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.
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SOURCE Mammoth Energy Services, Inc.