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Ranger Energy Services (RNGR) investor relations material

Ranger Energy Services 16th Annual Midwest Ideas Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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16th Annual Midwest Ideas Conference summary26 Aug, 2025

Company overview and market position

  • Provides high-spec well service rigs, wireline, and ancillary oilfield services across the US, focusing on production rather than completions.

  • Operates the largest active and marketable fleet of high-spec rigs in the Lower 48, with a strong presence in Texas, Oklahoma, Colorado, and the Bakken.

  • Major clients include ExxonMobil, Chevron, Oxy, and ConocoPhillips, offering business stability and resilience.

  • Holds high teens to 20% market share, aiming to grow to 30% through organic growth and acquisitions.

  • All operations and rig conversions are domestic, with some technology sourced internationally.

Financial performance and capital allocation

  • Converts about 60-67% of EBITDA to free cash flow, consistently outperforming most peers.

  • Maintains a strong balance sheet with zero net debt and $120M in liquidity as of June 30.

  • Returns at least 25% of free cash flow to shareholders via dividends and share repurchases, exceeding this in recent years.

  • Share count reduced from 24.8M to 21.8M since 2023, with over $48M deployed to buybacks and dividends.

  • Cash flow multiples suggest undervaluation relative to peers despite strong, consistent cash generation.

Technology and innovation

  • Launched an electrification program for idle rigs, converting them to electric-powered units (Echo rigs) for improved safety, emissions, and operational efficiency.

  • Signed two first-of-their-kind contracts for electric rig conversions, with customer-backed guaranteed returns.

  • Conversion cost per rig is $1.8M, with $1.4M for electrification and $400K to reactivate idle rigs; can deliver 10-15 converted rigs per year.

  • Proprietary Tango system enables advanced digital ticketing and operational analytics; Overwatch system uses AI and cameras for real-time safety monitoring.

  • Customers are actively requesting more electric rigs, indicating strong demand and a new growth avenue.

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Frequently asked questions

Ranger Energy Services Inc provides onshore high-spec well service rigs and associated services to exploration and production companies in the United States. The company’s services include well completion support, workover operations, and production maintenance. Ranger Energy supports customers seeking to maximize production efficiency and field longevity. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.

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