Ranger Energy (NYSE: RNGR) eyes No.2 spot with STEP coiled tubing deal
Rhea-AI Filing Summary
Ranger Energy Services, Inc. (RNGR) agreed to acquire the U.S. coiled tubing, fluid and nitrogen pumping, and related well services assets of STEP Energy Services for approximately $27.5 million, consisting of $22.5 million in cash and $5 million in Class A common stock, subject to adjustments. The equity portion will be priced using a 30‑day volume‑weighted average price before closing. Assets include 13 coiled tubing spreads, related equipment and inventory, and certain lease obligations, with Ranger expecting to hire about 220 STEP professionals. Closing is subject to customary conditions and is expected around September 11, 2026.
Ranger states the deal will make it the second‑largest coiled tubing provider in the Lower 48 and projects the acquired assets will add approximately $80–$90 million of revenue and more than $10 million of EBITDA in 2027, including at least $2.5 million of first‑year cost synergies. Pro forma, the coiled tubing line is expected to generate over $110 million of 2027 revenue and $15+ million of EBITDA. The purchase will be funded with revolver borrowings, with post‑close borrowings expected to be about $30 million, and management indicates 2026 cash flows will be pressured by roughly $10 million of post‑close working capital and pre‑close capital commitments. Management characterizes the transaction as expected to be earnings and free‑cash‑flow accretive beginning in 2027.
Positive
- $27.5 million acquisition expected to add $80–$90 million of revenue and >$10 million EBITDA in 2027, implying a low ~2.5x 2027E EBITDA valuation and meaningful earnings uplift.
- Pro forma coiled tubing business is projected to exceed $110 million revenue and $15+ million EBITDA in 2027, strengthening Ranger’s higher‑margin service mix.
- Ranger projects at least $2.5 million of first‑year cost synergies and expects the transaction to be accretive to net income, EPS, EBITDA and free cash flow beginning in the second quarter post‑close.
- The deal is expected to make Ranger the second‑largest coiled tubing provider in the Lower 48 with expanded presence in key basins, enhancing scale and customer reach.
Negative
- Transaction will be funded with revolver borrowings, with post‑close debt expected around $30 million, increasing leverage from current levels.
- Ranger expects 2026 cash flows to be lower due to approximately $10 million of post‑close working capital needs and pre‑close capital commitments tied to the acquired assets.
- Management highlights integration, synergy realization, and employee retention risks, noting that failure to achieve expected >$10 million EBITDA and $2.5 million synergies could materially affect outcomes.
Insights
Analyzing...
8-K Event Classification
3 items: 1.01, 7.01, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Aggregate purchase price: $27.5 million
Cash consideration: $22.5 million
Equity consideration: $5.0 million
+5 more
8 metrics
Aggregate purchase price
$27.5 million
Consideration for STEP’s U.S. coiled tubing and related assets
Cash consideration
$22.5 million
Cash portion of the $27.5 million aggregate acquisition price
Equity consideration
$5.0 million
Value of Class A common stock to be issued based on 30‑day VWAP
Expected 2027 revenue from acquired assets
$80–$90 million
Pro forma revenue contribution in 2027 from STEP U.S. coiled tubing assets
Expected 2027 EBITDA from acquired assets
More than $10 million
Pro forma 2027 EBITDA, including at least $2.5 million synergies
First-year cost synergies
$2.5 million
At least $2.5 million of expected cost synergies in first 12 months
Post-close borrowings
$30 million
Expected revolver borrowings outstanding after funding the transaction
2027 U.S. coiled tubing TAM growth
17%
Expected 2027 growth of ~$1.5 billion U.S. coiled tubing market
Key Terms
coiled tubing, EBITDA, Adjusted EBITDA, free cash flow, +2 more
6 terms
coiled tubing technical
"STEP’s coiled tubing, fluid and nitrogen pumping, and related well services"
Coiled tubing is a long, flexible length of pipe wound on a large reel that can be unspooled and pushed into oil and gas wells to clean, repair, measure, or perform light drilling without removing the main wellhead. Think of it like a continuous garden hose or fishing line that lets technicians reach deep down quickly and repeatedly. Investors care because coiled tubing services affect production uptime, repair costs and service-company revenue; efficient use can lower operating expenses and speed returns on well investments.
EBITDA financial
"anticipated 2027 EBITDA of more than $10 million"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
Adjusted EBITDA financial
"Non-GAAP Reconciliation: Adjusted EBITDA ($MM)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Expected to be accretive across financial measures including net income, earnings per share, EBITDA and free cash flow"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
COIL+ split string technology technical
"access to the intellectual property associated with the Coil+ split string technology"
non-GAAP financial measures financial
"This presentation includes financial measures that are not presented in accordance with generally accepted accounting principles"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
FAQ
What acquisition did RNGR announce on August 31, 2026?
Ranger Energy Services announced an agreement to acquire STEP Energy Services’ U.S. coiled tubing, fluid and nitrogen pumping, and related well services assets for $27.5 million, expanding its existing coiled tubing operations across major U.S. basins.
How is Ranger Energy Services (RNGR) funding the STEP asset acquisition?
The approximately $27.5 million purchase price consists of $22.5 million in cash and $5 million in RNGR Class A common stock. The cash portion will be funded with revolver borrowings, with post‑close borrowings expected to be about $30 million.
What financial impact does RNGR expect from the STEP acquisition in 2027?
Ranger expects the acquired assets to contribute approximately $80–$90 million of revenue and more than $10 million of EBITDA in 2027, including at least $2.5 million of first‑year cost synergies, and characterizes the deal as earnings and free‑cash‑flow accretive.
How will the acquisition change RNGR’s position in the coiled tubing market?
Pro forma for the acquisition, Ranger states it will be the second‑largest coiled tubing provider in the Lower 48, with about 14% U.S. coiled tubing market share and strengthened presence in the Permian, Bakken, and other key basins.
What near-term cash flow effects does RNGR anticipate from the acquisition?
Ranger indicates 2026 cash flows will be lower due to approximately $10 million of first‑quarter post‑close working capital needs and pre‑close capital expenditure commitments related to the acquired STEP assets.
What are RNGR’s consolidated revenue and EBITDA outlooks including this transaction?
Ranger presents a pro forma outlook of $670–$700 million of revenue and about $100+ million EBITDA in 2026, rising to $750+ million of revenue and $110+ million EBITDA in 2027, incorporating the expected contribution from the STEP assets.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 31, 2026
| (Exact Name of Registrant as Specified in Charter) | ||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
10350 Richmond, Suite 550 Houston, Texas 77042 (Address of Principal Executive Offices) | ||||||||
Check the appropriate box below if the Form 8K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| New York Stock Exchange NYSE Texas, Inc. | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangexActx☐
Item 1.01 Entry into Material Definitive Agreements
On August 31, 2026 , Ranger Energy Services, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with STEP Energy Services (USA) Ltd., STEP Energy Services (Leasing) LLC, STEP Energy Services Holdings Ltd., and STEP Nitrogen Industrial Services (USA) Ltd. (collectively, “STEP” or the “Sellers”), pursuant to which the Company agreed to acquire certain assets associated with STEP’s coiled tubing, fluid and nitrogen pumping, and related well services business in the United States (the “Acquisition”).
The assets to be acquired pursuant to the Purchase Agreement include certain coiled tubing units and related equipment and other operating assets, certain contractual rights, including customer and vendor contracts, and certain rights under leases associated with the acquired operations, among other assets. In connection with the Acquisition, the Company also expects to assume certain obligations relating to certain facility, vehicle and equipment leases.
The aggregate consideration for the Acquisition is approximately $27.5 million, subject to certain adjustments set forth in the Purchase Agreement, and consists of $22.5 million in cash and $5 million in shares of the Company’s Class A Common Stock. The number of shares to be issued will be based on the volume weighted average trading price of the Class A Common Stock over a thirty trading day period ending prior to the closing date.
The Acquisition is expected to expand the Company’s existing coiled tubing operations. Completion of the Acquisition is subject to customary closing conditions, including receipt of required third-party consents, and is expected to occur in early September 2026. The Purchase Agreement contains customary representations, warranties and covenants of the parties and termination provisions for a transaction of this type.
The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Purchase Agreement. The Company intends to file the Purchase Agreement as an exhibit to its Quarterly Report on Form 10-Q for the quarterly period ending September 30, 2026.
The representations and warranties set forth in the Purchase Agreement are made solely for the benefit of the parties to the Purchase Agreement, and (i) should not be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate, (ii) may have been qualified in the Purchase Agreement by disclosures that were made to the other parties in accordance with the Purchase Agreement, (iii) may apply contractual standards of “materiality” that are different from “materiality” under applicable securities laws and (iv) were made only as of the dates specified in the Purchase Agreement.
Item 7.01 Regulation FD
On August 31, 2026 , the Company issued a press release announcing the execution of the Purchase Agreement. A copy of the press release containing the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
On August 31, 2026, the Company posted the attached presentation on the Company’s website at www.rangerenergy.com and is furnished as Exhibit 99.2 to the Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated August 31, 2026 | |||||||
| 99.2 | Presentation dated August 31, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
THE INFORMATION FURNISHED UNDER ITEM 7.01 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 ATTACHED HERETO, SHALL NOT BE DEEMED “FILED” FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES AND EXCHANGE ACT OF 1934, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, EXCEPT ASxOTHERWISExEXPRESSLYxSTATEDxINxSUCHxFILING.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Ranger Energy Services, Inc. | ||||||||
| /s/ Melissa Cougle | ||||||||
| Melissa Cougle | Date | |||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||
Ranger Energy Services to Acquire STEP Energy Services’ U.S. Coiled Tubing Assets
HOUSTON, TX — (August 31, 2026) — Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) today announced that it has entered into an agreement to acquire the US coiled tubing assets of STEP Energy Services (“STEP” or the “Seller”).
Strategic Highlights
•Positions Ranger as the second-largest U.S. coiled tubing operator in the onshore U.S. market, with significant scale and a strong Permian and Bakken presence.
•Delivers a compelling valuation with approximately $27.5 million of total consideration against anticipated 2027 EBITDA of more than $10 million, including at least $2.5 million of first-year cost synergies.
•Creates pull-through opportunities for Ranger’s high-specification rig segment and expands Ranger's ability to provide additional flexibility in drill out programs.
Stuart Bodden, CEO of Ranger Energy Services
“We are excited to announce another step in Ranger’s growth journey. Over the past twelve months, we have advanced key milestones, including the ECHO rig fleet buildout and the American Well Services acquisition. Today, we continue that progress by acquiring STEP Energy Services’ U.S. coiled tubing assets. We have been proud of our Rockies coiled tubing business and began evaluating opportunities to scale it earlier this year. From our first meeting with STEP, it was clear our teams shared strong values and that STEP had built an industry leading technology platform and a reputation for differentiated service.”
“We are excited to announce another step in Ranger’s growth journey. Over the past twelve months, we have advanced key milestones, including the ECHO rig fleet buildout and the American Well Services acquisition. Today, we continue that progress by acquiring STEP Energy Services’ U.S. coiled tubing assets. We have been proud of our Rockies coiled tubing business and began evaluating opportunities to scale it earlier this year. From our first meeting with STEP, it was clear our teams shared strong values and that STEP had built an industry leading technology platform and a reputation for differentiated service.”
Mr. Bodden continued, “We have worked hard to position Ranger for this growth and are confident in our ability to complete the transaction and partner with STEP to assume its U.S. coiled tubing business. STEP’s Coil+ Extended Reach technology is proven in the U.S. market, and we respect the STEP leadership team and what they have built. We intend to preserve its legacy of service quality and innovation when these assets and professionals join Ranger. Going forward, Ranger will be a formidable coiled tubing provider with meaningful share in basins where we already have a deep presence, creating incremental value and opportunity for our professionals and stakeholders.”
Steve Glanville, CEO of STEP Energy Services
“STEP has undergone significant transformation over the past several years, and this transaction is another important step in our strategic journey. Since becoming a privately held company in 2025 and bringing together STEP, Sanjel Energy Services, and Wayfinder Corp. under a single organization earlier this year,
“STEP has undergone significant transformation over the past several years, and this transaction is another important step in our strategic journey. Since becoming a privately held company in 2025 and bringing together STEP, Sanjel Energy Services, and Wayfinder Corp. under a single organization earlier this year,
we have created one of Canada's leading energy services platforms, with expanded capabilities across coiled tubing, hydraulic fracturing, cementing, along with proppant supply and logistics. We are extremely proud of the U.S. coiled tubing business we built over the past 11 years and the talented team that has earned a reputation for operational excellence and exceptional client service. As we look ahead, we see compelling opportunities to grow our integrated Canadian business and further strengthen our position in the Western Canadian Sedimentary Basin. We believe Ranger is the right organization to carry this business forward, while allowing STEP to focus on strategic growth opportunities in Canada and long-term value creation for our clients, professionals, and stakeholders.”
Business & Asset Overview
STEP Energy Services is North America’s largest deep-capacity coiled tubing string provider, with purpose-built equipment for extended-reach applications and industry-leading COIL+TM technology. STEP’s U.S. coiled tubing business operates from five facilities across Ranger’s existing footprint, from the Bakken through South Texas, with its largest presence in the Permian Basin. The transaction includes 13 full coiled tubing spreads, related equipment and inventory, and certain property and vehicle lease obligations. Ranger expects to hire approximately 220 coiled tubing professionals and support staff and assume operations at closing. Completion of the transaction is subject to customary closing conditions, including receipt of required third-party consents, and is expected to occur on or about September 11, 2026.
Strategic Rationale
This acquisition strengthens Ranger’s well-servicing platform and supports the company’s strategic roadmap:
Market Leadership: Ranger will become the second-largest coiled tubing provider in the Lower 48, with scale in the most prolific U.S. basins and a stronger platform for growth. Pro forma, Ranger’s coiled tubing service line will offer purpose-built, proven technology while leveraging existing relationships with major operators.
Technology Advancement: The acquired assets include market-leading COIL+ technology and ultra-deep intervention capabilities for the deepest-capacity U.S. wells. Command center technology enhances flexibility, while added coiled tubing engineering capabilities support future innovation.
Compelling Valuation: Total consideration of approximately $27.5 million represents slightly more than 2.5x anticipated 2027 EBITDA. The acquisition is expected to be earnings accretive in 2027, with additional upside as the technology matures and scales with strong operating leverage. The consideration mix is expected to support shareholder value creation, and acquiring the service line is expected to provide a faster and lower-risk path than building it out organically.
People and Talent: Ranger expects to welcome a well-trained team of professionals with unparalleled coiled tubing expertise into the Ranger family. These individuals have built a strong reputation for
technical execution, service quality, and a client-first mindset, with a clear focus on solving their clients’ most challenging drill-out applications safely and reliably.
Specific Acquisition Details
Ranger will acquire STEP’s coiled tubing assets, inventory, and certain capital and property leases for aggregate consideration of approximately $27.5 million, subject to certain adjustments. Consideration includes $22.5 million in cash and $5.0 million in equity, based on a 30-day trailing VWAP as of the day prior to closing. The asset sale will be funded with revolver borrowings, with post-close borrowings expected to be approximately $30 million while maintaining a strong balance sheet.
Pro forma Financial Details
On a pro forma basis, the acquired assets are expected to add approximately $80 million to $90 million of revenue and more than $10 million of EBITDA in 2027, including at least $2.5 million of first-year synergies. Asset utilization and profitability improvement will be key priorities, supported by greater scale. The transaction is expected to be accretive to earnings and EBITDA, with nominal 2026 uplift as integration begins. 2026 cash flows are expected to be lower due to approximately $10 million of first-quarter post-close borrowings for working capital and pre-close capital commitments.
King & Spalding LLP is serving as legal counsel to Ranger.
About Ranger Energy Services
Ranger Energy Services, Inc. (NYSE: RNGR) provides high-specification workover rigs and completion solutions to the U.S. onshore oil and gas industry, delivering safe, reliable, technology-enabled services that improve customer productivity, reduce environmental impact, and create investor returns.
About STEP Energy Services
STEP Energy Services, founded in 2011 and headquartered in Canada, is a specialized oilfield services company providing deep-capability coiled tubing, hydraulic fracturing, cementing, fluid and nitrogen pumping services and proppant supply.
Forward-Looking Statements
Certain statements included in this release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, including statements regarding the expected timing and completion of the transaction, anticipated revenue, EBITDA, synergies, accretion, borrowings and cash flows, and Ranger’s strategy, plans and objectives, are forward-looking statements. Terms such as, but not limited to, “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “outlook,” “plan,” “could,” “should,” “would,” “may,” and “will” identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and
are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those reflected in such statements. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, the risk that the transaction is not completed on the anticipated timeline or at all; the failure to satisfy closing conditions, including the receipt of required third-party consents; the Company’s ability to integrate these assets with its existing operations and to realize the anticipated cost savings and other efficiencies and benefits; risks related to disruption of management’s attention from the ongoing business operations of the Company due to the transaction; the Company’s ability to hire and retain employees of the acquired business, including key employees, and loss of key employees or customers following the acquisition; the Company’s ability to fund the transaction on the expected terms and the resulting borrowings and leverage; and estimated synergies as well as estimated purchase price accounting impacts, being estimated and materially different from actual results. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by these and other important factors and uncertainties that could cause results to differ materially from those reflected by such statements. For more information on additional potential risk factors, please review the Company’s filings with the SEC, including, but not limited to, the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Except as otherwise required by applicable law, any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any duty to update any forward-looking statement to reflect events or circumstances after the date of this release.
Use of Non-GAAP Information
We refer to certain non-GAAP financial measures in this release, including pro forma EBITDA. The Company is not providing a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, uncertainties regarding the ability to successfully achieve synergies related to this acquisition and the timing of such synergies.
Investor Contact:
Melissa Cougle
Executive Vice President and Chief Financial Officer
(713) 935-8900
InvestorRelations@rangerenergy.com
Executive Vice President and Chief Financial Officer
(713) 935-8900
InvestorRelations@rangerenergy.com
August 2026 US Coil Asset Acquisition Overview
Forward-Looking Statements: Certain statements contained in this presentation constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “may,” “should,” “intend,” “could,” “believe,” “anticipate,” “estimate,” “expect,” “outlook,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this presentation will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control. Should one or more of these risks or uncertainties described occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Our future results will depend upon various other risks and uncertainties, including, but not limited to, those detailed in our current and past filings with the U.S. Securities and Exchange Commission (“SEC”). These documents are available through our website or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at www.sec.gov. These risks include, but are not limited to, the risks described under “Part I, Item 1A, Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 5, 2026 and those set forth from time-to- time in other filings by the Company with the SEC. All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law any forward-looking statement speaks only as of the date on which is it made. We disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this cautionary statement, to reflect events or circumstances after the date of this presentation. This presentation includes financial measures that are not presented in accordance with generally accepted accounting principles ("GAAP"), including EBITDA and Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Return on Invested Capital. While management believes such measures are useful for investors, they do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial measures should not be used as a replacement for, and should not be considered in isolation from, financial measures that are in accordance with GAAP. Please see the Appendix for reconciliations of those measures to comparable GAAP measures. Industry and Market Data: This presentation has been prepared by Ranger and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although Ranger believes these third-party sources are reliable as of their respective dates, Management has not independently verified the accuracy or completeness of this information. Some data is also based on management estimates and approximations derived from internal sources and the third-party sources described above. Additional Information: For additional information, please see our filings with the SEC. Our filings are available on the SEC’s website, as well as on our website, www.rangerenergy.com, under the “Investor Center” tab. Important Disclosures 2
Transaction Summary Accretive & Opportunistic Asset Transaction that Significantly Grows Ranger’s Existing Coiled Tubing Business and Meaningfully Expands the Ranger Platform 3 Favorable Transaction Structure Approximately $27.5 million purchase price funded through a combination of $22.5 million cash and $5 million in equity issued in an asset transaction structure 1 Clear & Realizable Cost-Synergies Significant customer and geographic overlap with our existing business, coupled with transaction structure, yields early cost synergies and benefits from Ranger’s cost-discipline mindset and operational systems 2 Opportunistic & Strategic Capital Deployment STEP’s Lower 48 coiled tubing business is a leader in the market and provides well-maintained and high-quality assets with a highly competent professional workforce at a fraction of their estimated cost to replace 3 Compelling Value Creation Expected to be accretive across financial measures including net income, earnings per share, EBITDA and free cash flow beginning in the second quarter post-close 4
17 13 4 CTP RANGER | STEP KLX CUDD STEP NINE RANGER Strategic Overview Establishes Ranger as one of the largest coiled tubing operators by unit count, with an emphasis on large diameter and extended reach tubing strings essential to service longer laterals on modern wells Grow Market Leading Position • Combines complementary customer bases, increases market share and deepens long-term relationships with top-tier operators across major basins • Integrates high-quality assets and significantly grows our coiled tubing business, positioning us across all basins alongside our high-spec rig fleet Drive New Technology Advancement • Extended reach capabilities offer best-in-class technology in space that has been tested in the market more than any other coil technology • Data-driven processes from legacy STEP business will enhance Ranger’s own business, furthering optimization and operational efficiencies Maximize Free Cash Flow • Enhances scale and earnings capacity while preserving balance sheet flexibility allowing pro forma company to continue to pursue organic and opportunistic growth • Ability to repay borrowings within 18 months from close with cash from operations 1. Ranger management estimates. Pro forma Ranger will be the second largest large-diameter coiled tubing services provider in the Lower 48 Lower 48 Active Large Diameter Coiled Tubing Units(1) 4
Technological Advantage The transaction includes STEP’s Ultra High-Capacity 35K’ reel trailer as well as access to the intellectual property associated with the Coil+ split string technology Ultra High-Capacity Reel Trailer Built for distance with an ability to handle the roughest lease roads in the Permian, the Ultra High-Capacity reel trailer was designed for ease of maintenance, with no complicated hydraulic suspension or steering system that requires multiple accumulators, valves and hoses. 5 Coil+ Split String Technology 65+ Wells 98% Success rate reaching TD 30+ Wells completed in a single trip 30,210' Deepest Coil+ well 10-12' per minute improved RIH speeds 45% Average reduction in time from first tag plug one to TD Coil+ enables unprecedented reach in deep, long-lateral wells, helping operators achieve total depth (TD). Coil+ extends string length beyond conventional limits supporting multiple applications. This innovation not only pushes industry boundaries but also delivers improved efficiency.
Coiled Tubing Market Landscape & Opportunity 6 Transaction diversifies Ranger’s existing customer base in Coiled Tubing and more broadly across the business platform. Ranger Coiled Tubing expands geographic footprint from one basin to multiple basins with exposure across central US. New Coil Customer Opportunities Customer Overlap $1,642 $1,473 $1,381 $1,615 2024 2025 2026(F) 2027(F) US Total Addressable Market (TAM) (1) 1. Spears and Associates Well Servicing and Coiled Tubing Market Report, August 2026 and Management estimates. The Coiled Tubing market in the US has a ~$1.5 billion TAM and is expected to grow by 17% in 2027 supported by an anticipated increase in completions activity in the next 18 months. Pro forma Ranger Coil market share represents 14% of the US space and is expected to become the second largest Coiled Tubing provider by revenue.(1) The Top 5 Coiled Tubing operators will hold approximately 55-60% market share pro forma(1) with opportunity for further consolidation. $ in millions CTP ~15% Ranger/STEP US Combined ~14% Cardinal ~11% CUDD ~11% NINE ~8% KLXE ~6% All Others ~35%
Financial Profile 7 $637 $571 $547 $670-700 $750+ $84 $79 $73 $100+ $110+ 2023 2024 2025 2026(F) 2027(F) Revenue EBITDA Consolidated Ranger Financial Profile (1) (2) Ranger Coiled Tubing Financial Profile (1) (2) $ in millions $ in millions ~ $40 ~$35 ~$35 $60-80 $110+ $8 $7 $5 $6-7 $15+ 2023 2024 2025 2026(F) 2027(F) Revenue EBITDA 1. Please refer to the Appendix for support. 2. 2023 through 2025 represent Ranger historical reported results. 2026(F) and 2027(F) represent Management’s pro forma estimates following the close of the transaction. Management continues to expect approximately $100 million of EBITDA in 2026 with relatively small contribution from the acquired STEP assets in 2026 as integration commences. Beginning in 2027, the transaction is anticipated to bring an additional $80 to $90 million of revenue and greater than $10 million of EBITDA with at least $2.5 million of synergies expected to be realized in the first twelve months. Asset utilization and pursuing profitable work will be the highest priorities going forward with better access to economies of scale. Cash flows in 2026 will be impacted by cash consideration and working capital build as well as the completion of certain capital expenditure commitments made pre-close.
Technology Platform & Asset Condition: Access to advanced technology with well maintained assets and the ability to convert existing 2 ⅝ spreads to extended reach for lower costs relative to new spread acquisition in the future. Strategic Rationale 8 Meaningful Market Leader: Ranger Coiled Tubing becomes the 2nd largest coiled tubing provider in the Lower 48 in a segment that has started to consolidate with room left to grow 1 Value Capture Opportunity: Consideration of $27.5MM represents compelling valuation with expected 2027 EBITDA of greater than $10MM and strong operating leverage going forward. 2 Professional Talent & Bench Strength: Ranger has existing coiled tubing leadership with a proven track record of profitability while STEP has a long legacy of outstanding field professionals and innovative technologies. 3 4
APPENDIX
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Year Ended December 31, 2025 Net income (loss) $ 46.0 $ (13.9) $ 14.1 $ (33.9) $ 12.3 Interest expense, net — — — 1.2 1.2 Income tax expense — — — 5.5 5.5 Depreciation and amortization 24.1 10.4 9.6 2.2 46.3 EBITDA 70.1 (3.5) 23.7 (25.0) 65.3 Impairment of assets — — — 0.4 0.4 Equity based compensation — — — 6.5 6.5 Gain on sale of assets — — — (1.4) (1.4) Severance and reorganization costs — 1.0 0.1 0.1 1.2 Acquisition related costs 0.2 0.6 0.1 1.4 2.3 Legal fees and settlements — — — 0.8 0.8 Employee retention credit — — — (3.5) (3.5) Inventory adjustment — 1.6 — — 1.6 Adjusted EBITDA $ 70.3 $ (0.3) $ 23.9 $ (20.7) $ 73.2
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Year Ended December 31, 2024 Net income (loss) $ 46.8 $ (8.5) $ 17.8 $ (37.7) $ 18.4 Interest expense, net — — — 2.6 2.6 Income tax expense — — — 7.6 7.6 Depreciation and amortization 22.2 11.4 8.6 1.9 44.1 EBITDA 69.0 2.9 26.4 (25.6) 72.7 Equity based compensation — — — 5.8 5.8 Gain on sale of assets — — — (2.2) (2.2) Severance and reorganization costs 0.9 0.6 0.2 0.1 1.8 Acquisition related costs 0.4 — — 0.1 0.5 Legal fees and settlements 0.2 — — 0.1 0.3 Adjusted EBITDA $ 70.5 $ 3.5 $ 26.6 $ (21.7) $ 78.9
Non-GAAP Reconciliation: Adjusted EBITDA ($MM) High Specification Rigs Wireline Services Processing Solutions and Ancillary Services Other Total Year Ended December 31, 2023 Net income (loss) $ 44.0 $ 7.1 $ 15.5 $ (42.8) $ 23.8 Interest expense, net — — — 3.5 3.5 Income tax expense — — — 7.2 7.2 Depreciation and amortization 20.1 11.3 6.9 1.6 39.9 EBITDA 64.1 18.4 22.4 (30.5) 74.4 Equity based compensation — — — 4.8 4.8 Loss on retirement of debt — — — 2.4 2.4 Gain on sale of assets — — — (1.8) (1.8) Severance and reorganization costs — 1.7 — 0.4 2.1 Acquisition related costs — — — 2.1 2.1 Impairment of fixed assets — — — 0.4 0.4 Adjusted EBITDA $ 64.1 $ 20.1 $ 22.4 $ (22.2) $ 84.4