Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $153 million, an 11% increase from Q2 and a 7% decrease year-over-year due to Wireline completion activity declines [33] - Net income for the quarter was $8.7 million, resulting in earnings per share of $0.39, an 86% improvement from the prior quarter [34] - Adjusted EBITDA for the quarter was $25.1 million, a 20% increase from $21 million in Q2 and a 5% increase over the prior year period [36] - Gross margin was 16.5%, nearly matching the prior peak level [37] Business Line Data and Key Metrics Changes - High Specification Rigs achieved record revenues of $86.7 million, a 5% increase from the previous quarter and a 9% increase year-over-year [37] - Ancillary Services generated revenues of $36 million, a 17% increase from Q2 and a 13% increase year-over-year [38] - Coiled tubing revenue increased by 33% quarter-over-quarter and adjusted EBITDA increased by 52% [39] - Wireline services saw revenue grow 24% from Q2, reaching $30.3 million, although year-over-year it was down 43% due to Wireline completion activity declines [41] Market Data and Key Metrics Changes - The drilling rig count has declined, and completion activity has decreased, contributing to challenging market conditions since early 2023 [7] - Despite these conditions, the company’s financial performance has been more resilient than the broader Oilfield Services (OFS) complex [7] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet to provide flexibility for future opportunities and consolidation in a fragmented industry [21] - The strategy includes returning over 80% of free cash flow to shareholders through dividends and share repurchases [23] - The company aims to continue growing its market share by partnering with high-quality customers and investing in quality assets and personnel [11][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving year-over-year growth in 2025, driven by strong customer demand across multiple service lines [51] - The company believes it has likely found the bottom in Wireline services and anticipates improvement moving into spring [51] - Management highlighted that consolidation in the industry has been a net benefit, allowing for more potential work [50] Other Important Information - The company has returned over $40 million to shareholders through share repurchases and dividends over the past year [46] - The company maintains a net debt zero position, providing liquidity of $86.1 million at the end of the quarter [42] Q&A Session Summary Question: Industry consolidation and growth strategy - Management highlighted that consolidation has been beneficial, allowing for partnerships with the best customers and increased potential work [50] Question: Confidence in growth for 2025 - Management indicated confidence in growth across all service lines, with strong customer conversations supporting this outlook [51] Question: Margin improvement areas and acquisition opportunities - Management discussed ongoing efforts to improve margins through operational efficiencies and mentioned that M&A could provide further benefits [54][55] Question: Allocation of growth CapEx for 2025 - Management indicated that growth CapEx would likely focus on well service rigs and additional equipment to meet customer demand [57]

Financial Performance - Revenue for Q3 2024 was $153.0 million, an 11% increase from $138.1 million in Q2 2024, but a 7% decrease from $164.4 million in Q3 2023[2] - Net income for Q3 2024 was $8.7 million, or $0.39 per fully diluted share, an 85% increase from $4.7 million in Q2 2024, but a decrease from $9.4 million in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was $25.1 million, a 20% increase from $21.0 million in Q2 2024 and a 5% increase from $24.0 million in Q3 2023[2] - Operating income for the three months ended September 30, 2024, was $12.9 million, down from $11.7 million in the same period of 2023, reflecting a decrease of 10.3%[30] - Net income for the three months ended September 30, 2024, was $8.7 million, compared to $9.4 million for the same period in 2023, representing a decline of 7.4%[30] - Basic earnings per share for the three months ended September 30, 2024, was $0.39, down from $0.38 in the same period of 2023[30] - Net income for the nine months ended September 30, 2024, was $12.6 million, a decrease of 41.5% compared to $21.7 million in the same period of 2023[32] Segment Performance - High Specification Rigs segment revenue was $86.7 million in Q3 2024, an increase of $4.0 million from Q2 2024 and $7.5 million from Q3 2023[12] - Wireline Services segment revenue was $30.3 million in Q3 2024, a 24% increase from $24.5 million in Q2 2024, but a 43% decrease from $53.2 million in Q3 2023[14] - Processing Solutions and Ancillary Services segment revenue was $36.0 million in Q3 2024, a 17% increase from $30.9 million in Q2 2024 and a 13% increase from $32.0 million in Q3 2023[17] - Net income for the High Specification Rigs segment was $33.4 million, while the total net income was $12.6 million, compared to a loss of $27.6 million in the previous period[39] - Adjusted EBITDA for the High Specification Rigs segment was $51.5 million, with a total adjusted EBITDA of $57.0 million, reflecting a significant increase from the previous period[39] Cash Flow and Capital Management - Free Cash Flow for Q3 2024 was $10.8 million, with year-to-date Free Cash Flow of $23.1 million[2] - The company maintained zero net debt and returned over 81% of Free Cash Flow to shareholders year-to-date through dividends and share buybacks[6] - Year-to-date capital expenditures were $28.7 million, with approximately $10 million allocated toward growth capital expenditures for modern equipment and technology updates[20] - The company paid dividends of $3.4 million to Class A Common Stock shareholders, an increase from $1.2 million in the same period of 2023[32] - Free Cash Flow for the three months ended September 30, 2024, was $10.8 million, compared to a negative $2.8 million in the same period last year[42] - Free Cash Flow conversion as a percentage of EBITDA was 43% for the latest quarter, compared to a negative 12% in the previous year[42] Balance Sheet and Assets - Total current assets as of September 30, 2024, were $132.7 million, a slight decrease from $135.4 million as of December 31, 2023[31] - Total liabilities as of September 30, 2024, were $106.3 million, compared to $106.2 million as of December 31, 2023, indicating a marginal increase[31] - Retained earnings increased to $37.5 million as of September 30, 2024, up from $28.4 million as of December 31, 2023[31] - Cash and cash equivalents as of September 30, 2024, were $14.8 million, a decrease from $15.7 million as of December 31, 2023[31] - The company’s total assets as of September 30, 2024, were $373.9 million, slightly down from $378.0 million as of December 31, 2023[31] Expenses and Other Financial Metrics - The company reported a total cost of services of $122.0 million for the three months ended September 30, 2024, down from $134.8 million in the same period of 2023, a decrease of 9.9%[30] - The company incurred depreciation and amortization expenses of $33.3 million for the nine months ended September 30, 2024, up from $29.3 million in 2023[32] - The company reported a depreciation and amortization expense of $33.3 million, with $16.9 million attributed to High Specification Rigs[39] - Interest expense for the total was $2.1 million, with no interest expense reported for the High Specification Rigs segment[39] - The total income tax expense was $5.0 million, with no tax expense reported for the High Specification Rigs segment[39] - The company reported a gain on disposal of property and equipment amounting to a loss of $1.7 million[39]

Core Viewpoint - Ranger Energy (RNGR) shows a significantly improving earnings outlook, making it a solid investment choice as analysts continue to raise their earnings estimates for the company [1][2]. Current-Quarter Estimate Revisions - The expected earnings for the current quarter are $0.28 per share, reflecting a year-over-year decrease of 26.32% - Over the past 30 days, the Zacks Consensus Estimate for Ranger Energy has increased by 100%, with one estimate moving higher and no negative revisions [4]. Current-Year Estimate Revisions - For the full year, the expected earnings are $0.77 per share, indicating a year-over-year decline of 18.95% - The consensus estimate has seen a significant increase of 140.63% over the past month, with one estimate moving higher and no negative revisions [5]. Favorable Zacks Rank - The positive estimate revisions have led Ranger Energy to achieve a Zacks Rank 2 (Buy), indicating strong potential for outperformance compared to the S&P 500 - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the market [6]. Bottom Line - Strong estimate revisions have resulted in a 5.7% increase in Ranger Energy's stock price over the past four weeks, suggesting further upside potential and making it a candidate for portfolio addition [7].

Core Viewpoint - Ranger Energy Services (RNGR) is identified as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and a Value grade of A, indicating its potential for investment [2]. Valuation Metrics - RNGR has a Price-to-Book (P/B) ratio of 1, which is favorable compared to the industry average P/B of 2.24. Over the past year, RNGR's P/B has fluctuated between 0.81 and 1.29, with a median of 0.92 [3]. - The Price-to-Sales (P/S) ratio for RNGR is 0.46, significantly lower than the industry's average P/S of 0.92, suggesting that RNGR is undervalued based on sales performance [4]. - RNGR's Price-to-Cash Flow (P/CF) ratio stands at 4.50, which is also lower than the industry average P/CF of 7.76. The P/CF for RNGR has ranged from 3.51 to 5.05 over the past year, with a median of 4.13 [5]. Investment Outlook - The combination of the aforementioned valuation metrics indicates that Ranger Energy Services is likely undervalued, and its strong earnings outlook positions it as one of the market's strongest value stocks [6].

Revenue Performance - Revenue for Q2 2024 decreased by $25.1 million, or 15%, to $138.1 million from $163.2 million in Q2 2023[86] - High Specification Rigs revenue increased by $5.1 million, or 7%, to $82.7 million, driven by improved pricing and a 6% increase in average revenue per rig hour to $732[86] - Wireline Services revenue decreased by $30.0 million, or 55%, to $24.5 million, primarily due to a 77% decrease in completed stage counts to 1,700[87] - Total revenue for the six months ended June 30, 2024 decreased by $45.7 million, or 14%, to $275.0 million from $320.7 million for the same period in 2023[99] - High Specification Rig revenue for the six months ended June 30, 2024 increased by $7.3 million, or 5%, to $162.4 million, with an average revenue per rig hour increase of 5% to $725[99] - Wireline Services revenue for the six months ended June 30, 2024 decreased by $47.1 million, or 45%, to $57.3 million, attributed to a 63% decrease in completed stage counts[100] - Processing Solutions and Ancillary Services revenue for the six months ended June 30, 2024 decreased by $5.9 million, or 10%, to $55.3 million, primarily due to declines in coil tubing and snubbing services[101] Income and Expenses - Operating income for Q2 2024 was $7.3 million, down from $11.4 million in Q2 2023, reflecting a decrease of $4.1 million[86] - The company reported a net income of $4.7 million for Q2 2024, down from $6.1 million in Q2 2023[86] - Net income for the six months ended June 30, 2024 decreased by $8.4 million, or 68%, to $3.9 million from $12.3 million for the same period in 2023, primarily driven by reduced activity in Wireline Services and Processing Solutions segments[110] - General and administrative expenses decreased by $0.4 million, or 5%, to $6.9 million, attributed to reduced employee costs[93] - Total operating expenses for the six months ended June 30, 2024 decreased by $31.9 million, or 11%, to $268.2 million from $300.1 million for the same period in 2023[99] - Interest expense, net for the six months ended June 30, 2024 decreased by $0.7 million, or 33%, to $1.4 million from $2.1 million for the same period in 2023[108] - Income tax expense for the six months ended June 30, 2024 decreased by $2.3 million, or 61%, to $1.5 million from $3.8 million for the same period in 2023[109] - General and administrative expenses for the six months ended June 30, 2024 decreased by $2.1 million, or 13%, to $13.6 million from $15.7 million[106] Adjusted EBITDA - Adjusted EBITDA for the three months ended June 30, 2024, decreased by $0.9 million to $21.0 million from $21.9 million for the same period in 2023[117] - High Specification Rigs Adjusted EBITDA increased by $3.1 million to $18.7 million for the three months ended June 30, 2024, driven by a revenue increase of $5.1 million[117] - Wireline Services Adjusted EBITDA decreased by $5.3 million to $0.4 million due to a revenue decline of $30.0 million[118] - Processing Solutions and Ancillary Services Adjusted EBITDA increased by $1.7 million to $7.3 million, attributed to a decrease in cost of services of $1.8 million[119] - For the six months ended June 30, 2024, net income was $19.6 million, compared to $23.4 million for the same period in 2023[122] - Adjusted EBITDA for the six months ended June 30, 2024, was $32.3 million, compared to $33.0 million for the same period in 2023[122] - High Specification Rigs Adjusted EBITDA decreased by $0.7 million to $32.3 million, primarily due to reduced operating levels and elevated labor costs[124] - Wireline Services Adjusted EBITDA decreased by $9.3 million to $0.6 million, primarily due to significant decreases in operating activity within the completions service line[125] - Processing Solutions and Ancillary Services Adjusted EBITDA decreased by $0.8 million to $9.8 million, primarily due to decreased coil tubing revenue[126] Cash Flow and Liquidity - Net cash provided by operating activities decreased by $6.8 million to $34.1 million for the six months ended June 30, 2024 compared to $40.9 million for the same period in 2023[130] - Net cash used in investing activities increased by $12.1 million to $20.3 million for the six months ended June 30, 2024 compared to $8.2 million for the same period in 2023[132] - Total liquidity as of June 30, 2024 was $72.2 million, consisting of $8.7 million in cash and $63.5 million available under the Wells Fargo Revolving Credit Facility[128] - The Company had a Fixed Charge Coverage Ratio of 0.8 as of June 30, 2024, below the required minimum of 1.0[136] Shareholder Actions - The Company announced a share repurchase program authorizing the purchase of up to $85.0 million of Class A Common Stock[143] - The Company paid dividend distributions totaling $1.1 million to stockholders on April 5, 2024, and May 31, 2024[145] Market Outlook - The company anticipates stable demand for services due to OPEC+ production cuts and projected oil demand increases of 2.25 million barrels per day in 2024[75] - The company expects varied short to medium-term activity levels due to consolidation in the energy industry, but long-term prospects remain favorable[75] - OPEC+ expects oil demand to rise by approximately 2.25 million barrels per day in 2024 and by 1.85 million barrels per day in 2025[148] Risk Factors - Commodity price fluctuations are highly uncertain and could materially impact earnings, cash flows, and financial condition[150] - Geopolitical events, particularly regarding Russia and China, are expected to impact the macroeconomic backdrop of the industry[149] - Recent events in the Middle East have contributed to further uncertainty and risk to global stability[149] - The company does not currently intend to hedge its indirect exposure to commodity price risk[153] Trade Receivables - The top three trade receivable balances represented approximately 19%, 13%, and 8% of consolidated net accounts receivable as of June 30, 2024[152] - The top three trade receivable balances in the High Specification Rig segment represented 25%, 18%, and 13% of total net accounts receivable[152] - The majority of trade receivables have payment terms of 30 days or less, indicating a short credit cycle[152] - A hypothetical 1.0% increase or decrease in the weighted average interest rate would increase or decrease interest expense by less than $0.1 million per year[151] - The company has no borrowings under the Wells Fargo Revolving Credit Facility as of June 30, 2024[151]

Processing Solutions & Ancillary Services Segment Highlights $5.1 $10.5 $6.6 $5.0 $5.6 $6.5 $5.3 $2.5 $7.3 18.1% 28.6% 19.8% 16.8% 17.8% 20.5% 16.9% 10.2% 23.6% ▪ Increased revenue in Q2 by 27% over Q1 and nearly tripled adjusted EBITDA to $7.2 million ▪ Rentals performance has continued to be resilient through market challenges over the past year • Exposure to operators across major basins allows for strategic deployment in response to changes in activity $85.1 $69.9 $69.1 $66.5 2Q23 3Q23 4Q23 1Q24 TTM Ret ...

Financial Data and Key Metrics Changes - Total company revenue for Q2 2024 was $138.1 million, a slight increase from Q1 2024 but down 15% year-over-year [25][14] - Adjusted EBITDA was $21 million, nearly double the $10.9 million from Q1 2024, with a consolidated EBITDA margin of 15.1%, the highest in nearly two years [28][15] - Net income rebounded to $4.7 million or $0.21 per share from a net loss of $800,000 in Q1 2024 [26] Business Line Data and Key Metrics Changes - High Specification Rig revenue reached a record $82.7 million, a 4% increase from Q1 2024 and a 7% increase year-over-year [29] - Ancillary Services segment revenue was $30.9 million, a 27% increase over Q1 2024, while remaining flat year-over-year [31] - Wireline Services segment revenue was $24.5 million, down 25% from Q1 2024 and down 55% year-over-year, with stage counts down 77% [32] Market Data and Key Metrics Changes - The US onshore rig count declined by over 20% over the past 12 months, impacting overall market conditions [3] - Despite market challenges, several service lines showed year-over-year improvement, particularly in P&A and gas processing [3] Company Strategy and Development Direction - The company is focused on maximizing cash flow conversion, growing through acquisition, maintaining a strong balance sheet, and returning capital to shareholders through dividends and share repurchases [37] - Ranger is strategically pivoting towards production-focused wireline work, which has shown encouraging growth [33][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's earnings potential and highlighted the importance of strong customer relationships in navigating market challenges [13][11] - The third quarter is expected to show modest growth compared to Q2 2024, driven by seasonal activity and continued demand from large customers [49][36] Other Important Information - The company has repurchased nearly 1.4 million shares in 2024, totaling approximately 14% of outstanding shares as of June 30 [5][43] - Cash from operating activities for the year-to-date was $34.1 million, with capital expenditures front-loaded [40] Q&A Session Summary Question: Customer behavior and market share - Management noted that consolidation trends are helping Ranger gain market share, with increased demand from large customers continuing into Q3 [49] Question: Wireline segment reorganization and margin recovery - Management discussed restructuring efforts, including headcount reductions and reorienting assets towards production, with hopes of margins rebounding to historical levels [50][51] Question: M&A opportunities and market valuations - Management is exploring M&A opportunities but remains focused on existing service lines for consolidation, while noting that bid/ask spreads are narrowing [53][54] Question: Long-term contracts and vendor consolidation - Management confirmed ongoing discussions for long-term contracts and noted that larger customers are looking to reduce their vendor lists, creating opportunities for Ranger [61]

Core Viewpoint - Ranger Energy reported quarterly earnings of $0.21 per share, significantly exceeding the Zacks Consensus Estimate of $0.06 per share, although down from $0.24 per share a year ago [1][4] Financial Performance - The company posted revenues of $138.1 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.07%, but down from $163.2 million year-over-year [2] - This quarterly report represents an earnings surprise of 250%, contrasting with a previous loss of $0.03 per share [4] - The current consensus EPS estimate for the upcoming quarter is $0.14 on revenues of $142 million, and for the current fiscal year, it is $0.32 on revenues of $557 million [10] Stock Performance - Ranger Energy shares have increased approximately 12% since the beginning of the year, compared to a 14.5% gain for the S&P 500 [3] - The company has surpassed consensus revenue estimates three times over the last four quarters [2] Earnings Outlook - The earnings outlook for Ranger Energy is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [9] - The sustainability of the stock's immediate price movement will depend on management's commentary during the earnings call [5] Industry Context - The Oil and Gas - Field Services industry, to which Ranger Energy belongs, is currently ranked in the bottom 9% of over 250 Zacks industries, suggesting potential challenges ahead [11]

EXHIBIT 99.1 Ranger Energy Services, Inc. Announces Q2 2024 Results HOUSTON, TX--(July 29, 2024) - Ranger Energy Services, Inc. (NYSE: RNGR) ("Ranger" or the "Company") announced today its results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights "Free Cash Flow" is not presented in accordance with U.S. GAAP and should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of ...

| --- | --- | --- | |-------------------------------------------------------------|-------|-------------| | | | | | ProPetro Holding Corp. | | 1,150.6 | | Select Water Solutions, Inc. Oil States International, Inc. | | 940.2 384.5 | | KLX Energy Services Holdings, Inc. | | 57.6 | | Dril-Quip, Inc. | | 980.7 | | Mammoth Energy Services, Inc. | | 290.1 | | Solaris Oilfield Infrastructure, Inc. | | 210.4 | Despite a challenging Q1 2024, Ranger Energy Services Inc. (NYSE:RNGR) has a solid financial position, an ...