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Mammoth Energy suspends dividend as Q2 revenues plunge 66%

|About: Mammoth Energy Services, Inc. (TUSK)|By: , SA News Editor

Mammoth Energy Services (NASDAQ:TUSK) -10.3% after-hours after posting a larger than expected Q2 loss and suspending its quarterly dividend.

Citing oilfield market conditions, TUSK also is reducing its FY 2019 capital spending budget to $41M from $80M previously.

Q2 total revenue of $181.8M was down 30% from $262.1M in Q1 and 66% lower than $533.6M reported in the year-ago quarter.

TUSK's infrastructure services business suffered a steep decline in Q2, collapsing 88% Y/Y to $41.8 M from $360.3M in the year-ago quarter, and pressure pumping division revenues slid 16.5% to $84.6M from $101.4M a year ago; sales in the natural sand proppant division of $40.4M fell 23% Y/Y from $52.8M but rose 6.5% from $37.9M in Q1.