Emerge Energy Services LP

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2018 10-K, filed Oct 18, 2019. Its latest SEC filing is a 15-12B from Jun 9, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Mines, processes, and distributes silica sand for hydraulic fracturing of oil and gas wells, selling mainly to oilfield services companies and exploration and production companies.

How Did They Make Money?

Customers pay for sand when it ships to them or they pick it up at a plant or transload site; invoices are usually due within 30 days, though some customers pay before delivery.

FY2018 revenue

Who Were Their Customers?

It sells mostly to oilfield services companies and oil and gas exploration and production companies involved in hydraulic fracturing.

Customers above 10% of revenue, FY2018

of revenue from three customers (25%, 13%, 12%)

FY2016: 51% from three customers

Did Revenues Turn Into Profits?

No. It lost $128.5M in FY2018.

Operating income, FY2018

−31% of revenue

▼ Now a loss vs FY2017 ($11.3M, 3%)

Net income, FY2018

−41% of revenue

▲ +1781% (Loss) vs FY2017 (−$6.8M, −2%)

How Were They Changing?

Since the FY2018 annual report

Apr 21, 2020 Chief executive resigned Rick Shearer resigned as chief executive of the general partner.
Dec 30, 2019 Reorganization canceled prior common units and issued new interests The plan took effect; prior common units were canceled and new limited partner and preferred interests were issued.

Shrank. Revenue fell 8% in 4 years, from $341.8M in FY2014 to $313.6M in FY2018, about 2% a year.

Exit from the fuel business The earlier report describes sand and fuel operations, while the latest report covers silica-sand operations after Emerge sold its Fuel business.

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