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Mammoth Announces Payoff and Termination of Term Credit Facility and Increase in 2024 Capital Expenditure Guidance
OKLAHOMA CITY, Oct. 3, 2024 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today announced the payoff and
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"OKLAHOMA CITY, Oct. 3, 2024 /PRNewswire/ -- Mammoth Energy Services, Inc. (\"Mammoth\" or the \"Company\") (NASDAQ: TUSK) today announced the payoff and termination of its term credit facility with Wexford Capital LP. On October 2, 2024, the Company used a portion of the proceeds received from the first installment payment from the previously disclosed settlement agreement with the Puerto Rico Electric Power Authority to pay off all outstanding amounts under its term credit facility, including accrued and unpaid interest, in the aggregate amount of $50.9 million, and terminated the facility. \n\nMark Layton, Chief Financial Officer, commented, \"We are excited to announce the payoff and termination of our term credit facility and are now debt free. In connection with the debt payoff, our board of directors has authorized an increase in our 2024 capital expenditure budget to $23 million, representing an increase of $11 million from our previously announced capex guidance. Of the $11 million increase, we plan to use $6 million to grow and add crews in our infrastructure division and $5 million for maintenance to our current infrastructure fleet.\"\nAbout Mammoth Energy Services, Inc.Mammoth is an integrated, growth-oriented energy services company focused on the providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves as well as the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. Mammoth's suite of services and products include: well completion services, infrastructure services, natural sand and proppant services, drilling services and other energy services. For more information, please visit www.mammothenergy.com.\nContacts:Mark Layton, CFOMammoth Energy Services, [email protected]\nRick Black / Ken DennardDennard Lascar Investor [email protected]\nForward-Looking Statements and Cautionary StatementsThis news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute \"forward-looking statements\" within the meaning of Section 27A of the Securities Act of 1933, ...