Mammoth Energy Services (NASDAQ: TUSK) is an oilfield services company that provides natural sand proppant, rental equipment, accommodation, drilling, and infrastructure services to oil and gas operators. Revenue is transactional, earned through service and product delivery contracts across multiple segments. As of December 31, 2025, the company reported total continuing revenue of $44.3 million for FY2025, down from $45.6 million in FY2024, with natural sand proppant services as the largest single segment at $16.6 million (FY2025). During 2025, Mammoth completed four divestitures, including its hydraulic fracturing equipment, a sand processing plant, a portion of its infrastructure services entities, and its engineering services business Aquawolf, meaningfully narrowing its remaining business. Several service lines, including cementing, acidizing, coil tubing, and contract drilling support functions, remain idled as of the filing date. Bernard Lancaster serves as principal executive officer and Mark Layton as CFO, per the 10-K filed March 6, 2026.

Revenue model

Transactional service and product delivery contracts across five continuing segments: natural sand proppant services ($16.6M, FY2025), rental services ($11.1M, FY2025), accommodation services ($9.0M, FY2025), infrastructure services ($4.1M, FY2025), and drilling services ($3.7M, FY2025).

Products and services

Northern White silica frac sand (proppant), oilfield equipment rentals, workforce accommodation facilities, contract drilling services, infrastructure services. Discontinued operations include hydraulic fracturing equipment, Piranha Proppant LLC sand processing, distribution and transmission infrastructure, and engineering services (Aquawolf).

Customers and end markets

Oil and gas operators conducting well completion and drilling activities. Frac sand customers are served primarily in the Utica Shale, Montney Shale (British Columbia and Alberta, Canada), SCOOP/STACK, DJ Basin, and Permian Basin via rail logistics.

Value-chain role

Midstream oilfield services supplier providing consumable inputs (frac sand), rental equipment, and support services to upstream oil and gas operators. Relies on third-party rail carriers and transloading facilities for sand delivery logistics.

Geographic exposure

United States (Wisconsin sand operations, multiple U.S. shale basins) and Canada (Montney Shale, British Columbia and Alberta). Sand transported via Canadian National Railway system to Canadian customers.

Source: SEC 10-K, filed 2026-03-06

Industry: Oil & Gas Field Services, NEC Peers: CSI Compressco LP DMC Global Inc Exterran Corp Forum Energy Technologies Inc Natural Gas Services Group Inc NPK International Inc Oil States International Inc Ranger Energy Services Inc SLB NV SEACOR Marine Holdings Inc