Boston, MA 06/19/2014 (wallstreetpr) – Hi-Crush Partners LP (NASDAQ:HCLP) announced on Tuesday about its five year supply contract with Liberty Oilfield Services. It is an oilfield service company which provides specialized services for stimulation and optimization of oil produced from wells having high frac intensity basins of US. According to the agreement, Liberty needs to pay a stated price for a stated minimum volume of frac sand on a monthly basis.
Mutual Happiness
Hi-Crush is excited in going ahead for a partnership with Liberty, as confirmed by Co-CEO, Hi-Crush, James M. Whipkey. He further said that the growth of Liberty in the DJ and Williston basins is crucial for Hi-Crush as they look forward for expanding their network in logistics throughout US. Hi-Crush is ready to serve the need of franc sand volume every month in order to get the desired growth in coming years.
Similarly, Chris Wright, Chief Executive Officer of Liberty Solutions is pleased to enter into this agreement with Hi-Crush. He feels that the quality of the product is matching with the growth needs by ensuring that a good portion of Liberty’s need for franc sands would be met in future. Currently, Liberty is a leading hydraulic fracturing service provider as they have supreme engineering and technical support in Rocky Mountain region, best on-site performance, lowest staff turnover ratio and lowest HSE incident rate. This commitment will be fruitful for both the companies, Chris concluded so.
Stock Upgraded
According to Zacks Research Report, Hi-Crush Partners Shares have been upgraded to an Outperform rating from neutral one after this deal. Hi-Crush Partners LP (NASDAQ:HCLP)’s stock has a target price of $54.90. The investors are very happy and have positive sentiments after this good deal. Hi-Crush is a producer of monocrystalline sand, a specialized mineral which is utilized as a proponent to augment the rate of recovery in hydrocarbons generated from oil and natural gas wells.
