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) has urged the Financial Oversight and Management Board (FOMB) of Puerto Rico to act quickly for the recovery of over $340 million owed to its subsidiary, Cobra Acquisitions LLC. Following Hurricane Maria's devastation in 2017, Cobra was awarded contracts totaling $1.845 billion for power restoration efforts. As of February 28, 2022, $344 million remains unpaid, including $117 million in interest. The CEO emphasizes the need for federal intervention to pressure the Puerto Rico Electric Power Authority (PREPA) to fulfill its financial obligations, citing significant impacts on business operations.
Mammoth Energy Services (NASDAQ: TUSK) CFO Mark Layton testified at the Financial Oversight and Management Board's 34th Public Meeting, emphasizing the overdue payments from the Puerto Rico Electric Power Authority (PREPA) for work by Cobra Acquisitions after Hurricane Maria in 2017. Layton reported a significant claim of over $340 million owed by PREPA, with interest accruing at over $3.3 million per month since May 2019. Layton urged attention to this matter, highlighting the critical nature of timely payments to ensure financial stability for both PREPA and Mammoth.
Mammoth Energy Services (TUSK) addressed Governor Pedro Pierluisi's attempt to end the $8.3 billion bankruptcy agreement for Puerto Rico Electric Power Authority (PREPA), emphasizing the company's claim for over $340 million owed for work completed by its subsidiary, Cobra Acquisitions. The statement highlights the urgency for PREPA to fulfill its financial obligations to creditors. Cobra's cumulative engagement with PREPA rose to a total of $945 million in initial contracts, with an additional $900 million contract awarded for restoration work following Hurricane Maria in 2017.
Mammoth Energy Services (NASDAQ: TUSK) issues a statement regarding the Puerto Rico Electric Power Authority's (PREPA) settlement with Whitefish Energy for Hurricane Maria recovery funds. CEO Arty Straehla emphasizes that Mammoth's subsidiary Cobra Acquisitions is owed over $344 million, including $117 million in interest, for its restoration work, which remains unpaid nearly three years post-completion. He stresses the urgency for PREPA to fulfill its financial obligations to avoid further complications with their bankruptcy proceedings.
Mammoth Energy Services (NASDAQ: TUSK) reported a net loss of $13.3 million for Q4 2021, a slight increase from $11.9 million in Q4 2020. Total revenue for Q4 2021 was $57.2 million, down from $85.1 million in the prior year. For the full year, revenue was $229.0 million, compared to $313.1 million in 2020. Adjusted EBITDA improved to $17.2 million in Q4, while annual EBITDA showed a loss of $11.6 million. The company noted improved macroeconomic trends and ongoing collection efforts for receivables in Puerto Rico.
Mammoth Energy Services (NASDAQ: TUSK) will disclose its 2021 fourth quarter and full year financial results on March 4, 2022, at 6:00 a.m. Eastern Time. The company will hold a conference call that day at 9:00 a.m. Eastern Time to discuss the results. Interested parties can join the call by dialing 1-201-389-0872 or online at Mammoth's investor relations page. An archive of the webcast will be available post-call. Mammoth focuses on infrastructure services for utilities and oil/gas reserve development.
Mammoth Energy Services (NASDAQ: TUSK) announced two contracts for its newly established fiber division, projected to generate approximately $7.7 million in revenue over the next 18 months. These contracts, awarded by electric cooperatives in the Midwest, involve make-ready construction and fiber installation services. CEO Arty Straehla highlighted that these projects reflect the ongoing expansion of their infrastructure services and the opportunities arising from the recently passed infrastructure bill, which allocates $65 billion for improving U.S. broadband access.
Mammoth Energy Services, Inc. (TUSK) announced a contract awarded to its subsidiary, Aquawolf LLC, to provide engineering services for EV charging station infrastructure. This multi-year contract is valued at up to $5 million and will extend into 2024. The initiative is part of broader clean transportation efforts, backed by the recent infrastructure bill allocating $7.5 billion for 500,000 EV charging stations across the U.S. This contract highlights Mammoth's strategic move into the EV market, enhancing its engineering service capabilities.
Mammoth Energy Services (NASDAQ: TUSK) released remarks by Mike Byrne, former FEMA official, regarding the company's subsidiary Cobra's work in Puerto Rico post-Hurricane Maria. Byrne's April 2021 declaration emphasized the rigorous review process for FEMA funding approvals, confirming that funds allocated to Cobra's reconstruction efforts were deemed reasonable and customary. Mammoth's CEO Arty Straehla highlighted ongoing debt issues, with Cobra owed $328 million, including $101 million in interest, for work completed over two and a half years ago.
Mammoth Energy Services (TUSK) reported Q3 2021 revenue of $57.5 million, down from $70.5 million in Q3 2020 and slightly up from $47.4 million in Q2 2021. The company faced a net loss of $40.9 million, equating to a loss of $0.88 per share, contrasting with a net income of $3.4 million a year prior. Adjusted EBITDA was ($29.7) million, significantly lower than $22.1 million in Q3 2020. Key expenses included a $32.6 million settlement with Gulfport Energy. Despite challenges, CEO Arty Straehla noted positive trends in infrastructure and oilfield segments, driven by increased bidding activity and improved commodity prices.
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