Ranger Energy Services Q2 2024 10-Q Filed

TL;DR

Ranger Energy Services Q2 10-Q is in. Financials and segment performance for High Spec Rigs & Wireline Services detailed.

AI Summary

Ranger Energy Services, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and segment performance, including High Specification Rigs and Wireline Services, are presented.

Why It Matters

This filing provides investors with the latest financial and operational data for Ranger Energy Services, crucial for understanding the company's performance in the oil and gas field services sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas sector, which is subject to commodity price fluctuations and regulatory changes.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240730 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Ranger Energy Services, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240730 (date) — Date of filing
• High Specification Rigs (company_segment) — Operational segment reported
• Wireline Services (company_segment) — Operational segment reported

FAQ

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value RNGR New York Stock Exchange

Filing Documents

• rngr-20240630.htm (10-Q) — 1247KB
• rngr-063024xex101creditagr.htm (EX-10.1) — 53KB
• rngr-063024xex311snb.htm (EX-31.1) — 11KB
• rngr-063024xex312mc.htm (EX-31.2) — 11KB
• rngr-063024xex321snb.htm (EX-32.1) — 6KB
• rngr-063024xex322mc.htm (EX-32.2) — 7KB
• rngr-20240630_g1.jpg (GRAPHIC) — 20KB
• 0001699039-24-000095.txt ( ) — 6549KB
• rngr-20240630.xsd (EX-101.SCH) — 35KB
• rngr-20240630_cal.xml (EX-101.CAL) — 77KB
• rngr-20240630_def.xml (EX-101.DEF) — 244KB
• rngr-20240630_lab.xml (EX-101.LAB) — 538KB
• rngr-20240630_pre.xml (EX-101.PRE) — 382KB
• rngr-20240630_htm.xml (XML) — 869KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements Note 1 — Organization and Business Operations 9 Note 2 — Summary of Significant Accounting Policies 9 Note 3 — Assets Held for Sale 10 Note 4 — Property and Equipment, Net 11 Note 5 — Intangible Assets 11 Note 6 — Accrued Expenses 12 Note 7 — Leases 12 Note 8 — Other Financing Liabilities 13 Note 9 — Debt 13 Note 10 — Equity 15 Note 11 — Risk Concentrations 16 Note 12 — Income Taxes 16 Note 13 — Earnings per Share 17 Note 14 — Commitments and Contingencies 18 Note 15 — Segment Reporting 18 Note 16 — Subsequent Events 19

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 33

Controls and Procedures

Item 4. Controls and Procedures 34

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Securities and Use of Proceeds

Item 2. Unregistered Sales of Securities and Use of Proceeds 35

Other Information

Item 5. Other Information 36

Exhibits

Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS The information in this Quarterly Report includes "forward-looking 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 Quarterly Report, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Quarterly Report, the words "may," "should," "intend," "could," "believe," "anticipate," "estimate," "expect," "outlook," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements represent Ranger's expectations or beliefs concerning future events, and it is possible that the results described in this Quarterly Report will not be achieved. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of Ranger's control. Should one or more of these risks or uncertainties described occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. These risks include, but are not limited to, the risks described under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report") filed with the U.S. Securities and Exchange Commission (the "SEC"), those set forth from time-to-time in other filings by the Company with the SEC, and those in this Form 10-Q, including the following factors: reductions in capital spending by participants in the oil and natural gas industry; volatility of oil and natural gas prices, as well

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) RANGER ENERGY SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in millions, except share amounts) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 8.7 $ 15.7 Accounts receivable, net 70.2 85.4 Contract assets 22.0 17.7 Inventory 6.5 6.4 Prepaid expenses 6.4 9.6 Assets held for sale 0.6 0.6 Total current assets 114.4 135.4 Property and equipment, net 230.0 226.3 Intangible assets, net 6.0 6.3 Operating leases, right-of-use assets 8.3 9.0 Other assets 0.9 1.0 Total assets $ 359.6 $ 378.0 Liabilities and Stockholders' Equity Accounts payable $ 23.8 $ 31.3 Accrued expenses 28.7 29.6 Other financing liability, current portion 0.6 0.6 Long-term debt, current portion — 0.1 Short-term lease liability 7.9 7.3 Other current liabilities 0.5 0.1 Total current liabilities 61.5 69.0 Long-term lease liability 14.5 14.9 Other financing liability 10.6 11.0 Deferred tax liability 12.5 11.3 Total liabilities 99.1 106.2 Commitments and contingencies (Note 14) Stockholders' equity Preferred stock, $ 0.01 per share; 50,000,000 shares authorized; no shares issued or outstanding as of June 30, 2024 and December 31, 2023 — — Class A Common Stock, $ 0.01 par value, 100,000,000 shares authorized; 26,087,524 shares issued and 22,365,096 shares outstanding as of June 30, 2024; 25,756,017 shares issued and 23,398,689 shares outstanding as of December 31, 2023 0.3 0.3 Class B Common Stock, $ 0.01 par value, 100,000,000 shares authorized; no shares issued or outstanding as of June 30, 2024 and December 31, 2023 — — Less: Class A Common Stock held in treasury at cost; 3,722,428 treasury shares as of June 30, 2024 and 2,357,328 treasury shares as of December 31, 2023 ( 36.9 ) ( 23.1 ) Retained earnings 30.0 28.4 Additional paid-in capital 267.1 266.2 Total stockholders' equity 260.5 271.8 Total liabilities and stockholders' equity $ 359.6 $ 378.0 The accompanying notes ar

Business

Business 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, workover, well maintenance, wireline, 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 completion, production, and pump down service lines. Processing Solutions and Ancillary Services. Provides complimentary services often utilized in conjunction with our High Specification Rigs and Wireline Services segments. These services primarily 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, Gulf Coast, South Central Oklahoma Oil Province and Sooner Trend, Anadarko Basin, and Canadian and Kingfisher Counties plays. Organization Ranger, Inc. was incorporated as a Delaware corporation in February 2017. In conjunction with the initial public offering of Class A Common Stock, par value $ 0.01 per share ("Class A Common Stock"), which closed on August 16, 2017 (the "Offering"), an

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View this 10-Q filing on SEC EDGAR