Financial Data and Key Metrics Changes - Ranger reported revenue of $128.9 million for Q3 2025, a decrease of 16% from $153 million in Q3 2024 and down 8% from $140.6 million in Q2 2025 [17][12] - Net income was $1.2 million, or $0.05 per diluted share, compared to $8.7 million, or $0.39 per diluted share in Q3 2024, and $7.3 million, or $0.32 per diluted share in Q2 2025 [17][12] - Adjusted EBITDA for the quarter was $16.8 million, representing a 13% margin [17][12] Business Line Data and Key Metrics Changes - High-spec rig segment generated $80.9 million in revenue, down from $86.7 million in the prior year and $86.3 million in the prior quarter, with adjusted EBITDA of $15.7 million [18][12] - Prospecting Solutions and Ancillary Services delivered $30.8 million in revenue, down from $36 million in the prior year and $32.2 million in the prior quarter, with adjusted EBITDA of $5.5 million [19][12] - Wireline Services reported $17.2 million in revenue, with an operating loss of $4.2 million and adjusted EBITDA of $400,000 [19][12] Market Data and Key Metrics Changes - The company experienced declines in completion-focused areas and in some northern districts due to commodity price pressures leading to activity declines [11][12] - The combination of completion activity declines and reduced plug and abandonment activity due to depressed commodity prices has pressured the ancillary segment [13][12] Company Strategy and Development Direction - The acquisition of American Well Services for approximately $90.5 million is expected to enhance Ranger's position as the largest well servicing provider in the lower 48 and expand its market share in the Permian Basin [4][6] - Ranger anticipates realizing approximately $4 million in annual cost and revenue synergies post-integration [7][16] - The ECHO hybrid electric rig program is positioned as a significant innovation in the workover rig space, with strong customer interest and expected contracts in the coming quarters [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting to generate over $100 million in adjusted EBITDA for the first time in the company's history [14][12] - The company has maintained strong cash flows and has been active in share repurchases, indicating a disciplined capital allocation strategy [22][20] - Management noted that the integration of AWS is already in motion and is expected to be completed efficiently by Q3 2026 [9][24] Other Important Information - Ranger's total liquidity as of September 30, 2025, was $116.7 million, consisting of $71.5 million of capacity on the revolving credit facility and $45.2 million of cash on hand [20][22] - Capital expenditures year-to-date totaled $19.1 million, down from $28.7 million in the prior year period [22] Q&A Session Summary Question: Geographic footprint of AWS - AWS operates exclusively in the Permian Basin [28] Question: Revenue comparison of tubing rentals and inspection - Approximately 55% of AWS's revenue overlaps with Ranger, while 45% consists of unique service lines [29] Question: Status of ECHO rigs - Two ECHO rigs have been delivered, with one expected to begin work on live wells shortly [30] Question: Customer base for American Well Services - AWS has a customer base similar to Ranger's, with some new relationships that could provide growth opportunities [34] Question: Adoption of ECHO rigs - ECHO rigs are currently additive, with expectations that they may eventually replace existing rigs over time [36] Question: Expected number of ECHO rigs built in 2026 - Management indicated an expectation of over 10 ECHO rigs being built in 2026 [38]

Core Viewpoint - Ranger Energy Services has acquired American Well Services, positioning itself as the largest well-services provider in the United States and enhancing its market reach and technological capabilities [1][3]. Strategic Highlights - The acquisition expands Ranger's rig count by approximately 25%, solidifying its leadership in the Lower 48 states [4]. - The total consideration for the acquisition is approximately $90.5 million, representing less than 2.5 times trailing EBITDA [4][10]. - Expected synergies from the acquisition are projected to generate $4 million annually, with pro forma EBITDA anticipated to exceed $100 million [6][11]. Financial Considerations - The transaction is structured as $60 million in cash, 2 million shares of Ranger common stock priced at $12.51, and a $5 million earn-out contingent on achieving $36 million in EBITDA within 12 months [5]. - Post-acquisition, Ranger's leverage ratio is expected to be approximately 0.4x, indicating a strong financial position compared to peers [5][13]. Growth Opportunities - The acquisition introduces higher-margin service lines such as tubing rentals and inspection, enhancing revenue potential [9]. - Ranger's expanded platform will facilitate investment in innovative technologies, including the ECHO hybrid electric rig program [9]. Shareholder Returns - Ranger is committed to maintaining its capital allocation strategy, which includes repurchasing shares and ensuring strong shareholder returns post-transaction [12]. Financial Flexibility - The company expects to repay acquisition-related borrowings within one year, supported by strong free cash flows [13].

Core Viewpoint - Trican Well Service Ltd. has received a No-Action Letter from the Competition Bureau, allowing the acquisition of Iron Horse Energy Services to proceed, which is expected to enhance Trican's growth strategy and service offerings in the Western Canadian Sedimentary Basin [1][3]. Acquisition Details - The acquisition involves Iron Horse shareholders receiving approximately $77.35 million in cash and about 33.76 million common shares of Trican [2]. - The acquisition is anticipated to close on or about August 27, 2025, pending customary closing conditions and TSX listing approval [4]. Strategic Implications - The acquisition aligns with Trican's long-term vision for growth and innovation, aiming to better serve customers and create value for shareholders [3]. - Tom Coolen, the Chairman and CEO of Iron Horse, will join Trican's board of directors following the acquisition [2]. Company Overview - Trican is headquartered in Calgary, Alberta, and provides oil and natural gas well servicing equipment and solutions throughout the drilling, completion, and production cycles [8]. - The company offers a range of services including hydraulic fracturing, cementing, coiled tubing, nitrogen services, and chemical sales for the oil and gas industry in Western Canada [8].