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) announced a proposed settlement regarding pending derivative actions from four lawsuits filed against its directors and executives. On October 5, 2021, an agreement was made to settle claims with a payment of $1.5 million for corporate purposes and an additional $0.5 million for legal fees, contingent on court approval. A settlement hearing is scheduled for January 7, 2022. The settlement aims to finalize claims and implement governance reforms. Shareholders are urged to review their rights and submit objections by December 24, 2021.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) will announce its third quarter 2021 financial results on November 5, 2021, at 6:00 a.m. Eastern Time. A conference call and webcast will follow at 9:00 a.m. Eastern Time. The call can be accessed by dialing 1-216-562-0385 or through the company's website. Mammoth specializes in infrastructure services for electric grid construction and repair, along with services for oil and gas exploration. For further details, visit www.mammothenergy.com.
Mammoth Energy Services (TUSK) announced that FEMA confirmed the eligibility of almost $62 million in taxes prepaid by its subsidiary, Cobra Acquisitions, for work done in Puerto Rico following Hurricane Maria. This amount is part of nearly $325 million owed to Cobra by PREPA, which continues to breach its contractual obligations. As of August 31, 2021, the company is owed a total of $325 million, including $98 million in interest. CEO Arty Straehla highlighted the ongoing issues with payment despite FEMA's support.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) announced that its subsidiary Cobra has fulfilled its contractual obligations in Puerto Rico following Hurricane Maria. Despite numerous affirmations from former FEMA and PREPA officials endorsing Cobra's work, PREPA is withholding over $325 million owed to Cobra, including $98 million in interest. The company's CEO highlighted the significant delays and contract breaches by PREPA, impacting Cobra's financial standing. The total contract amount for restoration efforts has reached $945 million.
Mammoth Energy Services (TUSK) reported a net loss of $34.8 million ($0.75 per share) for Q2 2021, worsening from a loss of $15.2 million a year prior. Total revenue fell to $47.4 million, down from $60.1 million year-over-year and $66.8 million from Q1 2021. Adjusted EBITDA was -$5.5 million. The infrastructure services division generated $17.2 million in revenue, a drop from $30.2 million last year. Despite challenges, the company plans to enhance its position in the infrastructure sector and anticipates increased activity in its sand business.
Mammoth Energy Services, Inc. (NASDAQ:TUSK) announced that FEMA's Determination Memorandum, dated May 26, 2021, identified $47 million in unauthorized costs for hurricane repairs by Cobra Acquisitions LLC for PREPA. PREPA has appealed this decision within the allotted 60 days, with FEMA expected to respond within 90 days. Additionally, Mammoth has sought support from Congressional members to recover the receivable owed by PREPA. The company remains proactive in its efforts to collect these funds, emphasizing its commitment to financial recovery.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) announced its 2021 second quarter financial results will be disclosed on July 30, 2021, at 6:00 a.m. ET. A conference call to discuss these results is scheduled for the same day at 9:00 a.m. ET. Investors can join the call by phone or via the internet at the company's investor relations website. Mammoth focuses on infrastructure services for electric grid repair and offers services for the exploration and development of North American oil and gas reserves.
Mammoth Energy Services (NASDAQ:TUSK) announced the release of additional information regarding two FEMA documents related to hurricane repair work by its subsidiary, Cobra Acquisitions, in Puerto Rico. A Determination Memorandum from FEMA indicates that Cobra's work was conducted under contract and at a lower cost than other contractors. However, FEMA raised compliance issues concerning excess staffing and mobilization expenses, totaling $45.8 million identified as potentially ineligible. The company maintains that its costs are reasonable according to analyses by FEMA and the USACE.
Mammoth Energy Services reported a Q1 2021 net loss of $12.4 million ($0.27/share), worsening from the previous quarter's loss of $11.9 million. Total revenue dropped 22% to $66.8 million, reflecting a 31% decline year-over-year. Adjusted EBITDA was $6.4 million, down from $7.5 million the prior quarter. Infrastructure services revenue fell 48% to $29.3 million, while well completion services saw an 81% increase to $23 million. The company has $14.4 million cash, with $64 million in borrowings and total liquidity of $63.1 million as of March 31, 2021.
Mammoth Energy Services (NASDAQ:TUSK) will release its financial results for Q1 2021 after market close on April 29, 2021. A conference call is scheduled for the same day at 4:00 p.m. CT to discuss the results. Investors can participate via phone or join the webcast through the company’s website. Mammoth Energy provides integrated services for North American oil and gas reserves, including pressure pumping and drilling services, positioning itself as a growth-oriented energy service company.
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