Mammoth Energy Services Files Q3 2024 10-Q

TL;DR

**MAMMOTH ENERGY SERVICES (TUSK) Q3 2024 10-Q FILED. FINANCIALS AVAILABLE.**

AI Summary

Mammoth Energy Services, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including revenue from contracts with customers. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial data for Mammoth Energy Services, crucial for understanding the company's current operational health and future prospects in the oil and gas sector.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal significant operational and financial risks for Mammoth Energy Services.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 105 — Public Document Count (Number of documents included in the filing package.)

Key Players & Entities

• MAMMOTH ENERGY SERVICES, INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 0001679268-24-000077 (other) — Accession number for the filing
• OKLAHOMA CITY (location) — Company's business and mailing address city

FAQ

Key Financial Figures

• $0.01 — were 48,127,369 shares of common stock, $0.01 par value, outstanding. MAMMOTH ENERG

Filing Documents

• tusk-20240930.htm (10-Q) — 1824KB
• ex-10153mammothamendment.htm (EX-10.1) — 42KB
• a2024-09x30exx311.htm (EX-31.1) — 10KB
• a2024-09x30exx312.htm (EX-31.2) — 10KB
• a2024-09x30exx321.htm (EX-32.1) — 7KB
• a2024-09x30exx322.htm (EX-32.2) — 7KB
• a2024-09x30exx951.htm (EX-95.1) — 22KB
• 0001679268-24-000077.txt ( ) — 10714KB
• tusk-20240930.xsd (EX-101.SCH) — 76KB
• tusk-20240930_cal.xml (EX-101.CAL) — 93KB
• tusk-20240930_def.xml (EX-101.DEF) — 421KB
• tusk-20240930_lab.xml (EX-101.LAB) — 823KB
• tusk-20240930_pre.xml (EX-101.PRE) — 628KB
• tusk-20240930_htm.xml (XML) — 1792KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Comprehensive (Loss) Income 2 Condensed Consolidated Statements of Changes in Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Unaudited Condensed Consolidated Financial Statements 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 50

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION 53

Legal Proceedings

Item 1. Legal Proceedings 53

Risk Factors

Item 1A. Risk Factors 53

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 54

SIGNATURES

SIGNATURES 55 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 Quarterly Report on Form 10-Q (this "report" or "Quarterly Report"): Acidizing To pump acid into a wellbore to improve a well's 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

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 reduced 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 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 our revolving credit facility; 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 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 to comply with applicable governmental laws and regulations; the failure to receive or delays in receiving the remaining payments under the settlement agreement with the Puerto Rico Electric Power Authority ("PREPA"); the outcome or settlement of our pending litigation matters discussed in t

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS September 30, December 31, 2024 2023 CURRENT ASSETS (in thousands) Cash and cash equivalents $ 4,165 $ 16,556 Restricted cash 2,000 7,742 Accounts receivable, net 232,032 447,202 Inventories 13,498 12,653 Prepaid expenses 2,912 12,181 Other current assets 581 591 Total current assets 255,188 496,925 Property, plant and equipment, net 109,394 113,905 Sand reserves, net 57,497 58,528 Operating lease right-of-use assets 5,010 9,551 Goodwill 9,214 9,214 Deferred income tax asset — 1,844 Other non-current assets 6,675 8,512 Total assets $ 442,978 $ 698,479 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 30,065 $ 27,508 Accrued expenses and other current liabilities 35,433 86,713 Accrued expenses and other current liabilities - related parties — 1,241 Current operating lease liability 3,428 5,771 Income taxes payable 44,512 61,320 Total current liabilities 113,438 182,553 Long-term debt from related parties, net 49,009 42,809 Deferred income tax liabilities 2,272 628 Long-term operating lease liability 1,556 3,534 Asset retirement obligations 4,244 4,140 Other long-term liabilities 3,781 4,715 Total liabilities 174,300 238,379 COMMITMENTS AND CONTINGENCIES (Note 19) EQUITY Equity: Common stock, $ 0.01 par value, 200,000,000 shares authorized, 48,127,369 and 47,941,652 issued and outstanding at September 30, 2024 and December 31, 2023 481 479 Additional paid in capital 540,213 539,558 Accumulated deficit ( 268,163 ) ( 76,317 ) Accumulated other comprehensive loss ( 3,853 ) ( 3,620 ) Total equity 268,678 460,100 Total liabilities and equity $ 442,978 $ 698,479 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 MAMMOTH ENERGY SERVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited) Three Months Ended Sep

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