Mammoth Energy Services recorded an increase in its third quarter earnings as the firm had $107.2 million in total revenue compared to $57.5 million from a year ago. It was also a gain over the $89.7 million reported in the second quarter of 2022.
Net income for the third quarter of 2022 was $7.7 million, or $0.16 per share, as compared to a net loss of $40.9 million, or a $0.88 loss per share, for the same quarter last year, and net income of $1.7 million, or $0.04 per share, for the second quarter of 2022.
Adjusted EBITDA was $29.8 million for the third quarter of 2022, as compared to ($29.3) million for the same quarter last year and $23.0 million for the second quarter of 2022.
“Our businesses exhibited strong performance in the third quarter with substantial revenue growth in all of our segments year-over-year, leading to significant net income and Adjusted EBITDA growth,” said Arty Straehla, Chief Executive Officer of Mammoth.
“We continue to experience strong demand environments across our three largest segments, Infrastructure Services, Well Completion Services and our Sand business.”
He said the company continues to add crew capacity and prospects for growth in the company are expected from the overall infrastructure project opportunities supported by the government’s investment in the country’s infrastructure.
“Our Well Completion Services division continues to improve performance, generating strong growth both at the top and bottom line where the macro demand in the pressure pumping industry remains robust. We currently have four of our six pressure pumping spreads operating, which have full schedules through the end of the year, and we expect to add a fifth spread during the fourth quarter.”
A sixth fleet might be added in the first half of 2023. Straehla said the company’s sand business continues to maintain strong demand at increased prices.
Infrastructure Services
Mammoth’s infrastructure services division contributed revenue of $33.3 million for the third quarter of 2022, as compared to $25.1 million for the same quarter last year and $25.6 million for the second quarter of 2022.
Well Completion Services
Mammoth’s well completion services division contributed revenue (inclusive of inter-segment revenue) of $51.5 million on 1,897 stages for the third quarter of 2022, as compared to $22.7 million on 688 stages for the same quarter of 2021 and $43.8 million on 1,716 stages for the second quarter of 2022.
Natural Sand Proppant Services
Mammoth’s natural sand proppant services division contributed revenue of $12.9 million for the third quarter of 2022, as compared to $8.4 million for the same quarter last year and $15.5 million for the second quarter of 2022. In the third quarter of 2022, the Company sold approximately 341,000 tons of sand at an average sales price of $29.95 per ton, as compared to sales of approximately 315,000 tons of sand at an average sales price of $16.58 per ton during the same quarter last year.
Drilling Services
Mammoth’s drilling services division contributed revenue of $3.1 million for the third quarter of 2022, as compared to $1.2 million for the same quarter last year and $2.0 million for the second quarter of 2022.
Source: Mammoth Energy press release
