Q1 2024 Ranger Energy Services Inc Earnings Call Transcript
Key Points
- Ranger Energy Services Inc (RNGR) maintained a net debt zero position and high liquidity, ensuring financial stability and flexibility.
- Despite challenges, the high specification rigs business saw revenues of $79.7 million, marking the highest revenue quarter in this segment's history.
- Ranger Energy Services Inc (RNGR) continued to return significant capital to shareholders, repurchasing 846,900 shares for $8.5 million and issuing a regular dividend of $0.05 per share.
- The company identified approximately $4 million of annualized cost savings, enhancing operational efficiency and reducing expenses.
- Ranger Energy Services Inc (RNGR) saw an uptick in demand for its plug and abandonment business, positioning it well to capitalize on this growing market.
- Ranger Energy Services Inc (RNGR) experienced a revenue decline to $136.9 million in Q1 2024, a 13% decrease from the previous year, primarily due to lower activity levels in wireline completions and coiled tubing service lines.
- The company reported a net loss of $800,000 in Q1 2024, a significant drop from net income in the same quarter the previous year.
- Increased competition and pricing pressures in the wireline services segment led to reduced profitability and operational challenges.
- Seasonal impacts and a slow start to the year adversely affected the company's performance in the first quarter.
- Inflationary pressures increased costs across various categories, including labor, rentals, and repairs, impacting the cost of services and overall profitability.
Thank you and welcome to Ranger Energy Services first quarter of 2024 results conference call. Ranger has issued a press release summarizing operating and financial results for the three months ended March 31st, 2024. This press release, together with the accompanying presentation materials, are available in the Investor Relations section of our website at www.rangerenergy.com.
Today's discussion may contain forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update our forward-looking state further, please note that non-GAAP financial measures may be disclosed during this call. A reconciliation of GAAP to non-GAAP measurements is available in our latest quarterly earnings release and conference call
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