Mammoth Energy Services, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mammoth Energy Services, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial performance and operational status.</b>

AI Summary

MAMMOTH ENERGY SERVICES, INC. (TUSK) filed a Annual Report (10-K) with the SEC on March 1, 2024. Mammoth Energy Services, Inc. filed its 2023 Form 10-K on March 1, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 14201 Caliber Drive, Suite 300, Oklahoma City, OK 73134. The SIC code for Mammoth Energy Services, Inc. is 1389 (Oil, Gas Field Services, NBC). The filing includes data related to revenue from contracts with customers, property, plant, and equipment, and accrued liabilities.

Why It Matters

For investors and stakeholders tracking MAMMOTH ENERGY SERVICES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Mammoth Energy Services' financial health, operational segments, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects. The detailed financial statements and risk factors within the report are essential for understanding the company's exposure to market fluctuations, operational challenges, and regulatory environments within the oil and gas services sector.

Risk Assessment

Risk Level: medium — MAMMOTH ENERGY SERVICES, INC. shows moderate risk based on this filing. The company operates in the oil and gas field services sector, which is inherently cyclical and subject to commodity price volatility, impacting demand for its services and overall financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Mammoth Energy Services' financial stability and future growth potential in the volatile energy market.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal Year End)
• 20240301 — Filing Date (Filed As Of Date)
• 1389 — SIC Code (Standard Industrial Classification)
• 001-37917 — SEC File Number (SEC File Number)

Key Players & Entities

• MAMMOTH ENERGY SERVICES, INC. (company) — FILER
• TUSK (company) — Ticker Symbol
• 10-K (filing) — FORM TYPE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240301 (date) — FILED AS OF DATE
• Oklahoma City (location) — CITY
• 1389 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• Puerto Rico Electric Power Authority (PREPA) (company) — Member

FAQ

Industry Context

Mammoth Energy Services operates within the oil and gas field services industry, providing services and equipment to support exploration and production activities.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Compare the 2023 results with previous years to identify trends in revenue, profitability, and operational performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to the previous year's filings.

Key Financial Figures

• $0.01 — 24, there were 47,941,652 shares of our $0.01 par value common stock outstanding. D

Filing Documents

• tusk-20231231.htm (10-K) — 2685KB
• a2023-12x31exx211.htm (EX-21.1) — 12KB
• a2023-12x31exx231jtboydcon.htm (EX-23.1) — 6KB
• a2023-12x31exx232gtconsent.htm (EX-23.2) — 2KB
• a2023-12x31exx311.htm (EX-31.1) — 10KB
• a2023-12x31exx312.htm (EX-31.2) — 10KB
• a2023-12x31exx321.htm (EX-32.1) — 7KB
• a2023-12x31exx322.htm (EX-32.2) — 7KB
• a2023-12x31exx951.htm (EX-95.1) — 22KB
• a2023-12x31exx971.htm (EX-97.1) — 29KB
• tusk-20231231_g1.jpg (GRAPHIC) — 182KB
• tusk-20231231_g2.jpg (GRAPHIC) — 138KB
• tusk-20231231_g3.jpg (GRAPHIC) — 120KB
• 0001679268-24-000007.txt (&nbsp;) — 14718KB
• tusk-20231231.xsd (EX-101.SCH) — 92KB
• tusk-20231231_cal.xml (EX-101.CAL) — 125KB
• tusk-20231231_def.xml (EX-101.DEF) — 477KB
• tusk-20231231_lab.xml (EX-101.LAB) — 986KB
• tusk-20231231_pre.xml (EX-101.PRE) — 696KB
• tusk-20231231_htm.xml (XML) — 2296KB

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 44

Cybersecurity

Item 1C. Cybersecurity 45

Properties

Item 2. Properties 46

Legal Proceedings

Item 3. Legal Proceedings 52

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 53 PART II. 54

Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54

[Reserved]

Item 6. [Reserved] 54

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 55

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 75

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 76

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76

Controls and Procedures

Item 9A. Controls and Procedures 76

Other Information

Item 9B. Other Information 79

Disclosure Regarding Foreign Jurisdictions the Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions the Prevent Inspections 79 PART III. 80

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 80

Executive Compensation

Item 11. Executive Compensation 80

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 80

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 80

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 80 PART IV. 81

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 81

Form 10-K Summary

Item 16. Form 10-K Summary 82

SIGNATURES

SIGNATURES 83 GLOSSARY OF OIL AND NATURAL GAS AND ELECTRICAL INFRASTRUCTURE TERMS The following is a glossary of certain oil and natural gas and natural sand proppant industry terms used in this Annual Report on Form 10-K (this "annual report" or "report"): Acidizing To pump acid into a wellbore to improve well productivity or injectivity. Blowout An uncontrolled flow of reservoir fluids into the wellbore, and sometimes catastrophically to the surface. A blowout may consist of salt water, oil, natural gas or a mixture of these. Blowouts can occur in all types of exploration and production operations, not just during drilling operations. If reservoir fluids flow into another formation and do not flow to the surface, the result is called an underground blowout. If the well experiencing a blowout has significant open-hole intervals, it is possible that the well will bridge over (or seal itself with rock fragments from collapsing formations) down-hole and intervention efforts will be averted. Bottomhole assembly The lower portion of the drillstring, consisting of (from the bottom up in a vertical well) the bit, bit sub, a mud motor (in certain cases), stabilizers, drill collar, heavy-weight drillpipe, jarring devices ("jars") and crossovers for various threadforms. The bottomhole assembly must provide force for the bit to break the rock (weight on bit), survive a hostile mechanical environment and provide the driller with directional control of the well. Oftentimes the assembly includes a mud motor, directional drilling and measuring equipment, measurements-while-drilling tools, logging-while-drilling tools and other specialized devices. Cementing To prepare and pump cement into place in a wellbore. Coiled tubing A long, continuous length of pipe wound on a spool. The pipe is straightened prior to pushing into a wellbore and rewound to coil the pipe back onto the transport and storage spool. Depending on the pipe diameter (1 in. to 4 1/2 in.) and the spool size

Forward-looking statements may include statements about

Forward-looking statements may include statements about: the levels of capital expenditures by our customers and the impact of drilling and completions activity on utilization and pricing for our oilfield services; the volatility of oil and natural gas prices and actions by OPEC members and other oil exporting nations, or OPEC+, affecting commodity price and production levels; employee retention and increasingly competitive labor market; general economic, business or industry conditions and concerns over a potential economic slowdown or recession; conditions in the capital, financial and credit markets; conditions of U.S. oil and natural gas industry and the effect of U.S. energy, monetary and trade policies; U.S. and global economic conditions and political and economic developments, including the energy and environmental policies; inflationary pressure on the cost of services, equipment and other goods in our industries and other sectors; our ability to comply with the applicable financial covenants and other terms and conditions under our new revolving credit facility and new term loan; our ability to execute our business and financial strategies; our plans with respect to any stock repurchases under the board of directors' authorized stock repurchase program; our ability to continue to grow our infrastructure services segment or recommence certain of our suspended oilfield services; any loss of one or more of our significant customers and its impact on our revenue, financial condition and results of operations; asset impairments; our ability to identify, complete and integrate acquisitions of assets or businesses; our ability to receive, or delays in receiving, permits and governmental approvals and/or payments, and to comply with applicable governmental laws and regulations; the results of litigation relating to the contracts awarded to our subsidiary Cobra Acquisitions LLC, or Cobra, by the Puerto Rico Electric Power Authority, or PREPA; the

Business

Item 1. Business Overview We are an integrated, growth-oriented energy services company focused on providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserve as well as the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through our infrastructure services businesses. Our primary business objective is to grow our operations and create value for stockholders through organic growth opportunities and accretive acquisitions. Our suite of services includes well completion services, infrastructure services, natural sand proppant services, drilling services and other services. Our well completion services division provides hydraulic fracturing, sand hauling and water transfer services. Our infrastructure services division provides engineering, design, construction, upgrade, maintenance and repair services to the electrical infrastructure industry. Our natural sand proppant services division mines, processes and sells natural sand proppant used for hydraulic fracturing. Our drilling services division currently provides rental equipment, such as mud motors and operational tools, for both vertical and horizontal drilling. In addition to these service divisions, we also provide aviation services, equipment rentals, remote accommodations and equipment manufacturing. We believe that the services we offer play a critical role in increasing the ultimate recovery and present value of production streams from unconventional resources as well as in maintaining and improving electrical infrastructure. Our complementary suite of services provides us with the opportunity to cross-sell our services and expand our customer base and geographic positioning. The growth of our industrial businesses is ongoing. We offer infrastructure engineering services focused on the transmission and distribution industry and also have equipm

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View this 10-K filing on SEC EDGAR