A blend of Halliburton (HAL) for oilfield services and Quanta Services (PWR) for power line infrastructure.

Essentially, Halliburton (HAL) meets Quanta Services (PWR), offering both oilfield and electrical infrastructure services.

Mammoth Energy Services (TUSK) provides a range of services and products primarily to the energy industry, including:

• Pressure Pumping Services: Provides hydraulic fracturing services to enhance oil and natural gas well production.
• Infrastructure Services: Specializes in the construction, repair, and maintenance of electrical infrastructure, including emergency storm restoration.
• Natural Sand Proppant: Mines, processes, and sells frac sand, a key material used in hydraulic fracturing.
• Well Completion Services: Offers specialized coiled tubing and flowback services to optimize oil and gas well performance.
• Cementing Services: Provides cementing solutions crucial for the construction and integrity of oil and gas wells.
• Logistics Services: Delivers transportation and hauling solutions for crude oil, frac sand, and heavy equipment.

Mammoth Energy Services (symbol: TUSK) primarily sells its services and products to other companies (Business-to-Business or B2B). The company's SEC filings, including its latest 10-K, indicate a diverse customer base and do not disclose specific major customers by name that individually account for 10% or more of its consolidated revenues.

Based on its operating segments and typical industry practices, Mammoth Energy Services serves the following major categories of business customers:

• Oil & Gas Exploration and Production (E&P) Companies: These customers utilize Mammoth's pressure pumping, proppant (sand), drilling & completion fluids, and well testing services for the exploration, extraction, and production of oil and natural gas.
• Utility and Telecommunications Providers: For its infrastructure services segment, Mammoth provides specialized construction and maintenance services, such as power line construction and storm restoration, and telecom infrastructure development to these companies.
• Governmental Entities and Other Private Industry Clients: Mammoth's infrastructure services also cater to various governmental bodies (e.g., for public works projects) and other private sector clients for specialized construction and maintenance projects.

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Phil Lancaster, Chief Executive Officer

Phil Lancaster assumed the role of Chief Executive Officer effective January 1, 2025. He brings over 20 years of experience in the energy industry. Prior to his current role, he served as Mammoth's Vice President of Corporate Development. His past positions include interim President of Mammoth's infrastructure subsidiaries (Cobra Acquisitions LLC, Higher Power Electrical LLC, and 5 Star Electric LLC) from June 2019 to November 2019, President of Mammoth Energy Partners LP from 2014 to 2015, Chief Executive Officer of Redback Energy Services LLC from 2011 to 2015, and Chief Executive Officer of Great White Energy Services, Inc. from 2006 to 2010. Mr. Lancaster also acted as a consultant to Wexford Capital LP, a private equity firm, from 2010 to 2011, focusing on energy-related investments. He has also served on the boards of directors for public companies Bronco Drilling Company, Inc. and Gulfport Energy Corporation.

Mark Layton, Chief Financial Officer

Mark Layton became Chief Financial Officer of Mammoth Energy Services in August 2014. He is a seasoned finance professional with extensive experience in leadership roles within the energy sector and is a Certified Public Accountant. Before joining Mammoth, Mr. Layton served as Chief Financial Officer of Stingray Pressure Pumping LLC from January 2014 to August 2014. His previous experience also includes serving as Director of Finance for North America at Archer Well Company Inc. from August 2011 to January 2014, and as Corporate Controller and Director of Financial Reporting at Great White Energy Services, Inc. from September 2009 to August 2011. He was also Vice President of Finance of Crossroads Wireless, Inc. from May 2007 through September 2009 and Director of Financial Reporting for Chickasaw Holding Company from April 2004 through May 2007. He began his career in public accounting.

Bernard Lancaster, Chief Operating Officer

Bernard Lancaster was appointed Chief Operating Officer and Principal Executive Officer effective July 1, 2025. He has accumulated over 11 years of experience working with various Mammoth subsidiaries. Mr. Lancaster previously held the position of Vice President of Operations for Mammoth. From June 2019 to December 2024, he served as Operations Manager for Stingray Energy Services LLC, while also assisting with projects for Mammoth subsidiaries Lion Power Services LLC and Higher Power Electrical LLC. Additionally, he was Vice President of Redback Energy Services LLC from August 2013 to July 2014 and again from August 2015 to May 2019.

Paul Jacobi, Chief Business Officer

Paul Jacobi was named Chief Business Officer effective July 1, 2025. He has been a director of Mammoth Energy Services since June 2020. Since 1996, Mr. Jacobi has held various positions at Wexford Capital, where he currently serves as a managing director overseeing Wexford's private equity energy investments. Wexford Capital LP is a significant shareholder, beneficially owning approximately 46% of Mammoth's outstanding common stock. Prior to Wexford Capital, he worked as an analyst at Moody's Investors Services from 1995 to 1996 and as a senior financial analyst in the investment banking group at Kidder Peabody & Co. from 1993 to 1995.

Arthur Amron, Chairman of the Board

Arthur Amron serves as the Chairman of Mammoth's Board of Directors.

Key Business Risks for Mammoth Energy Services (TUSK)

1. Persistent Net Losses and Profitability Challenges: Mammoth Energy Services has consistently faced unprofitability, with widening annual losses over the past five years and no significant improvement in net profit margins. This trend indicates fundamental challenges with operational stability and future earnings growth, severely impacting the company's financial performance and long-term viability.
2. Revenue Decline and Operational Challenges in Key Business Segments: The company has experienced a significant decline in revenue, particularly in its Sand segment and overall well completion services. This is attributed to factors such as weak natural gas drilling activity and outdated equipment, which hinder market share and competitiveness and affect the company's long-term growth prospects.
3. High Stock Volatility and Negative Market Sentiment: Mammoth Energy Services' stock is characterized by high volatility, experiencing significant daily average price fluctuations. The market sentiment for TUSK is generally negative, marked by sell signals from moving averages and negative insider sentiment, leading to analyst downgrades due to underperformance and a lack of substantial growth in key business areas.

Mammoth Energy Services (TUSK) operates across several key segments in the energy and infrastructure sectors. The estimated addressable markets for its main products and services, primarily in the U.S. and North America, are detailed below:

• Infrastructure Services (Electrical Transmission & Distribution): This segment includes power line construction, maintenance, storm restoration, and substation construction. The U.S. electric power transmission and distribution market was valued at approximately USD 89.9 billion in 2024 and is projected to reach USD 110.4 billion by 2032, with a compound annual growth rate (CAGR) of 2.7% from 2025 to 2032. Another source indicates the U.S. electricity transmission and distribution market was valued at USD 82.96 billion in 2022 and is projected to grow at a CAGR of 2.95% through 2030. The global Electric Power (Transmission & Distribution) Infrastructure Market was valued at USD 330.29 billion in 2023 and is predicted to reach USD 431.72 billion by 2030, with a CAGR of 3.90% from 2024 to 2030. The U.S. transmission lines market alone was valued at USD 958.1 million in 2024 and is estimated to grow at a CAGR of 3.1% from 2025 to 2034, projected to surpass USD 1.2 billion by 2034.
• Oilfield Services (Pressure Pumping / Hydraulic Fracturing): Mammoth Energy Services provides well completion services including pressure pumping and hydraulic fracturing. While Mammoth Energy Services sold its hydraulic fracturing equipment business in June 2025, they previously offered these services. The global hydraulic fracturing and services market was valued at USD 110.73 billion in 2024 and is predicted to reach USD 261.10 billion by 2033, growing at a CAGR of 10% during the forecast period. The U.S. alone contributes to 85% of global hydraulic fracturing and service activities. Separately, the global pressure pumping market was estimated at USD 89.39 billion in 2024 and is predicted to increase to approximately USD 173.34 billion by 2034, expanding at a CAGR of 6.85%. North America held the largest market share in the pressure pumping market in 2024.
• Natural Sand Proppant Services: This segment involves mining, processing, and selling natural sand proppant used in hydraulic fracturing. The proppants segment within hydraulic fracturing had a market value of US$ 9.05 billion in 2015, and resin-coated sand is expected to be a market leader. However, a specific market size for "natural sand proppant" or "frac sand" for the U.S. or North America from the provided search results is not available. Therefore, the addressable market size for natural sand proppant services is currently null.
• Drilling Services (Directional Drilling): Mammoth offers directional drilling services. While directional drilling is a significant part of the oilfield services market, a specific addressable market size for directional drilling services in the U.S. or globally was not found in the provided search results. Therefore, the addressable market size for drilling services (directional drilling) is currently null.
• Rental Services (Equipment Rental for Oilfield, Construction, Aviation): Mammoth's rental services segment provides a wide range of equipment. A specific addressable market size for the combined equipment rental for oilfield, construction, and aviation activities in the U.S. or globally was not found. Therefore, the addressable market size for rental services is currently null.
• Accommodation Services: This segment provides housing, kitchen, dining, and recreational facilities for workers in remote areas. A specific addressable market size for remote workforce accommodation or oil and gas field accommodation services in the U.S. or globally was not found in the provided search results. Therefore, the addressable market size for accommodation services is currently null.

Mammoth Energy Services (NASDAQ: TUSK) is expected to drive future revenue growth over the next 2-3 years through several key areas, stemming from its ongoing business transformation and strategic focus:

1. Expansion and Increased Utilization of Rental Services, particularly Aviation: Mammoth Energy has made strategic investments in aviation assets, which are now leased and are contributing incremental EBITDA. The rental services segment has demonstrated significant year-over-year revenue increases and is benefiting from favorable supply and demand dynamics within the aviation market.
2. Growth in Infrastructure Services through Fiber Optic and T&D Projects: The company's infrastructure services segment, now primarily focused on engineering and fiber operations, is experiencing increasing demand. This includes fiber optic activities and transmission and distribution (T&D) projects for various utilities.
3. Improved Performance and Utilization in Drilling Services: The Drilling segment has shown strong recent performance, with revenue more than tripling sequentially in Q3 2025 and gross margin reaching a historical high. This growth is attributed to enhanced utilization and increased activity within the segment.
4. Recovery and Increased Demand in Natural Sand Proppant Services: Despite past challenges and divestitures, Mammoth Energy anticipates improved results in its Sand segment, with expectations to return to a positive gross margin in 2026. The company foresees incremental demand driving better performance in this segment in 2025.

Share Repurchases

• In April 2025, Mammoth Energy Services authorized a new stock buyback program to repurchase up to $50 million or 10 million shares of common stock by March 31, 2026.

Share Issuance

• As of October 30, 2024, there were 48,127,369 shares of common stock outstanding.
• As of August 6, 2025, there were 48,194,035 shares of common stock outstanding.
• The 2024 Equity Incentive Plan, approved June 12, 2024, reserves a maximum of 2.1 million shares for issuance, with 1.9 million shares remaining available for future grants as of June 30, 2024.

Inbound Investments

• As of October 30, 2024, Mammoth received approximately $168.4 million of the $188.4 million owed through a Settlement Agreement with the Puerto Rico Electric Power Authority (PREPA).
• The first installment payment from PREPA, totaling $150.0 million, was received, which influenced the increase in the 2024 capital expenditure estimate.

Outbound Investments

• In April 2025, Mammoth sold its infrastructure subsidiaries (5 Star Electric, Higher Power Electrical, and Python Equipment) for $108.7 million, with immediate cash proceeds of $98.3 million.
• Mammoth sold its pressure pumping equipment for $15 million in October 2025.
• Mammoth has invested $25 million in its aviation portfolio so far in 2025, with much of its remaining $15 million capital expenditure budget expected to be growth capex for this segment and equipment rental business.

Capital Expenditures

• For the full year 2024, total capital expenditures were $17.065 million, following $19.395 million in 2023.
• Mammoth increased its 2024 capital expenditure budget to approximately $23.0 million, from a previously planned $12.0 million, primarily allocating $10.0 million for well completions, $12.0 million for infrastructure, and $1.0 million for other businesses.
• Capital expenditures in Q3 2025 totaled $17.3 million, primarily focused on aviation fleet expansion. Looking ahead, the company plans to invest in additional crews and engineering services for its Infrastructure Services segment and upgrade pressure pumping equipment in its Well Completion Services division to more efficient dual-fuel Tier 4 technology.