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Mammoth Energy Services sells processed sand used in hydraulic fracturing, rents equipment for oilfield and construction work, and houses oilfield workers in remote locations. Sand is its largest revenue source; equipment rentals and lodging provide most of the rest. Customers pay for sand by the ton, for equipment use, and for lodging that includes meals, notably at Sand Tiger Lodge in northern Alberta. The company also helps oil and gas operators plan and carry out directional drilling to guide wells toward specified targets.
Beyond oilfield work, Mammoth leases aircraft, engines and other aircraft equipment to passenger and cargo providers, and builds and maintains fiber networks for network owners. These activities distinguish it from a pure oilfield-services company. It sold part of its power-infrastructure operations and its hydraulic-fracturing equipment in 2025, so those former activities should not be confused with its remaining fiber-network work and sand sales.
Oilfield demand depends heavily on producers’ drilling and production spending, which responds to oil and gas prices. A small group of customers supplies most of Mammoth’s revenue. Sand operations also depend on third-party transport and on maintaining mining, water-use and environmental permits; losing required approvals can prevent operations.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Mammoth Energy Services, Inc.’s largest continuing segment faces frac-sand rivals including Source Energy Services, while collecting its remaining PREPA settlement receivable also matters to its financial position.
ProFrac Holding Corp. and Mammoth both supply sand used to fracture North American shale wells, leaving both exposed to sand demand and prices. ProFrac’s proppant-production results are the relevant comparison for Mammoth’s sand sales to oil and gas producers, rather than its broader fracturing business.
Liberty Energy Inc. competes with Mammoth for shale operators’ sand purchases, selling sand from its own mines alongside services that prepare wells for production. Its Permian Basin sand-mine business is the closest overlap with Mammoth, not its full range of completion services.
KLX Energy Services Holdings, Inc. competes with Mammoth to guide wells toward drilling targets and rent equipment to oil and gas operators in overlapping U.S. shale basins. Its directional-drilling and rental-tool business in the Permian and Northeast/Mid-Con regions is the part to compare with Mammoth’s drilling and rentals.
Select Water Solutions, Inc. overlaps with Mammoth in renting oilfield equipment and providing accommodation for oilfield workers, alongside its water-management services for the U.S. energy industry. Watch the rentals and accommodations within Select’s Water Services segment, rather than treating all its water revenue as comparable to Mammoth.
Ranger Energy Services, Inc. competes with Mammoth for equipment-rental spending by U.S. oil and gas producers. Equipment rentals are the relevant overlap within Ranger’s broader well-site services, which also include well maintenance and completion support.
RPC, Inc. and Mammoth compete to rent equipment to U.S. oil and gas operators. RPC’s Support Services includes equipment supplied without RPC crews, making that rental business more relevant to Mammoth than its on-site services performed with personnel.
More shale-well completion work supports both ProPetro Holding Corp.’s fracturing services and Mammoth’s sand sales and oilfield rentals to oil and gas producers. Watch ProPetro’s high-intensity Permian completions, which use increasing volumes of sand per well—a concrete connection to Mammoth’s sand demand.
Nine Energy Service, Inc. and Mammoth depend on the same shale-well development cycle: producers pay Nine to prepare horizontal wells for production and Mammoth for sand used in fracturing. Nine’s North American completion activity is the relevant signal for Mammoth, rather than its overseas completion-tool sales.
Halliburton Company competes with Mammoth for oil and gas producers’ spending on drilling and guiding wellbores toward their targets. Its Drilling and Evaluation segment’s drilling and wellbore-placement services are the relevant comparison for Mammoth’s directional-drilling business.
MasTec, Inc. competes with Mammoth for fiber-network customers’ construction and maintenance work. Its Communications segment is the part to watch for this overlap, rather than its power-delivery or pipeline businesses.
Quanta Services, Inc. competes with Mammoth for communications customers’ infrastructure construction and maintenance contracts. Mammoth sold its electrical-infrastructure operations in 2025, so Quanta’s communications work—not its electric-utility work—is the relevant overlap with Mammoth’s continuing fiber-network business.
Halliburton Company earningsHAL
Halliburton’s drilling and evaluation results show producer spending on drilling and wellbore placement, the same customer budget Mammoth Energy seeks for directional drilling.
Look at drilling and wellbore-placement activity in Halliburton’s Drilling and Evaluation segment, then compare it with Mammoth Energy’s drilling revenue. Strength would show support for demand in this service market, but would not prove Mammoth won work; weakness would point to pressure on the customer spending Mammoth depends on. The takeaway is whether the market has demand support, not whether Mammoth gained share.
Liberty Energy Inc. earningsLBRT
Liberty Energy’s Permian sand-mine results show shale operators’ sand demand and pricing, a relevant reference for Mammoth Energy’s frac-sand business.
Compare Liberty Energy’s sand-mine sales volumes and prices with Mammoth Energy’s sand volumes and average selling price per ton. Stronger Liberty volumes or pricing would suggest firmer Permian demand or less price pressure; weaker results would point to continued pressure on demand or prices. The companies serve different markets, so this is industry context, not a substitute for Mammoth’s own sales figures.
ProPetro Holding Corp. earningsPUMP
ProPetro’s Permian fracturing work and sand use per well show whether completion activity supports demand for Mammoth Energy’s sand and oilfield rentals.
Read ProPetro’s high-intensity fracturing activity together with sand used per well, then compare that demand signal with Mammoth Energy’s sand sales and rental revenue. More work and high sand use per well would support demand for sand and related oilfield services; weaker activity or lower use would weaken that support. ProPetro focuses on the Permian, so this shows a demand driver, not Mammoth’s actual results across its markets.
Fed Interest Rate Decision
Mammoth’s unhedged floating-rate debt costs more when interest rates rise, while lower rates ease interest expense and pressure on cash flow.
Expected4.0%Last release4.0%
If it comes in above expectations
If rates rise more than expected, any debt that reprices would cost Mammoth more to service, leaving less cash for operations and planned spending; its revolver was undrawn at year-end, so this is mainly a funding-cost exposure.
If it comes in below expectations
If rates fall more than expected, any debt that reprices would cost Mammoth less to service, easing cash-flow pressure and leaving more funds for operations and planned spending.
MasTec, Inc. earningsMTZ
MasTec’s communications business shows demand for fiber-network work, where it competes with Mammoth Energy for construction and maintenance projects.
Look at revenue and project activity in MasTec’s Communications segment alongside Mammoth Energy’s infrastructure revenue. Strength at MasTec would show support for fiber construction and maintenance work, but would not mean Mammoth won those projects; weakness would suggest customer work may be declining or delayed. The takeaway is whether Mammoth’s fiber-work market is active, not how many projects Mammoth itself secured.
RPC, Inc. earningsRES
RPC’s equipment-rental business shows U.S. oil and gas operators’ demand for rented equipment, directly overlapping with Mammoth Energy’s rentals to oilfield customers.
Compare RPC’s equipment rentals supplied without crews with Mammoth Energy’s rental-segment revenue. Stronger RPC rental demand or pricing would show support in the U.S. oilfield-equipment rental market; weaker results would point to pressure on demand or rates. Mammoth also rents construction and aviation equipment, so this conclusion applies only to its oilfield-rental path.
Mammoth Energy Services, Inc. earningsThis company
Mammoth Energy’s report will show whether growth in rentals, infrastructure and drilling can offset declines in sand and accommodations.
Read revenue by segment alongside costs from continuing operations. If rentals, infrastructure and drilling keep growing while costs take a smaller share of revenue, the added business is absorbing costs better. If sand and accommodations keep shrinking and costs remain close to revenue, growth is not yet enough to reverse the continuing business’s losses. The key is whether revenue growth is improving the economics of operations.
