UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 19, 2013
CARBO Ceramics Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
001-15903 | 72-1100013 | |
(Commission File Number) |
(IRS Employer Identification No.) |
575 North Dairy Ashford, Suite 300 Houston, Texas |
77079 | |
(Address of Principal Executive Offices) | (Zip Code) |
(281) 921-6400
(Registrants Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. | Regulation FD Disclosure |
The following information, including the Exhibit to this Form 8-K, is being furnished pursuant to Item 7.01 Regulation FD Disclosure of Form 8-K. This information is not deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act of 1933 registration statements.
On September 19, 2013, CARBO Ceramics Inc. (the Company) filed materials that are being used in a business presentation on such date. A copy of these materials is attached hereto as Exhibit 99.1.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.
99.1 Presentation materials of CARBO Ceramics Inc., dated September 19, 2013.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CARBO CERAMICS INC. | ||||||
Date: September 19, 2013 | ||||||
By: | /s/ Ernesto Bautista III | |||||
Ernesto Bautista III | ||||||
Vice President and | ||||||
Chief Financial Officer |
3
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Presentation materials of CARBO Ceramics Inc., dated September 19, 2013. |
4
1
is a global Oilfield Services Technology Company providing industry
leading products and services for Production Enhancement and Environmental Spill
Prevention
Exhibit 99.1
Environmental Spill Prevention
and Containment
Production Enhancement |
The Private
Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking
statements.
Any
written
or
oral
statements
made
by
the
Company
or
on
behalf
of
the
Company
in
conjunction
with this presentation may include forward-looking statements which reflect the Company's
current views with respect to future events and financial performance. These
forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from such statements. This document
contains forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995 concerning, among other things, the Company's prospects, developments and business
strategies for its operations, all of which are subject to certain risks, uncertainties
and assumptions. These risks and uncertainties
include,
but
are
not
limited
to,
changes
in
overall
economic
conditions,
changes
in
the
cost
of
raw materials and natural gas used in manufacturing our products, changes in demand and prices
charged for our products, changes in the demand for, or price of, oil and natural gas,
risks of increased competition, technological, manufacturing, distribution and product
development risks, loss of key customers, changes in government regulations, foreign
and domestic political and legislative risks, the risks of war and international
and
domestic
terrorism,
risks
associated
with
foreign
operations
and
foreign
currency
exchange
rates
and
controls,
weather-related
risks
and
other
risks
and
uncertainties
described
in
our
publicly
available
filings
with
the
Securities
and
Exchange
Commission.
The
words
"believe,
"expect,
"anticipate,
"project"
and
similar
expressions
identify
forward-looking
statements.
Participants are cautioned not to place undue reliance on these forward-looking
statements, each of which speaks
only
as
of
the
date
the
statement
was
made.
The
Company
undertakes
no
obligation
to
publicly
update
or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
Forward Looking Statements
2 |
Frac Conductivity &
Durability
Production Assurance
Production Intelligence
Flow Enhancement
Well Site Supervision
Frac Diagnostics & Optimization
Field Development Optimization
Reservoir & Formation Analysis
Frac Design
Economic Optimization
Reservoir Performance
Post Job Analysis
.a leading production enhancement company |
4
Is the industrys most widely used hydraulic fracturing design software,
clients include E&P Operators, Service Companies, Universities
Provides Frac Design, Economic Optimization, Reservoir Performance and
Post
Job
Analysis.
Ties
all
the
information
together
during
the
frac
process. |
1979
CARBOHSP®
CARBOPROP®
CARBOECONOPROP®
CARBOLITE®
CARBOHYDROPROP®
CARBONRT®
CARBOBOND® LITE
SCALEGUARD™
2013
Technology to Build a Frac
that lasts the Life-of-the-Well
New Proppant
Developed in 2013
5 |
Office
Consulting and Production
Improvement
A-07 K-25U
7850
7900
7950
8000
8050
8100
8150
8200
8250
25
175
GR
0
75
IDPH
K-20/22 sand
K-25U sand
Mudstone
K-25L Upper
K-25L Upper
K-25L sand
Rocktype
50
100
150
200
250
300
7850
7900
7950
8000
8050
8100
8150
8200
8250
0
0.50
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Proppant Concentration (lb/ft²)
Field Consulting
Services
Completion & Hydraulic Fracturing
Geology & Reservoir
Production
© 2011 HALLIBURTON. ALL RIGHTS RESERVED.
5
DANA
Field Optimization
Consulting Services
Client Interaction
6 |
Production
Enhancement
Technology
7 |
Proppant
Technology Platforms Proppant
Delivered
Flow
Enhancement
Proppant
Delivered
Production
Intelligence
More Space to Flow
Higher
EUR
Production
IRR
Ceramics
Resin Coated Products
Proppant
Delivered
Production
Assurance
8 |
New Ultra Strength
Proppant KRYPTOSPHERE TM
Breakthrough innovation. We have developed the strongest,
highest conductivity proppant ever made.
The original development request made by a Major E&P:
It is the only proppant that can withstand the pressures of
these very high impact wells, and provide effective Production
and EURs
9
CARBO please develop a durable proppant that has twice
the conductivity of bauxite at 20,000 psi closure stress.
We need that to effectively frac the lower tertiary wells in
the GOM that are at depths greater than 30,000.
We have achieved that! |
KRYPTOSPHERE Technology Details How we achieve more space to flow:
Superior strength and microstructure
Uniform Sizing
Uniform Shape
Smooth Surface
10 |
100%
Conductivity Test Results
Superior Strength |
KRYPTOSPHERE
H25 KRYPTOSPHERE H25 Cross Section
HSP 20/40
Competitor Bauxite 20/40
HSP 20/40 Cross Section
Competitor
Bauxite 20/40 Cross Section
Superior Microstructure
12 |
Uniform
Sizing 13 |
Proppant
Technology Platforms Proppant
Delivered
Flow
Enhancement
Proppant
Delivered
Production
Intelligence
More Space to Flow
Higher
EUR
Production
IRR
Ceramics
Resin Coated Products
Proppant
Delivered
Production
Assurance
14 |
Platform
focus: Production Assurance Platform
15
Use proppants to maintain base
production by preventing
precipitates/solids from forming in the
frac, wellbore, or surface equipment
Examples: Scale, paraffin, etc. |
16
Provides Production Assurance by
preventing scale from building up
during the life of the well
Placed throughout the frac, as part
of standard fracturing process
Scale inhibitor is efficiently released
into the production stream from our
infused Porous Proppant (patented)
Production Assurance -
SCALEGUARD
|
Platform
Focus:
Utilizing proppants to
define propped fracture
geometry
Long term production
determination and
granularity by zone/frac
17
Production Intelligence |
Production
Intelligence - CARBONRT
CARBONRT
is a Non-Radioactive Traceable
Proppant (patented)
18
Identifies the proppant coverage of the
stimulated interval, as well as propped
frac height
Identifies proppant coverage in gravel pack
applications (offshore wells)
Saves time and money
no special permits or
equipment to place
Safe and environmentally responsible
no
special handling or disposal |
Platform
Focus:
Enhance the production of gas
and liquids which flow from
the reservoir into the frac and
up the wellbore
Reduce effects caused by
relative permeability, capillary
pressures, interfacial tensions
and damage from foreign
substances
Products in development
19
Flow Enhancement |
differentiating through technology
for the life of the well
*********************************
*************** |
21 |
Falcon
Technologies Overview Business
Falcon Liner
®
Products
22 |
23
Falcon Technologies
We Design
spill prevention and
containment products that reduce
E&P Operators environmental risks.
We Build
products with proprietary
polyurea material to last the life of
the well site, and lower L.O.E. costs.
Containments
Water Impoundments
Tank Lining, Tank Bases
Location Liners |
24
Expanding Geographic Footprint |
26
Clients are Changing from High Risk Containments like this
26
Un-lined,
permeable
dirt berm
Tanks sitting
on pea
gravel &
corroding
Un-lined
tanks
corroding
inside &
outside |
After Recent
Rain Storms in Colorado 27
Falcon Contained
HDPE Not Contained |
Liner
Choices Falcon Liner
HDPE
Dirt
Protects from a spill for
the life of the well
Minimal containment
capabilities
No containment of spill
Minimal maintenance
Replace every 2 to 3
years
Regular maintenance
required
Resistant to punctures,
UV, and temperature
extremes
Easily cut and
punctured
Resistant to most oilfield
chemicals
Significant
degradation from UV
exposure
28 |
Falcon
Differentiators Engineered to Protect
Commitment to Quality
and Customer Service
Training Program
Track Record
29 |
Solid
Engineering, R&D and Construction |
Track
Record Installations through June 2013
Secondary Containments
Over 5,800 installed
Tank Bases
Over 8,700 installed
Tank Liners
Over 8,700 installed
100% Environmental Success
31 |
Falcon
Secondary Containments All walls have been developed and tested through FEA then
deflection testing
Seamless Falcon Liner applied on flooring and walls
Over 5,800 installations
32 |
Wyoming
33 |
Oklahoma
34 |
Colorado
35 |
Falcon Tank
Bases Foam core
encapsulated in
polyurea
Over 8,700 in the field
Lightweight
2-man installation
No remediation in case
of spill
36 |
Location
Liners Falcon
Liner with a temporary berm used during completions
Multi-well package
37 |
ePads
38
Falcon Liner
Durable
Multiple use
Enhanced
environmental
protection
6
enclosed foam
berm |
Water
Impoundments 39
Falcon Liner
Water treatment
Produced water storage
Multi-year installation for
fresh water
Four installations completed in
West Texas |
Marketing and
Sales 40 |
Fracpro and
StrataGen |
Frac Conductivity &
Durability
Production Assurance
Production Intelligence
Flow Enhancement
Well Site Supervision
Frac Diagnostics & Optimization
Field Development Optimization
Reservoir & Formation Analysis
Frac Design
Economic Optimization
Reservoir Performance
Post Job Analysis
.a leading production enhancement company |
Office
Consulting and Production
Improvement
Field Consulting
Services
DANA Field Optimization
Consulting Services
Client Interaction |
Field
Consulting
Execution of current design and
optimization during and after the
stimulation
Frac design, on location quality
assurance & control, diagnostic testing,
RT data transmission, post treatment
evaluation and optimization
Primary goal is to increase Production
and EUR
All Degreed Engineers
Face of Fracpro and proppant platform
44
Service Offering:
Differentiators: |
Office
Consulting & DANA 45
Office based consulting to design frac
treatments from all data available
Apply best technology to optimize IRR by
improvement in Production and EUR
Unique workflows developed which
incorporate reservoir, geology,
production, completion and frac, drilling
Experience in most North American
Basins
DANA Consulting Models
BakkenWORX
®
EF WORX
®
Net WORX
®
Service Offering:
Differentiators: |
DANA®
Workflow |
**************
**************
**************
**************
**************
**************
****
**************
**************
**************
**************
**************
**************
**** |
Fracpro
Fracpro is a software program used for hydraulic fracture
design. Give it information on what is being pumped and
the wellbore and reservoir parameters and it tells you the
estimated fracture geometry and production rate.
It runs quickly on any PC, is used all over the world and
comes in 3 languages. It is the most popular fracture
simulator in the industry. |
Customers Use
of Fracpro
Estimate Value Created by Completion
Detailed Completion Procedure
Monitor and Record During Completion
Learn from Analysis of the Completion
Optimize the Future Completions
Record the Different Completions in a Well
Facilitate Reporting and Data Storage |
Our
Customers
Oil and Gas Companies
Pumping Companies
Consulting Companies
Vendors of Completion Products |
Software
Suite
Products
Fracpro
FracproXCHANGE
FracproREMOTE
Stimpro |
Software
Suite
Products
Fracpro
Full Fracture Simulator
Before, During and After Job
Strong Analytical Tool
Multi-Treatment Horizontal Wells
Built in Reservoir Simulator
Connection to Eclipse, IMEX, QL
Diagnostic Utilities
Reports; Database Tools; Plots; XL
Languages
English
Chinese
Russian |
Software
Suite
Products
Fracpro
FracproXCHANGE
Reduced Feature Fracpro
Used in Frac Van for Display
Multi-Treatment Horizontal Wells
Uses Same Input and Database
Files as Fracpro
Real-Time Emphasis
Has Diagnostic and Data Utilities
Languages
English
Chinese
Russian |
Software
Suite
Products
Fracpro
FracproXCHANGE
FracproREMOTE
iPAD Application
Connects to PC Using Fracpro
Allows Real-Time Monitoring
Direct TCP-IP Connection
Introduced 1 Year Ago
Languages
English |
Connectivity |
Software
Suite
Products
Fracpro
FracproXCHANGE
FracproREMOTE
Stimpro
Full Matrix Acid Simulator
Design, Monitor, Analysis
Sandstone and Carbonate
Determines Skin Reduction
Identifies Acid Compatibility
Configurable for New Rock/Fluid
Same Reports; Plots; XL
Languages
English
Chinese
Russian |
Fracpro
Shale Modeling
Finite Difference Fluid Flow
Fracpro 3D -
Finite Element Fracture Model
Coupled with Finite Difference Fluid Model
57
Future Enhancements |
Closing
Remarks 58
**
**
**
**
**
**
**
* |
CARBO Growth
Outlook
CARBO is 34 years young
We have many growth drivers for the Company
in the years ahead
We are focused on continuing to grow cash flow
and build an enduring company |
Horizontal Wells
have transverse fracs and more stages (high delta velocity,
high delta pressure, and more reservoir contact area)
Liquids-rich Wells, make up the majority of wells drilled, and have much
higher drawdown pressure through the frac
Deeper Wells
are being drilled which have higher stress and require stronger
proppant
Well Results
indicate that a large percentage of wells are under-stimulated
due to the above issues, and need higher conductivity fracs
Industry Technology Needs
Proven higher Production & EUR results with Ceramic Proppant
Proven that more stages & more proppant results in higher Production & EUR
Refracs, Well Tests, Infill Drilling indicate more effective fracs needed
Wells drilled today have higher conductivity needs: |
Deeper,
Horizontal, Liquids-rich Wells Drive Ceramic Growth Sources: Spears
& BHI for wells in U.S. |
Production
Enhancement
business
strategy
of
growing
intellectual
capital
and
intellectual property focused on Design-Build-Optimize Fracs
Developing
Technology
to
increase
Production
and
EUR
in
wells
KRYPTOSPHERE solves client deep-water and ultra high stress formations proppant
needs
Potential to apply the improved ceramic proppant technology to our existing proppant
manufacturing capacity and products
3 new technology platforms that will continue to deliver new products
Investing
in
proppant
capacity
to
meet
industry
needs
Investing in Falcon
to set the technology and business standards for
environmental containment protection, while developing a growing, long
term business
CARBO Business and Technology Growth Drivers |
New Products
Drive Ceramic Proppant Growth Lbs M |
Capacity Additions
Drive Ceramic Proppant Growth Lbs (Millions)
Millen Line 1 under construction
*Millen Line 2 in planning stage, environmental permit obtained |
CARBO
Financials * Cash from operations is equal to net
income plus depreciation and
amortization and non-cash stock
compensation |
Dividends
Increased - 13 Years
$ Per Share
Shares -
Millions |
Thank
You! ********
********
********
********
********
********
********
********
********
********
******** |
Cash Flow from
Operations Reconciliation $ in 000s
Cash flow from operations equals net income plus depreciation and amortization plus
non-cash stock based compensation.
Results from Continuing Operations
2005
2006
2007
2008
2009
2010
2011
2012
Net Income
45,463
$
52,245
$
49,641
$
60,405
$
52,810
$
78,716
$
130,136
$
105,933
$
Plus: depreciation and amortization
10,935
15,630
19,895
24,638
24,905
27,728
36,015
44,893
Plus: non-cash stock compensation
-
2,311
1,709
2,052
2,571
3,812
4,719
5,335
Cash Flow from Continuing Operations
56,398
$
70,186
$
71,245
$
87,095
$
80,286
$
110,256
$
170,870
$
156,161
$
Weighted Average Shares Oustanding
24,177
24,400
24,451
24,418
23,112
22,977
23,012
22,969
Cash Flow Per Share
2.33
$
2.88
$
2.91
$
3.57
$
3.47
$
4.80
$
7.43
$
6.80
$
For The Years Ended Dec 31
68 |
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