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Ranger Energy Services, Inc. Reports Third Quarter 2026 Financial Results

RNGR
  • Ranger Energy Services reported third-quarter 2026 revenue of $162.8 million, net income of $2.5 million ($0.10 per diluted share), and Adjusted EBITDA of $20.1 million.
  • The company completed the acquisition of STEP Energy Services' US coil tubing assets on October 8, 2026, positioning itself as the second-largest coil tubing provider in the lower 48 market with an expected $10 million EBITDA contribution in 2027.
  • Total ECHO hybrid electric workover rigs in operation or under construction reached 24 units after securing contracts for four additional rigs, with the build program ahead of schedule.
  • Free Cash Flow for the quarter was $20.0 million, which fully paid off outstanding borrowings on the credit facility, resulting in zero net debt by the end of the period.
  • Share repurchases totaled 142,100 shares for $2.2 million during the quarter, bringing year-to-date shareholder returns to $11.7 million, representing 64% of year-to-date Free Cash Flow.
  • The Board declared a cash dividend of $0.06 per share payable on December 4, 2026, to shareholders of record as of November 20, 2026.
  • High Specification Rigs segment revenue was $110.5 million with Adjusted EBITDA of $18.4 million, impacted by lower rig hours and increased employee costs.
  • Processing Solutions and Ancillary Services segment revenue was $40.0 million with Adjusted EBITDA of $6.8 million, reflecting lower activity in Transportation, Coil, and Tubing Inspection lines.
  • Wireline Services segment revenue was $12.3 million with an operating loss of $1.4 million due to gaps in customer well programs, though mid-single-digit margins are expected in the fourth quarter.
  • Total liquidity as of September 30, 2026, was $76.2 million, consisting of $70.2 million in available credit capacity and $6.0 million in cash on hand.
  • Year-to-date 2026 capital expenditures were $35.2 million, with approximately $16.8 million allocated to the ECHO rig program construction payments.
  • Management cited $1.5 million in incremental employee medical costs as a significant factor in margin degradation, alongside challenges from softer activity and pricing pressures.
  • The company targets $100 million in annual EBITDA for 2027, supported by the expanded ECHO fleet, STEP acquisition, and reorganized service lines.