Mammoth Energy Services (TUSK) said Thursday it has terminated its credit facility with Wexford Capital after using a portion of the proceeds from its settlement agreement with the Puerto Rico Electric Power Authority to repay the entire $50.9 million in principal and unpaid interest owed on the term loan.
Mammoth also said it was nearly doubling its 2024 capital expenditure budget to $23 million. The company said the increase of $11 million to the budget was authorized after it paid off all of its outstanding debt.
$6 million will be used to hire new employees for its infrastructure division and the remaining $5 million will be deployed for maintenance of its infrastructure fleet, the energy services company said.
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