Ranger Energy Services (RNGR) Acquisition presentation summary

Transaction summary

• Acquired STEP's Lower 48 coiled tubing business for $27.5 million, funded by $22.5 million cash and $5 million equity.

• Transaction structure and customer/geographic overlap enable early cost synergies and operational efficiencies.

• Acquisition expected to be accretive to net income, EPS, EBITDA, and free cash flow starting in the second quarter post-close.

• STEP's assets are high-quality, well-maintained, and acquired at a fraction of replacement cost.

Strategic overview

• Establishes a leading position as the second largest large-diameter coiled tubing operator in the Lower 48.

• Expands market share and deepens relationships with top-tier operators across major basins.

• Integrates advanced extended reach technology and data-driven processes for operational optimization.

• Enhances scale and earnings capacity, with the ability to repay borrowings within 18 months from close.

Technological advantage

• Gains STEP's Ultra High-Capacity 35K' reel trailer and Coil+ split string technology.

• Coil+ technology achieves a 98% success rate reaching total depth and enables longer lateral well completions.

• Ultra High-Capacity reel trailer designed for durability and ease of maintenance in challenging environments.