STOCK TITAN

Mammoth Energy Services, Inc. Announces CEO Transition

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

Mammoth Energy Services (NASDAQ: TUSK) announced that CEO Arty Straehla will retire effective December 31, 2024. Phil Lancaster, currently Vice President of Corporate Development, will assume the CEO role on January 1, 2025. Straehla will also resign from his position as director. Lancaster brings over 20 years of energy industry experience, including senior leadership roles and public board service. His background includes serving as interim President of Mammoth's infrastructure subsidiaries, President of Mammoth Energy Partners LP, and CEO positions at Redback Energy Services and Great White Energy Services. He previously served on the boards of Bronco Drilling Company and Gulfport Energy

Mammoth Energy Services (NASDAQ: TUSK) ha annunciato che il CEO Arty Straehla si ritirerà con effetto dal 31 dicembre 2024. Phil Lancaster, attualmente Vicepresidente dello Sviluppo Aziendale, assumerà il ruolo di CEO il 1° gennaio 2025. Straehla si dimetterà anche dalla sua posizione di direttore. Lancaster porta con sé oltre 20 anni di esperienza nel settore dell'energia, inclusi ruoli di leadership senior e servizio in consigli pubblici. La sua esperienza include incarichi come presidente ad interim delle sussidiarie infrastrutturali di Mammoth, presidente di Mammoth Energy Partners LP e posizioni di CEO presso Redback Energy Services e Great White Energy Services. In precedenza, ha fatto parte dei consigli di amministrazione di Bronco Drilling Company e Gulfport Energy.

Mammoth Energy Services (NASDAQ: TUSK) anunció que el CEO Arty Straehla se retirará a partir del 31 de diciembre de 2024. Phil Lancaster, actualmente Vicepresidente de Desarrollo Corporativo, asumirá el rol de CEO el 1 de enero de 2025. Straehla también renunciará a su puesto como director. Lancaster trae consigo más de 20 años de experiencia en la industria energética, incluidos roles de liderazgo senior y servicio en juntas públicas. Su trayectoria incluye haber sido presidente interino de las subsidiarias de infraestructura de Mammoth, presidente de Mammoth Energy Partners LP y cargos de CEO en Redback Energy Services y Great White Energy Services. Anteriormente, formó parte de las juntas de Bronco Drilling Company y Gulfport Energy.

매머드 에너지 서비스(Mammoth Energy Services, NASDAQ: TUSK)는 CEO 아르티 스트라엘라(Arty Straehla)가 2024년 12월 31일 자로 은퇴한다고 발표했습니다. 필 랭커스터(Phil Lancaster)는 현재 기업 개발 부사장으로 2025년 1월 1일부터 CEO 역할을 맡게 됩니다. 스트라엘라 역시 이사직에서 사임할 예정입니다. 랭커스터는 20년 이상의 에너지 산업 경험을 보유하고 있으며, 고위 리더십 역할과 공개 이사회에서의 경험이 있습니다. 그의 경력에는 매머드의 인프라 자회사의 임시 대통령, 매머드 에너지 파트너스 LP의 회장, 레드백 에너지 서비스(Redback Energy Services), 그레이트 화이트 에너지 서비스(Great White Energy Services)의 CEO직이 포함됩니다. 그는 이전에 브론코 드릴링 컴퍼니(Bronco Drilling Company)와 걸프포트 에너지(Gulfport Energy)의 이사로 활동했습니다.

Mammoth Energy Services (NASDAQ: TUSK) a annoncé que le PDG Arty Straehla prendra sa retraite à compter du 31 décembre 2024. Phil Lancaster, actuellement vice-président du développement d'entreprise, assumera le rôle de PDG le 1er janvier 2025. Straehla démissionnera également de son poste de directeur. Lancaster a plus de 20 ans d'expérience dans l'industrie de l'énergie, y compris des rôles de direction senior et des fonctions au sein de conseils d'administration publics. Son parcours comprend des postes en tant que président intérimaire des filiales d'infrastructure de Mammoth, président de Mammoth Energy Partners LP, ainsi que des fonctions de PDG chez Redback Energy Services et Great White Energy Services. Il a également siégé aux conseils d'administration de Bronco Drilling Company et Gulfport Energy.

Mammoth Energy Services (NASDAQ: TUSK) hat angekündigt, dass CEO Arty Straehla am 31. Dezember 2024 in den Ruhestand gehen wird. Phil Lancaster, derzeit Vizepräsident für Unternehmensentwicklung, wird am 1. Januar 2025 die Rolle des CEO übernehmen. Straehla wird auch von seiner Position als Direktor zurücktreten. Lancaster bringt über 20 Jahre Erfahrung in der Energiebranche mit, einschließlich leitender Führungsrollen und der Mitgliedschaft in öffentlichen Vorständen. Zu seinem Hintergrund gehört die Tätigkeit als Interim-Präsident der Infrastruktur-Tochtergesellschaften von Mammoth, Präsident von Mammoth Energy Partners LP sowie CEO-Positionen bei Redback Energy Services und Great White Energy Services. Außerdem saß er zuvor in den Vorständen der Bronco Drilling Company und Gulfport Energy.

Positive
  • None.
Negative
  • None.

Insights

The CEO transition at Mammoth Energy Services appears well-planned and orderly, with Phil Lancaster bringing significant relevant experience to the role. His extensive background in energy services, including previous leadership positions and public board experience, suggests continuity in business strategy execution. The internal promotion from VP of Corporate Development indicates a smooth succession plan, which typically helps maintain operational stability.

Lancaster's diverse experience across multiple energy service companies and his familiarity with Mammoth's infrastructure subsidiaries through interim leadership roles positions him well to understand the company's various business segments. While CEO transitions can create uncertainty, the structured timeline and Lancaster's deep industry knowledge should minimize disruption to operations.

OKLAHOMA CITY, Nov. 7, 2024 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today announced that Arty Straehla has notified Mammoth's Board of Directors of his decision to retire as the CEO of the Company, effective as of December 31, 2024. He will remain the CEO of the Company until Phil Lancaster, who currently serves as the Company's Vice President of Corporate Development, transitions into the role of the Chief Executive Officer. Mr. Lancaster will assume the role of the Company's Chief Executive Officer effective as of January 1, 2025. In connection with Mr. Straehla's pending retirement, Mr. Straehla has also resigned as a director of the Company, effective as of December 31, 2024.

Arthur Amron, chairman of Mammoth's Board of Directors, stated, "On behalf of the Board and the entire Mammoth team, I want to thank Arty for his years of service as Mammoth's CEO and Board member and valuable contributions to the Company. We wish him well in his retirement.

"We have complete confidence in Phil's capabilities to carry out Mammoth's business strategy and lead Mammoth into the future to unlock further value. Phil has a wealth of experience and knowledge, boasting over 20 years of experience in the energy industry that includes senior leadership roles and public board service," added Amron.

Phil Lancaster Biographical Details

Mr. Lancaster has over 20 years of experience in the energy industry. Mr. Lancaster currently serves as the Vice President of Corporate Development of Mammoth. Mr. Lancaster also served as interim President of Cobra Acquisitions LLC, Higher Power Electrical LLC and 5 Star Electric LLC, Mammoth's infrastructure subsidiaries, from June 2019 to November 2019. Prior to these positions, Mr. Lancaster served as President of Mammoth Energy Partners LP.  from 2014 to 2015, as Chief Executive Officer of Redback Energy Services LLC from 2011 to 2015 and as Chief Executive Officer of Great White Energy Services, Inc. from 2006 to 2010, each an oil field services company. From 2010 to 2011, Mr. Lancaster was a consultant to Wexford Capital LP in connection with energy-related investments. Mr. Lancaster previously served on the boards of directors of two public companies, Bronco Drilling Company, Inc., a drilling company, from August 2005 until July 2006, and Gulfport Energy Corporation, an exploration and production company, from February 2006 until August 2006. Mr. Lancaster received a Bachelor of Science degree from the David Lipscomb College. Additional information on Mr. Lancaster can be found in the Form 8-K filed by the Company.

About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy services company focused on the providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves as well as the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. Mammoth's suite of services and products include: well completion services, infrastructure services, natural sand and proppant services, drilling services and other energy services. For more information, please visit www.mammothenergy.com

Contacts:
Mark Layton, CFO
Mammoth Energy Services, Inc
investors@mammothenergy.com 

Rick Black / Ken Dennard
Dennard Lascar Investor Relations
TUSK@dennardlascar.com 

Forward-Looking Statements and Cautionary Statements
This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, plans for stock repurchases under its stock repurchase program, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: demand for our services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; the impact of the war in Ukraine and the Israel-Hamas war on the global energy and capital markets and global stability; performance of contracts and supply chain disruptions; inflationary pressures; higher interest rates and their impact on the cost of capital; instability in the banking and financial services sectors; the outcome of ongoing government investigations and other legal proceedings; the failure to receive or delays in receiving the remaining payment under the settlement agreement with PREPA; the Company's inability to replace the prior levels of work in its business segments, including its infrastructure and well completion services segments; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth's significant suppliers or customers; the loss of management and/or crews; the outcome or settlement of our litigation matters and the effect on our financial condition and results of operations; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to comply with the applicable financial covenants and other terms and conditions under Mammoth's revolving credit facility; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas and infrastructure industries; and costs and availability of resources.

Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law.

 

Cision View original content:https://www.prnewswire.com/news-releases/mammoth-energy-services-inc-announces-ceo-transition-302298484.html

SOURCE Mammoth Energy Services, Inc.

FAQ

When will Phil Lancaster become CEO of Mammoth Energy Services (TUSK)?

Phil Lancaster will become CEO of Mammoth Energy Services (TUSK) on January 1, 2025.

Why is Arty Straehla leaving Mammoth Energy Services (TUSK)?

Arty Straehla is retiring from his position as CEO and director of Mammoth Energy Services (TUSK), effective December 31, 2024.

What is Phil Lancaster's experience before joining Mammoth Energy Services (TUSK)?

Phil Lancaster has over 20 years of energy industry experience, including roles as CEO of Redback Energy Services and Great White Energy Services, and board positions at Bronco Drilling Company and Gulfport Energy

Mammoth Energy Services, Inc.

NASDAQ:TUSK

TUSK Rankings

TUSK Latest News

TUSK Stock Data

156.41M
45.98M
4.46%
77.37%
0.6%
Conglomerates
Oil & Gas Field Services, Nec
Link
United States of America
OKLAHOMA CITY