Phil Lancaster
MAMMOTH ENERGY SERVICESAbout Phil Lancaster
Phil Lancaster, age 67, joined Mammoth Energy Services, Inc. as Chief Executive Officer effective January 1, 2025, served through June 30, 2025, and was appointed a non‑independent voting director effective July 1, 2025. He has over 20 years of energy industry experience and received a Bachelor of Science degree from David Lipscomb College .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Mammoth Energy Services, Inc. | Chief Executive Officer | Jan 1, 2025 – Jun 30, 2025 | Led post‑PREPA settlement actions and strategic portfolio changes |
| Mammoth Energy Partners LP | President | 2014 – 2015 | Oversaw oilfield services operations |
| Redback Energy Services LLC | Chief Executive Officer | 2011 – 2015 | Led oilfield services company |
| Great White Energy Services, Inc. | Chief Executive Officer | 2006 – 2010 | Managed multi‑segment oilfield services business |
| Cobra Acquisitions LLC, Higher Power Electrical LLC, 5 Star Electric LLC | Interim President (infrastructure subsidiaries) | Jun 2019 – Nov 2019 | Transition leadership across grid restoration subsidiaries |
| Wexford Capital LP | Consultant (energy investments) | 2010 – 2011 | Advised on energy investment strategy |
| Mammoth Energy Services, Inc. | Vice President, Corporate Development | Pre‑2025 | Corporate development leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Peak Utility Services Group, Inc. | Employee | Starting Jul 1, 2025 | Employment tied to Mammoth’s sale of infrastructure subsidiaries to Peak |
| Bronco Drilling Company, Inc. | Director | Aug 2005 – Jul 2006 | Public company board service |
| Gulfport Energy Corporation | Director | Feb 2006 – Aug 2006 | Public company board service |
Board Governance
- Independence status: Non‑independent director (appointed effective July 1, 2025) .
- Committee assignments: Not disclosed at time of appointment .
- Tenure on TUSK board: Appointed July 1, 2025 .
- Board composition context: Wexford‑affiliated directors serve on the board and committees; Wexford holds 45.9% of common stock .
Fixed Compensation
| Role | Component | Amount | Terms |
|---|---|---|---|
| CEO (2025) | Base salary | $350,000 | Oral employment agreement; eligible for performance‑based bonus |
| CEO (2025) | Monthly bonus | $20,000 | Paid monthly |
| Director (effective Jun 24, 2025 decision) | Annual cash retainer | $50,000 | Prorated for dates of service |
| Director (effective Jun 24, 2025 decision) | Meeting fees | $5,000 per meeting over four regular meetings | Non‑employee director cash structure |
| Director (policy reference, 2024) | Annual cash retainer | $60,000 | Prior structure; plus committee fees |
| Director (policy reference, 2024) | Equity grant | $100,000 RSUs | Annual grant; vests by next annual meeting |
Performance Compensation
- No specific performance metrics tied to Mr. Lancaster’s CEO bonus were disclosed; the program permits bonuses based on company and individual performance, with the compensation committee’s discretion, and no equity awards were granted to NEOs in 2024 or to date in 2025 .
Other Directorships & Interlocks
- Prior public boards: Bronco Drilling Company, Inc. (Aug 2005–Jul 2006); Gulfport Energy Corporation (Feb–Aug 2006) .
- Wexford ties: Mr. Lancaster previously consulted to Wexford (2010–2011); current directors have Wexford affiliations (e.g., Jacobi), and Wexford owns 45.9% of TUSK shares, indicating influence and potential interlocks .
- Transaction linkage: Mr. Lancaster becomes an employee of Peak coincident with TUSK’s sale of infrastructure subsidiaries to Peak, creating a transaction‑related linkage .
Expertise & Qualifications
- Education: B.S., David Lipscomb College .
- Industry experience: 20+ years across oilfield services operations, corporate development, and infrastructure subsidiaries .
- Board qualifications: Senior executive experience and prior public company board service .
Equity Ownership
| Item | Detail |
|---|---|
| Beneficial ownership | 75,000 shares (<1% of class) |
| Unvested RSUs | 25,000 RSUs scheduled to vest on Mar 1, 2026 |
| Recently vested RSUs | 25,000 RSUs vested on Mar 1, 2025 |
| Pledging/Hedging | Company prohibits pledging and hedging by directors/NEOs; no pledges reported |
| Director stock ownership guidelines | Non‑employee directors must hold 4x annual cash compensation; 5‑year compliance window |
Governance Assessment
- Non‑independence: Appointment as a non‑independent director immediately after serving as CEO reduces board independence and may impact oversight robustness .
- Related‑party/affiliation risk: Wexford’s 45.9% stake and multiple board ties (Jacobi/Wexford) heighten influence concentration and potential conflicts in capital allocation or transactions .
- Transaction‑linked employment: Becoming an employee of Peak after TUSK sold major subsidiaries to Peak introduces an interlock risk if any post‑closing matters require board decisions involving Peak .
- Family employment: Mr. Lancaster’s son is a TUSK vice president of operations ($0.1M compensation in 2024), a related‑party relationship requiring ongoing oversight by the audit committee (RED FLAG) .
- Policy mitigants: Company maintains a clawback policy compliant with Nasdaq Rule 10D‑1 and prohibits pledging/hedging, which supports alignment and risk mitigation .