Q2 2024 Mammoth Energy Services Inc Earnings Call Transcript
Key Points
- Mammoth Energy Services Inc (TUSK) reached a significant settlement agreement with PREPA, expected to bring in $188.4 million.
- The company plans to use a portion of the settlement proceeds to pay off its term credit facility, improving its financial position.
- Infrastructure Services business demonstrated growth both sequentially and year-over-year, with increased bidding opportunities.
- The company has a strong balance sheet with cash on hand and an undrawn revolving credit facility.
- Mammoth Energy Services Inc (TUSK) is strategically positioned to capitalize on anticipated demand increases in 2025.
- Second quarter results were impacted by a $170.7 million non-cash and non-recurring expense related to the PREPA settlement.
- Continued softness in natural gas basins led to underutilization of assets and a decline in well completion services.
- Sand division saw a slight decline in sales volume and pricing compared to the first quarter.
- The company reported a net loss of $156 million for the second quarter, primarily due to the PREPA settlement charges.
- Adjusted EBITDA was negative $160.7 million for the second quarter, reflecting the impact of the settlement agreement.
Greetings and welcome to the Mammoth Energy Services second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions)
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ken Dennard. Thank you, sir. You may begin.
Thank you, Maria and good morning to everyone. We appreciate you joining us for the Mammoth Energy conference call to review 2024 second quarter results. This call is also being webcast and can be accessed through the access through the audio link on the events and presentations page of the Investor Relations section of mammothenergy.com.
Also note that information reported on this call speaks only as of today, August 9, 2024. Please be advised that any time-sensitive information may no longer be accurate as of any subsequent date.
I'd also like to remind you that statements made
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