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Mar 31, 2021
Ranger Energy Services Q1 2021 Earnings Report
Ranger Energy Services reported a net loss for Q1 2021, impacted by weather and activity disruptions, though High-Spec Rigs showed resilience.
Key Takeaways
Ranger Energy Services reported Q1 2021 revenues of $38.3 million, a decrease of 8% compared to Q4. The company experienced a net loss of $8.3 million, which was impacted by weather and activity disruptions. However, the High-Spec Rigs segment showed resilience, with rig hours increasing despite lost operating days.
Sale-leaseback transactions provided $16 million of net cash proceeds through April 2021.
Weather and activity disruptions reduced quarterly results.
High-Spec Rigs continue to be positioned for a strong rebound.
High Spec Rig activity continues on a very strong ramp.
Ranger Energy Services
Ranger Energy Services
Ranger Energy Services Revenue by Segment
Revenue by Segment
High-Specification Rigs Revenue
CapyFin.comWireline Services Revenue
CapyFin.comProcessing & Ancillary Revenue
CapyFin.com Forward Guidance
The company anticipates a rebound in the Processing Solutions segment and is making progress on ESG related uses of their assets. They also see a pristine balance sheet as a key component to successful participation in pending industry consolidation.
Positive Outlook
- Commodity prices see ongoing improvement
- Overall service activity levels move higher
- High Spec Rig activity continues on a very strong ramp
- Pricing cycle appears to have hit bottom and we are seeing select price increases across the sector
- Making material progress on a pivot to new ESG related uses of our assets.
Challenges Ahead
- The first two months of 2021 presented disruptions that were very difficult to overcome
- Wireline sector as a whole continues to struggle with overcapacity and unsustainable low pricing
- Preparation and reactivation cost for this type work occurred during Q1 which negatively impacted our results
- Weather and sand mine disruptions
- Primary customers move from trial phases to permanent adoption of simul-frac operations
Revenue & Expenses
Visualization of income flow from segment revenue to net income