$HCR Via 04/28/2016 8-K filing on the SEC website, 1Q 2016 Adjusted EBITDA = $(2.7) million Contribution margin was < $2.45/ ton in Q1 2016. It will be easy for Hi-Crush to beat those values in Q1, 2020. Hi Crush has a better balance sheet now than then. Yet their share price is far lower now than then. Via Q1 2016 earnings call Hi Crush had adj contrib margin of < $1.25 / ton in Q4, 2015. Hi Crush has contracts that will ensure that it has positive free cash flow where growth cap ex of of $20- $25 million is included in the definition of free cash flow via the Q2 2019 HCR has production costs of $11.3/ton via their Q3 2015 viewgraphs on their website. I know of no other Co that has lower production costs. HCR has closed their higher cost plants so it is very unlikely they will have to close additional plants. I have previously mentioned references that show that Peter Lynch and Warren Buffett to not recommend turning to the price of a security for wisdom.