Ranger Energy Services, Inc. reported a slight decline in total revenue for the first quarter of 2025, generating $135.2 million compared to $136.9 million in the same period of 2024. The company's revenue from high specification rigs increased by 10% to $87.5 million, driven by improved pricing and a rise in rig hours. However, revenue from wireline services saw a significant drop of 48%, falling to $17.2 million, primarily due to a 64% decrease in completed stage counts. Processing solutions and ancillary services revenue increased by 25% to $30.5 million, reflecting growth in rentals and other related services.
Operating expenses for the quarter decreased by 2% to $134.2 million, with a notable reduction in costs associated with wireline services, which fell by 38% to $20.3 million. This decrease was attributed to the company's strategic decision to align its operations with lower activity levels. The overall operating income improved to $1.0 million, compared to a loss of $0.5 million in the prior year, resulting in a net income of $0.6 million, a significant turnaround from a loss of $0.8 million in Q1 2024.
Ranger Energy Services maintained a strong liquidity position, with total liquidity of $104.4 million as of March 31, 2025, consisting of $40.3 million in cash and $64.1 million available under its Wells Fargo Revolving Credit Facility. The company reported a working capital increase to $81.2 million, up from $78.7 million at the end of 2024. The company has not engaged in share repurchases during the quarter but has a remaining authorization of $50.2 million under its share repurchase program.
Looking ahead, Ranger anticipates continued challenges in the wireline services segment due to reduced completion activity and increased competition. However, the company expects to benefit from consolidation among exploration and production operators, which may favor larger service providers like Ranger. The company remains cautious about potential impacts from geopolitical events and fluctuating commodity prices, which could affect operational activity levels and overall financial performance.
About Ranger Energy Services, Inc.
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