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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ranger Energy Services Inc | NYSE:RNGR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.18 | 0 | 12:00:07 |
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Delaware
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81‑5449572
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Class A Common Stock, $0.01 par value
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RNGR
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New York Stock Exchange
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☒
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Smaller reporting company ☒
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Emerging growth company☒
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Page
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June 30, 2019
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December 31, 2018
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Assets
|
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||||
Cash and cash equivalents
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$
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1.7
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$
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2.6
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Accounts receivable, net
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54.0
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45.4
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Contract assets
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6.0
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3.1
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Inventory
|
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7.7
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4.9
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Prepaid expenses
|
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3.7
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5.1
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Total current assets
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73.1
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61.1
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Property and equipment, net
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227.7
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229.8
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Intangible assets, net
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9.7
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10.0
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Operating lease right-of-use assets
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6.7
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—
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Other assets
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0.7
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1.6
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Total assets
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$
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317.9
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$
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302.5
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Liabilities and Stockholders' Equity
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Accounts payable
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$
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15.0
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$
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17.2
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Accrued expenses
|
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19.8
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18.5
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Finance lease obligations, current portion
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4.8
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4.4
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Long-term debt, current portion
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15.8
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15.8
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Other current liabilities
|
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2.5
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3.0
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Total current liabilities
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57.9
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58.9
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||||
Operating lease right-of-use obligations
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4.6
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—
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Finance lease obligations
|
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4.8
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6.6
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Long-term debt, net
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47.8
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44.7
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Other long-term liabilities
|
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0.7
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0.3
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Total liabilities
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115.8
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110.5
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Commitments and contingencies (Note 13)
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Stockholders' equity
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Preferred stock, $0.01 per share; 50,000,000 shares authorized; no shares issued or outstanding as of June 30, 2019 and December 31, 2018
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—
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—
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Class A Common Stock, $0.01 par value, 100,000,000 shares authorized; 8,717,026 and 8,448,527 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
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0.1
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0.1
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Class B Common Stock, $0.01 par value, 100,000,000 shares authorized; 6,866,154 shares issued and outstanding as of June 30, 2019 and December 31, 2018
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0.1
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|
|
0.1
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Accumulated deficit
|
|
(6.9
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)
|
|
(9.9
|
)
|
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Additional paid-in capital
|
|
119.9
|
|
|
111.6
|
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Total stockholders' equity
|
|
113.2
|
|
|
101.9
|
|
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Non-controlling interest
|
|
88.9
|
|
|
90.1
|
|
||
Total stockholders' equity
|
|
202.1
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|
|
192.0
|
|
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Total liabilities and stockholders' equity
|
|
$
|
317.9
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$
|
302.5
|
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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||||||||||||
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2019
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2018
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2019
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2018
|
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Revenues
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High specification rigs
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$
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33.1
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$
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39.6
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$
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64.8
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$
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75.9
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Completion and other services
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46.3
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29.5
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97.9
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52.9
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Processing solutions
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4.9
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4.0
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9.9
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6.9
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Total revenues
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84.3
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73.1
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172.6
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135.7
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Operating expenses
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Cost of services (exclusive of depreciation and amortization):
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High specification rigs
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28.7
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33.6
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56.1
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65.1
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||||
Completion and other services
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35.0
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21.8
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72.9
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40.2
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Processing solutions
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1.9
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1.9
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4.1
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3.3
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Total cost of services
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65.6
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57.3
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133.1
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108.6
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General and administrative
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6.3
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7.8
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13.5
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14.8
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Depreciation and amortization
|
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8.4
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7.0
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16.8
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13.1
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|
||||
Impairment of goodwill
|
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—
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—
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—
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9.0
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|
||||
Total operating expenses
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80.3
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72.1
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163.4
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145.5
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Operating income (loss)
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4.0
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1.0
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9.2
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(9.8
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)
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||||||||
Other expenses
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Interest expense, net
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1.9
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0.5
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|
3.2
|
|
|
0.9
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|
||||
Total other expenses
|
|
1.9
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|
|
0.5
|
|
|
3.2
|
|
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0.9
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||||
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||||||||
Income (loss) before income tax expense
|
|
2.1
|
|
|
0.5
|
|
|
6.0
|
|
|
(10.7
|
)
|
||||
Tax expense
|
|
0.3
|
|
|
1.7
|
|
|
0.6
|
|
|
0.8
|
|
||||
Net income (loss)
|
|
1.8
|
|
|
(1.2
|
)
|
|
5.4
|
|
|
(11.5
|
)
|
||||
Less: Net income (loss) attributable to non-controlling interests
|
|
0.8
|
|
|
(0.5
|
)
|
|
2.4
|
|
|
(5.1
|
)
|
||||
Net income (loss) attributable to Ranger Energy Services, Inc.
|
|
$
|
1.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
3.0
|
|
|
$
|
(6.4
|
)
|
|
|
|
|
|
|
|
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|
||||||||
Earnings (loss) per common share
|
|
|
|
|
|
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|
||||||||
Basic
|
|
$
|
0.12
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.76
|
)
|
Diluted
|
|
$
|
0.11
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.32
|
|
|
$
|
(0.76
|
)
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
8,514,495
|
|
|
8,414,557
|
|
|
8,481,788
|
|
|
8,413,871
|
|
||||
Diluted
|
|
9,491,684
|
|
|
8,414,557
|
|
|
9,458,977
|
|
|
8,413,871
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
|
Quantity
|
Amount
|
|
Quantity
|
Amount
|
||||||||||||||||
Shares, Class A Common Stock
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period
|
8,454,273
|
|
8,413,178
|
|
$
|
0.1
|
|
$
|
0.1
|
|
|
8,448,527
|
|
8,413,178
|
|
$
|
0.1
|
|
$
|
0.1
|
|
Issuance of shares under share-based compensation plans
|
93,621
|
|
4,648
|
|
—
|
|
—
|
|
|
101,621
|
|
4,648
|
|
—
|
|
—
|
|
||||
Shares withheld for taxes on equity transactions
|
(37,765
|
)
|
(1,185
|
)
|
—
|
|
—
|
|
|
(40,019
|
)
|
(1,185
|
)
|
—
|
|
—
|
|
||||
Issuance of Class A Common Stock to related party
|
206,897
|
|
—
|
|
—
|
|
—
|
|
|
206,897
|
|
—
|
|
—
|
|
—
|
|
||||
Balance, end of period
|
8,717,026
|
|
8,416,641
|
|
$
|
0.1
|
|
$
|
0.1
|
|
|
8,717,026
|
|
8,416,641
|
|
$
|
0.1
|
|
$
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shares, Class B Common Stock
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period
|
6,866,154
|
|
6,866,154
|
|
$
|
0.1
|
|
$
|
0.1
|
|
|
6,866,154
|
|
6,866,154
|
|
$
|
0.1
|
|
$
|
0.1
|
|
Balance, end of period
|
6,866,154
|
|
6,866,154
|
|
$
|
0.1
|
|
$
|
0.1
|
|
|
6,866,154
|
|
6,866,154
|
|
$
|
0.1
|
|
$
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated deficit
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period
|
|
|
$
|
(7.9
|
)
|
$
|
(12.3
|
)
|
|
|
|
$
|
(9.9
|
)
|
$
|
(6.6
|
)
|
||||
Net income (loss) attributable to controlling interest
|
|
|
1.0
|
|
(0.7
|
)
|
|
|
|
3.0
|
|
(6.4
|
)
|
||||||||
Balance, end of period
|
|
|
$
|
(6.9
|
)
|
$
|
(13.0
|
)
|
|
|
|
$
|
(6.9
|
)
|
$
|
(13.0
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Additional paid-in capital
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period
|
|
|
$
|
112.2
|
|
$
|
110.1
|
|
|
|
|
$
|
111.6
|
|
$
|
110.1
|
|
||||
Equity based compensation amortization
|
|
|
0.8
|
|
0.4
|
|
|
|
|
1.4
|
|
0.4
|
|
||||||||
Shares withheld for taxes on equity transactions
|
|
|
(0.4
|
)
|
—
|
|
|
|
|
(0.4
|
)
|
—
|
|
||||||||
Issuance of Class A Common Stock to related party
|
|
|
3.0
|
|
—
|
|
|
|
|
3.0
|
|
—
|
|
||||||||
Benefit from reversal of valuation allowance
|
|
|
0.6
|
|
—
|
|
|
|
|
0.6
|
|
—
|
|
||||||||
Impact of transactions affecting noncontrolling interest
|
|
|
3.7
|
|
—
|
|
|
|
|
3.7
|
|
—
|
|
||||||||
Balance, end of period
|
|
|
$
|
119.9
|
|
$
|
110.5
|
|
|
|
|
$
|
119.9
|
|
$
|
110.5
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total controlling interest shareholders’ equity
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period
|
|
|
$
|
104.5
|
|
$
|
98.0
|
|
|
|
|
$
|
101.9
|
|
$
|
103.7
|
|
||||
Net income (loss) attributable to controlling interest
|
|
|
1.0
|
|
(0.7
|
)
|
|
|
|
3.0
|
|
(6.4
|
)
|
||||||||
Benefit from reversal of valuation allowance
|
|
|
0.6
|
|
—
|
|
|
|
|
0.6
|
|
—
|
|
||||||||
Equity based compensation amortization
|
|
|
0.8
|
|
0.4
|
|
|
|
|
1.4
|
|
0.4
|
|
||||||||
Shares withheld for taxes on equity transactions
|
|
|
(0.4
|
)
|
—
|
|
|
|
|
(0.4
|
)
|
—
|
|
||||||||
Issuance of Class A Common Stock to related party
|
|
|
3.0
|
|
—
|
|
|
|
|
3.0
|
|
—
|
|
||||||||
Impact of transactions affecting noncontrolling interest
|
|
|
3.7
|
|
—
|
|
|
|
|
3.7
|
|
—
|
|
||||||||
Balance, end of period
|
|
|
$
|
113.2
|
|
$
|
97.7
|
|
|
|
|
$
|
113.2
|
|
$
|
97.7
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noncontrolling interest
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period
|
|
|
$
|
91.7
|
|
$
|
87.6
|
|
|
|
|
$
|
90.1
|
|
$
|
92.0
|
|
||||
Net income (loss) attributable to noncontrolling interest
|
|
|
0.8
|
|
(0.5
|
)
|
|
|
|
2.4
|
|
(5.1
|
)
|
||||||||
Equity based compensation amortization
|
|
|
0.1
|
|
0.3
|
|
|
|
|
0.1
|
|
0.5
|
|
||||||||
Impact of transactions affecting noncontrolling interest
|
|
|
(3.7
|
)
|
—
|
|
|
|
|
(3.7
|
)
|
—
|
|
||||||||
Balance, end of period
|
|
|
$
|
88.9
|
|
$
|
87.4
|
|
|
|
|
$
|
88.9
|
|
$
|
87.4
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Equity
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance, beginning of period
|
|
|
$
|
196.2
|
|
$
|
185.6
|
|
|
|
|
$
|
192.0
|
|
$
|
195.7
|
|
||||
Total income (loss)
|
|
|
1.8
|
|
(1.2
|
)
|
|
|
|
5.4
|
|
(11.5
|
)
|
||||||||
Benefit from reversal of valuation allowance
|
|
|
0.6
|
|
—
|
|
|
|
|
0.6
|
|
—
|
|
||||||||
Equity based compensation amortization
|
|
|
0.9
|
|
0.7
|
|
|
|
|
1.5
|
|
0.9
|
|
||||||||
Shares withheld for taxes on equity transactions
|
|
|
(0.4
|
)
|
—
|
|
|
|
|
(0.4
|
)
|
—
|
|
||||||||
Issuance of Class A Common Stock to related party
|
|
|
3.0
|
|
—
|
|
|
|
|
3.0
|
|
—
|
|
||||||||
Balance, end of period
|
|
|
$
|
202.1
|
|
$
|
185.1
|
|
|
|
|
$
|
202.1
|
|
$
|
185.1
|
|
|
|
Six Months Ended
|
||||||
|
|
June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash Flows from Operating Activities
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
5.4
|
|
|
$
|
(11.5
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
16.8
|
|
|
13.1
|
|
||
Impairment of goodwill
|
|
—
|
|
|
9.0
|
|
||
Equity based compensation
|
|
1.5
|
|
|
1.0
|
|
||
(Gain) loss on sale of property, plant and equipment
|
|
(0.3
|
)
|
|
0.4
|
|
||
Other costs, net
|
|
0.3
|
|
|
0.2
|
|
||
Changes in operating assets and liabilities, net of effect of acquisitions
|
|
|
|
|
||||
Accounts receivable
|
|
(8.6
|
)
|
|
(11.4
|
)
|
||
Contract assets
|
|
(2.9
|
)
|
|
2.6
|
|
||
Inventory
|
|
(2.8
|
)
|
|
(2.3
|
)
|
||
Prepaid expenses
|
|
1.4
|
|
|
1.1
|
|
||
Other assets
|
|
0.9
|
|
|
0.7
|
|
||
Accounts payable
|
|
(0.6
|
)
|
|
3.7
|
|
||
Accrued expenses
|
|
2.0
|
|
|
5.8
|
|
||
Other long-term liabilities
|
|
1.1
|
|
|
(0.3
|
)
|
||
Net cash provided by operating activities
|
|
14.2
|
|
|
12.1
|
|
||
|
|
|
|
|
||||
Cash Flows from Investing Activities
|
|
|
|
|
||||
Purchase of property, plant and equipment
|
|
(16.0
|
)
|
|
(34.1
|
)
|
||
Proceeds from sale of property, plant and equipment
|
|
0.5
|
|
|
3.6
|
|
||
Acquisitions, net of cash received
|
|
—
|
|
|
(4.0
|
)
|
||
Net cash used in investing activities
|
|
(15.5
|
)
|
|
(34.5
|
)
|
||
|
|
|
|
|
||||
Cash Flows from Financing Activities
|
|
|
|
|
||||
Borrowings under line of credit facility
|
|
25.1
|
|
|
27.7
|
|
||
Principal payments on line of credit facility
|
|
(17.3
|
)
|
|
—
|
|
||
Borrowings on Encina Master Financing Agreement, net of deferred financing costs
|
|
—
|
|
|
22.0
|
|
||
Principal payments on Encina Master Financing Agreement
|
|
(4.8
|
)
|
|
(13.5
|
)
|
||
Principal payments on financing lease obligations
|
|
(2.2
|
)
|
|
(8.6
|
)
|
||
Shares withheld on equity transactions
|
|
(0.4
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
|
0.4
|
|
|
27.6
|
|
||
|
|
|
|
|
||||
Increase (decrease) in Cash and Cash equivalents
|
|
(0.9
|
)
|
|
5.2
|
|
||
Cash and Cash Equivalents, Beginning of Period
|
|
2.6
|
|
|
5.3
|
|
||
Cash and Cash Equivalents, End of Period
|
|
$
|
1.7
|
|
|
$
|
10.5
|
|
|
|
|
|
|
||||
Supplemental Cash Flows Information
|
|
|
|
|
||||
Interest paid
|
|
$
|
2.3
|
|
|
$
|
0.4
|
|
Supplemental Disclosure of Non-cash Investing and Financing Activity
|
|
|
|
|
||||
Non-cash capital expenditures
|
|
$
|
(2.3
|
)
|
|
$
|
(10.2
|
)
|
Non-cash additions to fixed assets through financing leases
|
|
$
|
(0.8
|
)
|
|
$
|
(5.9
|
)
|
Initial non-cash operating lease right-of-use asset additions
|
|
$
|
(8.3
|
)
|
|
$
|
—
|
|
Issuance of Class A Common Stock to related party
|
|
$
|
3.0
|
|
|
$
|
—
|
|
•
|
Depreciation and amortization of property, plant and equipment and intangible assets;
|
•
|
Impairment of property, plant and equipment, goodwill and intangible assets;
|
•
|
Allowance for doubtful accounts;
|
•
|
Fair value of assets acquired and liabilities assumed in an acquisition; and
|
•
|
Equity‑based compensation.
|
•
|
The optional transition method, therefore will not adjust comparative period financial information or make the new required lease disclosures for periods prior to the effective date;
|
•
|
the package of practical expedients to not reassess prior conclusions related to (i) contracts containing leases, (ii) lease classification and (iii) initial direct costs;
|
•
|
to make the accounting policy election for short-term leases, or leases with terms of 12 months or less, therefore the lease payments will be recorded as an expense on a straight line basis over the lease term; and
|
•
|
to combine lease and non-lease components.
|
|
|
Estimated Useful Life (years)
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Machinery and equipment
|
|
5 - 30
|
|
$
|
42.3
|
|
|
$
|
42.0
|
|
Vehicles
|
|
3 - 5
|
|
18.8
|
|
|
17.9
|
|
||
Mechanical refrigeration units
|
|
30
|
|
21.8
|
|
|
20.9
|
|
||
Natural gas liquid storage tanks
|
|
15
|
|
5.9
|
|
|
5.9
|
|
||
High specification rigs
|
|
5 - 20
|
|
178.4
|
|
|
175.7
|
|
||
Other property, plant and equipment
|
|
3 - 30
|
|
16.1
|
|
|
12.7
|
|
||
Property, plant and equipment
|
|
|
|
283.3
|
|
|
275.1
|
|
||
Less: accumulated depreciation
|
|
|
|
(68.7
|
)
|
|
(52.5
|
)
|
||
Construction in progress
|
|
|
|
13.1
|
|
|
7.2
|
|
||
Property, plant and equipment, net
|
|
|
|
$
|
227.7
|
|
|
$
|
229.8
|
|
|
|
Estimated Useful Life (years)
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Tradenames
|
|
3
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Customer relationships
|
|
10-18
|
|
11.4
|
|
|
11.4
|
|
||
Less: accumulated amortization
|
|
|
|
(1.8
|
)
|
|
(1.5
|
)
|
||
Intangible assets, net
|
|
|
|
$
|
9.7
|
|
|
$
|
10.0
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Accrued payables
|
|
$
|
7.1
|
|
|
$
|
5.6
|
|
Accrued compensation
|
|
10.2
|
|
|
6.2
|
|
||
Accrued taxes
|
|
2.0
|
|
|
2.9
|
|
||
Accrued insurance
|
|
0.5
|
|
|
3.8
|
|
||
Accrued expenses
|
|
$
|
19.8
|
|
|
$
|
18.5
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
|
June 30, 2019
|
||||||
Short-term lease costs
|
|
$
|
1.1
|
|
|
$
|
3.3
|
|
Operating lease cost
|
|
$
|
0.6
|
|
|
$
|
1.3
|
|
Operating cash flows from operating leases
|
|
$
|
(0.6
|
)
|
|
$
|
(1.4
|
)
|
|
|
|
|
|
||||
Weighted average remaining lease term
|
|
|
|
5.7 years
|
|
|||
Weighted average discount rate
|
|
|
|
9.35
|
%
|
For the twelve months ending June 30,
|
|
Total
|
||
2020
|
|
$
|
2.7
|
|
2021
|
|
1.4
|
|
|
2022
|
|
0.8
|
|
|
2023
|
|
0.7
|
|
|
2024
|
|
0.7
|
|
|
Thereafter
|
|
2.6
|
|
|
Total future minimum lease payments
|
|
8.9
|
|
|
Less: amount representing interest
|
|
(2.2
|
)
|
|
Present value of future minimum lease payments
|
|
6.7
|
|
|
Less: current portion of operating lease obligations
|
|
(2.1
|
)
|
|
Long-term portion of operating lease obligations
|
|
$
|
4.6
|
|
For the year ending December 31,
|
|
Total
|
||
2019
|
|
$
|
2.9
|
|
2020
|
|
2.3
|
|
|
2021
|
|
0.9
|
|
|
2022
|
|
0.7
|
|
|
2023
|
|
0.7
|
|
|
Thereafter
|
|
3.0
|
|
|
Total future minimum lease payments
|
|
$
|
10.5
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
|
June 30, 2019
|
||||||
Amortization of finance leases
|
|
$
|
1.2
|
|
|
$
|
2.5
|
|
Interest on lease liabilities
|
|
$
|
0.2
|
|
|
$
|
0.4
|
|
Financing cash flows from finance leases
|
|
$
|
(1.2
|
)
|
|
$
|
(2.2
|
)
|
|
|
|
|
|
||||
Weighted average remaining lease term
|
|
|
|
1.8 years
|
|
|||
Weighted average discount rate
|
|
|
|
4.5
|
%
|
For the twelve months ending June 30,
|
|
Total
|
||
2020
|
|
$
|
5.1
|
|
2021
|
|
3.7
|
|
|
2022
|
|
1.4
|
|
|
2023
|
|
0.2
|
|
|
Thereafter
|
|
—
|
|
|
Total future minimum lease payments
|
|
10.4
|
|
|
Less: amount representing interest
|
|
(0.8
|
)
|
|
Present value of future minimum lease payments
|
|
9.6
|
|
|
Less: current portion of finance lease obligations
|
|
(4.8
|
)
|
|
Long-term portion of finance lease obligations
|
|
$
|
4.8
|
|
For the year ending December 31,
|
|
Total
|
||
2019
|
|
$
|
5.0
|
|
2020
|
|
4.6
|
|
|
2021
|
|
2.1
|
|
|
2022
|
|
0.2
|
|
|
2023
|
|
0.1
|
|
|
Thereafter
|
|
—
|
|
|
Total future minimum lease payments
|
|
12.0
|
|
|
Less: amount representing interest
|
|
(1.0
|
)
|
|
Present value of future minimum lease payments
|
|
11.0
|
|
|
Less: current portion of capital lease obligations
|
|
(4.4
|
)
|
|
Total capital lease obligations, less current portion
|
|
$
|
6.6
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
ESCO Notes Payable due February 2019
|
|
$
|
5.8
|
|
|
$
|
5.8
|
|
Wells Fargo Credit Facility due August 2022
|
|
25.8
|
|
|
17.9
|
|
||
Encina Master Financing Agreement due June 2023
|
|
32.0
|
|
|
36.8
|
|
||
Total Debt
|
|
63.6
|
|
|
60.5
|
|
||
Current portion of long-term debt
|
|
(15.8
|
)
|
|
(15.8
|
)
|
||
Long term-debt, net
|
|
$
|
47.8
|
|
|
$
|
44.7
|
|
•
|
events of default resulting from the Company’s failure or the failure of any guarantors to comply with covenants and financial ratios;
|
•
|
the occurrence of a change of control;
|
•
|
the institution of insolvency or similar proceedings against the Company or any guarantor; and
|
•
|
the occurrence of a default under any other material indebtedness the Company or any guarantor may have.
|
For the twelve months ending June 30,
|
|
Total
|
||
2020
|
|
$
|
15.8
|
|
2021
|
|
10.0
|
|
|
2022
|
|
36.3
|
|
|
2023
|
|
2.7
|
|
|
Total
|
|
$
|
64.8
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income (loss) (numerator):
|
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Ranger Energy Services, Inc.
|
|
$
|
1.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
3.0
|
|
|
$
|
(6.4
|
)
|
Less: Undistributed earnings allocable to Class B Common Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income (loss) attributable to Class A Common Stock
|
|
$
|
1.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
3.0
|
|
|
$
|
(6.4
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Ranger Energy Services, Inc.
|
|
$
|
1.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
3.0
|
|
|
$
|
(6.4
|
)
|
Less: Undistributed earnings allocable to Class B Common Stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income (loss) attributable to Class A Common Stock
|
|
$
|
1.0
|
|
|
$
|
(0.7
|
)
|
|
$
|
3.0
|
|
|
$
|
(6.4
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares (denominator):
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares - basic
|
|
8,514,495
|
|
|
8,414,557
|
|
|
8,481,788
|
|
|
8,413,871
|
|
||||
Weighted average number of shares - diluted
|
|
9,491,684
|
|
|
8,414,557
|
|
|
9,458,977
|
|
|
8,413,871
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share
|
|
$
|
0.12
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.35
|
|
|
$
|
(0.76
|
)
|
Diluted income (loss) per share
|
|
$
|
0.11
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.32
|
|
|
$
|
(0.76
|
)
|
|
|
Three months ended June 30, 2019
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
Revenues
|
|
$
|
33.1
|
|
|
$
|
46.3
|
|
|
$
|
4.9
|
|
|
$
|
—
|
|
|
$
|
84.3
|
|
Cost of services
|
|
28.7
|
|
|
35.0
|
|
|
1.9
|
|
|
—
|
|
|
65.6
|
|
|||||
Depreciation and amortization
|
|
4.8
|
|
|
2.9
|
|
|
0.5
|
|
|
0.2
|
|
|
8.4
|
|
|||||
Operating income (loss)
|
|
(0.4
|
)
|
|
8.4
|
|
|
2.5
|
|
|
(6.5
|
)
|
|
4.0
|
|
|||||
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
|
(1.9
|
)
|
|||||
Net income (loss)
|
|
(0.4
|
)
|
|
8.4
|
|
|
2.5
|
|
|
(8.7
|
)
|
|
1.8
|
|
|||||
Capital expenditures
|
|
$
|
1.2
|
|
|
$
|
1.8
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
5.4
|
|
|
|
Six months ended June 30, 2019
|
||||||||||||||||||
Revenues
|
|
$
|
64.8
|
|
|
$
|
97.9
|
|
|
$
|
9.9
|
|
|
$
|
—
|
|
|
$
|
172.6
|
|
Cost of services
|
|
56.1
|
|
|
72.9
|
|
|
4.1
|
|
|
—
|
|
|
133.1
|
|
|||||
Depreciation and amortization
|
|
9.6
|
|
|
5.7
|
|
|
1.0
|
|
|
0.5
|
|
|
16.8
|
|
|||||
Operating income (loss)
|
|
(0.9
|
)
|
|
19.3
|
|
|
4.8
|
|
|
(14.0
|
)
|
|
9.2
|
|
|||||
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.2
|
)
|
|
(3.2
|
)
|
|||||
Net income (loss)
|
|
(0.9
|
)
|
|
19.3
|
|
|
4.8
|
|
|
(17.8
|
)
|
|
5.4
|
|
|||||
Capital expenditures
|
|
$
|
4.0
|
|
|
$
|
3.6
|
|
|
$
|
6.5
|
|
|
$
|
0.5
|
|
|
$
|
14.6
|
|
|
|
As of June 30, 2019
|
||||||||||||||||||
Property, plant and equipment, net
|
|
$
|
134.7
|
|
|
$
|
47.6
|
|
|
$
|
39.8
|
|
|
$
|
5.6
|
|
|
$
|
227.7
|
|
Total assets
|
|
$
|
196.7
|
|
|
$
|
69.5
|
|
|
$
|
43.5
|
|
|
$
|
8.2
|
|
|
$
|
317.9
|
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
Revenues
|
|
$
|
39.6
|
|
|
$
|
29.5
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
73.1
|
|
Cost of services
|
|
33.6
|
|
|
21.8
|
|
|
1.9
|
|
|
—
|
|
|
57.3
|
|
|||||
Depreciation and amortization
|
|
4.6
|
|
|
1.8
|
|
|
0.4
|
|
|
0.2
|
|
|
7.0
|
|
|||||
Impairment of goodwill
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating income (loss)
|
|
1.4
|
|
|
5.9
|
|
|
1.7
|
|
|
(8.0
|
)
|
|
1.0
|
|
|||||
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
(0.5
|
)
|
|||||
Net income (loss)
|
|
1.4
|
|
|
5.9
|
|
|
1.7
|
|
|
(10.2
|
)
|
|
(1.2
|
)
|
|||||
Capital expenditures
|
|
$
|
16.7
|
|
|
$
|
3.7
|
|
|
$
|
0.9
|
|
|
$
|
0.5
|
|
|
$
|
21.8
|
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||
Revenues
|
|
$
|
75.9
|
|
|
$
|
52.9
|
|
|
$
|
6.9
|
|
|
$
|
—
|
|
|
$
|
135.7
|
|
Cost of services
|
|
65.1
|
|
|
40.2
|
|
|
3.3
|
|
|
—
|
|
|
108.6
|
|
|||||
Depreciation and amortization
|
|
8.6
|
|
|
3.5
|
|
|
0.6
|
|
|
0.4
|
|
|
13.1
|
|
|||||
Impairment of goodwill
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.0
|
|
|||||
Operating income (loss)
|
|
(6.8
|
)
|
|
9.2
|
|
|
3.0
|
|
|
(15.2
|
)
|
|
(9.8
|
)
|
|||||
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
(0.9
|
)
|
|||||
Net income (loss)
|
|
(6.8
|
)
|
|
9.2
|
|
|
3.0
|
|
|
(16.9
|
)
|
|
(11.5
|
)
|
|||||
Capital expenditures
|
|
$
|
25.0
|
|
|
$
|
5.5
|
|
|
$
|
3.1
|
|
|
$
|
0.5
|
|
|
$
|
34.1
|
|
|
|
As of December 31, 2018
|
||||||||||||||||||
Property, plant and equipment, net
|
|
$
|
159.2
|
|
|
$
|
35.0
|
|
|
$
|
34.3
|
|
|
$
|
1.3
|
|
|
$
|
229.8
|
|
Total assets
|
|
$
|
214.1
|
|
|
$
|
47.0
|
|
|
$
|
40.1
|
|
|
$
|
1.3
|
|
|
$
|
302.5
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
June 30,
|
|
Change
|
|||||||||||
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||
High Specification Rigs
|
|
$
|
33.1
|
|
|
$
|
39.6
|
|
|
$
|
(6.5
|
)
|
|
(16
|
)%
|
Completion and Other Services
|
|
46.3
|
|
|
29.5
|
|
|
16.8
|
|
|
57
|
%
|
|||
Processing Solutions
|
|
4.9
|
|
|
4.0
|
|
|
0.9
|
|
|
23
|
%
|
|||
Total revenues
|
|
84.3
|
|
|
73.1
|
|
|
11.2
|
|
|
15
|
%
|
|||
Operating expenses
|
|
|
|
|
|
|
|
|
|||||||
Cost of services (exclusive of depreciation and amortization shown separately):
|
|
|
|
|
|
|
|
|
|||||||
High Specification Rigs
|
|
28.7
|
|
|
33.6
|
|
|
(4.9
|
)
|
|
(15
|
)%
|
|||
Completion and Other Services
|
|
35.0
|
|
|
21.8
|
|
|
13.2
|
|
|
61
|
%
|
|||
Processing Solutions
|
|
1.9
|
|
|
1.9
|
|
|
—
|
|
|
—
|
%
|
|||
Total cost of services
|
|
65.6
|
|
|
57.3
|
|
|
8.3
|
|
|
14
|
%
|
|||
General and administrative
|
|
6.3
|
|
|
7.8
|
|
|
(1.5
|
)
|
|
(19
|
)%
|
|||
Depreciation and amortization
|
|
8.4
|
|
|
7.0
|
|
|
1.4
|
|
|
20
|
%
|
|||
Total operating expenses
|
|
80.3
|
|
|
72.1
|
|
|
8.2
|
|
|
11
|
%
|
|||
Operating income
|
|
4.0
|
|
|
1.0
|
|
|
3.0
|
|
|
300
|
%
|
|||
Other expenses
|
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
|
1.9
|
|
|
0.5
|
|
|
1.4
|
|
|
280
|
%
|
|||
Total other expenses
|
|
1.9
|
|
|
0.5
|
|
|
1.4
|
|
|
280
|
%
|
|||
Income before income tax expense
|
|
2.1
|
|
|
0.5
|
|
|
1.6
|
|
|
320
|
%
|
|||
Tax expense (benefit)
|
|
0.3
|
|
|
1.7
|
|
|
(1.4
|
)
|
|
82
|
%
|
|||
Net income (loss)
|
|
$
|
1.8
|
|
|
$
|
(1.2
|
)
|
|
$
|
3.0
|
|
|
250
|
%
|
|
|
Six Months Ended
|
|
|
|
|
|||||||||
|
|
June 30,
|
|
Change
|
|||||||||||
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|||||||
High Specification Rigs
|
|
$
|
64.8
|
|
|
$
|
75.9
|
|
|
$
|
(11.1
|
)
|
|
(15
|
)%
|
Completion and Other Services
|
|
97.9
|
|
|
52.9
|
|
|
45.0
|
|
|
85
|
%
|
|||
Processing Solutions
|
|
9.9
|
|
|
6.9
|
|
|
3.0
|
|
|
43
|
%
|
|||
Total revenues
|
|
172.6
|
|
|
135.7
|
|
|
36.9
|
|
|
27
|
%
|
|||
Operating expenses
|
|
|
|
|
|
|
|
|
|||||||
Cost of services (exclusive of depreciation and amortization shown separately):
|
|
|
|
|
|
|
|
|
|||||||
High Specification Rigs
|
|
56.1
|
|
|
65.1
|
|
|
(9.0
|
)
|
|
(14
|
)%
|
|||
Completion and Other Services
|
|
72.9
|
|
|
40.2
|
|
|
32.7
|
|
|
81
|
%
|
|||
Processing Solutions
|
|
4.1
|
|
|
3.3
|
|
|
0.8
|
|
|
24
|
%
|
|||
Total cost of services
|
|
133.1
|
|
|
108.6
|
|
|
24.5
|
|
|
23
|
%
|
|||
General and administrative
|
|
13.5
|
|
|
14.8
|
|
|
(1.3
|
)
|
|
(9
|
)%
|
|||
Depreciation and amortization
|
|
16.8
|
|
|
13.1
|
|
|
3.7
|
|
|
28
|
%
|
|||
Impairment of goodwill
|
|
—
|
|
|
9.0
|
|
|
(9.0
|
)
|
|
(100
|
)%
|
|||
Total operating expenses
|
|
163.4
|
|
|
145.5
|
|
|
17.9
|
|
|
12
|
%
|
|||
Operating income
|
|
9.2
|
|
|
(9.8
|
)
|
|
19.0
|
|
|
(194
|
)%
|
|||
Other expenses
|
|
|
|
|
|
|
|
|
|||||||
Interest expense, net
|
|
3.2
|
|
|
0.9
|
|
|
2.3
|
|
|
(256
|
)%
|
|||
Total other expenses
|
|
3.2
|
|
|
0.9
|
|
|
2.3
|
|
|
(256
|
)%
|
|||
Income before income tax expense
|
|
6.0
|
|
|
(10.7
|
)
|
|
16.7
|
|
|
156
|
%
|
|||
Tax expense (benefit)
|
|
0.6
|
|
|
0.8
|
|
|
(0.2
|
)
|
|
(25
|
)%
|
|||
Net income (loss)
|
|
$
|
5.4
|
|
|
$
|
(11.5
|
)
|
|
$
|
16.9
|
|
|
147
|
%
|
|
|
Three Months Ended
|
||||||||||||||||||
|
|
June 30, 2019
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
|
|
(in millions)
|
||||||||||||||||||
Net income (loss)
|
|
$
|
(0.4
|
)
|
|
$
|
8.4
|
|
|
$
|
2.5
|
|
|
$
|
(8.7
|
)
|
|
$
|
1.8
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
1.7
|
|
|||||
Tax expense (benefit)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|||||
Depreciation and amortization
|
|
4.8
|
|
|
2.9
|
|
|
0.5
|
|
|
0.2
|
|
|
8.4
|
|
|||||
Equity based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
|||||
IPO, Acquisition, and severance costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Gain) loss on property, plant and equipment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||||
Adjusted EBITDA
|
|
$
|
4.4
|
|
|
$
|
11.3
|
|
|
$
|
3.0
|
|
|
$
|
(5.7
|
)
|
|
$
|
13.0
|
|
|
|
Three Months Ended
|
||||||||||||||||||
|
|
June 30, 2018
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
|
|
(in millions)
|
||||||||||||||||||
Net income (loss)
|
|
$
|
1.4
|
|
|
$
|
5.9
|
|
|
$
|
1.7
|
|
|
$
|
(10.2
|
)
|
|
$
|
(1.2
|
)
|
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
|||||
Tax expense (benefit)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.7
|
|
|
1.7
|
|
|||||
Depreciation and amortization
|
|
4.6
|
|
|
1.8
|
|
|
0.4
|
|
|
0.2
|
|
|
7.0
|
|
|||||
Equity based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
|||||
IPO, Acquisition, and severance costs
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.6
|
|
|||||
(Gain) loss on property, plant and equipment
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||||
Adjusted EBITDA
|
|
$
|
6.5
|
|
|
$
|
7.7
|
|
|
$
|
2.1
|
|
|
$
|
(6.7
|
)
|
|
$
|
9.6
|
|
|
|
Change $
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
|
|
(in millions)
|
||||||||||||||||||
Net income (loss)
|
|
$
|
(1.8
|
)
|
|
$
|
2.5
|
|
|
$
|
0.8
|
|
|
$
|
1.5
|
|
|
$
|
3.0
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
1.2
|
|
|||||
Tax expense (benefit)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
(1.4
|
)
|
|||||
Depreciation and amortization
|
|
0.2
|
|
|
1.1
|
|
|
0.1
|
|
|
—
|
|
|
1.4
|
|
|||||
Equity based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||||
IPO, Acquisition, and severance costs
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.6
|
)
|
|||||
(Gain) loss on property, plant and equipment
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|||||
Adjusted EBITDA
|
|
$
|
(2.1
|
)
|
|
$
|
3.6
|
|
|
$
|
0.9
|
|
|
$
|
1.0
|
|
|
$
|
3.4
|
|
|
|
Six Months Ended
|
||||||||||||||||||
|
|
June 30, 2019
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
|
|
(in millions)
|
||||||||||||||||||
Net income (loss)
|
|
$
|
(0.9
|
)
|
|
$
|
19.3
|
|
|
$
|
4.8
|
|
|
$
|
(17.8
|
)
|
|
$
|
5.4
|
|
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.2
|
|
|
3.2
|
|
|||||
Tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
|||||
Depreciation and amortization
|
|
9.6
|
|
|
5.7
|
|
|
1.0
|
|
|
0.5
|
|
|
16.8
|
|
|||||
Equity based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
1.5
|
|
|||||
IPO, Acquisition, and severance costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Impairment of goodwill
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Gain) loss on property, plant and equipment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.3
|
)
|
|||||
Adjusted EBITDA
|
|
$
|
8.7
|
|
|
$
|
25.0
|
|
|
$
|
5.8
|
|
|
$
|
(12.3
|
)
|
|
$
|
27.2
|
|
|
|
Six Months Ended
|
||||||||||||||||||
|
|
June 30, 2018
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
|
|
(in millions)
|
||||||||||||||||||
Net income (loss)
|
|
$
|
(6.8
|
)
|
|
$
|
9.2
|
|
|
$
|
3.0
|
|
|
$
|
(16.9
|
)
|
|
$
|
(11.5
|
)
|
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
0.9
|
|
|||||
Tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
|||||
Depreciation and amortization
|
|
8.6
|
|
|
3.5
|
|
|
0.6
|
|
|
0.4
|
|
|
13.1
|
|
|||||
Equity based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
1.0
|
|
|||||
IPO, Acquisition, and severance costs
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.6
|
|
|||||
Impairment of goodwill
|
|
9.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.0
|
|
|||||
(Gain) loss on property, plant and equipment
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|||||
Adjusted EBITDA
|
|
$
|
12.0
|
|
|
$
|
12.7
|
|
|
$
|
3.6
|
|
|
$
|
(13.5
|
)
|
|
$
|
14.8
|
|
|
|
Change $
|
||||||||||||||||||
|
|
High Specification Rigs
|
|
Completion and Other Services
|
|
Processing Solutions
|
|
Other
|
|
Total
|
||||||||||
|
|
(in millions)
|
||||||||||||||||||
Net income (loss)
|
|
$
|
5.9
|
|
|
$
|
10.1
|
|
|
$
|
1.8
|
|
|
$
|
(0.9
|
)
|
|
$
|
16.9
|
|
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
2.3
|
|
|||||
Tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|||||
Depreciation and amortization
|
|
1.0
|
|
|
2.2
|
|
|
0.4
|
|
|
0.1
|
|
|
3.7
|
|
|||||
Equity based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
|||||
IPO, Acquisition, and severance costs
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(0.6
|
)
|
|||||
Impairment of goodwill
|
|
(9.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.0
|
)
|
|||||
(Gain) loss on property, plant and equipment
|
|
(0.9
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
(1.2
|
)
|
|||||
Adjusted EBITDA
|
|
$
|
(3.3
|
)
|
|
$
|
12.3
|
|
|
$
|
2.2
|
|
|
$
|
1.2
|
|
|
$
|
12.4
|
|
|
|
Six Months Ended
|
|
|
|
|
|||||||||
|
|
June 30, 2019
|
|
Change
|
|||||||||||
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||
|
|
(in millions)
|
|||||||||||||
Cash Flows from Operating Activities
|
|
$
|
14.2
|
|
|
$
|
12.1
|
|
|
$
|
2.1
|
|
|
17
|
%
|
Cash Flows from Investing Activities
|
|
(15.5
|
)
|
|
(34.5
|
)
|
|
19.0
|
|
|
(55
|
)%
|
|||
Cash Flows from Financing Activities
|
|
0.4
|
|
|
27.6
|
|
|
(27.2
|
)
|
|
(99
|
)%
|
|||
Net change in cash
|
|
$
|
(0.9
|
)
|
|
$
|
5.2
|
|
|
$
|
(6.1
|
)
|
|
(117
|
)%
|
•
|
events of default resulting from our failure or the failure of any guarantors to comply with covenants and financial ratios;
|
•
|
the occurrence of a change of control;
|
•
|
the institution of insolvency or similar proceedings against us or any guarantor; and
|
•
|
the occurrence of a default under any other material indebtedness we or any guarantor may have.
|
•
|
when future sales or redemptions occur, we will record a deferred tax liability for the gross amount of the income tax effect along with an offset of 85% of this liability as payable under the TRA; the remaining difference between the deferred tax liability and tax receivable agreement liability will be recorded as additional paid‑in capital; and
|
•
|
to the extent we have recorded a deferred tax asset for an increase in tax basis to which a benefit is no longer expected to be realized due to lower future taxable income, we will reduce the deferred tax asset with a valuation allowance.
|
•
|
our business strategy;
|
•
|
our operating cash flows, the availability of capital and our liquidity;
|
•
|
our future revenue, income and operating performance;
|
•
|
our ability to sustain and improve our utilization, revenues and margins;
|
•
|
our ability to maintain acceptable pricing for our services;
|
•
|
our future capital expenditures;
|
•
|
our ability to finance equipment, working capital and capital expenditures;
|
•
|
competition and government regulations;
|
•
|
our ability to obtain permits and governmental approvals;
|
•
|
pending legal or environmental matters;
|
•
|
marketing of oil and natural gas;
|
•
|
business or asset acquisitions;
|
•
|
general economic conditions;
|
•
|
credit markets;
|
•
|
our ability to successfully develop our research and technology capabilities and implement technological developments and enhancements;
|
•
|
uncertainty regarding our future operating results; and
|
•
|
plans, objectives, expectations and intentions contained in this report that are not historical.
|
Period
|
Total number of shares repurchased
|
Average price paid per share
|
Total number of shares purchased as part of publicly announced plans or programs
|
Maximum number of shares that may yet be purchased under the plans or programs
|
||||
June 28, 2019 through June 30, 2019
|
—
|
|
—
|
|
—
|
|
—
|
|
INDEX TO EXHIBITS
|
||
|
|
|
Exhibit
Number
|
|
Description
|
2.1†
|
|
|
2.2†
|
|
|
2.3†
|
|
|
3.1
|
|
|
3.2
|
|
|
4.1
|
|
|
4.2
|
|
|
10.1
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1**
|
|
|
32.2**
|
|
|
101.CAL*
|
|
XBRL Calculation Linkbase Document
|
101.DEF*
|
|
XBRL Definition Linkbase Document
|
101.INS*
|
|
XBRL Instance Document
|
101.LAB*
|
|
XBRL Labels Linkbase Document
|
101.PRE*
|
|
XBRL Presentation Linkbase Document
|
101.SCH*
|
|
XBRL Schema Document
|
|
|
|
Ranger Energy Services, Inc.
|
|
|
|
|
|
|
|
|
/s/ J. Brandon Blossman
|
|
July 26, 2019
|
J. Brandon Blossman
|
|
Date
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
/s/ Mario H. Hernandez
|
|
July 26, 2019
|
Mario H. Hernandez
|
|
Date
|
Chief Accounting Officer
|
|
|
(Principal Accounting Officer)
|
|
|
1 Year Ranger Energy Services Chart |
1 Month Ranger Energy Services Chart |
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