Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Q2 2026 Earnings Presentation
28 slides from Ranger Energy Services's earnings presentation, Jul 28, 2026
Slide 1: Energy Services Leads the Way - Second Quarter 2026
ENERGY SERVICES LEADS THE WAY Second Quarter 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements: Certain statements contained in this presentation constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements
Slide 3: Largest Well Service Provider in the United States
High-Spec Rigs 65% Ancillary Services 25% Wireline 10% Largest Well Service Provider in the United States $606.7 1. Source: Factset as of market close July 24, 2026 2. Non-GAAP financial measure. Please see the Appendix for a reconciliation to the nearest GAAP measure 3. Future dividends are subject
Slide 4: Largest Well Service Provider in the United States
Available for Reactivation 182 Active Rigs 193 4 219 200 150 70 50 Spears and Associates Active Well Service Fleet Count2 2. Spears and Associates Q4 2025 Estimates, Published January, 2026 Ranger operates the largest fleet of active well servicing rigs in the United States Largest Well Service Prov
Slide 5: Ranger's Phases of Development and Growth
5 Ranger’s Phases of Development and Growth 1. Historical Adjusted EBITDA for the periods 2017 through 2025 from Factset. Forward looking Adjusted EBITDA for the period 2026 through 2030 represents Management’s internal estimates and outlook as of June 30, 2026. Phase 1: Post-Public Growth Phase 2:
Slide 6: Strategic Priorities for Long-Term Shareholder Value
Strategic Priorities for Long-Term Shareholder Value 6 MAINTAIN FINANCIAL FLEXIBILITY Balance Sheet remains strong: net debt less than 1/8th turn of TTM EBITDA; expectation to be net debt zero before end of FY 2026 PRIORITIZE SHAREHOLDER RETURNS Capital returns framework delivers a minimum of 25% of
Slide 7: Leading the Way in Innovation
Leading the Way in Innovation 7 In 2025, Ranger delivered the first two ECHO rigs - the industry’s first Hybrid Double Electric Workover Rig. Construction of ECHO involved the conversion of an existing rig design uniquely available to Ranger. ECHO rigs are engineered to operate with zero emissions w
Slide 8: ECHO Program: Potential of Fleet
$54,000 $67,500 $94,500 $14,000 $17,500 $24,500 20.7% 21.0% 21.2% 20 25 35 Current Contracted Echo Rig Count Potential Future ECHO Portfolio Rig Counts ECHO Program: Potential of Fleet Long-Term Opportunity: Long term ECHO EBITDA margins are estimated to be ~500 bps higher than conventional rigs fol
Slide 9: ECHO Program: Commitments & Returns
ECHO Program: Commitments & Returns Annual Estimated Revenue per Rig Range Conventional Rig $2,000 to $4,700 ECHO Recovery Years 1-3 $2,700 to $6,300 ECHO Post-Capital Recovery $2,100 to $4,900 Annual Estimated EBITDA per Rig Range Conventional Rig $400 to $900 ECHO Recovery Years 1-3: 100% Upfront
Slide 10: Ranger Services the Well Life After Drilling
$1 billion Medium Source: Spears & Associates, IBIS World-Drilling and Management Estimates Completion Production 20-25% 65-75% <10% Drilling Estimated Duration Estimated Volatility None High Medium Annual Market Size Ranger Revenue Contribution $15 billion $25 billion $10 billion Low Decommissionin
Slide 11: Customers Spend Highest Priority Dollars on Production
Over time, as the installed base of wells in US basins has grown, the amount of spending in maintaining production has increased significantly as compared to completions, exploration and drilling and related spending areas Source: Spears & Associates Oilfield Market Report: April 1, 2026 Exploration
Slide 12: Complementary Portfolio with Opportunities for Growth
High-Spec Rigs WirelineProcessing & Ancillary • Anchor business with significant market share in US onshore and expanding presence in Permian Basin • Currently developing next generation ECHO hybrid rig for future deployments • Growing Production Wireline to counter pullback in Completions market •
Slide 13: High-Spec Rigs Growth
High-Spec Rigs Growth 13 High-Specification Rigs segment posting consistent performance with production services focus providing resiliency through the cycle and completions exposure providing upside Segment has successfully maintained market share in competitive environment, as Ranger has benefited
Slide 14: Service & Safety Record Drives Customer Loyalty
14 Service & Safety Record Drives Customer Loyalty Blended High-Spec Rig Hourly Rates Over Time - E&P consolidation has benefited Ranger as major operators prioritize service quality and reliability - - Customers want fewer vendors and complete packages, providing pull-through opportunities that pos
Slide 15: AWS Transaction Aligns with Ranger's Strategic Pillars
AWS Transaction Aligns with Ranger’s Strategic Pillars Grow Market Leading Position • Combines complementary customer bases, increases wallet share and deepens long-term relationships with top-tier operators in the Permian basin • Integrates tubing, inspection, chemical and mixing plant services tha
Slide 16: Committed to Returning Capital to Shareholders
$5.9 $8.6 $19.1 $27.6 $32.9 $34.5 $34.5 $34.5 $37.8 $46.0 $46.7 $47.3 $51.8 $3.6 $4.7 $5.8 $6.9 $8.3 $9.6 $10.9 $12.4 $13.8 $15.2 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Share Repurchases Dividends Opportunistic Share Repurchases Accelerates Per Share Growth Shares Repurchas
Slide 17: Investment Highlights and Key Takeaways
17 Investment Highlights and Key Takeaways Strong track record of growth, strategic acquisitions, and compelling investment fundamentals with attractive free cash flow conversion and ROIC 1 Differentiated focus on production services leads to a consistently growing market, reducing inherent cyclical
Slide 18: Proven Leadership Team
Proven Leadership Team Stuart Bodden serves as our President and Chief Executive Officer. Mr. Bodden has over 20 years of experience in various executive roles in the oil and gas industry. Prior to joining Ranger Energy Services, Mr. Bodden was Chief Executive Officer at Express Energy Services in H
Slide 19: Appendix
ENERGY SERVICES * APPENDIX
Slide 20: Non-GAAP Reconciliation: Adjusted EBITDA - Q2 2026
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) 20 High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Three Months Ended June 30, 2026 Net income (loss) $ 11.2 $ 1.0 $ 6.3 $ (11.6) $ 6.9 Interest expense, net — — — 1.1 1.1 Income tax expense — — — 3.4 3.
Slide 21: Non-GAAP Reconciliation: Adjusted EBITDA - Q1 2026
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) 21 High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Three Months Ended March 31, 2026 Net income (loss) $ 10.4 $ (2.4) $ 4.2 $ (9.2) $ 3.0 Interest expense, net — — — 0.8 0.8 Income tax expense — — — 1.0
Slide 22: Non-GAAP Reconciliation: Adjusted EBITDA - Q4 2025
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) 22 High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Three Months Ended December 31, 2025 Net income (loss) $ 12.0 $ (2.7) $ 2.9 $ (9.0) $ 3.2 Interest expense, net — — — 0.2 0.2 Income tax expense — — — 1
Slide 23: Non-GAAP Reconciliation: Adjusted EBITDA - Q3 2025
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) 23 High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Three Months Ended September 30, 2025 Net income (loss) $ 10.0 $ (4.2) $ 3.4 $ (8.0) $ 1.2 Interest expense, net — — — 0.4 0.4 Income tax expense — — —
Slide 24: Non-GAAP Reconciliation: Adjusted EBITDA - Q2 2025
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Three Months Ended June 30, 2025 Net income (loss) $ 12.0 $ (1.2) $ 4.5 $ (8.0) $ 7.3 Interest expense, net — — — 0.1 0.1 Income tax expense — — — 2.8 2.8
Slide 25: Non-GAAP Reconciliation: Adjusted EBITDA - FY 2025
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) 25 High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Year Ended December 31, 2025 Net income (loss) $ 46.0 $ (13.9) $ 14.1 $ (33.9) $ 12.3 Interest expense, net — — — 1.2 1.2 Income tax expense — — — 5.5 5
Slide 26: Non-GAAP Reconciliation: Adjusted EBITDA - FY 2024
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) 26 High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Year Ended December 31, 2024 Net income (loss) $ 46.8 $ (8.5) $ 17.8 $ (37.7) $ 18.4 Interest expense, net — — — 2.6 2.6 Income tax expense — — — 7.6 7.
Slide 27: Non-GAAP Reconciliation: Adjusted EBITDA - FY 2023
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) 27 High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Year Ended December 31, 2023 Net income (loss) $ 44.0 $ 7.1 $ 15.5 $ (42.8) $ 23.8 Interest expense, net — — — 3.5 3.5 Income tax expense — — — 7.2 7.2
Slide 28: Non-GAAP Reconciliation: Free Cash Flows
Non-GAAP Reconciliation: Free Cash Flows (in millions) ($MM) 28 Year Ended Three Months Ended December 31, 2023 December 31, 2024 December 31, 2025 March 31, 2026 June 30, 2026 Net cash provided by operating activities $ 90.8 $ 84.5 $ 69.0 $ (3.4) $ 26.4 Purchase of property and equipment (36.5) (34
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