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 a significant five-year street lighting upgrade contract through its subsidiary 5 Star Electric, expected to generate up to $30 million in revenue. This contract marks an important addition to Mammoth's backlog and aligns with the company's strategic focus on Smart Grids, amidst growing opportunities in solar and civil infrastructure projects. CEO Arty Straehla emphasized the integration of their engineering services, aiming for a fully integrated Engineering, Procurement and Construction (EPC) model.
Mammoth Energy Services, Inc. (NASDAQ:TUSK) has released additional information about its work in Puerto Rico, confirming through a recent FEMA memorandum dated April 22, 2019, that its contract with the Puerto Rico Electric Power Authority (PREPA) was awarded in compliance with emergency procurement rules. The memo supports the reasonableness of the contract rates compared to available proposals. This adds to prior confirmations from FEMA and independent reports, emphasizing Mammoth's role in delivering vital energy assistance in challenging conditions.
Mammoth Energy Services reported a fourth quarter revenue of $85.1 million, a 21% increase from Q3 2020, but a 50% decrease for the year at $313.1 million. The net loss was $11.9 million for Q4 2020, with a total annual loss of $107.6 million. Adjusted EBITDA for Q4 was $7.5 million, down from $22.1 million in Q3. The infrastructure services division saw revenues increase by 28% quarter-over-quarter but declined by 27% year-over-year. Liquidity stood at $53.5 million as of December 31, 2020. Mammoth aims to focus on industrial services, anticipating strong demand in the sector.
Mammoth Energy Services (NASDAQ:TUSK) is set to announce its fourth quarter and full year 2020 financial results on February 25, 2021, after market close. A conference call to discuss these results will occur at 4:00 p.m. CT. Interested participants can join the call by dialing (844) 265-1561 or (216) 562-0385 for international access. The call will also be webcast on the Mammoth Energy website. The company provides a range of services in the energy sector, focusing on North American oil and gas reserves.
Mammoth Energy Services, Inc. (TUSK) announced a new contract for its subsidiary, Aquawolf, with a major utility. This three-year contract is expected to generate approximately $40 million in revenue. Aquawolf specializes in engineering services, including electrical transmission, gas, and renewable operations. The company aims to expand its workforce and project portfolio, moving closer to becoming a fully integrated Engineering, Procurement, and Construction (EPC) entity. This development is a significant milestone for Mammoth as it strengthens its infrastructure service capabilities.
Mammoth Energy Services (NASDAQ:TUSK) announced the release of critical information from FEMA concerning their work in Puerto Rico, obtained through a FOIA request. The data highlights the significant role of Cobra Acquisitions LLC in restoring power after Hurricane Maria, validating prior claims of efficient performance under challenging conditions. Key findings include Cobra's completion of over 95% of assigned transmission projects and their contribution of about 19% of the total workforce during the recovery period. Mammoth continues to seek approximately $293 million owed from this work.
Mammoth Energy Services (TUSK) reported its third quarter 2020 results, highlighting a revenue of $70.5 million, a 17% increase from Q2 2020 but a 38% decrease year-over-year. Net income reached $3.4 million or $0.07 per share, improving from a $15.2 million loss in Q2 2020. Adjusted EBITDA rose to $22.1 million.
The infrastructure segment accounted for 62% of total revenue, showing a 44% increase from the previous quarter. However, pressure pumping and drilling services saw significant declines in revenue.
Mammoth Energy Services (NASDAQ:TUSK) will release its third quarter 2020 financial results after the market closes on October 29, 2020. A conference call to discuss the results is scheduled for the same day at 4:00 PM CT (5:00 PM ET), with dial-in options provided for participants. Mammoth specializes in energy services for unconventional oil and natural gas reserves and utilities, offering a range of services including pressure pumping and directional drilling.
Mammoth Energy Services (NASDAQ: TUSK) reported Q2 2020 results with a net loss of $15.2 million ($0.33 per share), an improvement from a $84 million loss in Q1 2020. Total revenue decreased by 38% to $60.1 million compared to Q1 2020 and fell 67% year-over-year. Adjusted EBITDA was $6.9 million, down from $13.5 million in Q1. The infrastructure services segment showed growth with revenues of $30.6 million, up 19% quarter-over-quarter. However, the pressure pumping services revenue dropped by 62%, highlighting ongoing challenges amid the macroeconomic environment.
Mammoth Energy Services, Inc. (NASDAQ:TUSK) will disclose its financial results for the second quarter of 2020 after market close on July 30, 2020. Following the earnings release, a conference call is scheduled for the same day at 4:00 p.m. CT to discuss the results. Participants may join by dialing (844) 265-1561 or (216) 562-0385 internationally, using passcode 6816807. The conference call will also be webcast, available on Mammoth's website under the 'Investors' section.
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