Mammoth Energy Announces 5-Year Street Lighting Upgrade Contract
March 24 2021 - 5:00AM
Mammoth Energy Services, Inc. (“Mammoth” or the “Company”)
(NASDAQ:TUSK) today announced that its wholly owned subsidiary, 5
Star Electric, LLC (“5 Star”), has been awarded a street lighting
upgrade contract by a major Midwest investor owned utility. The
five-year contract is expected to generate up to approximately $30
million in revenue over the contract term.
Arty Straehla, Chief Executive Officer of Mammoth commented,
“The signing of this agreement is significant for our
infrastructure group as it adds up to $30 million of stable
contracted projects to our backlog. Furthermore, this contract
provides an entry into the rapidly expanding buildout of Smart
Grids, a new strategic direction for our infrastructure group.
Given the recent change of administration and the extension of the
solar and electric vehicle tax credits, we have seen a significant
increase in solar, wind and civil infrastructure bidding
opportunities since the beginning of the year. When coupled with
our other infrastructure businesses, including engineering, we
continue to make progress towards being a fully integrated
Engineering, Procurement and Construction “EPC” company.”
About Mammoth Energy Services,
Inc.
Mammoth is an integrated, growth-oriented energy service company
serving companies engaged in the construction and repair of the
electric grid for private utilities, public investor-owned
utilities and co-operative utilities through its energy
infrastructure services and the exploration and development of
North American onshore unconventional oil and natural gas reserves.
Mammoth’s suite of services and products include: infrastructure
services, well completion services, natural sand and proppant
services, drilling services and other energy services.
Investor Contact: Don Crist – Director,
Investor Relationsdcrist@mammothenergy.com(405) 608-6048
Media Contact:Peter
Mirijanianpeter@pmpadc.com(202) 464-8803
Forward-Looking Statements and
Cautionary Statements
This news release (and any oral statements made regarding the
subjects of this release, including on the conference call
announced herein) contains certain statements and information that
may constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts that
address activities, events or developments that Mammoth expects,
believes or anticipates will or may occur in the future are
forward-looking statements. The words “anticipate,” “believe,”
“ensure,” “expect,” “if,” “intend,” “plan,” “estimate,” “project,”
“forecasts,” “predict,” “outlook,” “aim,” “will,” “could,”
“should,” “potential,” “would,” “may,” “probable,” “likely” and
similar expressions, and the negative thereof, are intended to
identify forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include statements, estimates
and projections regarding the Company's business outlook and plans,
future financial position, liquidity and capital resources,
operations, performance, acquisitions, returns, capital expenditure
budgets, costs and other guidance regarding future developments.
Forward-looking statements are not assurances of future
performance. These forward-looking statements are based on
management’s current expectations and beliefs, forecasts for the
Company's existing operations, experience and perception of
historical trends, current conditions, anticipated future
developments and their effect on Mammoth, and other factors
believed to be appropriate. Although management believes that the
expectations and assumptions reflected in these forward-looking
statements are reasonable as and when made, no assurance can be
given that these assumptions are accurate or that any of these
expectations will be achieved (in full or at all). Moreover, the
Company's forward-looking statements are subject to significant
risks and uncertainties, including those described in its Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other filings it makes with the SEC,
including those relating to the Company's acquisitions and
contracts, many of which are beyond the Company's control, which
may cause actual results to differ materially from historical
experience and present expectations or projections which are
implied or expressed by the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to: the severity and duration of the COVID-19 pandemic,
related global and national health concerns and economic
repercussions and the resulting negative impact on demand for our
services; the current significant surplus in the supply of oil and
the ability of the OPEC+ countries to agree on and comply with
supply limitations; the duration and magnitude of the unprecedented
disruption in the oil and gas industry currently resulting from the
impact of the foregoing factors, which is negatively impacting our
business; operational challenges relating to the COVID-19 pandemic
and efforts to mitigate the spread of the virus, including
logistical challenges, protecting the health and well-being of our
employees, remote work arrangements, performance of contracts and
supply chain disruptions; the failure to receive or delays in
receiving governmental authorizations, approvals and/or payments;
the outcome of ongoing government investigations and other legal
proceedings, including those relating to the contracts awarded to
the Company's subsidiary Cobra Acquisitions LLC by the Puerto Rico
Electric Power Authority and contracts for our pressure pumping
services and natural sand proppant services; the Company's
inability to replace the prior levels of work in its business
segments, including its infrastructure and pressure pumping
segments; risks relating to economic conditions; the loss of or
interruption in operations of one or more key suppliers or
customers; the effects of government regulation, permitting and
other legal requirements; operating risks; the adequacy of capital
resources and liquidity; weather; natural disasters; litigation;
competition in the oil and natural gas and infrastructure
industries; and costs and availability of resources.
Investors are cautioned not to place undue reliance on any
forward-looking statement which speaks only as of the date on which
such statement is made. We undertake no obligation to correct,
revise or update any forward-looking statement after the date such
statement is made, whether as a result of new information, future
events or otherwise, except as required by applicable law
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