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Ranger Energy Services Inc
Ranger Energy Services, Inc. engages in the provision of service rigs and associated services. The company is headquartered in Houston, Texas and currently employs 1,915 full-time employees. The company went IPO on 2017-08-11. The Company’s segments include High Specification Rigs, Wireline Services and Processing Solutions and Ancillary Services. High Specification Rigs provides high-spec well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well. Wireline Services provides services necessary to bring and maintain a well on production and consists of its wireline completion, wireline production and pump down lines of business. Processing Solutions and Ancillary Services provides other services often utilized in conjunction with its High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics hauling, processing solutions, as well as snubbing and coil tubing.
Ranger Energy Services, Inc. engages in the provision of service rigs and associated services. The company is headquartered in Houston, Texas and currently employs 1,915 full-time employees. The company went IPO on 2017-08-11. The Company’s segments include High Specification Rigs, Wireline Services and Processing Solutions and Ancillary Services. High Specification Rigs provides high-spec well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well. Wireline Services provides services necessary to bring and maintain a well on production and consists of its wireline completion, wireline production and pump down lines of business. Processing Solutions and Ancillary Services provides other services often utilized in conjunction with its High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics hauling, processing solutions, as well as snubbing and coil tubing.
Strategic Acquisition: Ranger announced the acquisition of American Well Services (AWS) for approximately $90.5 million, boosting its presence in the Permian Basin and adding 39 high-spec workover rigs.
Guidance Raised: Management expects pro forma adjusted EBITDA to exceed $100 million in 2026, a notable milestone for the company.
Q3 Results: Revenue for the third quarter was $128.9 million, down 16% year-over-year and 8% sequentially, primarily due to lower completions activity.
Profitability Decline: Net income was $1.2 million, significantly lower than the prior year and last quarter due to reduced activity.
ECHO Rigs Update: Two hybrid electric ECHO rigs have been delivered and are undergoing final testing, with strong customer interest and potential for additional contracts.
Shareholder Returns: Ranger repurchased 668,000 shares for $8.3 million during the quarter, with year-to-date shareholder returns totaling $15.6 million.
Cost Discipline: Year-to-date capital expenditures fell to $19.1 million from $28.7 million in the prior year period, reflecting continued financial discipline.
