Ranger Energy Services, Inc. (NYSE: RNGR)

Ranger Energy Services, Inc. operates as a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States. The company caters to the oil and natural gas exploration and production (E&P) sector, offering a range of services essential for establishing and maintaining the flow of oil and natural gas throughout the productive life of a well. Ranger Energy Services, Inc. generates revenue through its extensive service offerings, which include well completion support, well workover and maintenance, wireline associated services, and other complementary services. The company also provides installation, commissioning, and operation of modular equipment. Its primary products and services are targeted at leading U.S. E&P companies, which require technically and operationally advanced services, particularly for unconventional oil and natural gas reservoirs.

The company's operations are organized into three reportable segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. Each segment offers a distinct set of services that cater to different aspects of well site operations. The High Specification Rigs segment provides high specification well service rigs and complementary equipment to facilitate operations throughout the lifecycle of a well. This segment includes services such as well completion support, workovers, and well maintenance. The Wireline Services segment offers services necessary to bring and maintain a well on production, including wireline completion, wireline production, and pump down services. The Processing Solutions and Ancillary Services segment provides a range of services often utilized in conjunction with the other segments, including equipment rentals, plug and abandonment, logistics, coil tubing, mixing plants and chemicals, tubing and inspection, transportation, and processing solutions.

• High Specification Rigs: This segment provides high specification well service rigs and complementary equipment to facilitate operations throughout the lifecycle of a well. The services include well completion support, workovers, and well maintenance. Well completion support services are utilized subsequent to hydraulic fracturing operations but prior to placing a well into production. Workovers facilitate major well repairs or modifications required to sustain the flow of oil and natural gas in a producing well. Well maintenance services provide periodic maintenance required throughout the life of a well to sustain optimal levels of oil and natural gas production. The segment caters to E&P companies operating in unconventional oil and natural gas reservoirs.

• Wireline Services: This segment provides services necessary to bring and maintain a well on production. The services include wireline completion, wireline production, and pump down services. Wireline completion services are used primarily for pump down perforating operations to create perforations or entry holes through the production casing. Wireline production services provide information and the means to identify and resolve well production problems through cased hole logging, perforating, mechanical, and pipe recovery services. Pump down services can be used during completion or intervention operations as a standalone service or in a comprehensive completion pump down perforating solution.

• Processing Solutions and Ancillary Services: This segment provides other services often utilized in conjunction with the High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics, coil tubing, mixing plants and chemicals, tubing and inspection, transportation, and processing solutions. The segment caters to the oil and natural gas industry, providing services that support the establishment and enhancement of the productive life of a well.

Ranger Energy Services, Inc. operates in a highly competitive industry, facing competition from both large and small oilfield service providers. Key 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 seeks to differentiate itself through technical expertise, equipment capacity, workforce competency, efficiency, safety record, reputation, experience, and price. Ranger Energy Services, Inc. aims to deliver high-quality services and equipment, coupled with superior execution and operating efficiency in a safe working environment.

The company's customer base includes leading U.S. E&P companies that require technically and operationally advanced services. During the year ended December 31, 2025, three customers accounted for approximately 30%, 18%, and 11%, respectively, of the company's consolidated revenue. During the year ended December 31, 2024, four customers accounted for approximately 22%, 13%, 13%, and 11%, respectively, of the company's consolidated revenue. The top five revenue-generating customers represented approximately 73% and 65% of the company's consolidated revenue for the years ended December 31, 2025 and 2024, respectively. The company serves a diverse portfolio of customers, including approximately 180 distinct customers during 2025.