Analogies for Ranger Energy Services (RNGR):

• United Rentals for the oil patch.
• A specialized, U.S.-focused Halliburton.

• High-Specification Wireline Services: Provides downhole services like perforating, logging, and plug setting using specialized tools deployed via wireline in oil and gas wells.
• Well Services Rigs: Offers rig-based services for well completions, workovers, maintenance, and abandonment, including the installation and removal of downhole equipment.
• Ancillary Services: Includes rental equipment such as power swivels, pumps, and tanks, along with various well site support services to complement their primary operations.

Ranger Energy Services (RNGR) - Major Customers

• Exploration and Production (E&P) Companies: These are companies involved in the upstream sector of the oil and gas industry, focused on finding, extracting, and producing crude oil and natural gas.
• Other Oilfield Service Companies: This category may include other service providers in the oil and gas industry who require specialized services or equipment that Ranger Energy Services offers.

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Stuart Bodden President and Chief Executive Officer

Mr. Bodden has over 20 years of experience in various executive roles in the oil and gas industry. Prior to joining Ranger Energy Services in September 2021, he served as President and Chief Executive Officer at Express Energy Services in Houston from 2016 to 2021. He was also President Director for Pacific Oil and Gas in Singapore from February 2010 to January 2012, where he led the upstream business and oversaw the production and development of oil and gas assets. This company was later purchased by Pacific Energy Corporation Limited. Earlier in his career, Mr. Bodden was a Partner at McKinsey & Company for over 10 years, leading projects in the oilfield services and upstream oil and gas sectors.

Melissa Cougle Executive Vice President and Chief Financial Officer

Ms. Cougle brings nearly two decades of finance leadership experience in the energy and oilfield services industry. Before joining Ranger Energy Services, she served as CFO of Frank's International from May 2019 through its merger with Expro Group in 2021. She also held the position of CFO at National Energy Services Reunited from May 2018 to May 2019. Ms. Cougle is a Board Member of Tidewater Incorporated and an Advisory Board Member for the Energy Workforce & Technology Council.

J. Matt Hooker Executive Vice President of Well Services

Mr. Hooker serves as the Executive Vice President of Well Services at Ranger Energy Services.

Tony Meszaros Senior Vice President of Wireline Services

Mr. Meszaros has more than 30 years of experience in the energy industry, focusing on service-based, technology-minded, differentiated products. He previously held the role of President and CEO for Western Gulf Water Services, a water recycling service company. Mr. Meszaros began his career at Schlumberger, where he spent 22 years in various wireline roles, including field engineer, sales, and regional field management.

Justin Whitley General Counsel and Corporate Secretary

Mr. Whitley has nearly 20 years of experience in diverse legal support, encompassing commercial transactions, oil and gas, operational support, litigation, and corporate governance. Prior to his current role, he served as Deputy General Counsel for Parker Drilling from 2014 to 2022. He also represented clients in litigation matters for firms such as Winstead PC and Chamberlain Hrdlicka.

Potential clear emerging threats for Ranger Energy Services (RNGR) include:

• Accelerated Energy Transition and Decarbonization Mandates: There is a growing global push toward renewable energy sources and decarbonization, driven by climate change concerns, government policies, and investor ESG (Environmental, Social, and Governance) pressures. This trend threatens to fundamentally reduce long-term demand for fossil fuels and, consequently, the oilfield services that support their extraction. As RNGR's clients (E&P companies) face increased scrutiny and pressure to reduce emissions and shift capital towards sustainable energy, there could be a significant curtailment in new drilling and completion activity, potentially shrinking the addressable market for RNGR's traditional well services.
• Advanced Automation and Robotics in Oilfield Services: The oil and gas industry is increasingly investing in automation, digitalization, and robotics to enhance efficiency, reduce costs, and improve safety. This trend could lead to the development and adoption of technologies that enable remote operations, autonomous well interventions, and robotic solutions for tasks currently performed by human crews and traditional well service rigs. Such advancements could either significantly reduce the demand for RNGR's labor-intensive, rig-based services or enable new competitors with more automated, cost-effective models to gain market share, thereby threatening RNGR's current operational model and competitive positioning.

Ranger Energy Services (RNGR) operates primarily in the United States and offers high-specification well service rigs, wireline services, and processing solutions and ancillary services.

Addressable Market Sizes for Ranger Energy Services' Main Products or Services:

High Specification Rigs (Workover Rigs)

• The global workover rigs market size was valued at approximately USD 5.51 billion in 2024 and is projected to reach USD 7.77 billion by the end of 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period of 2025-2030. Another estimate indicates the global market size was USD 6.56 billion in 2024, USD 6.84 billion in 2025, and is projected to reach USD 10.41 billion by 2035.
• North America dominated the global market for workover rigs in 2024, holding the largest revenue share of 38.5%.

Wireline Services

• The North America wireline services market is valued at approximately USD 4,280.41 million in 2025 and is expected to reach USD 6,412.35 million by 2035. North America represented a 45.1% market share of the global market in 2025.
• The United States wireline services market is valued at approximately USD 2,907.36 million in 2025, projected to reach USD 4,385.42 million by 2035. The U.S. alone accounted for more than three-quarters of the North American value. The U.S. market is also estimated to be worth USD 2.92 billion in 2025.
• Globally, the wireline services market size was valued at approximately USD 9,486.64 million in 2025 and is expected to reach USD 14,127.61 million by 2035. Another report valued the global market at USD 10.26 billion in 2024, projected to grow to USD 15.42 billion by 2032.

Processing Solutions and Ancillary Services (under broader Oilfield Services and Completion & Production Services)

• The United States oilfield services market was valued at approximately USD 34.08 billion in 2023 and is projected to reach USD 41.37 billion by 2029. Another estimate places the U.S. market at USD 79.1 billion in 2024, anticipated to reach USD 164.1 billion by 2035.
• The North America oilfield services market was calculated to be approximately USD 46.27 billion in 2024 and is anticipated to be worth USD 61.03 billion by 2033, from USD 47.72 billion in 2025.
• The workover & completion services segment accounted for the largest revenue share, 20.34%, in the global oilfield services market in 2023.
• The North America well completion equipment and services market is expected to register a CAGR of greater than 2%. The onshore segment is the largest within this market.

Ranger Energy Services (RNGR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

• Strategic Acquisition and Integration of American Well Services (AWS): The acquisition of American Well Services is a significant driver, expanding Ranger's rig count by approximately 25% and strategically increasing its market share, particularly in the Permian Basin, a premier oil and gas region. This acquisition is anticipated to be immediately accretive to earnings and cash flow, with an expected realization of approximately $4 million in annual cost and revenue synergies once integration is complete.
• Expansion and Adoption of the ECHO Hybrid Electric Rig Program: Ranger Energy Services has introduced the ECHO hybrid electric rig program, which is gaining momentum and receiving strong customer interest. This innovative offering aims to reduce emissions and enhance operational efficiency, positioning Ranger to capitalize on evolving industry demands for more sustainable and efficient solutions.
• Rebound in Completion and Plug and Abandonment Businesses: Management anticipates a rebound in completion and plug and abandonment businesses during the second half of 2026. This recovery is contingent on the resolution of commodity supply concerns, indicating an expected improvement in broader market conditions that would directly benefit these service lines.
• Sustained Performance and Growth in High-Specification Rigs: The high-spec rig segment continues to be a cornerstone of Ranger's business, consistently contributing a substantial portion of revenue and demonstrating stable profitability. Activity levels within their production-focused rigs are projected to return to previous year peaks, highlighting the enduring demand and operational strength in this core segment.

Share Repurchases

• Since the inception of its share repurchase program in 2023 through the end of the third quarter of 2025, Ranger Energy Services repurchased 4,271,400 shares for a total value of $46.4 million, net of tax.
• In Q3 2025, the company repurchased 667,500 outstanding shares for $8.3 million.
• Year-to-date through September 2025, share repurchases totaled $11.6 million (945,600 shares).

Share Issuance

• On November 7, 2025, Ranger Energy Services issued 1,998,401 shares of Class A common stock as part of the consideration for the acquisition of American Well Services.
• The company issued 438,846 shares and 527,717 shares under share-based compensation plans for the nine months ended September 30, 2025, and September 30, 2024, respectively.

Outbound Investments

• On November 7, 2025, Ranger Energy Services completed the acquisition of American Well Services (AWS) for an estimated $90.5 million.
• The acquisition consideration included $60.5 million in cash and 1,998,401 shares of Class A common stock, along with a contingent earnout of $5 million based on performance over twelve months.
• The acquisition of AWS aims to provide incremental scale and pull-through capabilities in the Permian Basin and enhances Ranger's position as the largest well servicing provider in the Lower 48.

Capital Expenditures

• Capital expenditures totaled $19.1 million for the year-to-date period through September 2025, down from $28.7 million in the prior year period.
• A portion of these capital investments, including $13.5 million year-to-date through June 2025 and $7.2 million in Q1 2025, was directed towards milestone payments for the announced Ranger ECHO rigs.
• The primary focus of recent capital expenditures has been on modern technological assets, such as the Ranger ECHO electric hybrid rigs, to improve safety, marketability, and margin of the rig fleet.