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While Smart Sand (SND) is strong its niche of mining and delivering Wisconsin Northern White sand to nearby drill sites, in the Bakken and eastern United States, this is a shrinking market. There are few barriers to entry, the frac sand market overall is hurting because drilling budgets are reduced, and most of the drilling action is in Texas and New Mexico. Northern (Bakken) drilling is only about a fifth that in Texas and New Mexico.
Rail transport costs from Wisconsin mean its sand cannot compete with the growing supply of local, in-basin