Mammoth Energy Services appoints Phil Lancaster to board as director

Mammoth Energy Services, Inc. (NASDAQ:TUSK) announced Monday that its board of directors has appointed Phil Lancaster as a non-independent voting member of the board, effective July 1. Lancaster is currently the company’s Chief Executive Officer and will step down from that role on June 30, as previously disclosed in a June 5 filing.

According to a statement released in a press release and filed with the Securities and Exchange Commission, Lancaster will receive annual compensation generally provided to Mammoth Energy’s non-employee directors, prorated for his dates of service. The company’s non-employee directors are entitled to an annual retainer of $50,000, plus $5,000 for each meeting attended above the four regularly scheduled meetings each year.

The board also determined on June 24 that Arthur Amron, chairman of the board, meets the independence standards set by Nasdaq and is free of any relationship that would interfere with his ability to exercise independent judgment as a director. As a result, effective July 1, four of Mammoth Energy’s six directors will meet the required independence standards, constituting a majority of the board.

The information in this article is based on a press release statement and a filing with the Securities and Exchange Commission.

In other recent news, Mammoth Energy Services Inc . reported its first-quarter 2025 financial results, exceeding expectations with an earnings per share (EPS) of -$0.01 compared to the projected -$0.09. The company also reported a revenue of $62.5 million, surpassing the forecasted $38.2 million. Mammoth Energy’s strategic focus on expanding equipment rentals and converting its pressure pumping fleet contributed to a 17% sequential revenue increase. In addition to financial performance, the company completed significant transactions, purchasing eight small passenger aircraft and selling three infrastructure subsidiaries for $108.7 million. These moves are part of Mammoth’s strategy to diversify and strengthen its rental services fleet. The company remains debt-free, with a total liquidity of $202.9 million, and plans to utilize its substantial cash position for future growth opportunities. Furthermore, shareholders approved the re-election of board members and executive compensation at Mammoth’s Annual Meeting. Deloitte & Touche LLP was also ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025.

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