Welcome to our dedicated page for Mammoth Energy Svcs news (Ticker: TUSK), a resource for investors and traders seeking the latest updates and insights on Mammoth Energy Svcs stock.
Mammoth Energy Services, Inc. (NASDAQ: TUSK) generates frequent news through its multi-segment presence in the oil and natural gas and infrastructure industries. The company’s releases cover operational performance, segment-level results and portfolio actions across well completion services, infrastructure services, natural sand proppant services, rental services, accommodation services and drilling services.
Investors following TUSK news see regular updates on quarterly and annual financial results, including revenue contributions from infrastructure, rental, sand, accommodation and drilling segments. Mammoth’s news flow also highlights transactions such as the sale of infrastructure subsidiaries involved in transmission, distribution and substation operations, the sale of equipment used in its hydraulic fracturing business within the well completion segment, and the sale of an engineering-focused subsidiary. These announcements are often accompanied by commentary on how such transactions relate to the company’s efforts to transform and optimize its portfolio.
Company news also addresses capital allocation and liquidity, including information on cash balances, revolving credit facility terms and borrowing base changes. Mammoth has reported investments in its aviation rental offerings, such as the purchase of small passenger aircraft under lease with a commuter airline, and has discussed capital expenditures across its segments, including fiber optic fleets, aviation equipment and maintenance spending.
In addition to earnings releases and transaction announcements, TUSK news includes schedules for earnings conference calls and webcasts, along with management commentary on operational execution, market conditions and strategic priorities as described in the company’s own statements. For readers tracking Mammoth, this news page provides a centralized view of the company’s reported financial performance, segment trends, asset sales, capital deployment and corporate governance developments.
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.
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.