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IPO Analysis: Mammoth Energy Partners LP (NSDQ: TUSK)

By Elliott H. Gue on Nov. 18, 2014

Unlike most MLPs, Mammoth Energy Partners will pay a quarterly distribution that varies based on the cash flow generated by the smattering of oil-field services businesses arrayed under its banner.

In other words, investors seeking a reliable quarterly distribution should look elsewhere.

The majority of these businesses were contributed by Wexford Capital, though the affiliated Gulfport Energy Corp (NSDQ: GPOR) and Rhino Resource Partners LP (NYSE: RNO) also chipped in assets in conjunction with the private-equity firm.

Wexford Capital will control a noneconomic general-partner interest in Mammoth Energy Partners, while Gulfport Energy and Rhino Resource Partners will receive equity interests.

Over the first six months of 2014, Gulfport Energy accounted for about 36 percent of the revenue generated by these business lines.

The prospective publicly traded partnership will operate three primary segments: completion and production services (42 percent of revenue), contract land and directional drilling services (48.9 percent) and remote accommodation services (9.1 percent).

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