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 (TUSK) reported significant financial results for Q3 2022, with total revenues of $107.2 million, representing an 86% year-over-year growth and a 20% increase sequentially. The company achieved a net income of $7.7 million ($0.16 per share), a substantial turnaround from a net loss of $40.9 million in the same quarter last year. Adjusted EBITDA increased to $29.8 million. Key divisions, including Infrastructure Services and Well Completion Services, showed strong demand and operational enhancements, contributing to overall growth. Liquidity remains solid with $17.5 million available.
Mammoth Energy Services (NASDAQ: TUSK) will report its 2022 third quarter financial results on October 27, 2022, after the market closes. A conference call and webcast will follow at 5:00 p.m. ET. Investors can join the call by dialing 1-201-389-0872 or via the company’s website. The archived webcast will be available shortly after the live call concludes. Mammoth is focused on providing energy services for the construction and repair of the electric grid and supporting oil and gas exploration.
Mammoth Energy Services (TUSK) issued a statement regarding Puerto Rico's outstanding debt of $365 million from restoration work completed post-Hurricane Maria in 2017. The company's CEO emphasized the impact of Hurricane Fiona and called for the government to ensure private companies receive owed payments. Mammoth reported that it has been fully compensated for 17 other disaster recovery efforts funded by FEMA. The upcoming congressional hearings on Puerto Rico's recovery will feature key stakeholders, including officials from the Puerto Rico Electric Power Authority.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) will participate in two investor conferences in September 2022. CEO Arty Straehla and CFO Mark Layton will attend the Barclays 2022 CEO Energy-Power Conference in New York City from September 6-8, and the Credit Suisse 8th Annual Houston Oil & Gas 1x1 Conference on September 21 in Houston. A slide presentation for investors will be available on the company's website starting September 6. Mammoth Energy focuses on energy services, including electric grid construction and oil and gas exploration.
Mammoth Energy Services reported a robust Q2 2022, achieving $89.7 million in revenue, a significant increase from $47.4 million in Q2 2021 and $62.3 million in Q1 2022. The company recorded a net income of $1.7 million or $0.04 per share, rebounding from a net loss of $34.8 million in the same quarter last year. Adjusted EBITDA soared to $23.0 million, compared to a loss of $3.3 million in Q2 2021. Strong performance was driven by growth in Infrastructure, Well Completion, and Sand Services divisions, alongside plans for further expansion ahead of upcoming storm restoration needs.
Mammoth Energy Services has announced it will release its 2022 second quarter financial results on July 28, 2022, after market close. A conference call will follow at 5:00 p.m. ET to discuss the results. Investors can join the call via phone at 1-201-389-0872 or through a live webcast on the company’s investor relations page. The earnings report aims to provide insights into Mammoth's performance and future outlook amidst its operations in energy services, particularly in electric grid construction and repair.
Mammoth Energy Services (TUSK) announced a mixed response from FEMA regarding its appeal for costs related to the Puerto Rico Electric Power Authority contract. FEMA approved $24.4 million of the $47 million claim but denied part of it. Despite federal funding set aside, PREPA continues to withhold payment, owing a total exceeding $350 million. The situation indicates significant delays and financial mismanagement by PREPA, with potential implications for future disaster recovery efforts in Puerto Rico.
Mammoth Energy Services (NASDAQ: TUSK) is urging the Puerto Rico Electric Power Authority (PREPA) to release $40.4 million earmarked for electric grid restoration work done by its subsidiary, Cobra Acquisitions, three years ago after Hurricane Irma and Hurricane Maria. PREPA's recent document indicates this amount is available but owed to Cobra, which still has a total receivable exceeding $350 million, including $123 million in unpaid interest, accruing at over $3.3 million monthly. The company stresses that PREPA's delay harms both their operations and the citizens of Puerto Rico.
Mammoth Energy Services (TUSK) reported Q1 2022 revenue of $62.3 million, down from $66.8 million in Q1 2021, with a net loss of $14.8 million, or $0.32 per share. This compares negatively to a loss of $12.4 million, or $0.27 per share, a year earlier. Adjusted EBITDA remained stable at $9.3 million, but fell from $17.2 million in Q4 2021. The infrastructure services division saw a revenue drop attributed to lower storm restoration projects. Despite challenges, CEO Arty Straehla noted positive trends in pricing and utilization rates, indicating potential growth ahead.
Mammoth Energy Services (NASDAQ: TUSK) will release its 2022 first quarter financial results on May 9, 2022, after market close. A conference call to discuss these results is scheduled for the same day at 6:00 p.m. Eastern Time. Stakeholders can access the call live by phone at 1-201-389-0872 or via the internet at Mammoth's investor relations page. An archive will be available after the call for those unable to attend.
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