Mammoth Energy Services, Inc. Announces PREPA’s Payment of $50.6 Million and Reports Fourth Quarter and Full Year 2023 Operational and Financial Results
OKLAHOMA CITY, March 1, 2024 /PRNewswire/ — Mammoth Energy Services, Inc. (“Mammoth” or the “Company”) (NASDAQ: TUSK) today announced payment of $50.6 million from the Puerto Rico Electric Power Authority (“PREPA”) for a portion of the work its wholly-owned subsidiary Cobra Acquisitions LLC (“Cobra”) completed in the aftermath of Hurricane Maria. This is in addition to $13.4 million paid by PREPA in January 2024. As previously announced, on December 1, 2023, Cobra entered into an agreement to transfer approximately $54.4 million of its outstanding receivable with PREPA to SPCP Group, LLC (“SPCP Group”). The aggregate payments from PREPA in 2024 totaling $64.0 million fully satisfied the obligations to SPCP Group and resulted in Cobra receiving approximately $9.6 million in cash.