Ranger Energy Services, Inc. reported a total revenue of $571.1 million for the fiscal year ending December 31, 2024, a decrease of 10% from $636.6 million in 2023. The decline was primarily driven by a significant drop in revenue from the Wireline Services segment, which fell by 45% to $110.2 million, attributed to reduced operational activity and a 63% decrease in completed stage counts. In contrast, revenue from the High Specification Rigs segment increased by 7% to $336.1 million, supported by a 5% rise in average revenue per rig hour. The Processing Solutions and Ancillary Services segment remained relatively stable, with revenue slightly increasing to $124.8 million.
The company's operating income decreased by 22% to $28.6 million, down from $36.9 million in the previous year. This decline was influenced by rising costs in the High Specification Rigs segment, which saw a 7% increase in service costs, while Wireline Services costs decreased significantly due to lower activity levels. Overall, total operating expenses decreased by 10% to $542.5 million, reflecting a reduction in costs associated with the Wireline Services segment. Net income for the year was reported at $18.4 million, a 23% decrease from $23.8 million in 2023.
Ranger Energy Services has continued to focus on strategic acquisitions to enhance its operational capabilities. In 2023, the company acquired pumping assets to bolster its Wireline Services segment, while previous acquisitions in 2021 and 2022 expanded its service offerings significantly. The company remains committed to pursuing further accretive opportunities in 2025. As of December 31, 2024, Ranger operated a fleet of 406 well service rigs, with 180 active and marketable rigs, and employed approximately 1,950 full-time employees.
Looking ahead, Ranger anticipates steady business opportunities as both U.S. and global economies show resilience. The company expects slight year-over-year improvement in financial results, with projected increases in U.S. crude oil production and natural gas exports. However, it also acknowledges potential downward pressure on oil prices due to anticipated increases in OPEC+ production. The company maintains a strong liquidity position, with total liquidity of $112.1 million as of December 31, 2024, consisting of cash and availability under its Wells Fargo Revolving Credit Facility.
About Ranger Energy Services, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.