Mammoth Energy Services

What Mammoth Energy Services does

Mammoth Energy Services Inc. (NASDAQ: TUSK) is a diversified energy infrastructure and oilfield services company headquartered in Oklahoma City, Oklahoma. Founded in 2014 and taken public in 2017, the company serves oil and gas exploration and production operators and, until its 2025 divestitures, electric utilities. Following a major restructuring in which it sold 5 Star Electric, Higher Power Electric, Python, and Aquawolf for combined proceeds above $150 million, Mammoth has narrowed its focus to sand delivery, drilling and completion fluids, equipment rentals, aviation services, and rail-based energy logistics. Wexford Capital LP remains the largest shareholder at approximately 25% of outstanding shares.

The company's core offerings include pressure pumping, drill-out and cement services, water transfer and recycling, mast and pump work, frac sand production, rental equipment, and aviation crew transport. Technology assets include proprietary downhole components such as Torq-Lok threaded connections and the RIME pulser measurement tool, FAA-certified aviation operations under Parts 133, 137, and 135, a fleet of more than 1,100 rail cars, and a network of transload facilities supporting sand and aggregate distribution. These assets are positioned as differentiators in last-mile energy commodity logistics and specialized wellsite services.

Mammoth generates revenue through project-based contracts executed under work orders and field tickets, hourly service rates, per-ton frac sand sales, and equipment rental fees. After the 2024-2025 divestiture program, the revenue base contracted from $362 million in 2022 to roughly $44-46 million in 2024-2025, but the company has returned to growth in 2026, with Q1 and Q2 2026 revenue up approximately 90% and 110% year-over-year respectively, and management guiding to full-year 2026 revenue growth above 90% with EBITDA margins above 10%. The company also changed auditors from Deloitte to Carr, Riggs & Ingram in 2025 as part of its cost-rationalization program and acquired Mission Construction and BERE Rentals in Q2 2026 for $6.5 million to redeploy divestiture proceeds into adjacent service lines.

Name

Mammoth Energy Services

Legal name

Mammoth Energy Services Inc.

Website

http://www.mammothenergy.com/

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Mammoth Energy Services Inc. (NASDAQ: TUSK) is an Oklahoma City-based diversified energy services company providing frac sand, drilling fluids, equipment rentals, FAA-certified aviation, and rail logistics to oil and gas operators, repositioned in 2026 after divesting its electric utility infrastructure businesses.

Ownership category

akta.pro rank

Product category

Oilfield Services

NAICS

Utility System Construction (2371)

SIC

Oil & Gas Field Services, Nec (1389), Oil & Gas Field Machinery & Equipment (3533), Electric Services (4911)

akta.pro primary industry

High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control) (EUAEAFAA)

akta.pro secondary industries

Grid Interconnection, Power Quality & Electrical Infrastructure Service (Transformers, Switchgear) (TLAKAMAM), Backup Power & Critical Power Systems (Generators/UPS) (IMAIABAJ)

Keywords

• Oilfield services
• Directional drilling
• Sand proppant supply
• Fiber optic infrastructure
• Equipment rentals

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Others

Revenue model

1. Equipment Rentals: Rental revenue from aviation assets, construction equipment (cranes, skidsteers, telehandlers, aerial lifts, generators, rig mats, light plants), and oilfield equipment. Aviation platform has grown significantly with aircraft deployments exceeding $100 million.
2. Infrastructure Services: Electrical infrastructure construction and maintenance, fiber optic installation and services, engineering and design services, transmission and distribution work for utilities. Includes Falcon Fiber Solutions for telecommunications make-ready work and broadband development.
3. Natural Sand Proppant: Sale of Jordan Substrate and Wonewoc Sandstone frac sand from Wisconsin mines with approximately 1.1 million tons per annum processing capacity. Serves E&P companies and service companies with full logistics solution including rail transportation and last-mile delivery.
4. Directional Drilling Services: Directional drilling services through Panther Drilling Systems including positive displacement motors, MWD systems, and guidance systems. Provides services in Mid Continent, Permian Basin, and other US regions.
5. Remote Accommodations: Workforce accommodation facilities through Sand Tiger Lodge in Fort McMurray, Alberta with 876 beds, offering premier executive, standard executive, and craft rooms for workers in remote oil sands locations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Mammoth Energy Services provides diversified energy and infrastructure services through two operating segments. The Energy Services segment offers directional drilling, natural sand proppant production, pressure pumping support, equipment rentals, and remote workforce accommodations to oil and gas exploration and production operators. The Infrastructure Services segment delivers fiber optic network construction, electrical distribution and civil infrastructure construction, and disaster restoration services to utilities, municipalities, and government customers.

Product overview

Mammoth Energy Services is an integrated, growth-oriented company providing diversified rental, infrastructure and energy services across North America through its portfolio of specialized subsidiaries. The company operates as a platform of complementary service brands: Stingray Energy Services (oilfield equipment rentals), Panther Drilling Systems (directional drilling with positive displacement motors and MWD systems), Taylor Frac (natural sand proppant frac sand production), Falcon Fiber Solutions (fiber optic infrastructure), Sand Tiger Lodge (remote workforce accommodations), plus pressure pumping services and electrical infrastructure construction. These subsidiaries provide a unified suite of equipment rentals, infrastructure construction, and energy services designed to address customer needs across the oil, gas, and utility industries.

Differentiator

Problem solved

Functional benefit

Brands

• Mammoth | Energy: Primary brand identity for the company's integrated energy services platform
• Stingray Energy Services
• Taylor Frac
• Falcon Fiber Solutions
• Sand Tiger Lodge
• Panther Drilling Systems
• Stingray Rentals

Products and services

• Directional Drilling Services Downhole directional drilling services using motor and rotary steerable toolstrings for upstream oil and gas operators drilling horizontal and deviated wells.
• Natural Sand Proppant Production Mining and processing of Northern White frac sand from owned Wisconsin reserves for use as proppant in hydraulic fracturing operations, sold to E&P operators.
• Equipment Rentals Rental of drilling, completions, and wellsite support equipment to oil and gas operators on a short- and long-term basis.
• Remote Accommodations and Lodging Provision of modular workforce housing, lodging, and hospitality services to energy, infrastructure, and government customers operating in remote or project-based locations.
• Fiber Optic Infrastructure Construction Aerial and underground construction, splicing, and maintenance of fiber optic telecommunications networks for utilities and telecommunications customers.
• Electrical Distribution Infrastructure Construction Construction, restoration, and maintenance of electrical transmission and distribution systems for utilities, cooperatives, and government entities.
• Civil Infrastructure Construction and Disaster Restoration Construction, repair, and restoration of civil infrastructure including roads, storm response, and utility right-of-way work for government agencies and utilities, including post-storm restoration.

Quantifiable outcome

• Q2 2026 revenue of $26.1 million, up 110% year-over-year
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered significant.

• Qualus CorporationsignificantStrategic or Co-development Partner · 2 December 2025Qualus Corporation acquired Mammoth's Aquawolf LLC subsidiary, a transmission and distribution engineering business specializing in high-voltage transmission infrastructure, for $30 million ($23.5M cash at closing plus $2.5M escrow). The acquisition added offices in San Diego, Denver, and Vancouver, WA and expands Qualus' grid modernization services.
• Peak Utility Services GroupsignificantStrategic or Co-development Partner · 14 April 2025Peak Utility Services Group acquired Mammoth's infrastructure subsidiaries including 5 Star Electric, Higher Power, and Python for $108.7 million. The transaction was part of Mammoth's strategic transformation toward a demand-centric portfolio and helped unlock value while improving liquidity.

Scale indicators15 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• Core Laboratories: Core Laboratories provides reservoir description and production enhancement services to the oil and gas industry. Comparable as a specialized oilfield services provider, though focused on reservoir analysis and diagnostic services rather than operational services like Mammoth.
• NCS Multistage: NCS Multistage provides multistage completion systems and downhole technologies for oil and gas operators. Comparable in the completions technology space, with overlap on the technical drilling and completion services side of Mammoth's business.

Direct peers

• U.S. Well Services: U.S. Well Services is a pressure pumping specialist serving E&P operators with hydraulic fracturing fleets. Comparable to Mammoth's pressure pumping service offering with similar fleet size scale and basin exposure, particularly in the Permian and Appalachia.
• Liberty Energy: Liberty Energy provides hydraulic fracturing, pressure pumping, and oilfield services across major U.S. basins. Directly comparable to Mammoth's pressure pumping services (292,000 hhp fleet) and complementary oilfield service offerings, with similar end-market exposure to E&P drilling activity.
• Select Water Solutions: Select Water Solutions provides water management and chemical technologies for oil and gas operators, including produced water handling and recycling. Comparable to Mammoth's oilfield services portfolio with similar end-market focus on unconventional drilling and completion activity.
• Cactus Inc. Cactus designs, manufactures, and sells wellhead and pressure control equipment for oil and gas operators. Comparable in the oilfield equipment space, with similar end-market exposure to U.S. drilling activity and unconventional production operators.
• ProPetro Holding: ProPetro is a pure-play pressure pumping and oilfield services provider focused on hydraulic fracturing in the Permian Basin. Comparable to Mammoth's pressure pumping services and directional drilling offerings, with similar customer base of E&P operators.

Broad incumbents

• Schlumberger (SLB): SLB is the largest global oilfield services company offering integrated drilling, completions, and production solutions. Comparable to Mammoth across multiple service lines including directional drilling and digital oilfield technologies, but with global scale and diversification.
• Baker Hughes: Baker Hughes provides oilfield services and equipment, industrial energy technology, and digital solutions. Comparable across Mammoth's oilfield equipment offerings including drilling motors and MWD systems, with broader portfolio spanning industrial energy technologies.
• Halliburton: Halliburton is one of the world's largest oilfield services companies offering drilling, completions, and production services globally. Comparable as a broad incumbent across Mammoth's core service categories (directional drilling, completions, proppant), though operating at vastly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/mammothenergyservices
• LinkedInlinkedin.com/company/mammoth-energy-services

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries11 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mammoth Energy Services