Mammoth Energy Services, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 11, 2023 at 08:00 am EDT
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Mammoth Energy Services, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 75.43 million compared to USD 89.68 million a year ago. Net loss was USD 4.47 million compared to net income of USD 1.7 million a year ago. Basic loss per share from continuing operations was USD 0.09 compared to basic earnings per share from continuing operations of USD 0.04 a year ago. Diluted loss per share from continuing operations was USD 0.09 compared to diluted earnings per share from continuing operations of USD 0.04 a year ago.
For the six months, revenue was USD 191.75 million compared to USD 151.98 million a year ago. Net income was USD 3.88 million compared to net loss of USD 13.11 million a year ago. Basic earnings per share from continuing operations was USD 0.08 compared to basic loss per share from continuing operations of USD 0.28 a year ago. Diluted earnings per share from continuing operations was USD 0.08 compared to diluted loss per share from continuing operations of USD 0.28 a year ago.
Mammoth Energy Services, Inc. is an integrated energy services company focused on providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserve. It is also engaged in the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. It operates through four segments. The Natural Sand Proppant services segment mines, processes and sells sand for use in hydraulic fracturing. The Well Completion services segment provides hydraulic fracturing, sand hauling and water transfer services. The Infrastructure services segment provides electric utility infrastructure services in the northeastern, southwestern, midwestern and western portions of the United States. The Drilling services segment provides rental equipment, such as mud motors and operational tools, for both vertical and horizontal drilling.