U.S. Silica Announces Suspension of Quarterly Dividend
KATY, Texas, May 8, 2020 /PRNewswire/ -- U.S. Silica Holdings, Inc. (NYSE: SLCA) ("U.S. Silica" or the "Company") today announced that its Board of Directors has elected to suspend the Company's quarterly cash dividend of $0.02 per common share until further notice.
U.S. Silica took this action as part of the Company's strategy to preserve capital and tightly manage its liquidity in a challenging commodity price environment.
"A great deal of thought and deliberation went into this decision and we fully understand its importance to our shareholders," said Bryan Shinn, chief executive officer. "We believe that suspending our dividend at this time is in the best interest of the Company and shareholders as it allows us to preserve and invest that capital in opportunities within our industrial business that will generate higher long-term shareholder returns."
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000 Index. The Company is a leading producer of commercial silica used in a wide range of industrial applications and in the oil and gas industry. Over its 119-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. U.S. Silica's wholly-owned subsidiaries include EP Minerals and SandBox Logistics™. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics™ is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The Company currently operates 27 mines and production facilities. The Company is headquartered in Katy, Texas and has offices in Frederick, Maryland, Reno, Nevada and Chicago, Illinois.