EXHIBIT 99.1

FOR IMMEDIATE RELEASE

October 31, 2018

Mammoth Energy Services, Inc. Announces

Third Quarter 2018 Operational and Financial Results

•	Record net income of $69.5 million, or $1.54 per diluted share

•	Deployed infrastructure crews in support of Hurricanes Florence and Michael

•	Entered into an amended and restated 5-year credit facility increasing borrowing base to $185 million - Remains undrawn

•	Declared quarterly dividend of $0.125 per share

OKLAHOMA CITY, OKLAHOMA, October 31, 2018 - Mammoth Energy Services, Inc. ("Mammoth" or the "Company") (NASDAQ: TUSK) today reported financial and operational results for the three and nine months ended September 30, 2018.

Financial Highlights for the Third Quarter 2018:

Total revenue was $384.0 million for the three months ended September 30, 2018, down 28% sequentially from $533.6 for the three months ended June 30, 2018 and up 157% from $149.3 million for the three months ended September 30, 2017.

Net income for the three months ended September 30, 2018 was $69.5 million, or $1.54 on a fully diluted per share basis, a $26.8 million increase from $42.7 million for the three months ended June 30, 2018 and an improvement of $70.3 million from a net loss of $0.8 million for the three months ended September 30, 2017.

Adjusted EBITDA (as defined and reconciled below) was $183.6 million for the three months ended September 30, 2018, an increase from $148.6 million for the three months ended June 30, 2018 and from $28.0 million for the three months ended September 30, 2017. Excluding the reversal of bad debt provisions of $69.6 million, adjusted EBITDA was $114.0 million for the three months ended September 30, 2018.

Arty Straehla, Mammoth's Chief Executive Officer, stated, "The third quarter marked two full years as a public company and was a record quarter on a net income basis. Over the past two years, we have more than doubled the size of our oil field services business and we have also created a large infrastructure organization that has a bright future that should complement our diversified growth for years to come. While the third quarter was challenging for oil field services, we were pleased with the execution in our infrastructure business. In addition, we finalized our amended and restated $185 million five-year credit facility, which both increases our liquidity and gives us the flexibility to react quickly to identified opportunities. We continue our commitment to a balanced stockholder return through the approval of a regular quarterly dividend to be paid on November 15, 2018."

Pressure Pumping Services

Mammoth's pressure pumping division contributed revenues (inclusive of inter-segment revenues) of $92.4 million on 1,594 stages for the three months ended September 30, 2018, a 9% decrease from $101.4 million on 1,815 stages for the three months ended June 30, 2018 and a 21% increase from $76.7 million on 1,617 stages for the three months ended September 30, 2017.

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Infrastructure Services

Mammoth's infrastructure services segment contributed revenues of $237.1 million for the three months ended September 30, 2018, a 34% decrease from $360.3 million for the three months ended June 30, 2018 and a $223.6 million increase from $13.5 million the three months ended September 30, 2017.

Transmission and distribution crews answered the call for mutual aid following Hurricanes Florence and Michael and were deployed to both the eastern seaboard and the gulf coast. Our crews remain on the gulf coast in support of the destruction caused by Hurricane Michael.

Natural Sand Proppant Services

Mammoth's natural sand proppant division contributed revenues (inclusive of inter-segment revenues) of $37.0 million for the three months ended September 30, 2018, a 30% decrease from $52.8 million for the three months ended June 30, 2018 and up 13% from $32.7 million for the three months ended September 30, 2017. The Company sold 598,438 tons of sand during the three months ended September 30, 2018, a 23% decrease from 777,850 during the three months ended June 30, 2018 and a 26% increase from 474,933 during the three months ended September 30, 2017.

During the third quarter of 2018, the Company completed the upgrade of certain equipment at its Piranha facility, which increased Mammoth's total sand processing capacity to approximately 4.4 million tons per year. Due to market conditions, our Muskie facility was temporarily idled during the third quarter of 2018 and we expect this to lower our blended production costs.

Contract Land and Directional Drilling Services

Mammoth's contract land and directional drilling services division contributed revenues (inclusive of inter-segment revenues) of $15.9 million for the three months ended September 30, 2018, a 7% decrease from $17.2 million for the three months ended June 30, 2018 and a 17% increase from $13.6 million for the three months ended September 30, 2017. The average drilling day rate was $17,170, $17,229 and $14,800, respectively, for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017.

Mammoth anticipates that it will operate, on average, four to five rigs throughout 2018.

Other Services

Mammoth's other services, including coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling, water transfer and remote accommodations, contributed revenues (inclusive of inter-segment revenues) of $21.5 million for the three months ended September 30, 2018, a 7% increase from $20.2 million for the three months ended June 30, 2018 and a 24% increase from $17.4 million for the three months ended September 30, 2017.

Selling, General and Administrative Expenses

Selling, general and administrative ("SG&A") expenses were a credit of $45.3 million for the three months ended September 30, 2018, compared to $65.1 million for the three months ended June 30, 2018 and $8.0 million for the three months ended September 30, 2017.

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Following is a breakout of SG&A expense (in thousands):

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
	2018				2017				2018				2018				2017
Cash expenses:
Compensation and benefits	$	14,864			$	3,577			$	10,978			$	33,541			$	8,958
Professional services	3,267				1,494				2,981				8,835				5,075
Other(a)	3,701				1,820				3,935				9,243				5,700
Total cash SG&A expense	21,832				6,891				17,894				51,619				19,733
Non-cash expenses:
Bad debt provision(b)	(68,333		)		103				28,263				(14,543		)		78
Equity based compensation(c)	—				—				17,487				17,487				—
Stock based compensation	1,177				1,028				1,483				3,751				2,648
Total non-cash SG&A expense	(67,156		)		1,131				47,233				6,695				2,726
Total SG&A expense	$	(45,324	)		$	8,022			$	65,127			$	58,314			$	22,459

a.	Includes travel-related costs, IT expenses, rent, utilities and other general and administrative-related costs.

b.

During the three months ended September 30, 2018, the Company received payment for amounts previously reserved in 2017. As a result, during the three months ended September 30, 2018, the Company reversed bad debt expense of $16.0 million recognized in 2017 and $53.6 million recognized in the first half of 2018. The Company expects to receive payment for the 2018 amounts once the Company files its 2018 Puerto Rico tax return and pays any taxes due as calculated by the return. The Company expects that the Puerto Rico 2018 tax return will be filed in mid-2019.

c.	Represents compensation expense for non-employee awards, which were issued and are payable by certain affiliates of Wexford (the sponsor level).

SG&A expenses, as a percentage of total revenue, were (12%) for the three months ended September 30, 2018 compared to 12% for the three months ended June 30, 2018 and 5% for the three months ended September 30, 2017. Excluding bad debt and non-employee non-cash equity compensation expenses, SG&A expenses as a percentage of total revenue were 6% for the three months ended September 30, 2018, compared to 4% for the three months ended June 30, 2018 and 5% for the three months ended September 30, 2017.

Liquidity

As of September 30, 2018, Mammoth had cash on hand totaling $19.7 million and no borrowings outstanding under its revolving credit facility. As of September 30, 2018, the Company had approximately $162.5 million of available borrowing capacity under its revolving credit facility, after giving effect to $6.7 million of outstanding letters of credit, resulting in total liquidity of approximately $182.2 million.

On October 19, 2018, Mammoth entered into an amended and restated five-year asset backed revolving credit facility led by PNC Capital Markets with a maximum revolving advance amount at closing of $185 million and the potential to increase the facility by up to an additional $165 million.

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Capital Expenditures

The following table summarizes Mammoth's capital expenditures by operating division for the periods indicated (in thousands):

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
	2018				2017				2018				2018				2017
Pressure pumping services(a)	$	5,630			$	19,581			$	8,233			$	21,729			$	72,983
Infrastructure services(b)	21,737				8,055				40,778				78,293				12,013
Natural sand proppant services(c)	3,145				4,928				6,958				15,803				7,898
Contract and directional drilling services(d)	1,570				2,356				7,083				12,271				8,257
Other(e)	8,663				777				9,959				21,434				1,122
Total capital expenditures	$	40,745			$	35,697			$	73,011			$	149,530			$	102,273

a.     Capital expenditures primarily for pressure pumping equipment for the periods presented.

b.     Capital expenditures primarily for trucks and other equipment for the periods presented.

c.    Capital expenditures primarily for plant upgrades for the periods presented.

d.	Capital expenditures primarily for upgrades to our rig fleet and real estate purchases for the periods presented.

e.    Capital expenditures primarily for equipment for our rental and crude oil hauling businesses for periods presented.

Explanatory Note Regarding Financial Information

The financial information contained in this release should be read in conjunction with the financial information contained in Mammoth’s Annual Report filed on Form 10-K with the Securities and Exchange Commission ("SEC") on February 28, 2018, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings.

The Company's Chief Executive Officer and Chief Financial Officer comprise the Company's Chief Operating Decision Maker function ("CODM"). Segment information is prepared on the same basis that the CODM manages the segments, evaluates the segment financial statements and makes key operating and resource utilization decisions. Segment evaluation is determined on a quantitative basis based on a function of operating income (loss) as well as a qualitative basis, such as nature of the product and service offerings and types of customers.

On June 5, 2017, the Company completed the acquisition of (1) Sturgeon Acquisitions, LLC and its wholly owned subsidiaries Taylor Frac LLC, Taylor RE, LLC and South River, LLC (collectively, "Sturgeon"), (2) Stingray Energy Services and (3) Stingray Cementing (together with Stingray Energy Services, the “Stingray Acquisition”) in exchange for the issuance by Mammoth of an aggregate of 7,000,000 shares of its common stock.

Prior to the acquisition, the Company and Sturgeon were under common control and it is required under accounting principles generally accepted in the Unites States of America ("GAAP") to account for this common control acquisition in a manner similar to the pooling of interest method of accounting. Therefore, the Company's historical financial information has been recast to combine Sturgeon with the Company as if the acquisition had been completed at commencement of Sturgeon's operations on September 13, 2014.

Conference Call Information

Mammoth will host a conference call on Thursday, November 1, 2018 at 10:00 a.m. CDT (11:00 am EDT) to discuss its third quarter 2018 financial and operational results. The telephone number to access the conference call is 844-265-1561 in the U.S. and the international dial in is 216-562-0385. The conference ID for the call is 6888202. The conference call will also be webcast live on www.mammothenergy.com in the “Investors” section.

About Mammoth Energy Services, Inc.

Mammoth is an integrated, growth-oriented company serving both the oil and gas and the electric utility industries in North America and US territories. Mammoth's subsidiaries provide a diversified set of drilling and completion services to the exploration and production industry including pressure pumping, coil tubing, natural sand and proppant services as well as trucking, drilling, cementing, water transfer among others. In addition, its infrastructure division provides transmission, distribution and logistics services to various public and private owned utilities throughout the US and Puerto Rico.

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For additional information about Mammoth, please visit its website at www.mammothenergy.com, where Mammoth routinely posts announcements, updates, events, investor information and presentations and recent news releases.

Investor Contact:

Don Crist

Director of Investor Relations

dcrist@mammothenergy.com

405-608-6048

Media Contact:

Peter Mirijanian

peter@pmpadc.com

(202) 464-8803

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 we expect, believe or anticipate 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 our business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, 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 our existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on us, 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, our forward-looking statements are subject to significant risks and uncertainties, including those described in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings we make with the SEC, including those relating to our acquisitions and our contracts, many of which are beyond our control, which may cause actual results to differ materially from our historical experience and our 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: risks relating to economic conditions; volatility of crude oil and natural gas commodity prices; delays in or failure of delivery of current or future orders of specialized equipment; the loss of or interruption in operations of one or more key suppliers or customers; solvency of counterparties to our contracts and their ability to timely pay for our services; oil and gas market conditions; the effects of government regulation, permitting and other legal requirements, including new legislation or regulation of hydraulic fracturing; operating risks; the adequacy of our capital resources and liquidity; weather; litigation; 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.

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MAMMOTH ENERGY SERVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

ASSETS		September 30,				December 31,
		2018				2017
CURRENT ASSETS		(in thousands)
Cash and cash equivalents		$	19,692			$	5,637
Accounts receivable, net		390,824				243,746
Receivables from related parties		25,335				33,788
Inventories		19,185				17,814
Prepaid expenses		10,969				12,552
Other current assets		652				886
Total current assets		466,657				314,423
Property, plant and equipment, net		434,785				351,017
Sand reserves		72,207				74,769
Intangible assets, net - customer relationships		3,021				9,623
Intangible assets, net - trade names		6,134				6,516
Goodwill		98,308				99,811
Deferred income tax asset		—				6,739
Other non-current assets		4,046				4,345
Total assets		$	1,085,158			$	867,243
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable		$	139,374			$	141,306
Payables to related parties		1,402				1,378
Accrued expenses and other current liabilities		42,605				40,895
Income taxes payable		172,000				36,409
Total current liabilities		355,381				219,988
Long-term debt		—				99,900
Deferred income tax liabilities		33,601				34,147
Asset retirement obligation		3,155				2,123
Other liabilities		1,703				3,289
Total liabilities		393,840				359,447
COMMITMENTS AND CONTINGENCIES
EQUITY
Equity:
Common stock, $0.01 par value, 200,000,000 shares authorized, 44,755,678 and 44,589,306 issued and outstanding at September 30, 2018 and December 31, 2017, respectively		448				446
Additional paid in capital		529,825				508,010
Retained earnings		164,165				2,001
Accumulated other comprehensive loss		(3,120		)		(2,661		)
Total equity		691,318				507,796
Total liabilities and equity		$	1,085,158			$	867,243

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MAMMOTH ENERGY SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
	2018				2017				2018				2018				2017
	(in thousands, except per share amounts)
REVENUE
Services revenue	$	346,368			$	63,113			$	455,545			$	1,210,572			$	119,864
Services revenue - related parties	18,933				56,861				40,611				108,632				134,426
Product revenue	14,955				15,276				27,708				67,703				29,043
Product revenue - related parties	3,787				14,055				9,730				24,979				39,200
Total revenue	384,043				149,305				533,594				1,411,886				322,533
COST AND EXPENSES
Services cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $27,810, $79,283, $26,898, $24,153 and $57,642, respectively, for the three and nine months ended September 30, 2018, three month ended June 30, 2018 and three and nine months ended September 30, 2017)	216,670				89,346				302,283				809,932				191,911
Services cost of revenue - related parties (exclusive of depreciation, depletion, amortization and accretion of $0, $0, $0, $0 and $0, respectively, for the three and nine months ended September 30, 2018, three month ended June 30, 2018 and three and nine months ended September 30, 2017)	1,425				9				2,428				5,645				701
Product cost of revenue (exclusive of depreciation, depletion, amortization and accretion of $4,183, $10,376, $3,879, $3,033 and $6,599, respectively, for the three and nine months ended September 30, 2018, three month ended June 30, 2018 and three and nine months ended September 30, 2017)	29,470				25,178				35,117				97,917				57,759
Selling, general and administrative	(45,761		)		7,667				64,595				56,916				21,473
Selling, general and administrative - related parties	437				355				532				1,398				986
Depreciation, depletion, amortization and accretion	32,015				27,224				30,795				89,718				64,354
Impairment of long-lived assets	4,582				—				187				4,769				—
Total cost and expenses	238,838				149,779				435,937				1,066,295				337,184
Operating income (loss)	145,205				(474		)		97,657				345,591				(14,651		)
OTHER (EXPENSE) INCOME
Interest expense, net	(458		)		(1,420		)		(959		)		(2,654		)		(2,929		)
Bargain purchase gain, net of tax	—				—				—				—				4,012
Other, net	(400		)		(320		)		(486		)		(914		)		(707		)
Total other (expense) income	(858		)		(1,740		)		(1,445		)		(3,568		)		376
Income (loss) before income taxes	144,347				(2,214		)		96,212				342,023				(14,275		)
Provision (benefit) for income taxes	74,835				(1,413		)		53,512				174,265				(7,323		)
Net income (loss)	$	69,512			$	(801	)		$	42,700			$	167,758			$	(6,952	)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustment, net of tax of ($87), $185, $86, $358 and $812, respectively, for the three and nine months ended September 30, 2018, three month ended June 30, 2018 and three and nine months ended September 30, 2017)	327				628				(325		)		(459		)		1,037
Comprehensive income (loss)	$	69,839			$	(173	)		$	42,375			$	167,299			$	(5,915	)
Net income (loss) per share (basic)	$	1.55			$	(0.02	)		$	0.95			$	3.75			$	(0.17	)
Net income (loss) per share (diluted)	$	1.54			$	(0.02	)		$	0.95			$	3.73			$	(0.17	)
Weighted average number of shares outstanding (basic)	44,756				44,502				44,737				44,718				40,526
Weighted average number of shares outstanding (diluted)	45,082				44,502				45,059				45,012				40,526
Dividends declared per share	$	0.125			—				$	—			$	0.125			—

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MAMMOTH ENERGY SERVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Nine Months Ended
	September 30,
	2018				2017
	(in thousands)
Cash flows from operating activities:
Net income (loss)	$	167,758			$	(6,952	)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Equity based compensation	17,487				—
Stock based compensation	4,331				2,648
Depreciation, depletion, accretion and amortization	89,718				64,354
Amortization of coil tubing strings	1,473				2,144
Amortization of debt origination costs	299				299
Bad debt expense	(14,543		)		117
(Gain) loss on disposal of property and equipment	(185		)		126
Gain on bargain purchase	—				(4,012		)
Impairment of long-lived assets	4,769				—
Deferred income taxes	6,418				(8,151		)
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net	(132,553		)		(37,440		)
Receivables from related parties	8,453				(12,081		)
Inventories	(2,665		)		(7,878		)
Prepaid expenses and other assets	1,814				2,644
Accounts payable	(5,179		)		30,445
Payables to related parties	24				8
Accrued expenses and other liabilities	(405		)		14,393
Income taxes payable	135,578				(28		)
Net cash provided by operating activities	282,592				40,636
Cash flows from investing activities:
Purchases of property and equipment	(144,898		)		(102,273		)
Purchases of property and equipment from related parties	(4,632		)		—
Business acquisitions	(14,456		)		(42,008		)
Proceeds from disposal of property and equipment	1,213				782
Business combination cash acquired	—				2,671
Net cash used in investing activities	(162,773		)		(140,828		)
Cash flows from financing activities:
Borrowings from lines of credit	77,000				118,850
Repayments of lines of credit	(176,900		)		(24,850		)
Repayments of equipment financing note	(219		)		—
Dividends paid	(5,594		)		—
Repayment of acquisition long-term debt	—				(8,851		)
Net cash (used in) provided by financing activities	(105,713		)		85,149
Effect of foreign exchange rate on cash	(51		)		82
Net change in cash and cash equivalents	14,055				(14,961		)
Cash and cash equivalents at beginning of period	5,637				29,239
Cash and cash equivalents at end of period	$	19,692			$	14,278
Supplemental disclosure of cash flow information:
Cash paid for interest	$	2,726			$	2,300
Cash paid for income taxes	$	32,269			$	840
Supplemental disclosure of non-cash transactions:
Purchases of property and equipment included in accounts payable and accrued expenses	$	21,124			$	13,648
Acquisition of Sturgeon, Stingray Cementing LLC and Stingray Energy Services LLC	$	—			$	23,091

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MAMMOTH ENERGY SERVICES, INC.

SEGMENT INCOME STATEMENTS (unaudited)

(in thousands)

Three months ended September 30, 2018	Pressure Pumping			Infrastructure			Sand			Drilling			All Other			Eliminations			Total
Revenue from external customers	$	91,595		$	237,052		$	18,742		$	15,800		$	20,854		$	—		$	384,043
Intersegment revenues	815			—			18,268			139			671			(19,893		)	—
Total revenue	92,410			237,052			37,010			15,939			21,525			(19,893		)	384,043
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion	54,023			128,267			29,470			14,104			21,701			—			247,565
Intersegment cost of revenues	18,897			37			546			158			245			(19,883		)	—
Total cost of revenue	72,920			128,304			30,016			14,262			21,946			(19,883		)	247,565
Selling, general and administrative	4,335			(54,200		)	1,618			1,362			1,561			—			(45,324		)
Depreciation, depletion, amortization and accretion	12,665			6,591			4,184			4,327			4,248			—			32,015
Impairment of long-lived assets	143			—			—			—			4,439			—			4,582
Operating income (loss)	2,347			156,357			1,192			(4,012		)	(10,669		)	(10		)	145,205
Interest expense, net	150			159			37			53			59			—			458
Other expense	2			181			199			(5		)	23			—			400
Income (loss) before income taxes	$	2,195		$	156,017		$	956		$	(4,060	)	$	(10,751	)	$	(10	)	$	144,347

Three months ended September 30, 2017	Pressure Pumping			Infrastructure			Sand			Drilling			All Other			Eliminations			Total
Revenue from external customers	$	75,705		$	13,486		$	29,332		$	13,644		$	17,138		$	—		$	149,305
Intersegment revenues	950			—			3,401			—			287			(4,638		)	—
Total revenue	76,655			13,486			32,733			13,644			17,425			(4,638		)	149,305
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion	52,961			10,117			25,178			11,598			14,679			—			114,533
Intersegment cost of revenues	3,688			—			905			45			—			(4,638		)	—
Total cost of revenue	56,649			10,117			26,083			11,643			14,679			(4,638		)	114,533
Selling, general and administrative	2,511			886			1,841			1,374			1,410			—			8,022
Depreciation, depletion, amortization and accretion	13,039			1,039			3,034			5,036			5,076			—			27,224
Operating income (loss)	4,456			1,444			1,775			(4,409		)	(3,740		)	—			(474		)
Interest expense, net	592			68			87			570			103			—			1,420
Other expense	120			10			98			39			53			—			320
Income (loss) before income taxes	$	3,744		$	1,366		$	1,590		$	(5,018	)	$	(3,896	)	$	—		$	(2,214	)

Three months ended June 30, 2018	Pressure Pumping			Infrastructure			Sand			Drilling			All Other			Eliminations			Total
Revenue from external customers	$	100,333		$	360,250		$	37,439		$	17,126		$	18,446		$	—		$	533,594
Intersegment revenues	1,073			—			15,406			84			1,721			(18,284		)	—
Total revenue	101,406			360,250			52,845			17,210			20,167			(18,284		)	533,594
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion	61,593			210,189			35,117			15,280			17,649			—			339,828
Intersegment cost of revenues	16,174			754			1,019			(40		)	129			(18,036		)	—
Total cost of revenue	77,767			210,943			36,136			15,240			17,778			(18,036		)	339,828
Selling, general and administrative	20,822			39,786			1,787			1,591			1,141			—			65,127
Depreciation, depletion, amortization and accretion	13,829			4,094			3,881			5,349			3,642			—			30,795
Impairment of long-lived assets	—			—			—			187			—			—			187
Operating income (loss)	(11,012		)	105,427			11,041			(5,157		)	(2,394		)	(248		)	97,657
Interest expense, net	341			106			76			265			171			—			959
Other expense	80			330			36			32			8			—			486
Income (loss) before income taxes	$	(11,433	)	$	104,991		$	10,929		$	(5,454	)	$	(2,573	)	$	(248	)	$	96,212

9

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MAMMOTH ENERGY SERVICES, INC.

SEGMENT INCOME STATEMENTS (unaudited)

(in thousands)

Nine months ended September 30, 2018	Pressure Pumping			Infrastructure			Sand			Drilling			All Other			Eliminations			Total
Revenue from external customers	$	288,507		$	922,761		$	92,684		$	48,154		$	59,780		$	—		$	1,411,886
Intersegment revenues	6,447			—			48,186			225			4,807			(59,665		)	—
Total revenue	294,954			922,761			140,870			48,379			64,587			(59,665		)	1,411,886
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion	182,228			532,532			97,917			43,859			56,958			—			913,494
Intersegment cost of revenues	50,473			2,582			5,851			280			479			(59,665		)	—
Total cost of revenue	232,701			535,114			103,768			44,139			57,437			(59,665		)	913,494
Selling, general and administrative	27,820			17,437			5,049			4,206			3,802			—			58,314
Depreciation, depletion, amortization and accretion	40,480			13,092			10,381			14,031			11,734			—			89,718
Impairment of long-lived assets	143			—			—			187			4,439			—			4,769
Operating income (loss)	(6,190		)	357,118			21,672			(14,184		)	(12,825		)	—			345,591
Interest expense, net	995			341			193			713			412			—			2,654
Other expense	94			513			222			67			18			—			914
Income (loss) before income taxes	$	(7,279	)	$	356,264		$	21,257		$	(14,964	)	$	(13,255	)	$	—		$	342,023

Nine months ended September 30, 2017	Pressure Pumping			Infrastructure			Sand			Drilling			All Other			Eliminations			Total
Revenue from external customers	$	166,082		$	15,195		$	68,244		$	36,867		$	36,145		$	—		$	322,533
Intersegment revenues	1,409			—			4,848			—			372			(6,629		)	—
Total revenue	167,491			15,195			73,092			36,867			36,517			(6,629		)	322,533
Cost of revenue, exclusive of depreciation, depletion, amortization and accretion	117,494			11,829			57,760			34,584			28,704			—			250,371
Intersegment cost of revenues	5,220			—			1,359			45			5			(6,629		)	—
Total cost of revenue	122,714			11,829			59,119			34,629			28,709			(6,629		)	250,371
Selling, general and administrative	6,691			1,241			6,315			4,102			4,110			—			22,459
Depreciation, depletion, amortization and accretion	31,823			1,379			6,603			14,978			9,571			—			64,354
Operating income (loss)	6,263			746			1,055			(16,842		)	(5,873		)	—			(14,651		)
Interest expense, net	1,023			72			573			1,227			34			—			2,929
Bargain purchase gain	—			—			(4,012		)	—			—			—			(4,012		)
Other expense	127			10			252			263			55			—			707
Income (loss) before income taxes	$	5,113		$	664		$	4,242		$	(18,332	)	$	(5,962	)	$	—		$	(14,275	)

10

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MAMMOTH ENERGY SERVICES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. Mammoth defines Adjusted EBITDA as net income (loss) before depreciation, depletion, amortization and accretion expense, impairment of long-lived assets, acquisition related costs, public offering costs, equity based compensation, stock based compensation, bargain purchase gain, interest expense, net, other (income) expense, net (which is comprised of the (gain) or loss on disposal of long-lived assets) and provision (benefit) for income taxes. The Company excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within the energy service industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) or cash flows from operating activities as determined in accordance with GAAP or as an indicator of Mammoth's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Mammoth's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. The Company believes that Adjusted EBITDA is a widely followed measure of operating performance and may also be used by investors to measure its ability to meet debt service requirements.

The following tables provide a reconciliation of Adjusted EBITDA to the GAAP financial measure of net income (loss) on a consolidated basis and for each of the Company's segments (in thousands):

Consolidated

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
Reconciliation of Adjusted EBITDA to net income (loss):	2018				2017				2018				2018				2017
Net income (loss)	$	69,512			$	(801	)		$	42,700			$	167,758			$	(6,952	)
Depreciation, depletion, accretion and amortization expense	32,015				27,224				30,795				89,718				64,354
Impairment of long-lived assets	4,582				—				187				4,769				—
Acquisition related costs	99				264				77				130				2,455
Public offering costs	260				—				731				991				—
Equity based compensation	—				—				17,487				17,487				—
Stock based compensation	1,415				1,028				1,660				4,331				2,648
Bargain purchase gain	—				—				—				—				(4,012		)
Interest expense, net	458				1,420				959				2,654				2,929
Other expense, net	400				320				486				914				707
Provision (benefit) for income taxes	74,835				(1,413		)		53,512				174,265				(7,323		)
Adjusted EBITDA	$	183,576			$	28,042			$	148,594			$	463,017			$	54,806

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MAMMOTH ENERGY SERVICES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Pressure Pumping Services

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
Reconciliation of Adjusted EBITDA to net income (loss):	2018				2017				2018				2018				2017
Net income	$	2,195			$	3,744			$	(11,433	)		$	(7,279	)		$	5,113
Depreciation and amortization expense	12,665				13,039				13,829				40,480				31,823
Impairment of long-lived assets	143				—				—				143				—
Acquisition related costs	6				1				33				39				1
Public offering costs	61				—				202				263				—
Equity based compensation	—				—				17,487				17,487				—
Stock based compensation	400				428				453				1,271				1,202
Interest expense	150				592				341				995				1,023
Other expense, net	2				120				80				94				127
Adjusted EBITDA	$	15,622			$	17,924			$	20,992			$	53,493			$	39,289

Infrastructure Services

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
Reconciliation of Adjusted EBITDA to net income (loss):	2018				2017				2018				2018				2017
Net income (loss)	$	78,405			$	1,366			$	52,359			$	178,064			$	664
Depreciation and amortization expense	6,591				1,039				4,094				13,092				1,379
Acquisition related costs	—				48				4				(4		)		90
Public offering costs	123				—				360				483				—
Stock based compensation	555				29				606				1,618				29
Interest expense	159				68				106				341				72
Other expense, net	181				10				330				513				10
Provision for income taxes	77,612				—				52,632				178,200				—
Adjusted EBITDA	$	163,626			$	2,560			$	110,491			$	372,307			$	2,244

Natural Sand Proppant Services

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
Reconciliation of Adjusted EBITDA to net income (loss):	2018				2017				2018				2018				2017
Net income	$	956			$	1,566			$	10,929			$	21,257			$	4,209
Depreciation, depletion, accretion and amortization expense	4,184				3,034				3,881				10,381				6,603
Acquisition related costs	—				167				—				(38		)		2,121
Public offering costs	49				—				95				144				—
Stock based compensation	211				272				205				602				524
Bargain purchase gain	—				—				—				—				(4,012		)
Interest expense	37				87				76				193				573
Other expense, net	199				98				36				222				252
Provision for income taxes	—				24				—				—				33
Adjusted EBITDA	$	5,636			$	5,248			$	15,222			$	32,761			$	10,303

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MAMMOTH ENERGY SERVICES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Contract Land and Directional Drilling Services

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
Reconciliation of Adjusted EBITDA to net income (loss):	2018				2017				2018				2018				2017
Net loss	$	(4,060	)		$	(5,018	)		$	(5,454	)		$	(14,964	)		$	(18,332	)
Depreciation and amortization expense	4,327				5,036				5,349				14,031				14,978
Impairment of long-lived assets	—				—				187				187				—
Acquisition related costs	—				(16		)		—				—				9
Public offering costs	10				—				34				44				—
Stock based compensation	132				138				301				540				430
Interest expense, net	53				570				265				713				1,227
Other expense, net	(5		)		39				32				67				263
Adjusted EBITDA	$	457			$	749			$	714			$	618			$	(1,425	)

Other Services^(a) 

	Three Months Ended												Nine Months Ended
	September 30,								June 30,				September 30,
Reconciliation of Adjusted EBITDA to net income (loss):	2018				2017				2018				2018				2017
Net (loss) income	$	(7,974	)		$	(2,459	)		$	(3,453	)		$	(9,320	)		$	1,394
Depreciation and amortization expense	4,248				5,076				3,642				11,734				9,571
Impairment of long-lived assets	4,439				—				—				4,439				—
Acquisition related costs	93				65				40				133				236
Public offering costs	17				—				40				57				—
Stock based compensation	117				162				94				300				463
Interest expense, net	59				103				171				412				34
Other expense, net	23				53				8				18				55
Provision (benefit) for income taxes	(2,777		)		(1,437		)		880				(3,935		)		(7,356		)
Adjusted EBITDA	$	(1,755	)		$	1,563			$	1,422			$	3,838			$	4,397

(a) Includes results for our coil tubing, pressure control, flowback, cementing, acidizing, equipment rentals, crude oil hauling, water transfer and remote accommodations services and corporate related activities. Our corporate related activities do not generate revenue.

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MAMMOTH ENERGY SERVICES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Adjusted Net Income and Adjusted Earnings per Share

Adjusted net income and adjusted earnings per share are supplemental non-GAAP financial measures that are used by management to evaluate the Company's operating and financial performance. Management believes these measures provide meaningful information about the Company's performance by excluding certain non-cash charges that may not be indicative of the Company's ongoing operating results, such as equity based compensation, that may not be indicative of the Company's ongoing operating results. Adjusted net income and adjusted earnings per share should not be considered in isolation or as a substitute for net income and earnings per share prepared in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The following tables provide a reconciliation of adjusted net income and adjusted earnings per share to the GAAP financial measures of net income and earnings per share for the periods specified.

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2018				2017				2018				2017
	(in thousands, except per share amounts)
Net income, as reported	$	69,512			$	(801	)		$	167,758			$	(6,952	)
Equity based compensation	—				—				17,487				—
Adjusted net income	$	69,512			$	(801	)		$	185,245			$	(6,952	)
Basic earnings per share, as reported	$	1.55			$	(0.02	)		$	3.75			$	(0.17	)
Equity based compensation	—				—				0.39				—
Adjusted basic earnings per share	$	1.55			$	(0.02	)		$	4.14			$	(0.17	)
Diluted earnings per share, as reported	$	1.54			$	(0.02	)		$	3.73			$	(0.17	)
Equity based compensation	—				—				0.39				—
Adjusted diluted earnings per share	$	1.54			$	(0.02	)		$	4.12			$	(0.17	)

14