Welcome to our dedicated page for Mammoth Energy Services news (Ticker: TUSK), a resource for investors and traders seeking the latest updates and insights on Mammoth Energy Services stock.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) is a diversified energy services company that supports the exploration and development of North American onshore unconventional oil and natural gas reserves. Founded with a vision to provide integrated and growth-oriented solutions, Mammoth offers a comprehensive range of services to meet the needs of the energy sector.
Our core offerings include well-completion services, infrastructure services, natural sand proppant services, drilling services, and other specialized services such as aviation, equipment rentals, and remote accommodations. We pride ourselves on supporting the complete lifecycle of oil and natural gas production through our extensive suite of services.
- Well-Completion Services: Our division specializes in pressure pumping services, pressure control, flowback services, and equipment rentals. This allows operators to maximize their production potential effectively.
- Infrastructure Services: We cater to private utilities, public investor-owned utilities, and cooperative utilities with solutions for the construction and repair of the electric grid. This division is vital for maintaining and enhancing the power infrastructure.
- Natural Sand Proppant Services: We produce, sell, and distribute natural sand proppants essential for hydraulic fracturing, which is integral to increasing oil and gas well productivity.
- Drilling Services: Our services include contract land and directional drilling, providing operators with the necessary rigs and crews, along with rental equipment such as mud motors and operational tools.
- Other Services: We also offer aviation, equipment rentals, remote accommodations, and equipment manufacturing to support various operational needs.
In recent developments, Mammoth has demonstrated a strong commitment to financial stability and growth. We successfully entered into a new revolving credit facility and a term loan agreement, ensuring a solid liquidity base. Our strategic partnership with Fifth Third Bank and Wexford Capital LP underscores our dedication to maintaining financial health and supporting long-term growth.
Our financial performance highlights include consistent revenue generation from well-completion services and infrastructure services, with a significant portion of our revenue derived from operations in the United States, followed by Canada and other countries. We have also focused on enhancing our capabilities through investments in dual fuel hydraulic fracturing fleets.
Mammoth Energy Services continues to pursue organic growth opportunities and accretive acquisitions, aiming to deliver value to our stockholders. Despite market challenges, we remain optimistic about the future, leveraging our diverse service offerings and strong financial foundation to capitalize on emerging opportunities in the energy sector.
Mammoth Energy Services (NASDAQ: TUSK) announced that CEO Arty Straehla will retire effective December 31, 2024. Phil Lancaster, currently Vice President of Corporate Development, will assume the CEO role on January 1, 2025. Straehla will also resign from his position as director. Lancaster brings over 20 years of energy industry experience, including senior leadership roles and public board service. His background includes serving as interim President of Mammoth's infrastructure subsidiaries, President of Mammoth Energy Partners LP, and CEO positions at Redback Energy Services and Great White Energy Services. He previously served on the boards of Bronco Drilling Company and Gulfport Energy
Mammoth Energy Services (NASDAQ: TUSK) reported Q3 2024 financial results with total revenue of $40.0 million, down from $65.0 million in Q3 2023. The company posted a net loss of $24.0 million ($0.50 per share) compared to a net loss of $1.1 million ($0.02 per share) year-over-year. Adjusted EBITDA was ($6.4) million versus $13.4 million in Q3 2023. Notably, Mammoth received $168.4 million from PREPA settlement and became debt-free, with plans to invest in infrastructure and well completion services. As of October 30, 2024, the company had $86.2 million cash on hand and total liquidity of $97.7 million.
Mammoth Energy Services (NASDAQ: TUSK) has scheduled its 2024 third quarter earnings release for Friday, November 1, 2024, before market opens. The company will host a conference call and webcast to discuss the results at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on the same day. Investors can participate by dialing 1-201-389-0872 or accessing the webcast through the company's investor relations website. An archive of the webcast will be available after the call concludes.
Cobra Acquisitions , a subsidiary of Mammoth Energy Services (NASDAQ: TUSK), has received $18.4 million from the Puerto Rico Electric Power Authority (PREPA) as part of a Settlement Agreement. This payment is part of a total $188.4 million settlement, of which $168.4 million has been received to date. The final $20 million installment is expected upon confirmation of PREPA's bankruptcy plan.
In connection with this payment, Mammoth has amended its revolving credit agreement and entered into a letter of credit reimbursement agreement with Fifth Third Bank. The company has transferred $19.3 million to a restricted cash account as collateral for a $18.4 million letter of credit issued to PREPA.
CEO Arty Straehla emphasized Mammoth's strong financial position, with significant cash and no debt, and plans to pursue strategic opportunities to enhance the company's value.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) has announced the payoff and termination of its term credit facility with Wexford Capital LP. The company used a portion of the proceeds from the first installment payment of the Puerto Rico Electric Power Authority settlement to pay off all outstanding amounts, totaling $50.9 million, including accrued and unpaid interest.
As a result, Mammoth is now debt-free. In light of this development, the company's board of directors has authorized an increase in the 2024 capital expenditure budget to $23 million, an $11 million increase from the previous guidance. The additional funds will be allocated as follows: $6 million for growing and adding crews in the infrastructure division, and $5 million for maintenance of the current infrastructure fleet.
Cobra Acquisitions , a subsidiary of Mammoth Energy Services (NASDAQ: TUSK), has received $150 million from the Commonwealth of Puerto Rico as part of a Settlement Agreement with the Puerto Rico Electric Power Authority (PREPA). This is the first installment of a total $188.4 million settlement. CEO Arty Straehla stated that the company plans to use this initial payment to clear all outstanding obligations under their term credit facility by October 16, 2024.
The remaining $38.4 million will be paid in two installments: $20 million following PREPA's plan of adjustment, and $18.4 million in Withheld FEMA Funds. Mammoth intends to strategically deploy this capital to pursue value-enhancing opportunities and strengthen the company's future position.
Cobra Acquisitions , a subsidiary of Mammoth Energy Services, Inc. (NASDAQ: TUSK), announced the approval of a Settlement Agreement with Puerto Rico Electric Power Authority (PREPA) by the Title III Court. The agreement entails total settlement proceeds of $188.4 million, with PREPA required to pay $150 million within ten business days of the September 18th hearing. The remaining $38.4 million will be paid according to specific terms.
CEO Arty Straehla expressed satisfaction with the approval, noting that the proceeds will allow the company to pay off all outstanding amounts under their term credit facility and terminate it. The remaining funds are expected to have a transformative impact on the business. The settlement stems from work completed over five years ago and includes provisions for handling withheld FEMA funds.
Mammoth Energy Services (NASDAQ: TUSK) reported Q2 2024 financial results. Total revenue increased to $51.5 million from $43.2 million in Q1 2024. The company recorded a net loss of $156.0 million, or $3.25 loss per diluted share, compared to a net loss of $11.8 million in Q1. Adjusted EBITDA was ($160.7) million, impacted by a $170.7 million expense related to the PREPA settlement.
The company entered a settlement agreement with PREPA, expecting to receive $188.4 million in total proceeds. Mammoth plans to use part of this to pay off its $49.3 million term credit facility. The Infrastructure Services division showed growth, while Well Completion Services faced challenges due to industry softness. As of August 7, 2024, Mammoth had total liquidity of $28.1 million.
Mammoth Energy Services (NASDAQ: TUSK) has announced its schedule for the release of its 2024 second quarter financial results. The company will disclose these results before the market opens on Friday, August 9, 2024. Following the earnings release, Mammoth Energy has planned a conference call and webcast to discuss the second quarter results on the same day at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
Interested parties can participate in the call by dialing 1-201-389-0872 or by accessing the webcast through the company's investor relations website. For those unable to attend the live call, an archive of the webcast will be available shortly after its conclusion on the same website.
Cobra Acquisitions , a subsidiary of Mammoth Energy Services, Inc. (NASDAQ: TUSK), has reached a settlement agreement with the Puerto Rico Electric Power Authority (PREPA) and the Financial Oversight and Management Board for Puerto Rico. The settlement, which resolves outstanding matters related to Puerto Rico's power grid restoration after Hurricane Maria, is expected to yield approximately $188 million in total proceeds.
Key points:
- $170 million allowed administrative expense claim against PREPA
- $18.4 million in withheld FEMA funds to be released
- Payments to be made in three installments
- Settlement subject to Title III Court approval
- Mammoth to record a $170.7 million non-cash, pre-tax charge in Q2 2024
Mammoth plans to use $49.3 million to pay off its term credit facility, with the remaining $139.1 million for business investment and general corporate purposes.
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