Mammoth Energy Services, Inc. announced on October 3, 2024, the payoff and termination of its term credit facility with Wexford Capital LP. On October 2, 2024, the company utilized a portion of the proceeds from the initial PREPA settlement payment to pay off all outstanding amounts, totaling $50.9 million, including accrued and unpaid interest.
Chief Financial Officer Mark Layton confirmed that Mammoth is now debt-free following this significant financial transaction. In conjunction with the debt payoff, the board of directors authorized an $11 million increase to the 2024 capital expenditure budget, raising it to $23 million. This increase reflects a strategic allocation of capital towards growth and maintenance.
The additional capital expenditures include $6 million designated for growing and adding crews in the infrastructure division. Another $5 million is allocated for maintenance to the existing infrastructure fleet. This strategic deployment of capital aims to enhance operational capabilities and support future growth in key segments.
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