Ranger Energy Services, Inc. (NYSE: RNGR)

Ranger Energy Services, Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States.

The company was incorporated as a Delaware corporation in February 2017 and became a holding company after its initial public offering in August 2017.

Its principal assets are held through Ranger LLC which owns Ranger Services, Torrent Services and other subsidiaries that conduct operations.

Ranger Energy Services, Inc. delivers well site services to leading United States exploration and production companies that are essential for establishing and maintaining oil and natural gas flow throughout a well’s productive life.

The service portfolio includes well completion support, workover and maintenance, wireline associated services, and complementary offerings such as installation, commissioning and operation of modular equipment.

The firm conducts operations in most active oil and natural gas basins including the Permian Basin, Denver Julesburg Basin, Bakken Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast, South Central Oklahoma Oil Province, Sooner Trend, Anadarko Basin and the Canadian and Kingfisher Counties plays.

Ranger Energy Services, Inc. generates revenue by charging fees for the use of its equipment and the labor of its crews to perform well service operations.

Income is derived from high specification rig rentals and associated services, from wireline completion and production activities, and from a range of ancillary offerings including equipment rentals, coil tubing, decommissioning and gas processing solutions.

The company’s asset fleet is highly complementary allowing a single asset to serve multiple business segments or to operate alone depending on customer needs.

Revenue is also supported by the integration of assets acquired through the purchase of American Well Intermediate Holdings LLC which added forty one high specification rigs and related equipment to the fleet.

The customer base consists primarily of United States based exploration and production operators that contract these services to support drilling, completion, intervention and abandonment of oil and natural gas wells.

The company operates through the following three reportable segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services.

These segments are defined by service line rather than geography.

• High Specification Rigs provides high specification well service rigs and complementary equipment and services to support activities across the well life cycle including well completion support, workover operations and well maintenance. The segment serves exploration and production companies operating in unconventional reservoirs and its rigs are built to handle high operating horsepower and tall mast requirements for horizontal well operations. As of December 31 2025 the company operated a fleet of 431 well service rigs of which 193 were active and marketable, 182 were available for reactivation, 20 were classified as assets held for sale and 36 were retirement candidates recorded at scrap value. The fleet includes 41 rigs acquired through the AWS acquisition that are primarily deployed in the Permian Basin.

• Wireline Services delivers wireline completion, production and pump down services necessary to bring and maintain a well on production. The segment uses wireline trucks and high pressure pump trucks to perform cased hole logging, perforating, mechanical pipe recovery, pump down perforating and acid pumping operations. These services help customers evaluate well integrity, create entry points for hydraulic fracturing and resolve production problems. As of December 31 2025 the company operated a fleet of 65 wireline trucks that includes single and dual drum units and 29 high pressure pump trucks used for pump down perforating completion and pressure testing.

• Processing Solutions and Ancillary Services offers a broad set of support services that can be used alone or together with the rig and wireline lines. The segment includes well service related equipment rentals such as fluid pumps, power swivels, well control packages, hydraulic catwalks, frac tanks and pipe handling tools, coil tubing operations, decommissioning and plug and abandonment activities, and processing solutions involving mechanical refrigeration units, nitrogen gas liquid stabilizers, NGL storage units and related modular equipment for wellhead gas processing. As of December 31 2025 the company managed a group of 30 mechanical refrigeration units, 60 gas coolers and 13 generators to support its gas processing operations.

Ranger Energy Services, Inc. competes in a highly fragmented United States oilfield services market where it faces numerous large and small providers. Its primary competitors include RPC, Inc., ProPetro Holding Corp., Select Water Solutions, Inc., Oil States International, Inc., KLX Energy Services Holdings, Inc., Innovex International, Inc., Solaris Energy Infrastructure, Inc., Nine Energy Service, Inc., DMC Global, Inc., Core Laboratories, Inc., Drilling Tools International Corporation, Forum Energy Technologies, Inc., NPK International, Inc., Smart Sand, Inc., and Tetra Technologies, Inc. The company believes its competitive strengths lie in technical expertise, equipment capacity, workforce competency, operational efficiency, safety record, reputation, experience and price. It seeks to differentiate itself by delivering high quality services and equipment, superior execution and a strong safety culture. Additionally the business benefits from the cyclical nature of the industry where increased drilling activity by exploration and production companies drives demand for its services, and from its ability to offer complementary service lines that enable customers to source multiple needs from a single provider.

The company serves a diverse portfolio of United States based exploration and production companies that contract for well site services across major oil and gas basins. In 2025 three customers represented approximately thirty percent, eighteen percent and eleven percent of total revenue while the top five customers together generated about seventy three percent of sales. No other individual customer accounted for more than ten percent of revenue in either 2025 or 2024. The base includes both large independent operators and major integrated energy firms that require a range of completion, production and ancillary support over the life of their wells. Ranger Energy Services, Inc. reported serving approximately one hundred eighty distinct customers during the year ended December 31 2025.