Financial Performance - Total revenue for Q1 2024 decreased by $20.6 million, or 13%, to $136.9 million from $157.5 million in Q1 2023[90] - High Specification Rigs revenue increased by $2.2 million, or 3%, to $79.7 million, with an average revenue per rig hour rising 4% to $718[90] - Wireline Services revenue decreased by $17.1 million, or 34%, to $32.8 million, attributed to a 47% decrease in completed stage counts to 3,400[91] - Processing Solutions and Ancillary Services revenue fell by $5.7 million, or 19%, to $24.4 million, primarily due to decreased activity in coil tubing and snubbing services[93] - Net loss for the three months ended March 31, 2024, decreased by $7.0 million, or 113%, to a loss of $0.8 million from a profit of $6.2 million in the same period of 2023, primarily due to reduced activity in Wireline Services and Processing Solutions[101] - Adjusted EBITDA decreased by $9.2 million to $10.9 million for the three months ended March 31, 2024, from $20.1 million in the prior year[108] - High Specification Rigs Adjusted EBITDA decreased by $3.8 million to $13.6 million for the three months ended March 31, 2024, from $17.4 million in the same period of 2023, due to increased service costs[108] - Wireline Services Adjusted EBITDA decreased by $4.0 million to $0.2 million for the three months ended March 31, 2024, from $4.2 million in the prior year, due to decreased operating activity[109] Cost Management - Cost of services decreased by $10.1 million, or 8%, to $120.8 million, with cost of services as a percentage of revenue increasing to 88% from 83%[94] - High Specification Rigs cost of services increased by $6.2 million to $66.3 million, with variable expenses notably rising[94] - Wireline Services cost of services decreased by $13.1 million, or 29%, to $32.6 million, but the cost as a percentage of revenue increased to 99%[95] - Processing Solutions and Ancillary Services cost of services decreased by $3.2 million, or 13%, to $21.9 million, with costs as a percentage of revenue rising to 90%[96] - General and administrative expenses decreased by $1.7 million, or 20%, to $6.7 million for the three months ended March 31, 2024, compared to $8.4 million for the same period in 2023, primarily due to reduced employee and legal costs[97] - Depreciation and amortization increased by $1.2 million, or 12%, to $11.2 million for the three months ended March 31, 2024, from $10.0 million in the prior year, driven by capital expenditures[98] - Net interest expense decreased by $0.4 million, or 33%, to $0.8 million for the three months ended March 31, 2024, from $1.2 million in the same period of 2023, due to reduced borrowings[99] - Income tax benefit for the three months ended March 31, 2024, was $0.5 million, a decrease of $2.3 million, or 128%, from a tax expense of $1.8 million in the prior year, attributed to increased net operating loss utilization[100] Liquidity and Capital Structure - Total liquidity as of March 31, 2024, was $66.5 million, consisting of $11.1 million in cash and $55.4 million available under the Wells Fargo Revolving Credit Facility[112] - Net cash provided by operating activities decreased by $5.4 million to $12.0 million for the three months ended March 31, 2024, compared to $17.4 million in the same period of 2023[113] - As of March 31, 2024, the company's working capital decreased to $58.5 million from $66.4 million as of December 31, 2023, primarily due to lower cash and accounts receivable balances[118] - The company has a total loan capacity of $58.6 million under the Wells Fargo Revolving Credit Facility, with $3.2 million in Letters of Credit open, leaving $55.4 million available for borrowings as of March 31, 2024[122] - The weighted average interest rate for borrowings under the Wells Fargo Revolving Credit Facility was approximately 7.2% for the three months ended March 31, 2024[122] Shareholder Returns and Market Outlook - The company announced a share repurchase program authorizing the purchase of up to $85.0 million in Class A Common Stock, with an additional $50.0 million approved on March 4, 2024[130] - The company declared a quarterly cash dividend of $0.05 per share on May 7, 2024, payable on May 31, 2024, to stockholders of record[131] - 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[78] - The company expects short to medium-term activity to vary due to consolidation in the energy industry but anticipates long-term preference from larger organizations[78] - 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, indicating potential market growth[134] Risk and Debt Management - The company recognized a loss of $2.4 million on the retirement of debt associated with the initiation of the Wells Fargo Revolving Credit Facility[125] - The company made principal payments of $0.6 million to the Secured Promissory Note for the three months ended March 31, 2023, and $6.2 million for the five months ended May 31, 2023[128] - The company has no material off-balance sheet arrangements as of the reporting date[133] - The top three trade receivable balances represented approximately 15%, 14%, and 7% of consolidated net accounts receivable as of March 31, 2024, indicating concentration risk[138]

Ranger Energy Services, Inc. Announces Q1 2024 Results HOUSTON, TX--(May 7, 2024) - Ranger Energy Services, Inc. (NYSE: RNGR) ("Ranger" or the "Company") announced today its results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights Management Comments Stuart Bodden, Ranger's Chief Executive Officer, commented, "This quarter's results presented Ranger with a unique set of challenges that adversely impacted multiple service lines. As mentioned in our year-end investor call, 2024 got of ...

Operations and Services - The company operates in multiple active oil and natural gas basins in the U.S., including the Permian Basin and Bakken Shale, providing services through three reportable segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services[20][24]. - The fleet consists of 402 high specification well service rigs, which are among the newest in the industry, with higher operating horsepower (450 HP or greater) and taller mast heights (102 feet or higher) than traditional rigs[28][29]. - The wireline services segment includes workovers, well maintenance, and production services, which are critical for sustaining oil and natural gas production[31][32]. - Hydraulic fracturing services are essential for the production of oil and natural gas, stimulating production from dense subsurface rock formations[66]. Customer Base and Revenue - In 2023, two customers accounted for approximately 10% each of the consolidated revenue, while the top five revenue-generating customers represented about 43% of the total revenue[42]. - The company has a diverse customer base, serving approximately 190 distinct customers in 2023, indicating a broad market reach[42]. - The top three trade net receivable balances represented 14%, 13%, and 7% of consolidated accounts receivable as of December 31, 2023[272]. - In the High Specification Rig segment, the top three net trade receivable balances represented 20%, 20%, and 12% of total net accounts receivable[272]. Regulatory Environment - The company operates under stringent environmental regulations, which may impose substantial liabilities for pollution resulting from operations[46]. - Increased compliance costs due to environmental regulations may not be passed on to customers, potentially affecting the company's financial condition[47]. - The company is subject to the federal Occupational Safety and Health Act (OSHA) and comparable state statutes, ensuring worker health and safety[48]. - The company may incur significant costs or liabilities associated with naturally occurring radioactive materials (NORM) in its operations[49]. - The company generates industrial wastes regulated as hazardous materials, which could lead to increased management and disposal costs if reclassified[52]. - The Clean Water Act imposes strict controls on pollutant discharges, with potential civil and criminal penalties for noncompliance[54]. - The Oil Pollution Act of 1990 holds responsible parties liable for oil cleanup costs and damages resulting from spills[55]. - The company’s operations are subject to increasing regulatory scrutiny regarding greenhouse gas emissions, which could adversely affect demand for its services[61]. - The company operates under various state and local environmental review and permitting requirements, which may be more stringent than federal laws[71]. - The company is subject to regulatory oversight by the DOT and various state agencies, which may affect operational costs[73]. - Any regulations that restrict hydraulic fracturing could adversely impact demand for the company's products and services[68]. - The company cannot predict the final scope of regulations that may apply to oil and gas operations on federal lands, which could affect business operations[69]. Financial Position - The company has no outstanding debt under the Wells Fargo Revolving Credit Facility as of December 31, 2023, with a weighted average interest rate of 7.0%[271]. - The market for the company's services is indirectly exposed to fluctuations in oil and natural gas prices, which could affect demand for services[273]. - The company does not currently hedge its indirect exposure to commodity price risk[273]. - Environmental compliance costs have historically not had a material adverse effect on the company's business, but future costs could be substantial[70]. Workforce - As of December 31, 2023, the company employed approximately 2,000 full-time and part-time employees, with additional independent contractors hired as needed[44]. Market Dynamics - The industry is highly cyclical, with demand for services driven by the level of drilling activity and influenced by global oil and natural gas prices[39]. - Seasonal weather conditions can adversely affect operations, particularly in regions like the Denver-Julesburg Basin and Bakken Shale, leading to potential revenue reductions[40]. - The company differentiates itself through technical expertise, equipment capacity, and a strong safety record, aiming to deliver high-quality services and operational efficiency[38].

Ranger Energy Services, Inc. (NYSE:RNGR) Q4 2023 Earnings Conference Call March 5, 2024 11:00 AM ET Company Participants Stuart Bodden – Chief Executive Officer Melissa Cougle – Chief Financial Officer Conference Call Participants Luke Lemoine – Piper Sandler Don Crist – Johnson Rice Derek Podhaizer – Barclays John Daniel – Daniel Energy Partners William Kim – Custodio Asset Management Operator Thank you, and welcome to Ranger Energy Services Fourth Quarter and Full Year 2023 Results Conference Call. Ranger ...

Industry and Market Data: This presentation has been prepared by Ranger and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although Ranger believes these third-party sources are reliable as of their respective dates, Management has not independently verified the accuracy or completeness of this information. Some data are also based on the management estimates and app ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaw ...

Ranger Energy Services, Inc. (NYSE:RNGR) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET Company Participants Justin Whitley - General Counsel Stuart Bodden - Chief Executive Officer Melissa Cougle - Chief Financial Officer Conference Call Participants John Daniel - Daniel Energy Partners Don Crist - Johnson Rice Donovan Schafer - Northland Capital Markets Jeff Robertson - Water Tower Research Operator Good day and welcome to the Ranger Energy Third Quarter 2023 Conference Call. All participa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 8 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) Indicate by check mark if the Registrant is a well-kno ...