Exhibit 99.1

Mammoth Energy Services, Inc. Announces PREPA’s Payment of $50.6 Million and Reports Fourth Quarter and Full Year 2023 Operational and Financial Results

Financial Overview for the Fourth Quarter and Full Year 2023:

Well Completion Services

Infrastructure Services

Natural Sand Proppant Services

Drilling Services

Other Services

Selling, General and Administrative Expenses

Interest Expense and Financing Charges, net

Liquidity

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: 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 and the Israel-Hamas war on the global energy and capital markets and global stability; performance of contracts and supply chain disruptions; inflationary pressures; high 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 by 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 comply with the applicable financial covenants and other terms and conditions under Mammoth's revolving credit facility and term loan; 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																		Years Ended
			December 31,												September 30,						December 31,
Reconciliation of net (loss) income to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net (loss) income			$	(5,158)					$	7,838					$	(1,834)					$	(3,782)					$	10,194
Depreciation and amortization expense			3,506						4,140						3,971						16,794						22,103
Gains on disposal of assets, net			(75)						(68)						(2,016)						(2,091)						(615)
Stock based compensation			57						106						64						508						380
Interest expense and financing charges, net			1,975						617						774						4,502						1,940
Other expense (income), net			1						1						—						2						(343)
Adjusted EBITDA			$	306					$	12,634					$	959					$	15,933					$	33,659

Infrastructure Services

			Three Months Ended																		Years Ended
			December 31,												September 30,						December 31,
Reconciliation of net income to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net income			$	1,844					$	1,609					$	3,239					$	8,237					$	4,933
Depreciation and amortization expense			1,023						3,675						1,557						8,390						16,171
Gains on disposal of assets, net			(71)						—						(311)						(510)						(795)
Stock based compensation			103						88						99						538						349
Interest expense and financing charges, net			4,394						2,046						1,647						9,753						7,390
Other income, net			(10,539)						(10,522)						(11,348)						(39,252)						(40,470)
Provision for income taxes			2,804						3,250						3,381						11,214						13,427
Interest on trade accounts receivable			11,543						10,785						11,443						45,440						41,276
Adjusted EBITDA			$	11,101					$	10,931					$	9,707					$	43,810					$	42,281

Natural Sand Proppant Services

			Three Months Ended																		Years Ended
			December 31,												September 30,						December 31,
Reconciliation of net (loss) income to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net (loss) income			$	(2,384)					$	(2,849)					$	(515)					$	906					$	(1,945)
Depreciation, depletion, amortization and accretion expense			1,339						2,015						2,836						7,737						8,732
Losses (gains) on disposal of assets, net			3						1						—						(13)						(89)
Stock based compensation			38						29						37						187						119
Interest expense and financing charges, net			119						201						117						540						753
Other income, net			(5)						(4)						(6)						(18)						(14)
Adjusted EBITDA			$	(890)					$	(607)					$	2,469					$	9,339					$	7,556

Drilling Services

			Three Months Ended																		Years Ended
			December 31,												September 30,						December 31,
Reconciliation of net loss to Adjusted EBITDA:			2023						2022						2023						2023						2022
Net loss			$	(147)					$	(1,577)					$	(1,304)					$	(4,134)					$	(6,071)
Depreciation expense			1,017						1,390						1,114						4,514						5,811
Gains on disposal of assets, net			(1,577)						—						—						(1,577)						—
Stock based compensation			5						3						5						23						11
Interest expense and financing charges, net			113						134						117						489						435
Other income, net			(33)						—						—						(33)						—
Adjusted EBITDA			$	(622)					$	(50)					$	(68)					$	(718)					$	186

Adjusted Net (Loss) Income and Adjusted (Loss) Earnings per Share