Mammoth Energy Services, Inc. plans a release of its second quarter financial results in early August and it comes just days after the Oklahoma City company announced a $188 million settlement with Puerto Rico over unpaid 2017 Hurricane Maria power restoration work.
Mammoth will release the earnings report before the market opens on Friday, August 9. Management will hold a conference call to discuss the results later that same day starting at 9 a.m. central time.
It was just a few weeks ago Mammoth announced a settlement agreement with the Puerto Rico Electric Power Authority and the Financial Overersight and Management Board for Puerto Rico. The company had been in a dispute with PREPA since helping restore power to the country following the devastation from Hurricane Maria in 2017.
“We plan to use a portion of the $188.4 million in settlement proceeds to pay off our term credit facility, which had a balance of approximately $49.3 million as of June 30, 2024. The remaining amount of approximately $139.1 million will be cash on our balance sheet to be used to invest back into our business and for general corporate purposes,” declared Arty Straehla, Chief Executive Officer.
