The leader of Oklahoma City’s Mammoth Energy Services says it appears “softness” across the company’s well completion services marakets appared to “have bottomed” in the third quarter and a rebound is anticipated in the fourth quarter. The company still suffered growing losses in total earnings but at the same time, is debt free.
It’s the assessment offered by Arty Straehla, Chief Executive Officer as the company released its third quarter earnings report, one showing $40 million in total revenue, down from the $65 million reported in the third quarter of last year.
It resulted in a net loss in this year’s third quarter of $24 million or 50 cents a share, worse than the $1.1 million and 2 cent a share loss a year earlier. Mammoth’s adjusted EBITDA was a loss of $6.4 million compared to $13.4 million in the third quarter of 2023.
Still, Straehla remained optimistic after the company received $168.4 million of the $188.4 million owed to a subsidiary for the Hurricane Maria recovery work it performed in Puerto Rico in 2017. The money was finally paid in a settlement with the Puerto Rico Electric Power Authority.
” We are now debt free and have plans to invest in both our Infrastructure Services and Well Completion Services divisions over the next year. In Infrastructure Services, we will be investing in additional crews and our engineering services capabilities to better serve our customers,” he added.
“Now that we are debt free and have significant capital to invest into our businesses, we believe we have an excellent platform to increase shareholder value.”