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Mammoth Energy Services Inc (NASDAQ: TUSK) delivers essential oilfield and infrastructure solutions across North America. This dedicated news hub provides investors and industry professionals with timely updates on operational developments, strategic initiatives, and market positioning.
Access authoritative reporting on earnings announcements, infrastructure project milestones, and service line expansions. Our curated collection ensures you stay informed about critical updates in well completion technologies, natural sand proppant supply chains, and electric grid construction projects.
Key coverage areas include hydraulic fracturing innovations, drilling efficiency advancements, and infrastructure service contracts. Bookmark this page for streamlined access to Mammoth Energy's latest press releases and third-party analysis, all organized to support informed decision-making.
Cobra Acquisitions , a subsidiary of Mammoth Energy Services, Inc. (NASDAQ: TUSK), announced the approval of a Settlement Agreement with Puerto Rico Electric Power Authority (PREPA) by the Title III Court. The agreement entails total settlement proceeds of $188.4 million, with PREPA required to pay $150 million within ten business days of the September 18th hearing. The remaining $38.4 million will be paid according to specific terms.
CEO Arty Straehla expressed satisfaction with the approval, noting that the proceeds will allow the company to pay off all outstanding amounts under their term credit facility and terminate it. The remaining funds are expected to have a transformative impact on the business. The settlement stems from work completed over five years ago and includes provisions for handling withheld FEMA funds.
Mammoth Energy Services (NASDAQ: TUSK) reported Q2 2024 financial results. Total revenue increased to $51.5 million from $43.2 million in Q1 2024. The company recorded a net loss of $156.0 million, or $3.25 loss per diluted share, compared to a net loss of $11.8 million in Q1. Adjusted EBITDA was ($160.7) million, impacted by a $170.7 million expense related to the PREPA settlement.
The company entered a settlement agreement with PREPA, expecting to receive $188.4 million in total proceeds. Mammoth plans to use part of this to pay off its $49.3 million term credit facility. The Infrastructure Services division showed growth, while Well Completion Services faced challenges due to industry softness. As of August 7, 2024, Mammoth had total liquidity of $28.1 million.
Mammoth Energy Services (NASDAQ: TUSK) has announced its schedule for the release of its 2024 second quarter financial results. The company will disclose these results before the market opens on Friday, August 9, 2024. Following the earnings release, Mammoth Energy has planned a conference call and webcast to discuss the second quarter results on the same day at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
Interested parties can participate in the call by dialing 1-201-389-0872 or by accessing the webcast through the company's investor relations website. For those unable to attend the live call, an archive of the webcast will be available shortly after its conclusion on the same website.
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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