Solaris Oilfield Infrastructure Announces First Quarter 2020 Results

First Quarter 2020 Highlights

  • Net loss of $33.2 million, or $(0.65) per diluted Class A share, for the quarter ended March 31, 2020; Adjusted pro forma net income of $14.8 million, or $0.32 per diluted share for the quarter ended March 31, 2020 (see below for a reconciliation of adjusted pro forma net income to net income attributable to Solaris)
  • Adjusted EBITDA of $18.0 million for the quarter ended March 31, 2020
  • Net cash provided by operating activities of $11.7 million for the quarter ended March 31, 2020
  • Positive free cash flow of $11.0 million for the quarter ended March 31, 2020
  • Paid a regular quarterly dividend of $0.105 per share on March 27, 2020
  • Repurchased 2.4 million shares for $26.7 million which exhausted the Company’s original $25 million authorization and included an additional $5 million authorization made by the Company’s Board on February 27, 2020

HOUSTON–(BUSINESS WIRE)–Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the “Company”), a leading independent provider of supply chain management and logistics solutions designed to drive efficiencies and reduce costs for the oil and natural gas industry, today reported financial results for the first quarter 2020.

Operational Update and Outlook

During the first quarter 2020, an average of 83 mobile proppant management systems were fully utilized, a 6% decrease from the 88 fully utilized systems averaged in the fourth quarter of 2019, and a 27% decrease compared to first quarter 2019. The decrease in fully utilized systems was primarily due to a sharp decline in active hydraulic fracturing crews that began in March and has continued through April as oil and gas operators reduced budgets and activity in response to lower oil and gas demand and prices.

The Company expects activity could decline by 75% to 85% sequentially in the second quarter as many operators continue to indicate plans to temporarily pause completion activities while awaiting a recovery in oil demand. As a result, we have taken steps to right size our business and have reduced direct operating costs as well as salaries, headcount and other SG&A expenses. The Company also expects capital expenditures for the full year 2020 to be $10 million or below, unchanged from the guidance issued in the Company’s operational update in early April but reduced from its original $20-$40 million expectation.

“The Solaris team continues to execute well, despite the challenges presented by the global crisis,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “Our debt-free balance sheet and ample liquidity will ensure that Solaris will not only continue to weather this storm, but will continue to support our customers with the same high levels of service and innovation they’ve grown to expect from us. Our team innovated and earned the trust of new customers through the last downturn and we intend to do the same this time around.”

First Quarter 2020 Financial Review

Solaris reported net loss of $33.2 million, or $(0.65) per diluted Class A share, for first quarter 2020, compared to net income of $25.3 million, or $0.48 per diluted Class A share, in fourth quarter 2019 and net income of $23.4 million, or $0.43 per diluted Class A share, in first quarter 2019. First quarter 2020 included approximately $47.8 million of impairment charges, the majority of which related to the write-off of the Company’s Kingfisher transload facility in Oklahoma. Adjusted pro forma net income for first quarter 2020 was $14.8 million, or $0.32 per fully diluted share, compared to adjusted pro forma net income in fourth quarter 2019 of $9.7 million, or $0.20 per fully diluted share, and $18.5 million, or $0.39 per fully diluted share in first quarter 2019.

Adjusted EBITDA for first quarter 2020 was $18.0 million, compared to adjusted EBITDA of $20.9 million in fourth quarter 2019 and $32.0 million in first quarter 2019.

Revenues were $47.8 million for first quarter 2020, which were down 24% from fourth quarter 2019 and down 13% compared to first quarter 2019. Excluding the impact of deferred revenue in 2019, first quarter 2020 revenues increased 6% from fourth quarter 2019 and decreased 8% compared to first quarter 2019.

Capital Expenditures, Free Cash Flow and Liquidity

The Company invested $0.7 million during first quarter 2020 compared to $1.9 million during fourth quarter 2019.

Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during first quarter 2020 was $11.0 million, which represented the fifth consecutive quarter of positive free cash flow for the Company.

As of March 31, 2020, the Company had approximately $46.0 million of cash on the balance sheet. As of April 30, 2020, the Company had approximately $55 million of cash on the balance sheet, which reflects approximately $1.20 per fully diluted share of available cash. The Company’s $50.0 million credit facility remains undrawn.

Shareholder Returns

On March 4, 2020, the Company’s Board of Directors declared a cash dividend of $0.105 per share of Class A common stock, which was paid on March 27, 2020 to holders of record as of March 17, 2020. A distribution of $0.105 per unit was also approved for holders of units in Solaris Oilfield Infrastructure, LLC (“Solaris LLC”). Since initiating the dividend in December 2018, the Company has paid 6 consecutive quarterly dividends.

During the first quarter of 2020, Solaris repurchased approximately 2.4 million shares for a total of $26.7 million, which exhausted the Company’s original $25 million authorization and included an additional $5 million authorization made by the Company’s Board on February 27, 2020. The share repurchases were made as part of a program which was fulfilled by March 10, 2020. There is no share repurchase authorization remaining.

Cumulatively, the Company has returned approximately $59 million in cash to shareholders since December of 2018.

Conference Call

The Company will host a conference call to discuss its first quarter 2020 results on Friday, May 1, 2020 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978. To join the conference call from outside of the United States, participants may dial (412) 317-6594. When instructed, please ask the operator to be joined to the Solaris Oilfield Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at http://www.solarisoilfield.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 10143225. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) manufactures and rents mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States, including the Permian Basin, the Eagle Ford Shale, the STACK/SCOOP formation, the Marcellus and Utica Shales, the Haynesville Shale, the Rockies and the Bakken Shale. Additional information is available on the Solaris website, www.solarisoilfield.com.

Website Disclosure

We use our website (www.solarisoilfield.com) as a routine channel of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under the Securities and Exchange Commission’s (the “SEC”) Regulation FD. Accordingly, investors should monitor our website in addition to following press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements on our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.

None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated by reference into, or deemed to be a part of, this Current Report on Form 8-K or will be incorporated by reference into any other report or document we file with the SEC unless we expressly incorporate any such information by reference, and any references to our website are intended to be inactive textual references only.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Examples of forward-looking statements include, but are not limited to, statements we make regarding our business strategy, our industry, our future profitability, the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the volatility in global oil markets and the coronavirus 2019 pandemic, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts and our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

March 31,

 

December 31,

 

 

2020

 

2019

 

2019

Revenue

 

 

 

 

 

 

 

 

 

System rental

 

$

26,059

 

$

37,348

 

$

28,296

System services

 

 

20,957

 

 

11,437

 

 

15,250

Transloading services

 

 

465

 

 

5,833

 

 

18,974

Inventory software services

 

 

349

 

 

506

 

 

338

Total revenue

 

 

47,830

 

 

55,124

 

 

62,858

Operating costs and expenses

 

 

 

 

 

 

 

 

 

Cost of system rental (excluding $6,001, $5,226 and $5,908 of depreciation and amortization for the three months ended March 31, 2020 and 2019 and December 31, 2019, respectively)

 

 

2,013

 

 

2,347

 

 

1,970

Cost of system services (excluding $357, $398 and $375 of depreciation and amortization for the three months ended March 31, 2020 and 2019 and December 31, 2019, respectively)

 

 

24,130

 

 

13,619

 

 

18,383

Cost of transloading services (excluding $411, $409 and $412 of depreciation and amortization for the three months ended March 31, 2020 and 2019 and December 31, 2019, respectively)

 

 

337

 

 

710

 

 

550

Cost of inventory software services (excluding $193, $193 and $193 of depreciation and amortization for the three months ended March 31, 2020 and 2019 and December 31, 2019, respectively)

 

 

145

 

 

135

 

 

144

Depreciation and amortization

 

 

7,114

 

 

6,345

 

 

7,050

Selling, general and administrative (excluding $152, $119 and $162 of depreciation and amortization for the three months ended March 31, 2020 and 2019 and December 31, 2019, respectively)

 

 

5,299

 

 

4,028

 

 

4,619

Impairment loss

 

 

47,828

 

 

 

 

Other operating expenses

 

 

305

 

 

213

 

 

56

Total operating cost and expenses

 

 

87,171

 

 

27,397

 

 

32,772

Operating income (loss)

 

 

(39,341)

 

 

27,727

 

 

30,086

Interest income (expense), net

 

 

111

 

 

(111)

 

 

141

Total other income (expense)

 

 

111

 

 

(111)

 

 

141

Income (loss) before income tax expense

 

 

(39,230)

 

 

27,616

 

 

30,227

Provision (benefit) for income taxes

 

 

(6,078)

 

 

4,181

 

 

4,894

Net income (loss)

 

 

(33,152)

 

 

23,435

 

 

25,333

Less: net (income) loss related to non-controlling interests

 

 

14,071

 

 

(11,118)

 

 

(10,317)

Net income (loss) attributable to Solaris

 

$

(19,081)

 

$

12,317

 

$

15,016

 

 

 

 

 

 

 

 

 

 

Earnings per share of Class A common stock – basic

 

$

(0.65)

 

$

0.43

 

$

0.48

Earnings per share of Class A common stock – diluted

 

$

(0.65)

 

$

0.43

 

$

0.48

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares of Class A common stock outstanding

 

 

29,312

 

 

28,028

 

 

30,933

Diluted weighted average shares of Class A common stock outstanding

 

 

29,312

 

 

28,115

 

 

30,961

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

March 31,

 

December 31,

 

 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

46,027

 

$

66,882

Accounts receivable, net of allowances for credit losses of $1,232 and $339 as of March 31, 2020 and December 31, 2019, respectively

 

 

47,901

 

 

38,554

Prepaid expenses and other current assets

 

 

4,049

 

 

5,002

Inventories

 

 

2,840

 

 

7,144

Total current assets

 

 

100,817

 

 

117,582

Property, plant and equipment, net

 

 

262,887

 

 

306,583

Non-current inventories

 

 

2,397

 

 

Operating lease right-of-use assets

 

 

4,863

 

 

7,871

Goodwill

 

 

13,004

 

 

17,236

Intangible assets, net

 

 

3,566

 

 

3,761

Deferred tax assets

 

 

57,407

 

 

51,414

Other assets

 

 

585

 

 

625

Total assets

 

$

445,526

 

$

505,072

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,107

 

$

3,824

Accrued liabilities

 

 

15,639

 

 

14,447

Current portion of payables related to Tax Receivable Agreement

 

 

1,416

 

 

1,416

Current portion of operating lease liabilities

 

 

587

 

 

596

Current portion of finance lease liabilities

 

 

30

 

 

30

Other current liabilities

 

 

75

 

 

74

Total current liabilities

 

 

24,854

 

 

20,387

Operating lease liabilities, net of current

 

 

7,754

 

 

7,855

Finance lease liabilities, net of current

 

 

122

 

 

130

Payables related to Tax Receivable Agreement

 

 

66,636

 

 

66,582

Other long-term liabilities

 

 

428

 

 

460

Total liabilities

 

 

99,794

 

 

95,414

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value, 50,000 shares authorized, none issued and outstanding

 

 

 

 

Class A common stock, $0.01 par value, 600,000 shares authorized, 28,555 issued and outstanding as of March 31, 2020 and 30,928 issued and 30,765 outstanding as of December 31, 2019

 

 

286

 

 

308

Class B common stock, $0.00 par value, 180,000 shares authorized, 15,890 shares issued and outstanding as of March 31, 2020 and 15,939 issued and outstanding as of December 31, 2019

 

 

 

 

Additional paid-in capital

 

 

177,393

 

 

191,843

Retained earnings

 

 

40,145

 

 

74,222

Treasury stock (at cost), 0 shares and 163 shares as of March 31, 2020 and December 31, 2019, respectively

 

 

 

 

(2,526)

Total stockholders’ equity attributable to Solaris and members’ equity

 

 

217,824

 

 

263,847

Non-controlling interest

 

 

127,908

 

 

145,811

Total stockholders’ equity

 

 

345,732

 

 

409,658

Total liabilities and stockholders’ equity

 

$

445,526

 

$

505,072

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

3/31/20

 

3/31/19

Cash flows from operating activities:

 

 

 

 

 

 

Net (loss) income

 

$

(33,152)

 

$

23,435

Adjustment to reconcile net (loss) income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

7,114

 

 

6,345

Loss on disposal of asset

 

 

57

 

 

213

Allowance for credit losses

 

 

893

 

 

Stock-based compensation

 

 

1,329

 

 

862

Amortization of debt issuance costs

 

 

44

 

 

79

Deferred income tax expense

 

 

(5,775)

 

 

3,992

Impairment loss

 

 

47,828

 

 

Other

 

 

23

 

 

2

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(10,241)

 

 

(584)

Prepaid expenses and other assets

 

 

543

 

 

1,131

Inventories

 

 

(887)

 

 

(3,545)

Accounts payable

 

 

3,184

 

 

(5,027)

Accrued liabilities

 

 

744

 

 

(759)

Deferred revenue

 

 

 

 

(3,134)

Net cash provided by operating activities

 

 

11,704

 

 

23,010

Cash flows from investing activities:

 

 

 

 

 

 

Investment in property, plant and equipment

 

 

(699)

 

 

(20,370)

Cash received from insurance proceeds

 

 

26

 

 

24

Net cash used in investing activities

 

 

(673)

 

 

(20,346)

Cash flows from financing activities:

 

 

 

 

 

 

Share repurchases

 

 

(26,723)

 

 

Distribution and dividend paid to Solaris LLC unitholders and Class A common shareholders

 

 

(4,755)

 

 

(4,757)

Payments under finance leases

 

 

(9)

 

 

(9)

Payments under insurance premium financing

 

 

 

 

(439)

Proceeds from stock option exercises

 

 

55

 

 

266

Payments related to purchase of treasury stock

 

 

(454)

 

 

(431)

Repayment of senior secured credit facility

 

 

 

 

(13,000)

Net cash used in financing activities

 

 

(31,886)

 

 

(18,370)

Net decrease in cash and cash equivalents

 

 

(20,855)

 

 

(15,706)

Cash and cash equivalents at beginning of period

 

 

66,882

 

 

25,057

Cash and cash equivalents at end of period

 

$

46,027

 

$

9,351

Non-cash activities

 

 

 

 

 

 

Investing:

 

 

 

 

 

 

Capitalized depreciation in property, plant and equipment

 

$

161

 

$

186

Property and equipment additions incurred but not paid at period-end

 

 

165

 

 

240

Property, plant and equipment additions transferred from inventory

 

 

229

 

 

3,427

Cash paid for:

 

 

 

 

 

 

Interest

 

 

33

 

 

119

Income taxes

 

 

 

 

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION — ADJUSTED EBITDA

(In thousands)

(Unaudited)

We view EBITDA and Adjusted EBITDA as important indicators of performance. We define EBITDA as net income, plus (i) depreciation and amortization expense, (ii) interest expense and (iii) income tax expense, including franchise taxes. We define Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense and (ii) certain non-cash items and extraordinary, unusual or non-recurring gains, losses or expenses.

We believe that our presentation of EBITDA and Adjusted EBITDA provides useful information to investors in assessing our financial condition and results of operations. Net income is the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should not be considered alternatives to net income presented in accordance with GAAP. Because EBITDA and Adjusted EBITDA may be defined differently by other companies in our industry, our definitions of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for each of the periods indicated.

 

 

 

Three months ended

 

 

March 31,

 

December 31,

 

 

2020

 

2019

 

2019

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(33,152)

 

$

23,435

 

$

25,333

Depreciation and amortization

 

 

7,114

 

 

6,345

 

 

7,050

Interest (income) expense, net

 

 

(111)

 

 

111

 

 

(141)

Income taxes (1)

 

 

(6,078)

 

 

4,181

 

 

4,894

EBITDA

 

$

(32,227)

 

$

34,072

 

$

37,136

Stock-based compensation expense (2)

 

 

1,329

 

 

862

 

 

1,213

Loss on disposal of assets

 

 

68

 

 

213

 

 

80

Credit losses

 

 

711

 

 

 

 

Impairment loss

 

 

47,828

 

 

 

 

Severance expense

 

 

331

 

 

 

 

75

Transload contract termination (3)

 

 

 

 

(3,134)

 

 

(17,630)

Adjusted EBITDA

 

$

18,040

 

$

32,013

 

$

20,874

__________

(1) Federal and state income taxes.

(2) Represents stock-based compensation expense related to restricted stock awards.

(3) Deferred revenue related to full termination of a sand storage and transloading agreement; no deferred revenue balance remained as of December 31, 2019.

SOLARIS OILFIELD INFRASTRUCTURE, INC AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION — ADJUSTED PRO FORMA NET INCOME AND ADJUSTED PRO FORMA EARNINGS PER FULLY DILUTED SHARE

(In thousands)

(Unaudited)

Adjusted pro forma net income represents net income attributable to Solaris assuming the full exchange of all outstanding membership interests in Solaris LLC not held by Solaris Oilfield Infrastructure, Inc. for shares of Class A common stock, adjusted for certain non-recurring items that the Company doesn’t believe directly reflect its core operations and may not be indicative of ongoing business operations. Adjusted pro forma earnings per fully diluted share is calculated by dividing adjusted pro forma net income by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding Solaris LLC Units, after giving effect to the dilutive effect of outstanding equity-based awards.

When used in conjunction with GAAP financial measures, adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are supplemental measures of operating performance that the Company believes are useful measures to evaluate performance period over period and relative to its competitors. By assuming the full exchange of all outstanding Solaris LLC Units, the Company believes these measures facilitate comparisons with other companies that have different organizational and tax structures, as well as comparisons period over period because it eliminates the effect of any changes in net income attributable to Solaris as a result of increases in its ownership of Solaris LLC, which are unrelated to the Company’s operating performance, and excludes items that are non-recurring or may not be indicative of ongoing operating performance.

Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should not be considered alternatives to net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating the Company’s performance, it does not account for the earnings attributable to the non-controlling interest holders and therefore does not provide a complete understanding of the net income attributable to Solaris. Adjusted pro forma net income and adjusted pro forma earnings per fully diluted share should be evaluated in conjunction with GAAP financial results. A reconciliation of adjusted pro forma net income to net income attributable to Solaris, the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully diluted share are set forth below.

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

March 31,

 

December 31,

 

 

2020

 

2019

 

2019

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Solaris

 

$

(19,081)

 

$

12,317

 

$

15,016

Adjustments:

 

 

 

 

 

 

 

 

 

Reallocation of net income (loss) attributable to non-controlling interests from the assumed exchange of LLC Interests(1)

 

 

(14,071)

 

 

11,118

 

 

10,317

Transload contract termination (2)

 

 

 

 

(3,134)

 

 

(17,630)

Loss on disposal of assets

 

 

68

 

 

213

 

 

80

Impairment loss

 

 

47,828

 

 

 

 

Severance expense

 

 

331

 

 

 

 

75

Income tax (benefit) expense

 

 

(312)

 

 

(2,036)

 

 

1,873

Adjusted pro forma net income

 

$

14,763

 

$

18,478

 

$

9,731

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares of Class A common stock outstanding – diluted

 

 

29,312

 

 

28,115

 

 

30,961

Adjustments:

 

 

 

 

 

 

 

 

 

Assumed exchange of Solaris LLC Units for shares of Class A common stock (1)

 

 

16,614

 

 

19,165

 

 

16,539

Adjusted pro forma fully weighted average shares of Class A common stock outstanding – diluted

 

 

45,926

 

 

47,280

 

 

47,500

Adjusted pro forma earnings per share – diluted

 

$

0.32

 

$

0.39

 

$

0.20

Contacts

Yvonne Fletcher

Senior Vice President, Finance and Investor Relations

(281) 501-3070

IR@solarisoilfield.com

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