Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Merger or Acquisition (October 2021)
13 slides from Ranger Energy Services's merger presentation, October 2021
Slide 1: Basic Assets Acquisition Overview
BASIC ASSETS ACQUISITION OVERVIEW October 2021 1
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements about the acquisition o
Slide 3: Cautionary Statements
CAUTIONARY STATEMENTS USE OF PRO-FORMA PROSPECTIVE FINANCIAL INFORMATION This presentation contains prospective financial information with respect to the combined company expected to result from the acquisition of the assets from Basic (“Pro-Forma Ranger”). Such projected financial information const
Slide 4: Ranger's Strategic Objective
Ranger's Strategic Objective Our Goal is to Build the Leading Completions and Production Oriented Service Company which Generates Sustainable Cash Flow Through the Cycle Create Leading Positions in Selected Basins to Promote In-Basin Scale Build Efficient Field Operations and Back Office Functions t
Slide 5: Transaction Summary
Transaction Summary Ranger acquired the following from Basic Energy Services, Inc: • Substantially all assets, other than those related to California and the Water Logistics business • Well service facilities in Texas, New Mexico, Oklahoma and North Dakota Basic • Well servicing, P&A, coiled tubin
Slide 6: Transaction Highlights
Transaction Highlights Net Purchase Price(1) Price Per Rig(2) Implied purchase price of ~$22 million purchase price, ~$182k per active rig package compared net of asset sales with a new build value of $1.25MM Attractive Acquisition Multiple(3) Enhanced Balance Sheet Improved liquidity position 1.2x
Slide 7: Streamlined Capital Structure
Streamlined Capital Structure Transaction was over-equitized with a $42MM equity raise issuing 6MM non- voting, non-PIK, preferred shares that will be converted into common stock Equity upon effectiveness of a registration statement and shareholder vote(1) Structure Simplification Existing equit
Slide 8: Appendix
Appendix 8
Slide 9: Market Leading Non-Frac / Non-Drilling OFS Platform
Market Leading Non-Frac / Non-Drilling OFS Platform ($ in millions) Ranger Will Have The Largest Active Working Well Service Rig Fleet In North America 2022P Revenue Benchmarking $1,000 $895 $800 $600 $544 $481 $469 $400 $319 $200 $162 $0 Pro Forma (2) Basic Assets(3) 2022P EBITDA Benchmarking $125
Slide 10: Basic Assets Financial Profile
Basic Assets Financial Profile ($ in millions) Projected Revenue Projected EBITDA(1) Projected EBITDA Less Capex(1) Pre-Synergies and Costs to Achieve Pre-Synergies and Costs to Achieve Synergies and Costs to Achieve(2) Synergies and Costs to Achieve(2) $180 $40 $40 $35 $173 $30 $170 $30 $28 $30 $31
Slide 11: Significant Asset Disposals Available
Significant Asset Disposals Available Real Estate Excess real estate will be sold as part of the consolidation of the enterprises Management expects six to eight of the 25 acquired properties will be retained for continued operations $15MM+ Estimated Net Proceeds Equipment Light duty vehicles
Slide 12: Pro Forma Footprint And Key Assets
Pro Forma Footprint And Key Assets Selected Key Asset Overview Pro Forma Day 1 Location Overview Key Assets Ranger Basic Assets Total Total Workover Rigs 135 500 635 Workover Rigs ≥ 102' 135 351 486 BOPs 150 315 465 Power Swivels 45 285 330 Cat Walks / Pipe Handlers 88 199 287 Coiled Tubing Units 0
Slide 13: About Non-GAAP Financial Measures
ABOUT NON-GAAP FINANCIAL MEASURES EBITDA is defined as net income or loss before net interest expense, tax expense and depreciation and amortization. We have also adjusted EBITDA to include synergies, which reflect management’s expected cost savings after the integration of Basic Assets with Ranger.
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