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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Mark Layton Executive | Chief Financial Officer | None | CPA with extensive financial experience; CFO of TUSK since its formation in 2016; previously held finance roles at Archer Well Company Inc. and Great White Energy Services, Inc.. | |
Phil Lancaster Executive | Chief Executive Officer | None | Over 20 years of experience in the energy industry; previously VP of Corporate Development at TUSK; served as Interim President of infrastructure subsidiaries and President of Mammoth Energy Partners LP. | View Report → |
Arthur Amron Board | Chairman of the Board | Special Limited Partner at Wexford Capital LP; Board Member at Nephros, Inc. | Legal and transactional expert with over 20 years at Wexford Capital; serves on the board of Nephros, Inc.; previously General Counsel at Wexford Capital and corporate attorney at Schulte Roth & Zabel LLP. | |
Arthur Smith Board | Director | President of Triple Double Advisors, LLC; Board Member at Evergreen Natural Resources LLC | Energy equity analysis and financial expert; President of Triple Double Advisors; serves on the board of Evergreen Natural Resources LLC, where he chairs the Audit Committee. | |
Corey Booker Board | Director | CEO of Bedside LLC; Board Member at HarborPath Inc. | Founder and CEO of Bedside LLC, a healthcare management services company; serves on the board of HarborPath Inc., where he leads the finance committee and a special task force. | |
James Palm Board | Director | None | Extensive oil and gas industry experience; former CEO of Gulfport Energy Corporation; previously managed Crescent Exploration, LLC; served as President of the Oklahoma Independent Petroleum Association. | |
Paul Jacobi Board | Director | Managing Director at Wexford Capital LP; Director at Mako Mining Corp and Grizzly Oil Sands ULC | Private equity energy investment expert; Managing Director at Wexford Capital; serves on the boards of Mako Mining Corp and Grizzly Oil Sands ULC. |
Recent press releases and 8-K filings for TUSK.
- CEO transition: Phil Lancaster resigns as CEO effective June 30, 2025, becomes a non-voting board observer, while Bernard Lancaster is named Chief Operating Officer effective July 1, 2025.
- New executive role: Paul Jacobi is appointed as Chief Business Officer effective July 1, 2025, transitioning from his role as an independent director.
- Board update: Director Arthur Smith will retire and not stand for re-election, and Mark L. Plaumann is appointed to the Board and committees effective June 11, 2025.
- Compensation framework: Newly appointed non-employee directors will receive annual retainers and meeting fees, with additional payments for audit committee roles.
- Robust Q1 Performance: Revenue reached $62.5 million with revenue up 17% sequentially, Adjusted EBITDA up 157% to $2.7 million, and net loss improved 97% to $0.5 million .
- Strategic Transactions: Sold three infrastructure subsidiaries for $108.7 million and purchased 8 aircraft for approximately $11.5 million, enhancing operational flexibility .
- Strong Liquidity Position: Total cash and liquidity exceeded $200 million, achieving $202.9 million as of May 2, 2025 .
- Operational & Segment Highlights: Revenue contributions from Infrastructure ($30.7M, 33.5%), Well Completions ($20.9M, 49.2%), Natural Sand Proppant ($6.7M, 10.8%), and Other Services ($5.9M, 9.4%); natural sand proppant tons sold rose to 189K from Q4 2024 .
- Management Update: The CEO announced his transition out of his role following the subsidiary sale, with a search for a successor underway .
- Financial Strength: The company remains debt-free, laying a solid foundation for future growth .
- Sold infrastructure subsidiaries: Its subsidiary, Lion Power Services LLC, sold its fully-owned subsidiaries—5 Star Electric, Higher Power Electrical, and Python Equipment—for an aggregate sales price of approximately $108.7 million, with $98.3 million received in cash and $10.4 million deposited into escrow for post-closing adjustments.
- Enhanced liquidity position: The transaction contributes to a strong balance sheet with approximately $160 million in cash, positioning the company for further capital deployment opportunities.
- Strategic asset acquisition: The company also purchased eight small passenger aircraft under lease for about $11.5 million, expanding its operational capabilities.
- Mammoth Energy Services Inc sold its infrastructure subsidiaries (5 Star, Higher Power Electrical, and Python Equipment LLC) for an aggregate price of $108.7 million, receiving $98.3 million in cash and depositing $10.4 million into escrow for adjustments.
- The company now holds approximately $160 million in cash and is actively exploring deployment opportunities for its capital.
- An amendment to the revolver with Fifth Third Bank now permits up to $50 million or 10 million share repurchases (subject to cash thresholds) along with expanded investment opportunities, enhancing its liquidity.