmeuse Lime & Stone Barron County,
Wisconsin, US
· Pittsburgh-based Carmeuse said in
May 2011 said that it was taking steps
towards a new frac sand plant in
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Wisconsin, with construction targeted for
2012 and production for 2013
· group is looking to exploit Northern
White sand, which it describes as the
‘obvious way to go’
· Carmeuse brought an expansion online
at its Voca West Brady operation in
March, which it said was intended to
produce more grades and to make it one
of the most efficient frac plants in the
Brady operations group
· the expansion has brought new grades
online, including 8/12 filter pack grade,
10/16 filter pack grade, 30/50 API frac
sand and 40/70 – API frac sand
Hunt Global Resources Inc. Conroe, Texas, US · Hunt plans to produce 1m tpa frac sand
at its site in Conroe, Texas
· said to be in discussions with several
large oil and gas service customers
interested in purchasing frac sand from
mine
· owns mining rights to 1.4km2 frac land
containing 21m tonnes of frac sand
· set to mine Texas Brady sand (Brady
sand is the name by which Texas sand is
commonly referred), which will yield
significant savings owing to its lower
crush resistance, suitable for shallower
depths
· targets 2012 for project construction
Interstate Energy Partners LLC Grantsburg,
western Wisconsin,
US
· IE Partners is targeting the production
of 300,000 tpa frac sand from a small vein
in the Jordan formation, also in Wisconsin
· company said it will allow seasons to
determine how it progresses
· project supported by good
infrastructure, with a rail spur within
48km of the deposit
· deposit totals 15m tonnes frac sand ore
Preferred Sands LLC Wisconsin, US;
Saskatchewan,
Canada
· Pennsylvania-based Preferred Sands
announced in January this year that it had
acquired all of the assets of Winn Bay
Sand for an excess of $200m, including
mining locations in Wisconsin, US, and
Saskatchewan, Canada
· the company said that the acquisition
made it the largest frac sand producer in
Canada, and one of the top three in the US
· the Winn Bay assets will add up to
1.7m s. tons (1.54m tonnes) to Preferred’s
total output, and by 2013, up to 2.5m s.
tons (2.27m tonnes) to its total output
· sand from these assets set to supply all
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of Canada, North Dakota, and parts of
Wyoming
· financing secured by work with
Barclays and JP Morgan, and from
revenues generated by Preferred’s existing
operations
Pro Sands LLC Texas, US · frac sand supply and logistics company
expects to start begin producing frac sand
itself in April 2012, at its western
Texas-based plant
· targets initial production of 360,000 tpa
of high quality, coarse frac sand
· has growth plans to bring online at least
two additional, similarly sized plants by
2013, in southern Texas and close to the
Marcellus shale formation, which covers
parts of Pennsylvania and New York
· in December last year, the group
entered a long-term lease and rail freight
services agreement with Patriot Rail
Corp., to supply customers in the
Haynesville shale region
Stikine Energy Corp. Vancouver, Canada · TSX-listed Stikine Energy Corp. is
looking to produce 1m tpa frac sand at its
Nonda pilot plant, located 150km west of
the Horn River Basin, British Columbia
· in December 2011, the group received
the results of a preliminary economic
assessment (PEA), which provided for a
mine life of 25 years, a base case net flow
of $2.96bn, and an alternative case net
cash flow of $4.21bn
· will supply frac sand to the British
Columbia Horn River and Montney
basins, said to have demand for 400,000
tpa and 900,000 tpa frac sand respectively
· in January this year, Stikine received
crush test results which demonstrated that
pilot plant and bench scale tests for the
group’s Nonda and Angus materials have
achieved the recommended specifications
for API/ISO crush tests
US Silica Holdings Inc. Berkeley Springs,
West Virginia
· US Silica, one of the largest producers
of commercial silica in the US, said last
July that it has filed for a $200m initial
public offering (IPO) of its common stock
· the company said in a filing that the
proceeds will be used to finance
acquisitions and for general corporate
purposes
Victory Nickel Inc. Manitoba, Canada · in September 2011, Canada’s Victory
Nickel received approval from its board
of directors to develop its Minago
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sulphide, nickel and frac sand deposit in
Manitoba, Canada
· plans to mine 11.2m tonnes of frac sand
that overlies the company’s nickel deposit
in Manitoba’s Thompson nickel belt
· project has potential to generate an
average revenue, net of freight, of $70m
· the group is seeking a joint venture
partner in order to progress with
development, targeting production in Q1
2014
· 137m tonne clay, limestone and
sandstone layer overlying the nickel
mineralisation must be removed as part of
pre-stripping the open pit
· company expects frac sand to be
distributed by third party
Frac sand at a glance
Hydraulic fracturing (frac) sand is a form of silica sand with well constrained size, roundness and sphericity
characteristics. It is traditionally divided into two types - white sand, and brown sand.
The standard for white sand is generally accepted to be the St Peter’s sandstone, which is found throughout Ottawa in
Illinois, USA, in large deposits. The St Peter’s sandstone, which was used during early development of hydraulic
fracturing testing, has continued to be mined for frac sand, as it comprises well rounded grains that meet crush
resistance tests and American Petroleum Institute (API) standards (IM January ’07, p.59: The facts of frac).
Meanwhile, brown sand has traditionally been sourced from the Hickory sandstone found near Brady in Texas, USA.
Brown sand is polycrystalline (comprising multiple crystals bound together), and is weaker than the monocrystalline
white sand.
Frac sand must be >99% quartz or silica. Silica sand deposits are commonly mined for use in glassmaking, filtration
media, blasting media, ceramic products, and fillers in a variety of other applications.
Most silica sand deposits in the US have either been discovered, or, at least, are known to exist.
Resin-coated sand
In the mid-1970s the oil and gas market saw the development of the first resin-coated sand proppants. Although resin
does not increase the strength of the sand, its role is nonetheless vital. By applying resin, the sand pack can be
consolidated and the risk of proppant flow-back is reduced. Further, when the sand grains fail and crush under pressure,
the resin coating prevents individual fines from escaping. Resin-coating can also improve the distribution of stresses
applied to the sand downhole.
API standards
The API has a number of specifications for proppants which the industry uses as a guideline for factors such as crush
resistance, roundness and sphericity, and the amount of fines allowed above and below the specific mesh size. These
factors all affect conductivity or the proppant pack.
Proppant size is measured using ASTM International’s (formerly American Society for Testing and Materials) sieve
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series of particle diameter.
API requires that a minimum of 90% of the specific proppant size should fall between the designated sieve sizes. Not
more than 0.1% of the total tested sample should be larger than the first sieve size, and not more than 1% should be
smaller than the last sieve size (Table 1).
The main frac sand grades sold are 20/40, 30/50 and 40/70. The move to oil and wet gas extraction has strengthened
demand for coarser grades.
Sphericity and roundness
The API standards for sphericity and roundness of a quartz grain are simply an estimate of how closely the quartz grain
conforms to a spherical shape and its relative roundness. The grain is assessed using the average radius corners divided
by the radius of the maximum inscribed circle.
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