Exhibit 99.1

Mammoth Energy Services, Inc. Announces

Second Quarter 2023 Operational and Financial Results

Financial Overview for the Second Quarter 2023

Well Completion Services

Infrastructure Services

Natural Sand Proppant Services

Drilling Services

Other Services

Selling, General and Administrative Expenses

Liquidity

Stock Repurchase Program

Capital Expenditures

Conference Call Information

About Mammoth Energy Services, Inc.

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, plans for stock repurchases under its stock repurchase program, 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: any continuing impacts of the COVID-19 pandemic, related global and national health concerns and economic repercussions; demand for our services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; the impact of the war in Ukraine on the global energy and capital markets and global stability; performance of contracts and supply chain disruptions; inflationary pressures; rising interest rates and their impact on the cost of capital; instability in the banking and financial services sectors; 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 ("Cobra") by the Puerto Rico Electric Power Authority ("PREPA"); the failure to receive or delays in receiving governmental authorizations, approvals and/or payments, including payments with respect to the PREPA account receivable for prior services to PREPA performed by Cobra; the Company’s inability to replace

the prior levels of work in its business segments, including its infrastructure and well completion services segments; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth’s significant suppliers or customers; the loss of management and/or crews; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to (i) continue to comply with or, if applicable, obtain a waiver of forecasted or actual non-compliance with certain financial covenants from its lenders and comply with other terms and conditions under its existing or any replacement revolving credit facility, (ii) extend, repay or refinance its existing revolving credit facility at or prior to the October 19, 2023 maturity on the terms acceptable to Mammoth or at all and (iii) meet its financial projections associated with refinancing or reducing its debt; weather; natural disasters; litigation; volatility in commodity markets; 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.

Adjusted EBITDA

Consolidated

Well Completion Services

			Three Months Ended																		Six Months Ended
			June 30,												March 31,						June 30,
Reconciliation of net (loss) income to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net (loss) income			$	(3,338)					$	1,450					$	6,547					$	3,211					$	(6,351)
Depreciation and amortization expense			4,500						6,747						4,817						9,317						13,191
Gains on disposal of assets, net			—						(157)						—						—						(206)
Stock based compensation			97						84						291						387						171
Interest expense			824						422						929						1,753						793
Other expense, net			1						—						—						1						—
Adjusted EBITDA			$	2,084					$	8,546					$	12,584					$	14,669					$	7,598

Infrastructure Services

			Three Months Ended																		Six Months Ended
			June 30,												March 31,						June 30,
Reconciliation of net income to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net income			$	697					$	572					$	2,452					$	3,151					$	695
Depreciation and amortization expense			2,436						4,211						3,374						5,810						8,525
Gains on disposal of assets, net			—						(863)						(127)						(127)						(868)
Stock based compensation			107						74						230						337						172
Interest expense			1,869						1,755						1,845						3,714						3,298
Other income, net			(8,557)						(10,062)						(8,808)						(17,365)						(19,644)
Provision for income taxes			2,184						3,708						2,847						5,030						6,776
Interest on trade accounts receivable			11,341						10,160						11,112						22,454						20,022
Adjusted EBITDA			$	10,077					$	9,555					$	12,925					$	23,004					$	18,976

Natural Sand Proppant Services

			Three Months Ended																		Six Months Ended
			June 30,												March 31,						June 30,
Reconciliation of net income to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net income			$	1,027					$	2,665					$	2,779					$	3,805					$	1,352
Depreciation, depletion, amortization and accretion expense			2,374						2,058						1,187						3,561						3,852
Gains on disposal of assets, net			—						(16)						(16)						(16)						(91)
Stock based compensation			36						26						77						113						60
Interest expense			149						178						156						305						340
Other income, net			(4)						(3)						(2)						(6)						(7)
Adjusted EBITDA			$	3,582					$	4,908					$	4,181					$	7,762					$	5,506

Drilling Services

			Three Months Ended																		Six Months Ended
			June 30,												March 31,						June 30,
Reconciliation of net loss to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net loss			$	(1,289)					$	(2,272)					$	(2,046)					$	(3,336)					$	(4,026)
Depreciation expense			1,284						1,651						1,367						2,651						3,331
Stock based compensation			6						4						11						18						9
Interest expense			170						121						160						330						225
Adjusted EBITDA			$	171					$	(496)					$	(508)					$	(337)					$	(461)