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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.
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.
Mammoth Energy Services, Inc. reported a total revenue of $43.2 million for Q1 2024, with a net loss of $11.8 million. Adjusted EBITDA was $4.5 million, down from $30.7 million in Q1 2023. The CEO cited softness in activity due to lower energy prices and milder weather. Capex guidance was lowered to $9 million. Despite challenges, Mammoth expects improved activity levels for the remainder of 2024.
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