Business
Mammoth Energy Services, Inc. Announces Second Quarter 2023 Operational and Financial Results
OKLAHOMA CITY, Aug. 11, 2023 /PRNewswire/ -- Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today reported financial and
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"OKLAHOMA CITY, Aug. 11, 2023 /PRNewswire/ -- Mammoth Energy Services, Inc. (\"Mammoth\" or the \"Company\") (NASDAQ: TUSK) today reported financial and operational results for the second quarter ended June 30, 2023.\nFinancial Overview for the Second Quarter 2023\nTotal revenue was $75.4 million for the second quarter of 2023, a decrease of 16% compared to $89.7 million for the same quarter last year and a decrease of 35% compared to $116.3 million for the first quarter of 2023.\nNet loss for the second quarter of 2023 was $4.5 million, or $0.09 loss per diluted share, compared to net income of $1.7 million, or $0.04 per share, for the same quarter last year and net income of $8.4 million, or $0.17 per share, for the first quarter of 2023.\nAdjusted EBITDA (as defined and reconciled below) was $16.4 million for the second quarter of 2023, a decrease compared to $23.0 million for the same quarter last year and $30.7 million for the first quarter of 2023.\nArty Straehla, Chief Executive Officer of Mammoth commented, \"During the second quarter we experienced a decrease in our pressure pumping fleet utilization, as lower oil and gas demand negatively impacted the overall frac market. These market pressures led to operational softness which impacted our top and bottom line in the second quarter, as we foreshadowed in our first quarter conference call. We have again lowered capital expenditures to align with our current outlook. Our sand division performed admirably during the second quarter despite the impact of the wildfires in Canada, and pricing remained strong.\n\"While we expect the second half of the year will be challenging, we are encouraged by recent bid activity in our Infrastructure Services segment. Initial funds from the Infrastructure Investment and Jobs Act are being released for infrastructure projects such as fiber, transmission and distribution, areas where we are excited participants, which gives us optimism for improvements later in 2023 and into 2024.\"\nStraehla added, \"Today we announced that we have entered into two non-binding agreements with lenders to refinance and repay our existing revolving credit facility. In addition, our Board of Directors has approved a stock repurchase program pursuant to which Mammoth is authorized to repurchase up to the lesser of $55 million or 10 million shares of our common s...