Hi-Crush Partners LP (NYSE:HCLP) Q3 2017 Earnings Conference Call - Preliminary Transcript
Nov 01, 2017 • 08:30 am ET
Greetings and welcome to the Hi-Crush Partners Third Quarter 2017 Conference Call. At this time are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my please to introduce your host, Caldwell Bailey, Lead Investor Relations Analyst for Hi-Crush. Mr. Bailey please go ahead.
Thank you. Good morning, everyone, and thank you for joining us today. With me are Bob Rasmus, Chief Executive Officer of Hi-Crush; and Laura Fulton, Chief Financial Officer. Before we provide our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements, which are subject to certain risks and uncertainties. Actual results could differ materially from those projected in any forward-looking statements.
Additionally, we may refer to the non-GAAP measures of EBITDA, adjusted EBITDA, distributable cash flow and contribution margin during the call. Please refer to our public filings for definitions of our non-GAAP measures and the reconciliation of these measures to net income as well as a discussion of risks and uncertainties.
With that, I would now like to turn the call over to our CEO, Bob Rasmus. Bob?
Robert E. Rasmus
Thanks, Caldwell. Earlier this year we said that our number one goal for 2017 was execution. The proactive steps we took throughout the previous couple of years were all about positioning ourselves for the upturn in activity levels. So we knew it was squarely on our shoulders to continue delivering on our commitments and accomplishing what we set out to do.
We began 2017 with the restart of operations at Whitehall, the ramp up of the Augusta Plant followed by the acquisition of sand reserves in West Texas, on which we recently commenced operations of the industry's first in-basin sand facility, our Kermit plant.
Kermit was completed two months ahead of schedule. We also completed construction and began operations at our Pecos terminal. The first unit train capable terminal was silo storage serving the Southern Delaware Basin. We have hired hundreds of talented new employees to help us execute on these projects including the expansion of our last mile logistics solution, PropStream. So I am proud to say that across a range of measures, we've been accomplishing just what we intended.
We also hosted our Analyst and Investor Day in September to showcase the results of our efforts. We spent extensive time discussing our operating strategy, which on the surface may sound simple, MINE. MOVE. MANAGE.
But as we discussed at length and as those in attendance saw on the facility tours, the business of frac sand is increasingly complex and requires creativity, flexibility and a relentless focus on execution to reliably meet our customers' needs.
Based on our discussions with those customers, it is clear they will continue to demand reliability and diversity of product. So while others debated the potential displacement of Northern White sand from the Permian, we further invested in our logistics capabilities in the region by building