Solaris Oilfield Infrastructure Announces Preliminary Second Quarter 2019 Financial and Operational Results

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 preliminary financial and operating results for the second quarter 2019 in conjunction with a restatement of certain balance sheet accounts for the reporting periods ended December 31, 2018 and 2017 and March 31, 2019, as well as the provision for income taxes in the year ended December 31, 2017. The restatement was technically required under generally accepted accounting principles and had no impact on the calculations of EBITDA or Adjusted EBITDA, or on the Net cash from operating activities and Net cash used in investing activities on the Consolidated Statement of Operations or Cash Flows for any of the restated periods. Additional detail is available on the Company’s Current Report on Form 8-K filed today.

Preliminary and Unaudited Second Quarter 2019 Financial and Operating Results

• Fully utilized mobile proppant management systems averaged 123 systems
• Total revenue expected to be approximately $63-65 million
• Total operating expenses expected to be approximately $36-37 million, including depreciation and amortization expense of $6.5 million and salaries, benefits and payroll taxes and selling, general and administrative expenses of approximately $5 million, including approximately $1 million of non-cash stock-based compensation expense
• Cash balance of approximately $30 million and no debt outstanding at June 30, 2019

Note: These preliminary and unaudited results are subject to the completion of the customary quarter-end closing and review process.

“Our second quarter performance is a direct result of our focus on operational excellence and continued innovation to drive additional savings, efficiencies and safety for our customers. During the second quarter, we averaged 123 proppant systems on a fully utilized basis, which was slightly above the expectations we set on our last call and reflected the addition of roughly 9 mobile proppant systems despite a relatively flat frac market backdrop,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “I’m also pleased that our team’s execution combined with our internal operational efficiency and conservative balance sheet has led to another quarter of significant free cash flow generation that resulted in a cash balance of approximately $30 million at quarter end, after distributing approximately $5 million in dividends to shareholders.”