Ranger Energy Services, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ranger Energy Services, Inc. has submitted its 2023 annual report (10-K), detailing financial performance and operational segments for the fiscal year ending December 31, 2023.</b>

AI Summary

Ranger Energy Services, Inc. (RNGR) filed a Annual Report (10-K) with the SEC on March 5, 2024. Ranger Energy Services, Inc. filed its 2023 Form 10-K on March 5, 2024. The filing covers the fiscal year ending December 31, 2023. The company operates in the Oil, Gas Field Services sector. Key business segments include High Specification Rigs, Wireline Services, and Processing Solutions & Ancillary Services. The report details financial information for the fiscal years 2023 and 2022.

Why It Matters

For investors and stakeholders tracking Ranger Energy Services, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ranger Energy Services' financial health and operational activities for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data and segment information within the report are essential for understanding the company's revenue streams, profitability, and strategic positioning within the oil and gas services industry.

Risk Assessment

Risk Level: medium — Ranger Energy Services, Inc. shows moderate risk based on this filing. The company operates in the cyclical oil and gas industry, which is subject to significant price volatility and demand fluctuations, impacting revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Ranger Energy Services' performance and outlook in the volatile energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-05 — Filing Date (Date the 10-K was filed with the SEC.)
• 001-38183 — SEC File Number (SEC file number associated with the company.)
• 815449572 — IRS Number (Company's IRS identification number.)

Key Players & Entities

• Ranger Energy Services, Inc. (company) — Filer of the 10-K report.
• 10-K (filing) — Form filed by Ranger Energy Services, Inc.
• 2023 (date) — Fiscal year covered by the report.
• 2024-03-05 (date) — Filing date of the 10-K.
• TX (location) — State of incorporation and business address.
• Houston (location) — City of business address.
• 77042 (location) — ZIP code of business address.
• 1389 (industry_code) — Standard Industrial Classification code for Oil, Gas Field Services.

FAQ

Risk Factors

• Industry Cyclicality and Volatility [high — market]: The company's operations are subject to the cyclical nature and volatility of the oil and natural gas industry, which can significantly impact demand for its services and its financial results.
• Debt Obligations [medium — financial]: The company has significant debt obligations, and its ability to service this debt is dependent on its future operating performance and market conditions.
• Dependence on Key Customers [medium — operational]: A substantial portion of the company's revenue is derived from a limited number of customers, making it vulnerable to changes in demand or contract terms from these key clients.
• Environmental and Safety Regulations [medium — regulatory]: The company is subject to stringent environmental, health, and safety regulations, non-compliance with which could result in fines, penalties, and operational disruptions.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value RNGR New York Stock Exchange
• $10.24 — orted on the New York Stock Exchange of $10.24. As of February 29, 2024, the Registran

Filing Documents

• rngr-20231231.htm (10-K) — 1612KB
• rngr-123123ex41description.htm (EX-4.1) — 31KB
• rngr-123123ex1020cmagmt.htm (EX-10.20) — 89KB
• rngr-123123ex1021swagmt.htm (EX-10.21) — 90KB
• rngr-123123ex211ressubsidi.htm (EX-21.1) — 9KB
• rngr-123123ex231gtconsent.htm (EX-23.1) — 3KB
• rngr-123123ex232bdoconsent.htm (EX-23.2) — 3KB
• rngr-123123xex311snb.htm (EX-31.1) — 12KB
• rngr-123123xex312mc.htm (EX-31.2) — 12KB
• rngr-123123xex321snb.htm (EX-32.1) — 7KB
• rngr-123123xex322mc.htm (EX-32.2) — 7KB
• rngr-123123ex97clawback.htm (EX-97.1) — 24KB
• rngr-20231231_g1.jpg (GRAPHIC) — 20KB
• rngr-20231231_g2.jpg (GRAPHIC) — 45KB
• rngr-20231231_g3.jpg (GRAPHIC) — 101KB
• 0001699039-24-000025.txt (&nbsp;) — 8633KB
• rngr-20231231.xsd (EX-101.SCH) — 46KB
• rngr-20231231_cal.xml (EX-101.CAL) — 97KB
• rngr-20231231_def.xml (EX-101.DEF) — 305KB
• rngr-20231231_lab.xml (EX-101.LAB) — 657KB
• rngr-20231231_pre.xml (EX-101.PRE) — 492KB
• rngr-20231231_htm.xml (XML) — 1003KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosure 29 PART II Item 5. Market for Registrant's Common Equity, Related Stockholders' Matters and Issuer Purchases of Equity Securities 30 Item 6.

Selected Financial Data

Selected Financial Data 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 70 Item 9A.

Controls and Procedures

Controls and Procedures 70 Item 9B. Other Information 71 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III Item 10. Directors, Executive Officers and Corporate Governance 74 Item 11.

Executive Compensation

Executive Compensation 74 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74 Item 13. Certain Relationships and Related Transactions and Director Independence 74 Item 14. Principal Accounting Fees and Services 74 PART IV Item 15. Exhibits, Financial Statement Schedules 75 Item 16. Form 10-K Summary 78

SIGNATURES

SIGNATURES 78 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS The information in this Annual Report on Form 10-K ("Annual Report") includes "forwardlooking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this Annual Report, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forwardlooking statements. When used in this Annual Report, the words "may," "should," "intend," "could," "believe," "anticipate," "intend," "estimate," "expect," "outlook," "project" and similar expressions are intended to identify forwardlooking statements, although not all forwardlooking statements contain such identifying words. These forwardlooking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forwardlooking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, the risks described under "Part I, Item 1A. Risk Factors" in this Annual Report and those set forth from time-to-time in other filings by the Company with the SEC, including the following factors: reductions in capital spending by the oil and natural gas industry; volatility of oil and natural gas prices, as well as fuel conservation measures, impacting the supply and demand for oil and natural gas; capital expenditures for new equipment as we grow our operations and capital expenditures resulting from environmental initiatives, new regulatory requirements, and advancements in oilfield services technologies; reduced demand

Business

Item 1. Business Overview Ranger Energy Services, Inc. ("Ranger, Inc.," "Ranger," "we," "us," "our" or the "Company") is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States ("U.S."). The Company provides an extensive range of well site services to leading U.S. E&P companies that are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well. Our service offerings consist of well completion support, well workover and maintenance, wireline associated services, and other complementary services, as well as installation, commissioning and operating of modular equipment, which are conducted in three reportable segments, as follows: High Specification Rigs . Provides high specification 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 our wireline completion, wireline production and pump down lines of business. Processing Solutions and Ancillary Services . Provides other services often utilized in conjunction with our High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics, snubbing and coil tubing, and processing solutions. The Company's operations take place in most of the active oil and natural gas basins in the U.S., including the Permian Basin, Denver-Julesburg Basin, Bakken Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast, South Central Oklahoma Oil Province and Sooner Trend, Anadarko Basin, and Canadian and Kingfisher Counties plays. For further information related to our services and financial results of our operating segments, see "Part I, Item 1. Business—Our Segments" and "Part II, Item 7. Management Discussion and Analysis—Operating Results

View Full Filing

View this 10-K filing on SEC EDGAR