Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Investor Presentation (August 2025)
25 slides from Ranger Energy Services's investor presentation, August 2025
Slide 1: Energy Services Leads the Way
ENERGY SERVICES LEADS THE WAY August 2025
Slide 2: Important Disclosures
Important Disclosures 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,
Slide 3: Largest Well Service Provider in the United States
Largest Well Service Provider in the United States Production Focused Well Service Company • High-Spec Rigs (HSR) offer downside protection and consistent demand • Completions exposure provides upside to increased activity High Cash Flow Conversion Through the Cycle • Established fleet and low capit
Slide 4: Strategic Priorities for Long-Term Shareholder Value
Strategic Priorities for Long-Term Shareholder Value MAXIMIZE FREE GROW MARKET PRIORITIZE MAINTAIN CASH FLOW LEADING SHAREHOLDER FINANCIAL GENERATION POSITION RETURNS FLEXIBILITY Converted 67% of Proven consolidator in Returned 33% of YTD Zero Net Debt and Adjusted EBITDA into Well Services with Fre
Slide 5: Complementary Portfolio with Opportunities for Growth
Complementary Portfolio with Opportunities for Growth High-Spec Rigs Processing & Ancillary Wireline • Anchor business with significant market • Strong pull-through revenue • Growing Production and Pump-Down share in US onshore and expanding opportunities from existing rig segment Wireline to counte
Slide 6: Ranger Services the Well Life After Drilling
Ranger Services the Well Life After Drilling Drilling Completion Production Decommissioning None Ranger Revenue 20-25% 65-75% <10% Contribution 2-3 weeks Estimated 1 week 15-20 years 1 week Duration Annual $25 billion $10 billion $1 billion $15 billion Market Size Estimated High Medium Low Medium Vo
Slide 7: Customers Spend Highest Priority Dollars on Production
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 other drilling and related spending areas. 80% Production Spending Well Production spen
Slide 8: Leading the Way in Innovation
Leading the Way in Innovation In Q3 2025, Ranger will deliver ECHO, the industry’s Our ticketing and next-generation operations first Hybrid Double Electric Workover Rig. (“TANGO”) platform is an in-house designed solution. Construction of the ECHO involves the conversion of TANGO allows for seamles
Slide 9: High-Spec Rigs Growth
High-Spec Rigs Growth High-Specification Rigs segment posting consistent performance despite material declines in U.S. Land Drilling Rig count with production focus providing resiliency High-Spec Rigs Revenue & U.S. Land Rig Count High-Spec Rigs Adjusted EBITDA & Margin Revenue in $MM Adjusted EBITD
Slide 10: Service & Safety Record Drives Customer Loyalty
Service & Safety Record Drives Customer Loyalty ▪ E&P consolidation has benefited Ranger as major operators prioritize service quality and reliability ▪ Customers want fewer vendors and complete packages, providing pull-through opportunities that positively impact margins ▪ Ranger has rig capacity t
Slide 11: Discounted Valuation Despite Leading Financial Metrics
Discounted Valuation Despite Leading Financial Metrics Free Cash Flow Conversion % from EBITDA(2) 75.0% Ranger’s Free Cash Flow Conversion is the second highest in its peer group(1) with 50.0% strong cash flow yields 25.0% 0.0% RNGR WHD INVX RES PUMP WTTR ACDC LBRT KLXE NINE NR SEI TEV / LTM Free Ca
Slide 12: Committed to Returning Capital to Shareholders
Committed to Returning Capital to Shareholders Ranger returned 43% of its free cash flow to shareholders since Q2 2023 Ranger’s capital return Opportunistic Share Repurchases Cumulative Uses of Excess Cash Since program demonstrates Accelerates Per Share Growth Implementing Capital Returns Program s
Slide 13: Investment Highlights and Key Takeaways
Investment Highlights and Key Takeaways Strong track record of growth and compelling investment 1 fundamentals with attractive free cash flow conversion and ROIC Differentiated focus on production services leads to a consistently 2 growing market, reducing inherent cyclical volatility experienced in
Slide 14: Proven Leadership Team
Proven Leadership Team Stuart Bodden serves as our President and Chief Executive Officer. Mr. Bodden has over 20 years of experience in various executive roles in the oil and gas industry. Prior to joining Ranger Energy Services, Mr. Bodden was Chief Executive Officer at Express Energy Services in H
Slide 15: Appendix
APPENDIX
Slide 16: Q2 2025 Highlights
Q2 2025 Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q2 2025 Highlights 588 587 ▪ Revenue improvements in Q2, both year over year and sequentially, 569 572 due to improved rig hours in HSR and higher activity levels across service lines despite material drilling rig count declines ▪ Adjuste
Slide 17: High-Specification Rigs Segment Highlights
High-Specification Rigs Segment Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q2 2025 Operational Results 588 587 ▪ Business remained resilient on the back of core 569 572 customer base with relatively minor impacts from declining drilling rig counts 556 ▪ HSR revenue improved 4% over the pr
Slide 18: Processing Solutions & Ancillary Segment Highlights
Processing Solutions & Ancillary Segment Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q2 2025 Operational Results 588 587 ▪ Revenues improving from both Q1 2025 and the prior year quarter 572 on the back of increasing activity 569 556 ▪ Coil Tubing rebound in Q2 from the winter trough with
Slide 19: Wireline Services Segment Highlights
Wireline Services Segment Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q2 2025 Operational Results 588 587 ▪ Wireline saw a meaningful rebound in Q2 as winter weather abated 569 572 with a significant revenue improvement despite ongoing declines in drilling and completions activity 556 ▪ Em
Slide 20: Non-GAAP Reconciliation: Adjusted EBITDA ($MM)
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services 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 21: Non-GAAP Reconciliation: Adjusted EBITDA ($MM)
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended March 31, 2025 Net income (loss) $ 12.0 $ (5.8) $ 3.3 $ (8.9) $ 0.6 Interest expense, net — — — 0.5 0.5 Income tax benefit — — — (0.1) (
Slide 22: Non-GAAP Reconciliation: Adjusted EBITDA ($MM)
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended December 31, 2024 Net income (loss) $ 13.4 $ (3.0) $ 5.5 $ (10.1) $ 5.8 Interest expense, net — — — 0.5 0.5 Income tax expense — — — 2.6
Slide 23: Non-GAAP Reconciliation: Adjusted EBITDA ($MM)
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended September 30, 2024 Net income (loss) $ 13.8 $ — $ 6.6 $ (11.7) $ 8.7 Interest expense, net — — — 0.7 0.7 Income tax expense — — — 3.5 3.
Slide 24: Non-GAAP Reconciliation: Adjusted EBITDA ($MM)
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended June 30, 2024 Net income (loss) $ 11.8 $ (2.6) $ 5.2 $ (9.7) $ (4.7) Interest expense, net — — — 0.6 0.6 Income tax expense — — — 2.0 2.
Slide 25: Non-GAAP Reconciliation: Free Cash Flow
Non-GAAP Reconciliation: Free Cash Flow Flows($MM) (in millions) Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net cash provided by operating activities $ 20.7 $ 10.6 $ 32.7 $ 17.7 $ 22.1 Purchase of property and equipment (6.3) (7.2) (5.4) (6.9)
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