Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the
“Company”) today announced that on August 22, 2024, the Company’s
Board of Directors (the “Board”) increased the size of the Board
from eight members to nine and elected John Turner, the Company’s
current Chief Executive Officer, to the Board, effective
immediately.
“John will bring an invaluable perspective to the Board through
his extensive experience as an executive in the oil and gas
industry,” said Ben M. “Bud” Brigham, Executive Chairman of the
Board. “He has been a remarkable leader for Atlas since our
founding, and his knowledge and decades of operational and
financial leadership in the industry will benefit the Board and add
valuable insight as we continue to focus on operational excellence
and generating returns for our stockholders.”
Mr. Turner has served as our Chief Executive Officer since March
2024 and before that as our Chief Financial Officer and President
since November 2022. Prior to that, Mr. Turner served as Chief
Financial Officer since our founding in 2017. Mr. Turner has over
20 years of oil and natural gas industry experience. Prior to
joining Atlas, Mr. Turner worked in various capacities for both
public and private entities, with a focus on corporate finance,
business development and strategic planning, including as Chief
Financial Officer of Brigham Exploration Company, LLC (the second
entity founded by Mr. Brigham with such name), Chief Financial
Officer of Mediterranean Resources, LLC and Vice President of
Brigham Exploration Company (NASDAQ: BEXP). Mr. Turner received a
Bachelor of Business Administration and a Master of Business
Administration from the McCombs School of Business at the
University of Texas at Austin.
About Atlas Energy Solutions
Atlas Energy Solutions Inc. is a leading proppant producer and
proppant logistics provider, serving primarily the Permian Basin of
West Texas and New Mexico. We operate 12 proppant production
facilities across the Permian Basin with a combined annual
production capacity of 28 million tons, including both large-scale
in-basin facilities and smaller distributed mining units. We manage
a portfolio of leading-edge logistics assets, which includes our
42-mile Dune Express conveyor system, which is currently under
construction and is scheduled to come online in the fourth quarter
of 2024. In addition to our conveyor infrastructure, we manage a
fleet of 120 trucks, which are capable of delivering expanded
payloads due to our custom-manufactured trailers and patented
drop-depot process. Our approach to managing both our proppant
production and proppant logistics operations is intently focused on
leveraging technology, automation and remote operations to drive
efficiencies.
We are a low-cost producer of various high-quality, locally
sourced proppants used during the well completion process. We offer
both dry and damp sand, and carry various mesh sizes including 100
mesh and 40/70 mesh. Proppant is a key component necessary to
facilitate the recovery of hydrocarbons from oil and natural gas
wells.
Our logistics platform is designed to increase the efficiency,
safety and sustainability of the oil and natural gas industry
within the Permian Basin. Proppant logistics is increasingly a
differentiating factor affecting customer choice among proppant
producers. The cost of delivering sand, even short distances, can
be a significant component of customer spending on their well
completions given the substantial volumes that are utilized in
modern well designs.
We continue to invest in and pursue leading-edge technologies,
including autonomous trucking, digital infrastructure, and
artificial intelligence, to support opportunities to gain
efficiencies in our operations. To this end, we have recently taken
delivery of next-generation dredge mining assets to drive
efficiencies in our proppant production operations. These
technology-focused investments aim to improve our cost structure
and also combine to produce beneficial environmental and community
impacts.
While our core business is fundamentally aligned with a lower
emissions economy, our core obligation has been, and will always
be, to our stockholders. We recognize that maximizing value for our
stockholders requires that we optimize the outcomes for our broader
stakeholders, including our employees and the communities in which
we operate. We are proud of the fact that our approach to
innovation in the hydrocarbon industry while operating in an
environmentally responsible manner creates immense value. Since our
founding in 2017, our core mission has been to improve human
beings’ access to the hydrocarbons that power our lives while also
delivering differentiated social and environmental progress. Our
Atlas team has driven innovation and has produced industry-leading
environmental benefits by reducing energy consumption, emissions,
and our aerial footprint. We call this Sustainable Environmental
and Social Progress.
We were founded in 2017 by Ben M. “Bud” Brigham, our Executive
Chairman, and are led by an entrepreneurial team with a history of
constructive disruption bringing significant and complementary
experience to this enterprise, including the perspective of
longtime E&P operators, which provides for an elevated
understanding of the end users of our products and services. Our
executive management team has a proven track record with a history
of generating positive returns and value creation. Our experience
as E&P operators was instrumental to our understanding of the
opportunity created by in-basin sand production and supply in the
Permian Basin, which we view as North America’s premier shale
resource and which we believe will remain its most active through
economic cycles.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Statements
that are predictive or prospective in nature, that depend upon or
refer to future events or conditions or that include the words
“may,” “assume,” “forecast,” “position,” “strategy,” “potential,”
“continue,” “could,” “will,” “plan,” “project,” “budget,”
“predict,” “pursue,” “target,” “seek,” “objective,” “believe,”
“expect,” “anticipate,” “intend,” “estimate” and other expressions
that are predictions of or indicate future events and trends and
that do not relate to historical matters identify forward-looking
statements. Examples of forward-looking statements include, but are
not limited to, Mr. Turner’s expected continued contributions to
the Company, and management’s plans to execute on the Company’s key
objectives; our business strategy, industry, future operations and
profitability, expected capital expenditures and the impact of such
expenditures on our performance, statements about our financial
position, production, revenues and losses, our capital programs,
management changes, current and potential future long-term
contracts and our future business and financial performance.
Although forward-looking statements reflect our good faith
beliefs at the time they are made, we caution you that these
forward-looking statements are subject to a number of risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control. These risks include but are not
limited to: uncertainties as to whether the Hi-Crush Acquisition
will achieve its anticipated benefits and projected synergies
within the expected time period or at all; Atlas’s ability to
integrate Hi-Crush Inc.’s operations in a successful manner and in
the expected time period; risks that the anticipated tax treatment
of the Hi-Crush Acquisition is not obtained; unforeseen or unknown
liabilities; unexpected future capital expenditures; potential
litigation relating to the Hi-Crush Acquisition; the effect of the
completion of the Hi-Crush Acquisition on Atlas’s business
relationships and business generally; risks that the Hi-Crush
Acquisition disrupts current plans and operations of Atlas and its
management team and potential difficulties in retaining employees
as a result of the Hi-Crush Acquisition; the risks related to
Atlas’s financing of the Hi-Crush Acquisition; potential negative
effects of the Hi-Crush Acquisition on the market price of Atlas’s
common stock or operating results; commodity price volatility,
including volatility stemming from the ongoing armed conflicts
between Russia and Ukraine and Israel and Hamas; increasing
hostilities and instability in the Middle East; adverse
developments affecting the financial services industry; our ability
to complete growth projects, including the Dune Express, on time
and on budget; the risk that stockholder litigation in connection
with our recent corporate reorganization may result in significant
costs of defense, indemnification and liability; changes in general
economic, business and political conditions, including changes in
the financial markets; transaction costs; actions of OPEC+ to set
and maintain oil production levels; the level of production of
crude oil, natural gas and other hydrocarbons and the resultant
market prices of crude oil; inflation; environmental risks;
operating risks; regulatory changes; lack of demand; market share
growth; the uncertainty inherent in projecting future rates of
reserves; production; cash flow; access to capital; the timing of
development expenditures; the ability of our customers to meet
their obligations to us; our ability to maintain effective internal
controls; and other factors discussed or referenced in our filings
made from time to time with the U.S. Securities and Exchange
Commission (“SEC”), including those discussed under the heading
“Risk Factors” in Annual Report on Form 10-K, filed with the SEC on
February 27, 2024, and any subsequently filed Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240826528340/en/
Kyle Turlington T: 512-220-1200 IR@atlas.energy
Grafico Azioni New Atlas Holdco (NYSE:AESI)
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